# EDGAR Filing Document

**Accession Number:** 0000038721
**File Stem:** 0001133228-25-012975
**Filing Date:** 2025-12
**Character Count:** 622096
**Document Hash:** 26387d2f9b1d1945582eee795ea7c2f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-012975.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-012975

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 160

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00537
- **FILM NUMBER:** 251537541

**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           |

### FRANKLIN GROWTH FUND (Series ID: S000006755)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018324 | Class A       | FKGRX           |
| C000018326 | Class C       | FRGSX           |
| C000018327 | Advisor Class | FCGAX           |
| C000018328 | Class R       | FGSRX           |
| C000128786 | Class R6      | FIFRX           |

### FRANKLIN INCOME FUND (Series ID: S000006756)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018329 | Class A1      | FKINX           |
| C000018332 | Class C       | FCISX           |
| C000018333 | Advisor Class | FRIAX           |
| C000018334 | Class R       | FISRX           |
| C000128787 | Class R6      | FNCFX           |
| C000199719 | Class A       | FKIQX           |

### FRANKLIN U.S. GOVERNMENT SECURITIES FUND (Series ID: S000006757)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018335 | Class A1      | FKUSX           |
| C000018337 | Class C       | FRUGX           |
| C000018338 | Advisor Class | FUSAX           |
| C000018339 | Class R       | FUSRX           |
| C000128788 | Class R6      | FGORX           |
| C000199720 | Class A       | FKFSX           |

### FRANKLIN UTILITIES FUND (Series ID: S000006758)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018340 | Class A1      | FKUTX           |
| C000018342 | Class C       | FRUSX           |
| C000018343 | Advisor Class | FRUAX           |
| C000018344 | Class R       | FRURX           |
| C000128789 | Class R6      | FUFRX           |
| C000199721 | Class A       | FKUQX           |

?xml version='1.0' encoding='ASCII'? 2025-10-2274200010200_FranklinDynaTechFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-00537**

**Franklin Custodian Funds**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **September 30**

Date of reporting period: **September 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin DynaTech Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKDNX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $87 | 0.77% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A shares of Franklin DynaTech Fund returned 25.63%. The Fund compares its performance to the Russell 1000 Growth Index and the S&P 500 Index, which returned 25.53% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Favorable stock selection in the industrial and energy sectors, along with the portfolio's lack of exposure to the consumer staples, real estate and materials sectors as all three posted negative one-year returns on the Russell 1000 Growth Index (the Fund's primary benchmark). |
| ↑ | Information technology (IT) stocks, which comprised just over half of the Fund's total assets, had mixed industry-level outcomes supported by strategic underweighting in Apple as it lagged the benchmark average; beneficial stock selection in IT services; overweighting and stock selection in electronic equipment, instruments and components; and stock selection in communications equipment. |
| ↑ | Exceptionally strong rallies in several off-benchmark or overweighted holdings, including Axon Enterprise and Kratos Defense & Security Solutions (purchased during the period) in the industrials sector; AppLovin, Celestica, Shopify, Cloudflare (purchased during the period) and Taiwan Semiconductor Manufacturing in IT; Alphabet in communication services; and Robinhood Markets (purchased during the period) in financials. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweighted exposure to health care companies as they collectively sold off and, to a lesser extent, unfavorable stock selection in financials. Within health care, Intuitive Surgical and other technology-focused medical equipment and supplies stocks traded lower, as did life sciences tools and services holdings such as key detractor Danaher (sold by period-end). |
| ↓ | Weak relative returns in several other industries, such as semiconductors and semiconductor equipment (due to stock selection), software (stock selection), automobiles (underweighting in Tesla), and broadline retail, based on lagging 12-month gains for e-commerce companies Amazon.com (overweight) and MercadoLibre (not an index component). |
| ↓ | Within IT, software industry results were hindered by underweighting in Palantir Technology (purchased during the period) as its equity value more than tripled, and overall declines for off-benchmark Constellation Software and overweight Synopsys. In semiconductor space, Monolithic Power Systems (significant overweight) and off-index ASML Holding were the key detractors as they appreciated less than the benchmark average. |

---

Franklin DynaTech Fund PAGE 1 108-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 9/30/2015 — 9/30/2025

![image](ts5420img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 25.63 | 11.76 | 17.76 |
| **Class A (with sales charge)**  | 18.72 | 10.50 | 17.09 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $29449022573 |
| **Total Number of Portfolio Holdings** | 106 |
| **Total Management Fee Paid** | $107660802 |
| **Portfolio Turnover Rate** | 29.61% |

---

Franklin DynaTech Fund PAGE 2 108-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5420img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin DynaTech Fund PAGE 3 108-ATSR-1125

94501093613743179871884427790360402157127065385644844610000114961364716046165141899225045206312485233598394471000011376138721752018169249893181524628314554472656146100001154313691161431683019380251942129625900353154153052.014.714.17.66.24.80.30.3 ------

---

| | |
|:---|:---|
| **Franklin DynaTech Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FDYNX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $171 | 1.52% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class C shares of Franklin DynaTech Fund returned 24.69%. The Fund compares its performance to the Russell 1000 Growth Index and the S&P 500 Index, which returned 25.53% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Favorable stock selection in the industrial and energy sectors, along with the portfolio's lack of exposure to the consumer staples, real estate and materials sectors as all three posted negative one-year returns on the Russell 1000 Growth Index (the Fund's primary benchmark). |
| ↑ | Information technology (IT) stocks, which comprised just over half of the Fund's total assets, had mixed industry-level outcomes supported by strategic underweighting in Apple as it lagged the benchmark average; beneficial stock selection in IT services; overweighting and stock selection in electronic equipment, instruments and components; and stock selection in communications equipment. |
| ↑ | Exceptionally strong rallies in several off-benchmark or overweighted holdings, including Axon Enterprise and Kratos Defense & Security Solutions (purchased during the period) in the industrials sector; AppLovin, Celestica, Shopify, Cloudflare (purchased during the period) and Taiwan Semiconductor Manufacturing in IT; Alphabet in communication services; and Robinhood Markets (purchased during the period) in financials. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweighted exposure to health care companies as they collectively sold off and, to a lesser extent, unfavorable stock selection in financials. Within health care, Intuitive Surgical and other technology-focused medical equipment and supplies stocks traded lower, as did life sciences tools and services holdings such as key detractor Danaher (sold by period-end). |
| ↓ | Weak relative returns in several other industries, such as semiconductors and semiconductor equipment (due to stock selection), software (stock selection), automobiles (underweighting in Tesla), and broadline retail, based on lagging 12-month gains for e-commerce companies Amazon.com (overweight) and MercadoLibre (not an index component). |
| ↓ | Within IT, software industry results were hindered by underweighting in Palantir Technology (purchased during the period) as its equity value more than tripled, and overall declines for off-benchmark Constellation Software and overweight Synopsys. In semiconductor space, Monolithic Power Systems (significant overweight) and off-index ASML Holding were the key detractors as they appreciated less than the benchmark average. |

---

Franklin DynaTech Fund PAGE 1 208-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 9/30/2015 — 9/30/2025

![image](ts5421img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 24.69 | 10.92 | 16.88 |
| **Class C (with sales charge)**  | 23.69 | 10.92 | 16.88 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $29449022573 |
| **Total Number of Portfolio Holdings** | 106 |
| **Total Management Fee Paid** | $107660802 |
| **Portfolio Turnover Rate** | 29.61% |

---

Franklin DynaTech Fund PAGE 2 208-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5421img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin DynaTech Fund PAGE 3 208-ATSR-1125

100001148614326186131935228326364612165826975381444756310000114961364716046165141899225045206312485233598394471000011376138721752018169249893181524628314554472656146100001154313691161431683019380251942129625900353154153052.014.714.17.66.24.80.30.3 ------

---

| | |
|:---|:---|
| **Franklin DynaTech Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FDNRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $115 | 1.02% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R shares of Franklin DynaTech Fund returned 25.32%. The Fund compares its performance to the Russell 1000 Growth Index and the S&P 500 Index, which returned 25.53% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Favorable stock selection in the industrial and energy sectors, along with the portfolio's lack of exposure to the consumer staples, real estate and materials sectors as all three posted negative one-year returns on the Russell 1000 Growth Index (the Fund's primary benchmark). |
| ↑ | Information technology (IT) stocks, which comprised just over half of the Fund's total assets, had mixed industry-level outcomes supported by strategic underweighting in Apple as it lagged the benchmark average; beneficial stock selection in IT services; overweighting and stock selection in electronic equipment, instruments and components; and stock selection in communications equipment. |
| ↑ | Exceptionally strong rallies in several off-benchmark or overweighted holdings, including Axon Enterprise and Kratos Defense & Security Solutions (purchased during the period) in the industrials sector; AppLovin, Celestica, Shopify, Cloudflare (purchased during the period) and Taiwan Semiconductor Manufacturing in IT; Alphabet in communication services; and Robinhood Markets (purchased during the period) in financials. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweighted exposure to health care companies as they collectively sold off and, to a lesser extent, unfavorable stock selection in financials. Within health care, Intuitive Surgical and other technology-focused medical equipment and supplies stocks traded lower, as did life sciences tools and services holdings such as key detractor Danaher (sold by period-end). |
| ↓ | Weak relative returns in several other industries, such as semiconductors and semiconductor equipment (due to stock selection), software (stock selection), automobiles (underweighting in Tesla), and broadline retail, based on lagging 12-month gains for e-commerce companies Amazon.com (overweight) and MercadoLibre (not an index component). |
| ↓ | Within IT, software industry results were hindered by underweighting in Palantir Technology (purchased during the period) as its equity value more than tripled, and overall declines for off-benchmark Constellation Software and overweight Synopsys. In semiconductor space, Monolithic Power Systems (significant overweight) and off-index ASML Holding were the key detractors as they appreciated less than the benchmark average. |

---

Franklin DynaTech Fund PAGE 1 818-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 9/30/2015 — 9/30/2025

![image](ts5425img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 25.32 | 11.48 | 17.46 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $29449022573 |
| **Total Number of Portfolio Holdings** | 106 |
| **Total Management Fee Paid** | $107660802 |
| **Portfolio Turnover Rate** | 29.61% |

---

Franklin DynaTech Fund PAGE 2 818-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5425img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin DynaTech Fund PAGE 3 818-ATSR-1125

100001154314470188931974729045375742243428079399065001010000114961364716046165141899225045206312485233598394471000011376138721752018169249893181524628314554472656146100001154313691161431683019380251942129625900353154153052.014.714.17.66.24.80.30.3 ------

---

| | |
|:---|:---|
| **Franklin DynaTech Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FDTRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $50 | 0.44% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R6 shares of Franklin DynaTech Fund returned 26.04%. The Fund compares its performance to the Russell 1000 Growth Index and the S&P 500 Index, which returned 25.53% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Favorable stock selection in the industrial and energy sectors, along with the portfolio's lack of exposure to the consumer staples, real estate and materials sectors as all three posted negative one-year returns on the Russell 1000 Growth Index (the Fund's primary benchmark). |
| ↑ | Information technology (IT) stocks, which comprised just over half of the Fund's total assets, had mixed industry-level outcomes supported by strategic underweighting in Apple as it lagged the benchmark average; beneficial stock selection in IT services; overweighting and stock selection in electronic equipment, instruments and components; and stock selection in communications equipment. |
| ↑ | Exceptionally strong rallies in several off-benchmark or overweighted holdings, including Axon Enterprise and Kratos Defense & Security Solutions (purchased during the period) in the industrials sector; AppLovin, Celestica, Shopify, Cloudflare (purchased during the period) and Taiwan Semiconductor Manufacturing in IT; Alphabet in communication services; and Robinhood Markets (purchased during the period) in financials. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweighted exposure to health care companies as they collectively sold off and, to a lesser extent, unfavorable stock selection in financials. Within health care, Intuitive Surgical and other technology-focused medical equipment and supplies stocks traded lower, as did life sciences tools and services holdings such as key detractor Danaher (sold by period-end). |
| ↓ | Weak relative returns in several other industries, such as semiconductors and semiconductor equipment (due to stock selection), software (stock selection), automobiles (underweighting in Tesla), and broadline retail, based on lagging 12-month gains for e-commerce companies Amazon.com (overweight) and MercadoLibre (not an index component). |
| ↓ | Within IT, software industry results were hindered by underweighting in Palantir Technology (purchased during the period) as its equity value more than tripled, and overall declines for off-benchmark Constellation Software and overweight Synopsys. In semiconductor space, Monolithic Power Systems (significant overweight) and off-index ASML Holding were the key detractors as they appreciated less than the benchmark average. |

---

Franklin DynaTech Fund PAGE 1 328-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 9/30/2015 — 9/30/2025

![image](ts5422img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 26.04 | 12.15 | 18.19 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $29449022573 |
| **Total Number of Portfolio Holdings** | 106 |
| **Total Management Fee Paid** | $107660802 |
| **Portfolio Turnover Rate** | 29.61% |

---

Franklin DynaTech Fund PAGE 2 328-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5422img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin DynaTech Fund PAGE 3 328-ATSR-1125

100001162114663192642025729975390022343329507421865317210000114961364716046165141899225045206312485233598394471000011376138721752018169249893181524628314554472656146100001154313691161431683019380251942129625900353154153052.014.714.17.66.24.80.30.3 ------

---

| | |
|:---|:---|
| **Franklin DynaTech Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FDYZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $59 | 0.52% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Advisor Class shares of Franklin DynaTech Fund returned 25.95%. The Fund compares its performance to the Russell 1000 Growth Index and the S&P 500 Index, which returned 25.53% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Favorable stock selection in the industrial and energy sectors, along with the portfolio's lack of exposure to the consumer staples, real estate and materials sectors as all three posted negative one-year returns on the Russell 1000 Growth Index (the Fund's primary benchmark). |
| ↑ | Information technology (IT) stocks, which comprised just over half of the Fund's total assets, had mixed industry-level outcomes supported by strategic underweighting in Apple as it lagged the benchmark average; beneficial stock selection in IT services; overweighting and stock selection in electronic equipment, instruments and components; and stock selection in communications equipment. |
| ↑ | Exceptionally strong rallies in several off-benchmark or overweighted holdings, including Axon Enterprise and Kratos Defense & Security Solutions (purchased during the period) in the industrials sector; AppLovin, Celestica, Shopify, Cloudflare (purchased during the period) and Taiwan Semiconductor Manufacturing in IT; Alphabet in communication services; and Robinhood Markets (purchased during the period) in financials. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweighted exposure to health care companies as they collectively sold off and, to a lesser extent, unfavorable stock selection in financials. Within health care, Intuitive Surgical and other technology-focused medical equipment and supplies stocks traded lower, as did life sciences tools and services holdings such as key detractor Danaher (sold by period-end). |
| ↓ | Weak relative returns in several other industries, such as semiconductors and semiconductor equipment (due to stock selection), software (stock selection), automobiles (underweighting in Tesla), and broadline retail, based on lagging 12-month gains for e-commerce companies Amazon.com (overweight) and MercadoLibre (not an index component). |
| ↓ | Within IT, software industry results were hindered by underweighting in Palantir Technology (purchased during the period) as its equity value more than tripled, and overall declines for off-benchmark Constellation Software and overweight Synopsys. In semiconductor space, Monolithic Power Systems (significant overweight) and off-index ASML Holding were the key detractors as they appreciated less than the benchmark average. |

---

Franklin DynaTech Fund PAGE 1 628-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 9/30/2015 — 9/30/2025

![image](ts5424img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 25.95 | 12.04 | 18.05 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $29449022573 |
| **Total Number of Portfolio Holdings** | 106 |
| **Total Management Fee Paid** | $107660802 |
| **Portfolio Turnover Rate** | 29.61% |

---

Franklin DynaTech Fund PAGE 2 628-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5424img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin DynaTech Fund PAGE 3 628-ATSR-1125

100001160214617191792014629782387192323329224417425257210000114961364716046165141899225045206312485233598394471000011376138721752018169249893181524628314554472656146100001154313691161431683019380251942129625900353154153052.014.714.17.66.24.80.30.3 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKGRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $82 | 0.77% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A shares of Franklin Growth Fund returned 12.53%. The Fund compares its performance to the S&P 500 Index and the Russell 1000 Growth Index, which returned 17.60% and 25.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Amphenol was a leading contributor in the information technology (IT) sector. Demand trends for the electronic components manufacturer have been healthy across the board, particularly in its IT datacom business. Amphenol has also benefited from increased capital expenditures in data centers, primarily due to investments in artificial intelligence (AI) infrastructure. Data centers represent almost half of the company's revenue, making Amphenol a significant beneficiary of corporate AI-related spending. |
| ↑ | TE Connectivity (TEL) was another top contributor in the IT sector. The company plays a key role in powering and connecting modern data centers, especially as demand surges from AI and cloud computing. TEL is a supplier of high-speed connectors, sensors and cable assemblies designed for advanced computing. |
| ↑ | Fund performance was helped by an off-benchmark exposure to BWX Technologies in the industrials sector. The company is a leading supplier of nuclear components and fuel to the U.S. government and the commercial nuclear power industry. Demand for nuclear solutions and the U.S. government focus on bolstering defense spending have been drivers of growth for the company. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Macroeconomic headwinds and segment-specific challenges, particularly in China and diagnostics, hindered shares of Danaher in the health care sector. While the life sciences company posted modest revenue growth over the period, it issued cautious guidance, reflecting concerns about soft demand and pricing pressures. |
| ↓ | Also in the health care sector, shares of Mettler Toledo International were weighed down by margin pressures, cautious guidance, China-related headwinds and broader volatility in the life sciences tools space. |
| ↓ | A relative underweight in Broadcom within the IT sector as shares of the chipmaker moved higher during the period, boosted by strong financial results and the announcement of a $10-billion share repurchase program.  |

---

Franklin Growth Fund PAGE 1 106-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,450 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 9/30/2015 — 9/30/2025

![image](ts5414img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 12.53 | 11.95 | 14.15 |
| **Class A (with sales charge)**  | 6.34 | 10.69 | 13.51 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to September 10, 2018, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $18380209566 |
| **Total Number of Portfolio Holdings** | 95 |
| **Total Management Fee Paid** | $77208383 |
| **Portfolio Turnover Rate** | 8.28% |

---

Franklin Growth Fund PAGE 2 106-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5414img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Fund PAGE 3 106-ATSR-1125

94501063812885155551614420195255361945023423315523550510000114961364716046165141899225045206312485233598394471000011543136911614316830193802519421296259003531541530100001137613872175201816924989318152462831455447265614641.317.811.39.66.36.04.22.21.00.3 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRGSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $161 | 1.52% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class C shares of Franklin Growth Fund returned 11.69%. The Fund compares its performance to the S&P 500 Index and the Russell 1000 Growth Index, which returned 17.60% and 25.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Amphenol was a leading contributor in the information technology (IT) sector. Demand trends for the electronic components manufacturer have been healthy across the board, particularly in its IT datacom business. Amphenol has also benefited from increased capital expenditures in data centers, primarily due to investments in artificial intelligence (AI) infrastructure. Data centers represent almost half of the company's revenue, making Amphenol a significant beneficiary of corporate AI-related spending. |
| ↑ | TE Connectivity (TEL) was another top contributor in the IT sector. The company plays a key role in powering and connecting modern data centers, especially as demand surges from AI and cloud computing. TEL is a supplier of high-speed connectors, sensors and cable assemblies designed for advanced computing. |
| ↑ | Fund performance was helped by an off-benchmark exposure to BWX Technologies in the industrials sector. The company is a leading supplier of nuclear components and fuel to the U.S. government and the commercial nuclear power industry. Demand for nuclear solutions and the U.S. government focus on bolstering defense spending have been drivers of growth for the company. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Macroeconomic headwinds and segment-specific challenges, particularly in China and diagnostics, hindered shares of Danaher in the health care sector. While the life sciences company posted modest revenue growth over the period, it issued cautious guidance, reflecting concerns about soft demand and pricing pressures. |
| ↓ | Also in the health care sector, shares of Mettler Toledo International were weighed down by margin pressures, cautious guidance, China-related headwinds and broader volatility in the life sciences tools space. |
| ↓ | A relative underweight in Broadcom within the IT sector as shares of the chipmaker moved higher during the period, boosted by strong financial results and the announcement of a $10-billion share repurchase program.  |

---

Franklin Growth Fund PAGE 1 206-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 9/30/2015 — 9/30/2025

![image](ts5415img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 11.69 | 11.11 | 13.30 |
| **Class C (with sales charge)**  | 10.69 | 11.11 | 13.30 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $18380209566 |
| **Total Number of Portfolio Holdings** | 95 |
| **Total Management Fee Paid** | $77208383 |
| **Portfolio Turnover Rate** | 8.28% |

---

Franklin Growth Fund PAGE 2 206-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5415img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Fund PAGE 3 206-ATSR-1125

100001117413432160941658020586258361953423349312163486410000114961364716046165141899225045206312485233598394471000011543136911614316830193802519421296259003531541530100001137613872175201816924989318152462831455447265614641.317.811.39.66.36.04.22.21.00.3 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FGSRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $108 | 1.02% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R shares of Franklin Growth Fund returned 12.25%. The Fund compares its performance to the S&P 500 Index and the Russell 1000 Growth Index, which returned 17.60% and 25.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Amphenol was a leading contributor in the information technology (IT) sector. Demand trends for the electronic components manufacturer have been healthy across the board, particularly in its IT datacom business. Amphenol has also benefited from increased capital expenditures in data centers, primarily due to investments in artificial intelligence (AI) infrastructure. Data centers represent almost half of the company's revenue, making Amphenol a significant beneficiary of corporate AI-related spending. |
| ↑ | TE Connectivity (TEL) was another top contributor in the IT sector. The company plays a key role in powering and connecting modern data centers, especially as demand surges from AI and cloud computing. TEL is a supplier of high-speed connectors, sensors and cable assemblies designed for advanced computing. |
| ↑ | Fund performance was helped by an off-benchmark exposure to BWX Technologies in the industrials sector. The company is a leading supplier of nuclear components and fuel to the U.S. government and the commercial nuclear power industry. Demand for nuclear solutions and the U.S. government focus on bolstering defense spending have been drivers of growth for the company. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Macroeconomic headwinds and segment-specific challenges, particularly in China and diagnostics, hindered shares of Danaher in the health care sector. While the life sciences company posted modest revenue growth over the period, it issued cautious guidance, reflecting concerns about soft demand and pricing pressures. |
| ↓ | Also in the health care sector, shares of Mettler Toledo International were weighed down by margin pressures, cautious guidance, China-related headwinds and broader volatility in the life sciences tools space. |
| ↓ | A relative underweight in Broadcom within the IT sector as shares of the chipmaker moved higher during the period, boosted by strong financial results and the announcement of a $10-billion share repurchase program.  |

---

Franklin Growth Fund PAGE 1 806-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 9/30/2015 — 9/30/2025

![image](ts5418img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 12.25 | 11.67 | 13.87 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $18380209566 |
| **Total Number of Portfolio Holdings** | 95 |
| **Total Management Fee Paid** | $77208383 |
| **Portfolio Turnover Rate** | 8.28% |

---

Franklin Growth Fund PAGE 2 806-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5418img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Fund PAGE 3 806-ATSR-1125

100001122913566163361691421105266192022924301326513665110000114961364716046165141899225045206312485233598394471000011543136911614316830193802519421296259003531541530100001137613872175201816924989318152462831455447265614641.317.811.39.66.36.04.22.21.00.3 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FIFRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $49 | 0.46% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R6 shares of Franklin Growth Fund returned 12.89%. The Fund compares its performance to the S&P 500 Index and the Russell 1000 Growth Index, which returned 17.60% and 25.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Amphenol was a leading contributor in the information technology (IT) sector. Demand trends for the electronic components manufacturer have been healthy across the board, particularly in its IT datacom business. Amphenol has also benefited from increased capital expenditures in data centers, primarily due to investments in artificial intelligence (AI) infrastructure. Data centers represent almost half of the company's revenue, making Amphenol a significant beneficiary of corporate AI-related spending. |
| ↑ | TE Connectivity (TEL) was another top contributor in the IT sector. The company plays a key role in powering and connecting modern data centers, especially as demand surges from AI and cloud computing. TEL is a supplier of high-speed connectors, sensors and cable assemblies designed for advanced computing. |
| ↑ | Fund performance was helped by an off-benchmark exposure to BWX Technologies in the industrials sector. The company is a leading supplier of nuclear components and fuel to the U.S. government and the commercial nuclear power industry. Demand for nuclear solutions and the U.S. government focus on bolstering defense spending have been drivers of growth for the company. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Macroeconomic headwinds and segment-specific challenges, particularly in China and diagnostics, hindered shares of Danaher in the health care sector. While the life sciences company posted modest revenue growth over the period, it issued cautious guidance, reflecting concerns about soft demand and pricing pressures. |
| ↓ | Also in the health care sector, shares of Mettler Toledo International were weighed down by margin pressures, cautious guidance, China-related headwinds and broader volatility in the life sciences tools space. |
| ↓ | A relative underweight in Broadcom within the IT sector as shares of the chipmaker moved higher during the period, boosted by strong financial results and the announcement of a $10-billion share repurchase program.  |

---

Franklin Growth Fund PAGE 1 366-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 9/30/2015 — 9/30/2025

![image](ts5416img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 12.89 | 12.32 | 14.56 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $18380209566 |
| **Total Number of Portfolio Holdings** | 95 |
| **Total Management Fee Paid** | $77208383 |
| **Portfolio Turnover Rate** | 8.28% |

---

Franklin Growth Fund PAGE 2 366-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5416img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Fund PAGE 3 366-ATSR-1125

100001130513747166581735021776276272111525515344803892610000114961364716046165141899225045206312485233598394471000011543136911614316830193802519421296259003531541530100001137613872175201816924989318152462831455447265614641.317.811.39.66.36.04.22.21.00.3 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCGAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $55 | 0.52% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Advisor Class shares of Franklin Growth Fund returned 12.82%. The Fund compares its performance to the S&P 500 Index and the Russell 1000 Growth Index, which returned 17.60% and 25.53%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Amphenol was a leading contributor in the information technology (IT) sector. Demand trends for the electronic components manufacturer have been healthy across the board, particularly in its IT datacom business. Amphenol has also benefited from increased capital expenditures in data centers, primarily due to investments in artificial intelligence (AI) infrastructure. Data centers represent almost half of the company's revenue, making Amphenol a significant beneficiary of corporate AI-related spending. |
| ↑ | TE Connectivity (TEL) was another top contributor in the IT sector. The company plays a key role in powering and connecting modern data centers, especially as demand surges from AI and cloud computing. TEL is a supplier of high-speed connectors, sensors and cable assemblies designed for advanced computing. |
| ↑ | Fund performance was helped by an off-benchmark exposure to BWX Technologies in the industrials sector. The company is a leading supplier of nuclear components and fuel to the U.S. government and the commercial nuclear power industry. Demand for nuclear solutions and the U.S. government focus on bolstering defense spending have been drivers of growth for the company. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Macroeconomic headwinds and segment-specific challenges, particularly in China and diagnostics, hindered shares of Danaher in the health care sector. While the life sciences company posted modest revenue growth over the period, it issued cautious guidance, reflecting concerns about soft demand and pricing pressures. |
| ↓ | Also in the health care sector, shares of Mettler Toledo International were weighed down by margin pressures, cautious guidance, China-related headwinds and broader volatility in the life sciences tools space. |
| ↓ | A relative underweight in Broadcom within the IT sector as shares of the chipmaker moved higher during the period, boosted by strong financial results and the announcement of a $10-billion share repurchase program.  |

---

Franklin Growth Fund PAGE 1 606-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 9/30/2015 — 9/30/2025

![image](ts5417img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 12.82 | 12.23 | 14.44 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |
| **Russell 1000 Growth Index**  | 25.53 | 17.58 | 18.83 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $18380209566 |
| **Total Number of Portfolio Holdings** | 95 |
| **Total Management Fee Paid** | $77208383 |
| **Portfolio Turnover Rate** | 8.28% |

---

Franklin Growth Fund PAGE 2 606-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5417img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Growth Fund PAGE 3 606-ATSR-1125

100001128513703165841725421639274292094625288341493852610000114961364716046165141899225045206312485233598394471000011543136911614316830193802519421296259003531541530100001137613872175201816924989318152462831455447265614641.317.811.39.66.36.04.22.21.00.3 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKIQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $72 | 0.70% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 31, 2025, Class A shares of Franklin Income Fund returned 6.43%. The Fund compares its performance to the Blended Benchmark†, which returned 5.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The health care and industrials sectors, along with securitized products, led absolute fixed income returns during the period. Claritev and Freddie Mac contributed within health care and securitized products, respectively. CommScope also assisted returns within information technology (IT). |
| ↑ | Among equities, returns were driven by the IT, financials, and industrials sectors. On an individual issuer basis, Boeing, Fannie Mae, and Johnson & Johnson added value. |
| ↑ | Fixed income returns benefited from selection within the IT and health care sectors. Stock selection and an overweight allocation to the IT sector assisted equity returns, as did underweight positioning within consumer staples. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Among the Fund's fixed income allocation, U.S. Treasuries weakened returns. The materials sector also detracted from performance, driven by losses from Ardagh Holdings. |
| ↓ | Equity returns were hindered by performance within the consumer staples and materials sectors. By issuer, United Parcel Service, Target, and Merck & Co. were the leading detractors during the period. |
| ↓ | Selection within the materials sector, as well as selection and an underweight allocation to communication services companies, detracted from relative fixed income returns. Moreover, equity performance was weakened by selection and underweight positioning within health care. An underweight allocation to the industrials sector also weighed on equity returns. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity put and call options to sell and reduce positions and/or to initiate and add to positions, which in aggregate contributed to performance.

Franklin Income Fund PAGE 1 1109-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 9/30/2015 — 9/30/2025

![image](ts5402img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 6.43 | 9.52 | 7.36 |
| **Class A (with sales charge)**  | 2.44 | 8.68 | 6.95 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Blended Benchmark**<sup>†</sup>  | 5.60 | 6.78 | 7.49 |

---

† The
 Fund's Blended Benchmark is comprised of 50% MSCI USA High Dividend Yield Index, 25% Bloomberg High Yield Very Liquid Index
 and 25% Bloomberg U.S. Aggregate
 Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

Effective February 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $76164137895 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 518 |
| **Total Management Fee Paid** | $274753772 |
| **Portfolio Turnover Rate** | 62.14% |

---

Franklin Income Fund PAGE 2 1109-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5402img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On February 1, 2025, the Fund's principal investment strategies were revised to better reflect that the equity portion of the Fund's portfolio consists of convertible securities and equity-linked notes, in addition to common stock. Furthermore, the Fund's principal investment strategies were revised to reduce the limit on debt securities that are rated below investment grade (i.e., "high yield" or "junk" bonds) to up to 35% of its total assets, to better reflect the Fund's investments in such securities over the past five years (previously the Fund was permitted to invest in such securities without limit).

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Income Fund PAGE 3 1109-ATSR-1125

96251090612199125171306812483155471441615616184791966710000105191052710399114701227112161103851045211661119981000011496136471604616514189922504520631248523359839447100001154612655135301460514834167371490316271195002059333.627.119.56.96.31.70.90.20.10.10.10.03.5 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKINX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A1 | $62 | 0.60% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 31, 2025, Class A1 shares of Franklin Income Fund returned 6.95%. The Fund compares its performance to the Blended Benchmark†, which returned 5.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The health care and industrials sectors, along with securitized products, led absolute fixed income returns during the period. Claritev and Freddie Mac contributed within health care and securitized products, respectively. CommScope also assisted returns within information technology (IT). |
| ↑ | Among equities, returns were driven by the IT, financials, and industrials sectors. On an individual issuer basis, Boeing, Fannie Mae, and Johnson & Johnson added value. |
| ↑ | Fixed income returns benefited from selection within the IT and health care sectors. Stock selection and an overweight allocation to the IT sector assisted equity returns, as did underweight positioning within consumer staples. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Among the Fund's fixed income allocation, U.S. Treasuries weakened returns. The materials sector also detracted from performance, driven by losses from Ardagh Holdings. |
| ↓ | Equity returns were hindered by performance within the consumer staples and materials sectors. By issuer, United Parcel Service, Target, and Merck & Co. were the leading detractors during the period. |
| ↓ | Selection within the materials sector, as well as selection and an underweight allocation to communication services companies, detracted from relative fixed income returns. Moreover, equity performance was weakened by selection and underweight positioning within health care. An underweight allocation to the industrials sector also weighed on equity returns. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity put and call options to sell and reduce positions and/or to initiate and add to positions, which in aggregate contributed to performance.

Franklin Income Fund PAGE 1 109-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 9/30/2015 — 9/30/2025

![image](ts5401img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 6.95 | 9.72 | 7.48 |
| **Class A1 (with sales charge)**  | 2.76 | 8.90 | 7.08 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Blended Benchmark**<sup>†</sup>  | 5.60 | 6.78 | 7.49 |

---

† The
 Fund's Blended Benchmark is comprised of 50% MSCI USA High Dividend Yield Index, 25% Bloomberg High Yield Very Liquid Index
 and 25% Bloomberg U.S. Aggregate
 Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

Effective February 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $76164137895 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 518 |
| **Total Management Fee Paid** | $274753772 |
| **Portfolio Turnover Rate** | 62.14% |

---

Franklin Income Fund PAGE 2 109-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5401img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On February 1, 2025, the Fund's principal investment strategies were revised to better reflect that the equity portion of the Fund's portfolio consists of convertible securities and equity-linked notes, in addition to common stock. Furthermore, the Fund's principal investment strategies were revised to reduce the limit on debt securities that are rated below investment grade (i.e., "high yield" or "junk" bonds) to up to 35% of its total assets, to better reflect the Fund's investments in such securities over the past five years (previously the Fund was permitted to invest in such securities without limit).

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Income Fund PAGE 3 109-ATSR-1125

96251090712201124671302812456155931448615708185201980710000105191052710399114701227112161103851045211661119981000011496136471604616514189922504520631248523359839447100001154612655135301460514834167371490316271195002059333.627.119.56.96.31.70.90.20.10.10.10.03.5 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCISX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $113 | 1.10% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 31, 2025, Class C shares of Franklin Income Fund returned 6.28%. The Fund compares its performance to the Blended Benchmark†, which returned 5.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The health care and industrials sectors, along with securitized products, led absolute fixed income returns during the period. Claritev and Freddie Mac contributed within health care and securitized products, respectively. CommScope also assisted returns within information technology (IT). |
| ↑ | Among equities, returns were driven by the IT, financials, and industrials sectors. On an individual issuer basis, Boeing, Fannie Mae, and Johnson & Johnson added value. |
| ↑ | Fixed income returns benefited from selection within the IT and health care sectors. Stock selection and an overweight allocation to the IT sector assisted equity returns, as did underweight positioning within consumer staples. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Among the Fund's fixed income allocation, U.S. Treasuries weakened returns. The materials sector also detracted from performance, driven by losses from Ardagh Holdings. |
| ↓ | Equity returns were hindered by performance within the consumer staples and materials sectors. By issuer, United Parcel Service, Target, and Merck & Co. were the leading detractors during the period. |
| ↓ | Selection within the materials sector, as well as selection and an underweight allocation to communication services companies, detracted from relative fixed income returns. Moreover, equity performance was weakened by selection and underweight positioning within health care. An underweight allocation to the industrials sector also weighed on equity returns. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity put and call options to sell and reduce positions and/or to initiate and add to positions, which in aggregate contributed to performance.

Franklin Income Fund PAGE 1 209-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 9/30/2015 — 9/30/2025

![image](ts5403img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 6.28 | 9.07 | 6.90 |
| **Class C (with sales charge)**  | 5.28 | 9.07 | 6.90 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Blended Benchmark**<sup>†</sup>  | 5.60 | 6.78 | 7.49 |

---

† The
 Fund's Blended Benchmark is comprised of 50% MSCI USA High Dividend Yield Index, 25% Bloomberg High Yield Very Liquid Index
 and 25% Bloomberg U.S. Aggregate
 Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

Effective February 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $76164137895 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 518 |
| **Total Management Fee Paid** | $274753772 |
| **Portfolio Turnover Rate** | 62.14% |

---

Franklin Income Fund PAGE 2 209-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5403img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On February 1, 2025, the Fund's principal investment strategies were revised to better reflect that the equity portion of the Fund's portfolio consists of convertible securities and equity-linked notes, in addition to common stock. Furthermore, the Fund's principal investment strategies were revised to reduce the limit on debt securities that are rated below investment grade (i.e., "high yield" or "junk" bonds) to up to 35% of its total assets, to better reflect the Fund's investments in such securities over the past five years (previously the Fund was permitted to invest in such securities without limit).

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Income Fund PAGE 3 209-ATSR-1125

100001120712510127111326412627156681443115613183351948710000105191052710399114701227112161103851045211661119981000011496136471604616514189922504520631248523359839447100001154612655135301460514834167371490316271195002059333.627.119.56.96.31.70.90.20.10.10.10.03.5 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FISRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $98 | 0.95% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 31, 2025, Class R shares of Franklin Income Fund returned 6.31%. The Fund compares its performance to the Blended Benchmark†, which returned 5.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The health care and industrials sectors, along with securitized products, led absolute fixed income returns during the period. Claritev and Freddie Mac contributed within health care and securitized products, respectively. CommScope also assisted returns within information technology (IT). |
| ↑ | Among equities, returns were driven by the IT, financials, and industrials sectors. On an individual issuer basis, Boeing, Fannie Mae, and Johnson & Johnson added value. |
| ↑ | Fixed income returns benefited from selection within the IT and health care sectors. Stock selection and an overweight allocation to the IT sector assisted equity returns, as did underweight positioning within consumer staples. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Among the Fund's fixed income allocation, U.S. Treasuries weakened returns. The materials sector also detracted from performance, driven by losses from Ardagh Holdings. |
| ↓ | Equity returns were hindered by performance within the consumer staples and materials sectors. By issuer, United Parcel Service, Target, and Merck & Co. were the leading detractors during the period. |
| ↓ | Selection within the materials sector, as well as selection and an underweight allocation to communication services companies, detracted from relative fixed income returns. Moreover, equity performance was weakened by selection and underweight positioning within health care. An underweight allocation to the industrials sector also weighed on equity returns. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity put and call options to sell and reduce positions and/or to initiate and add to positions, which in aggregate contributed to performance.

Franklin Income Fund PAGE 1 809-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 9/30/2015 — 9/30/2025

![image](ts5406img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 6.31 | 9.26 | 7.06 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Blended Benchmark**<sup>†</sup>  | 5.60 | 6.78 | 7.49 |

---

† The
 Fund's Blended Benchmark is comprised of 50% MSCI USA High Dividend Yield Index, 25% Bloomberg High Yield Very Liquid Index
 and 25% Bloomberg U.S. Aggregate
 Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

Effective February 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $76164137895 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 518 |
| **Total Management Fee Paid** | $274753772 |
| **Portfolio Turnover Rate** | 62.14% |

---

Franklin Income Fund PAGE 2 809-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5406img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On February 1, 2025, the Fund's principal investment strategies were revised to better reflect that the equity portion of the Fund's portfolio consists of convertible securities and equity-linked notes, in addition to common stock. Furthermore, the Fund's principal investment strategies were revised to reduce the limit on debt securities that are rated below investment grade (i.e., "high yield" or "junk" bonds) to up to 35% of its total assets, to better reflect the Fund's investments in such securities over the past five years (previously the Fund was permitted to invest in such securities without limit).

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Income Fund PAGE 3 809-ATSR-1125

100001126212577128101334812705158501464315845186051977910000105191052710399114701227112161103851045211661119981000011496136471604616514189922504520631248523359839447100001154612655135301460514834167371490316271195002059333.627.119.56.96.31.70.90.20.10.10.10.03.5 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FNCFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $41 | 0.40% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 31, 2025, Class R6 shares of Franklin Income Fund returned 7.15%. The Fund compares its performance to the Blended Benchmark†, which returned 5.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The health care and industrials sectors, along with securitized products, led absolute fixed income returns during the period. Claritev and Freddie Mac contributed within health care and securitized products, respectively. CommScope also assisted returns within information technology (IT). |
| ↑ | Among equities, returns were driven by the IT, financials, and industrials sectors. On an individual issuer basis, Boeing, Fannie Mae, and Johnson & Johnson added value. |
| ↑ | Fixed income returns benefited from selection within the IT and health care sectors. Stock selection and an overweight allocation to the IT sector assisted equity returns, as did underweight positioning within consumer staples. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Among the Fund's fixed income allocation, U.S. Treasuries weakened returns. The materials sector also detracted from performance, driven by losses from Ardagh Holdings. |
| ↓ | Equity returns were hindered by performance within the consumer staples and materials sectors. By issuer, United Parcel Service, Target, and Merck & Co. were the leading detractors during the period. |
| ↓ | Selection within the materials sector, as well as selection and an underweight allocation to communication services companies, detracted from relative fixed income returns. Moreover, equity performance was weakened by selection and underweight positioning within health care. An underweight allocation to the industrials sector also weighed on equity returns. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity put and call options to sell and reduce positions and/or to initiate and add to positions, which in aggregate contributed to performance.

Franklin Income Fund PAGE 1 390-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 9/30/2015 — 9/30/2025

![image](ts5404img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 7.15 | 9.96 | 7.72 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Blended Benchmark**<sup>†</sup>  | 5.60 | 6.78 | 7.49 |

---

† The
 Fund's Blended Benchmark is comprised of 50% MSCI USA High Dividend Yield Index, 25% Bloomberg High Yield Very Liquid Index
 and 25% Bloomberg U.S. Aggregate
 Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

Effective February 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $76164137895 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 518 |
| **Total Management Fee Paid** | $274753772 |
| **Portfolio Turnover Rate** | 62.14% |

---

Franklin Income Fund PAGE 2 390-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5404img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On February 1, 2025, the Fund's principal investment strategies were revised to better reflect that the equity portion of the Fund's portfolio consists of convertible securities and equity-linked notes, in addition to common stock. Furthermore, the Fund's principal investment strategies were revised to reduce the limit on debt securities that are rated below investment grade (i.e., "high yield" or "junk" bonds) to up to 35% of its total assets, to better reflect the Fund's investments in such securities over the past five years (previously the Fund was permitted to invest in such securities without limit).

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Income Fund PAGE 3 390-ATSR-1125

100001131512690129941366513087164281521616611196312103410000105191052710399114701227112161103851045211661119981000011496136471604616514189922504520631248523359839447100001154612655135301460514834167371490316271195002059333.627.119.56.96.31.70.90.20.10.10.10.03.5 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRIAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $47 | 0.45% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 31, 2025, Advisor Class shares of Franklin Income Fund returned 6.70%. The Fund compares its performance to the Blended Benchmark†, which returned 5.60% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | The health care and industrials sectors, along with securitized products, led absolute fixed income returns during the period. Claritev and Freddie Mac contributed within health care and securitized products, respectively. CommScope also assisted returns within information technology (IT). |
| ↑ | Among equities, returns were driven by the IT, financials, and industrials sectors. On an individual issuer basis, Boeing, Fannie Mae, and Johnson & Johnson added value. |
| ↑ | Fixed income returns benefited from selection within the IT and health care sectors. Stock selection and an overweight allocation to the IT sector assisted equity returns, as did underweight positioning within consumer staples. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Among the Fund's fixed income allocation, U.S. Treasuries weakened returns. The materials sector also detracted from performance, driven by losses from Ardagh Holdings. |
| ↓ | Equity returns were hindered by performance within the consumer staples and materials sectors. By issuer, United Parcel Service, Target, and Merck & Co. were the leading detractors during the period. |
| ↓ | Selection within the materials sector, as well as selection and an underweight allocation to communication services companies, detracted from relative fixed income returns. Moreover, equity performance was weakened by selection and underweight positioning within health care. An underweight allocation to the industrials sector also weighed on equity returns. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized equity put and call options to sell and reduce positions and/or to initiate and add to positions, which in aggregate contributed to performance.

Franklin Income Fund PAGE 1 609-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 9/30/2015 — 9/30/2025

![image](ts5405img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 6.70 | 9.75 | 7.59 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **Blended Benchmark**<sup>†</sup>  | 5.60 | 6.78 | 7.49 |

---

† The
 Fund's Blended Benchmark is comprised of 50% MSCI USA High Dividend Yield Index, 25% Bloomberg High Yield Very Liquid Index
 and 25% Bloomberg U.S. Aggregate
 Index.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

Effective February 1, 2025, the Fund adopted its current investment strategy.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $76164137895 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 518 |
| **Total Management Fee Paid** | $274753772 |
| **Portfolio Turnover Rate** | 62.14% |

---

Franklin Income Fund PAGE 2 609-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5405img004.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

**HOW HAS THE FUND CHANGED?**

On February 1, 2025, the Fund's principal investment strategies were revised to better reflect that the equity portion of the Fund's portfolio consists of convertible securities and equity-linked notes, in addition to common stock. Furthermore, the Fund's principal investment strategies were revised to reduce the limit on debt securities that are rated below investment grade (i.e., "high yield" or "junk" bonds) to up to 35% of its total assets, to better reflect the Fund's investments in such securities over the past five years (previously the Fund was permitted to invest in such securities without limit).

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Income Fund PAGE 3 609-ATSR-1125

100001130612673129701357413050163101509516478194772078210000105191052710399114701227112161103851045211661119981000011496136471604616514189922504520631248523359839447100001154612655135301460514834167371490316271195002059333.627.119.56.96.31.70.90.20.10.10.10.03.5 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKFSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $86 | 0.85% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A shares of Franklin U.S. Government Securities Fund returned 2.42%. The Fund compares its performance to the Bloomberg U.S. Government - Intermediate Index, which returned 3.51% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Exposure to: | Exposure to: |
| ↑ | Ginnie Mae II 6.0% coupons |
| ↑ | Ginnie Mae II 5.5% coupons |
| ↑ | Ginnie Mae II 6.5% coupons |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Exposure to: | Exposure to: |
| ↓ | Ginnie Mae II 2.5% coupons |
| ↓ | Ginnie Mae II 2.0% coupons |
| ↓ | Ginnie Mae II 3.0% coupons |

---

Franklin U.S. Government Securities Fund PAGE 1 1110-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 9/30/2015 — 9/30/2025

![image](ts5603img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 2.42 | -0.57 | 0.70 |
| **Class A (with sales charge)**  | -1.42 | -1.33 | 0.32 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Government - Intermediate Index**  | 3.51 | 0.36 | 1.55 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2118624254 |
| **Total Number of Portfolio Holdings** | 588 |
| **Total Management Fee Paid** | $9990931 |
| **Portfolio Turnover Rate** | 30.83% |

---

Franklin U.S. Government Securities Fund PAGE 2 1110-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5603img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Securities Fund PAGE 3 1110-ATSR-1125

96259851980596241026910578104569149910410037102801000010519105271039911470122711216110385104521166111998100001024410176100561081211459113061026810405112711166795.62.51.9 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKUSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A1 | $75 | 0.74% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A1 shares of Franklin U.S. Government Securities Fund returned 2.34%. The Fund compares its performance to the Bloomberg U.S. Government - Intermediate Index, which returned 3.51% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Exposure to: | Exposure to: |
| ↑ | Ginnie Mae II 6.0% coupons |
| ↑ | Ginnie Mae II 5.5% coupons |
| ↑ | Ginnie Mae II 6.5% coupons |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Exposure to: | Exposure to: |
| ↓ | Ginnie Mae II 2.5% coupons |
| ↓ | Ginnie Mae II 2.0% coupons |
| ↓ | Ginnie Mae II 3.0% coupons |

---

Franklin U.S. Government Securities Fund PAGE 1 110-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 9/30/2015 — 9/30/2025

![image](ts5602img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 2.34 | -0.46 | 0.77 |
| **Class A1 (with sales charge)**  | -1.45 | -1.23 | 0.39 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Government - Intermediate Index**  | 3.51 | 0.36 | 1.55 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2118624254 |
| **Total Number of Portfolio Holdings** | 588 |
| **Total Management Fee Paid** | $9990931 |
| **Portfolio Turnover Rate** | 30.83% |

---

Franklin U.S. Government Securities Fund PAGE 2 110-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5602img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Securities Fund PAGE 3 110-ATSR-1125

96259851980696501032010639105459221918510157103941000010519105271039911470122711216110385104521166111998100001024410176100561081211459113061026810405112711166795.62.51.9 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRUGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $126 | 1.25% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class C shares of Franklin U.S. Government Securities Fund returned 2.02%. The Fund compares its performance to the Bloomberg U.S. Government - Intermediate Index, which returned 3.51% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Exposure to: | Exposure to: |
| ↑ | Ginnie Mae II 6.0% coupons |
| ↑ | Ginnie Mae II 5.5% coupons |
| ↑ | Ginnie Mae II 6.5% coupons |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Exposure to: | Exposure to: |
| ↓ | Ginnie Mae II 2.5% coupons |
| ↓ | Ginnie Mae II 2.0% coupons |
| ↓ | Ginnie Mae II 3.0% coupons |

---

Franklin U.S. Government Securities Fund PAGE 1 210-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 9/30/2015 — 9/30/2025

![image](ts5604img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 2.02 | -0.95 | 0.26 |
| **Class C (with sales charge)**  | 1.03 | -0.95 | 0.26 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Government - Intermediate Index**  | 3.51 | 0.36 | 1.55 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2118624254 |
| **Total Number of Portfolio Holdings** | 588 |
| **Total Management Fee Paid** | $9990931 |
| **Portfolio Turnover Rate** | 30.83% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5604img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin U.S. Government Securities Fund PAGE 2 210-ATSR-1125

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Securities Fund PAGE 3 210-ATSR-1125

10000101701007298761051310769106179261915710062102651000010519105271039911470122711216110385104521166111998100001024410176100561081211459113061026810405112711166795.62.51.9 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FUSRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $111 | 1.10% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R shares of Franklin U.S. Government Securities Fund returned 2.16%. The Fund compares its performance to the Bloomberg U.S. Government - Intermediate Index, which returned 3.51% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Exposure to: | Exposure to: |
| ↑ | Ginnie Mae II 6.0% coupons |
| ↑ | Ginnie Mae II 5.5% coupons |
| ↑ | Ginnie Mae II 6.5% coupons |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Exposure to: | Exposure to: |
| ↓ | Ginnie Mae II 2.5% coupons |
| ↓ | Ginnie Mae II 2.0% coupons |
| ↓ | Ginnie Mae II 3.0% coupons |

---

Franklin U.S. Government Securities Fund PAGE 1 810-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 9/30/2015 — 9/30/2025

![image](ts5606img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 2.16 | -0.82 | 0.42 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Government - Intermediate Index**  | 3.51 | 0.36 | 1.55 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2118624254 |
| **Total Number of Portfolio Holdings** | 588 |
| **Total Management Fee Paid** | $9990931 |
| **Portfolio Turnover Rate** | 30.83% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5606img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin U.S. Government Securities Fund PAGE 2 810-ATSR-1125

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Securities Fund PAGE 3 810-ATSR-1125

10000101841010199211057410862107099347927810202104231000010519105271039911470122711216110385104521166111998100001024410176100561081211459113061026810405112711166795.62.51.9 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FGORX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $52 | 0.51% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R6 shares of Franklin U.S. Government Securities Fund returned 2.76%. The Fund compares its performance to the Bloomberg U.S. Government - Intermediate Index, which returned 3.51% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Exposure to: | Exposure to: |
| ↑ | Ginnie Mae II 6.0% coupons |
| ↑ | Ginnie Mae II 5.5% coupons |
| ↑ | Ginnie Mae II 6.5% coupons |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Exposure to: | Exposure to: |
| ↓ | Ginnie Mae II 2.5% coupons |
| ↓ | Ginnie Mae II 2.0% coupons |
| ↓ | Ginnie Mae II 3.0% coupons |

---

Franklin U.S. Government Securities Fund PAGE 1 320-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 9/30/2015 — 9/30/2025

![image](ts5605img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 2.76 | -0.21 | 1.05 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Government - Intermediate Index**  | 3.51 | 0.36 | 1.55 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2118624254 |
| **Total Number of Portfolio Holdings** | 588 |
| **Total Management Fee Paid** | $9990931 |
| **Portfolio Turnover Rate** | 30.83% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5605img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin U.S. Government Securities Fund PAGE 2 320-ATSR-1125

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Securities Fund PAGE 3 320-ATSR-1125

100001026310246101101085711219111309782974910802111011000010519105271039911470122711216110385104521166111998100001024410176100561081211459113061026810405112711166795.62.51.9 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FUSAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $61 | 0.60% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Advisor Class shares of Franklin U.S. Government Securities Fund returned 2.66%. The Fund compares its performance to the Bloomberg U.S. Government - Intermediate Index, which returned 3.51% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| Exposure to: | Exposure to: |
| ↑ | Ginnie Mae II 6.0% coupons |
| ↑ | Ginnie Mae II 5.5% coupons |
| ↑ | Ginnie Mae II 6.5% coupons |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| Exposure to: | Exposure to: |
| ↓ | Ginnie Mae II 2.5% coupons |
| ↓ | Ginnie Mae II 2.0% coupons |
| ↓ | Ginnie Mae II 3.0% coupons |

---

Franklin U.S. Government Securities Fund PAGE 1 610-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 9/30/2015 — 9/30/2025

![image](ts5601img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 2.66 | -0.32 | 0.92 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **Bloomberg U.S. Government - Intermediate Index**  | 3.51 | 0.36 | 1.55 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2118624254 |
| **Total Number of Portfolio Holdings** | 588 |
| **Total Management Fee Paid** | $9990931 |
| **Portfolio Turnover Rate** | 30.83% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5601img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin U.S. Government Securities Fund PAGE 2 610-ATSR-1125

------

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin U.S. Government Securities Fund PAGE 3 610-ATSR-1125

100001024910218100701078411132110509681965810670109541000010519105271039911470122711216110385104521166111998100001024410176100561081211459113061026810405112711166795.62.51.9 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKUQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $86 | 0.80% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A shares of Franklin Utilities Fund returned 13.99%. The Fund compares its performance to the S&P 500 Utilities Index and the S&P 500 Index, which returned 11.20% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | In the electric utilities industry, Entergy Corporation's stock rose significantly over the period as investors priced in a dramatic acceleration in visible multiyear growth with the company having signed several new large-load customers in Arkansas and Louisiana. Management raised their capital expenditure and earnings outlook accordingly. The company also benefited from a supportive backdrop for utilities and constructive regulatory wins, which boosted earnings visibility and investor confidence. |
| ↑ | An underweight in NextEra Energy was also a relative contributor in the electric utilities industry as its shares lagged over the period. While the company continued to deliver solid annual earnings growth that ranked among the best in the industry, other utility companies experienced more improved growth opportunities over the period as they were not as reliant on renewables projects as NextEra. |
| ↑ | Vistra delivered standout performance in the independent power producers and energy traders' industry. The company's stock surge was fueled by rising power prices amid growing demand for electricity driven by artificial intelligence (AI) infrastructure, and anticipation that the company would sign a bilateral power sales agreement with hyperscalers at above-market prices. Vistra's inclusion in the S&P 500 further boosted investor sentiment. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | While Constellation Energy was positive for standalone returns, an underweight allocation within the independent power producers and energy traders industry hindered relative performance. The company has been benefiting from a broader resurgence in nuclear power, including a major nuclear energy deal with Meta, and rising demand from AI-powered data centers. |
| ↓ | Edison International's stock declined amid worries that the company's equipment may have sparked the Eaton Fire in Los Angeles County, California. Related concerns about the viability of the California Wildfire Fund as well as regulatory uncertainty weighed on investor sentiment. |
| ↓ | Concerns about Edison related to wildfire Fund viability also had a large negative impact on PG&E's share price. Although PG&E's electric equipment had not caused any major fire activity in the state in the past couple of years, rising insurance costs in California raised concerns for all utilities in the state to meet future potential claims. |

---

Franklin Utilities Fund PAGE 1 1107-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 9/30/2015 — 9/30/2025

![image](ts5589img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 13.99 | 12.66 | 10.85 |
| **Class A (with sales charge)**  | 9.72 | 11.80 | 10.43 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Utilities Index**  | 11.20 | 11.44 | 10.88 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7300661388 |
| **Total Number of Portfolio Holdings** | 45 |
| **Total Management Fee Paid** | $30748073 |
| **Portfolio Turnover Rate** | 10.80% |

---

Franklin Utilities Fund PAGE 2 1107-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5589img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Utilities Fund PAGE 3 1107-ATSR-1125

96251137912559126491611814718165271744616652234362671410000114961364716046165141899225045206312485233598394471000011737131491353417202163471814719159178142526428094100001154313691161431683019380251942129625900353154153095.93.80.3 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKUTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A1 | $75 | 0.70% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A1 shares of Franklin Utilities Fund returned 14.10%. The Fund compares its performance to the S&P 500 Utilities Index and the S&P 500 Index, which returned 11.20% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | In the electric utilities industry, Entergy Corporation's stock rose significantly over the period as investors priced in a dramatic acceleration in visible multiyear growth with the company having signed several new large-load customers in Arkansas and Louisiana. Management raised their capital expenditure and earnings outlook accordingly. The company also benefited from a supportive backdrop for utilities and constructive regulatory wins, which boosted earnings visibility and investor confidence. |
| ↑ | An underweight in NextEra Energy was also a relative contributor in the electric utilities industry as its shares lagged over the period. While the company continued to deliver solid annual earnings growth that ranked among the best in the industry, other utility companies experienced more improved growth opportunities over the period as they were not as reliant on renewables projects as NextEra. |
| ↑ | Vistra delivered standout performance in the independent power producers and energy traders' industry. The company's stock surge was fueled by rising power prices amid growing demand for electricity driven by artificial intelligence (AI) infrastructure, and anticipation that the company would sign a bilateral power sales agreement with hyperscalers at above-market prices. Vistra's inclusion in the S&P 500 further boosted investor sentiment. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | While Constellation Energy was positive for standalone returns, an underweight allocation within the independent power producers and energy traders industry hindered relative performance. The company has been benefiting from a broader resurgence in nuclear power, including a major nuclear energy deal with Meta, and rising demand from AI-powered data centers. |
| ↓ | Edison International's stock declined amid worries that the company's equipment may have sparked the Eaton Fire in Los Angeles County, California. Related concerns about the viability of the California Wildfire Fund as well as regulatory uncertainty weighed on investor sentiment. |
| ↓ | Concerns about Edison related to wildfire Fund viability also had a large negative impact on PG&E's share price. Although PG&E's electric equipment had not caused any major fire activity in the state in the past couple of years, rising insurance costs in California raised concerns for all utilities in the state to meet future potential claims. |

---

Franklin Utilities Fund PAGE 1 107-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 9/30/2015 — 9/30/2025

![image](ts5592img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 14.10 | 12.77 | 10.94 |
| **Class A1 (with sales charge)**  | 9.83 | 11.91 | 10.51 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Utilities Index**  | 11.20 | 11.44 | 10.88 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7300661388 |
| **Total Number of Portfolio Holdings** | 45 |
| **Total Management Fee Paid** | $30748073 |
| **Portfolio Turnover Rate** | 10.80% |

---

Franklin Utilities Fund PAGE 2 107-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5592img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Utilities Fund PAGE 3 107-ATSR-1125

96251138012560127721629714898167451769416907238142717110000114961364716046165141899225045206312485233598394471000011737131491353417202163471814719159178142526428094100001154313691161431683019380251942129625900353154153095.93.80.3 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRUSX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $128 | 1.20% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class C shares of Franklin Utilities Fund returned 13.51%. The Fund compares its performance to the S&P 500 Utilities Index and the S&P 500 Index, which returned 11.20% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | In the electric utilities industry, Entergy Corporation's stock rose significantly over the period as investors priced in a dramatic acceleration in visible multiyear growth with the company having signed several new large-load customers in Arkansas and Louisiana. Management raised their capital expenditure and earnings outlook accordingly. The company also benefited from a supportive backdrop for utilities and constructive regulatory wins, which boosted earnings visibility and investor confidence. |
| ↑ | An underweight in NextEra Energy was also a relative contributor in the electric utilities industry as its shares lagged over the period. While the company continued to deliver solid annual earnings growth that ranked among the best in the industry, other utility companies experienced more improved growth opportunities over the period as they were not as reliant on renewables projects as NextEra. |
| ↑ | Vistra delivered standout performance in the independent power producers and energy traders' industry. The company's stock surge was fueled by rising power prices amid growing demand for electricity driven by artificial intelligence (AI) infrastructure, and anticipation that the company would sign a bilateral power sales agreement with hyperscalers at above-market prices. Vistra's inclusion in the S&P 500 further boosted investor sentiment. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | While Constellation Energy was positive for standalone returns, an underweight allocation within the independent power producers and energy traders industry hindered relative performance. The company has been benefiting from a broader resurgence in nuclear power, including a major nuclear energy deal with Meta, and rising demand from AI-powered data centers. |
| ↓ | Edison International's stock declined amid worries that the company's equipment may have sparked the Eaton Fire in Los Angeles County, California. Related concerns about the viability of the California Wildfire Fund as well as regulatory uncertainty weighed on investor sentiment. |
| ↓ | Concerns about Edison related to wildfire Fund viability also had a large negative impact on PG&E's share price. Although PG&E's electric equipment had not caused any major fire activity in the state in the past couple of years, rising insurance costs in California raised concerns for all utilities in the state to meet future potential claims. |

---

Franklin Utilities Fund PAGE 1 207-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 9/30/2015 — 9/30/2025

![image](ts5593img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 13.51 | 12.22 | 10.38 |
| **Class C (with sales charge)**  | 12.51 | 12.22 | 10.38 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Utilities Index**  | 11.20 | 11.44 | 10.88 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7300661388 |
| **Total Number of Portfolio Holdings** | 45 |
| **Total Management Fee Paid** | $30748073 |
| **Portfolio Turnover Rate** | 10.80% |

---

Franklin Utilities Fund PAGE 2 207-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5593img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Utilities Fund PAGE 3 207-ATSR-1125

100001175912921130731659815088168851774916877236592685510000114961364716046165141899225045206312485233598394471000011737131491353417202163471814719159178142526428094100001154313691161431683019380251942129625900353154153095.93.80.3 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FRURX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $112 | 1.05% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R shares of Franklin Utilities Fund returned 13.70%. The Fund compares its performance to the S&P 500 Utilities Index and the S&P 500 Index, which returned 11.20% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | In the electric utilities industry, Entergy Corporation's stock rose significantly over the period as investors priced in a dramatic acceleration in visible multiyear growth with the company having signed several new large-load customers in Arkansas and Louisiana. Management raised their capital expenditure and earnings outlook accordingly. The company also benefited from a supportive backdrop for utilities and constructive regulatory wins, which boosted earnings visibility and investor confidence. |
| ↑ | An underweight in NextEra Energy was also a relative contributor in the electric utilities industry as its shares lagged over the period. While the company continued to deliver solid annual earnings growth that ranked among the best in the industry, other utility companies experienced more improved growth opportunities over the period as they were not as reliant on renewables projects as NextEra. |
| ↑ | Vistra delivered standout performance in the independent power producers and energy traders' industry. The company's stock surge was fueled by rising power prices amid growing demand for electricity driven by artificial intelligence (AI) infrastructure, and anticipation that the company would sign a bilateral power sales agreement with hyperscalers at above-market prices. Vistra's inclusion in the S&P 500 further boosted investor sentiment. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | While Constellation Energy was positive for standalone returns, an underweight allocation within the independent power producers and energy traders industry hindered relative performance. The company has been benefiting from a broader resurgence in nuclear power, including a major nuclear energy deal with Meta, and rising demand from AI-powered data centers. |
| ↓ | Edison International's stock declined amid worries that the company's equipment may have sparked the Eaton Fire in Los Angeles County, California. Related concerns about the viability of the California Wildfire Fund as well as regulatory uncertainty weighed on investor sentiment. |
| ↓ | Concerns about Edison related to wildfire Fund viability also had a large negative impact on PG&E's share price. Although PG&E's electric equipment had not caused any major fire activity in the state in the past couple of years, rising insurance costs in California raised concerns for all utilities in the state to meet future potential claims. |

---

Franklin Utilities Fund PAGE 1 807-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 9/30/2015 — 9/30/2025

![image](ts5595img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 13.70 | 12.39 | 10.55 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Utilities Index**  | 11.20 | 11.44 | 10.88 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7300661388 |
| **Total Number of Portfolio Holdings** | 45 |
| **Total Management Fee Paid** | $30748073 |
| **Portfolio Turnover Rate** | 10.80% |

---

Franklin Utilities Fund PAGE 2 807-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5595img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Utilities Fund PAGE 3 807-ATSR-1125

100001178112964131361670515211170451794317089239872727210000114961364716046165141899225045206312485233598394471000011737131491353417202163471814719159178142526428094100001154313691161431683019380251942129625900353154153095.93.80.3 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FUFRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $54 | 0.50% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R6 shares of Franklin Utilities Fund returned 14.34%. The Fund compares its performance to the S&P 500 Utilities Index and the S&P 500 Index, which returned 11.20% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | In the electric utilities industry, Entergy Corporation's stock rose significantly over the period as investors priced in a dramatic acceleration in visible multiyear growth with the company having signed several new large-load customers in Arkansas and Louisiana. Management raised their capital expenditure and earnings outlook accordingly. The company also benefited from a supportive backdrop for utilities and constructive regulatory wins, which boosted earnings visibility and investor confidence. |
| ↑ | An underweight in NextEra Energy was also a relative contributor in the electric utilities industry as its shares lagged over the period. While the company continued to deliver solid annual earnings growth that ranked among the best in the industry, other utility companies experienced more improved growth opportunities over the period as they were not as reliant on renewables projects as NextEra. |
| ↑ | Vistra delivered standout performance in the independent power producers and energy traders' industry. The company's stock surge was fueled by rising power prices amid growing demand for electricity driven by artificial intelligence (AI) infrastructure, and anticipation that the company would sign a bilateral power sales agreement with hyperscalers at above-market prices. Vistra's inclusion in the S&P 500 further boosted investor sentiment. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | While Constellation Energy was positive for standalone returns, an underweight allocation within the independent power producers and energy traders industry hindered relative performance. The company has been benefiting from a broader resurgence in nuclear power, including a major nuclear energy deal with Meta, and rising demand from AI-powered data centers. |
| ↓ | Edison International's stock declined amid worries that the company's equipment may have sparked the Eaton Fire in Los Angeles County, California. Related concerns about the viability of the California Wildfire Fund as well as regulatory uncertainty weighed on investor sentiment. |
| ↓ | Concerns about Edison related to wildfire Fund viability also had a large negative impact on PG&E's share price. Although PG&E's electric equipment had not caused any major fire activity in the state in the past couple of years, rising insurance costs in California raised concerns for all utilities in the state to meet future potential claims. |

---

Franklin Utilities Fund PAGE 1 370-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 9/30/2015 — 9/30/2025

![image](ts5594img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 14.34 | 13.02 | 11.19 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Utilities Index**  | 11.20 | 11.44 | 10.88 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7300661388 |
| **Total Number of Portfolio Holdings** | 45 |
| **Total Management Fee Paid** | $30748073 |
| **Portfolio Turnover Rate** | 10.80% |

---

Franklin Utilities Fund PAGE 2 370-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5594img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Utilities Fund PAGE 3 370-ATSR-1125

100001185513123133821711415670176281866917878252352885310000114961364716046165141899225045206312485233598394471000011737131491353417202163471814719159178142526428094100001154313691161431683019380251942129625900353154153095.93.80.3 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRUAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Advisor Class | $59 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Advisor Class shares of Franklin Utilities Fund returned 14.23%. The Fund compares its performance to the S&P 500 Utilities Index and the S&P 500 Index, which returned 11.20% and 17.60%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | In the electric utilities industry, Entergy Corporation's stock rose significantly over the period as investors priced in a dramatic acceleration in visible multiyear growth with the company having signed several new large-load customers in Arkansas and Louisiana. Management raised their capital expenditure and earnings outlook accordingly. The company also benefited from a supportive backdrop for utilities and constructive regulatory wins, which boosted earnings visibility and investor confidence. |
| ↑ | An underweight in NextEra Energy was also a relative contributor in the electric utilities industry as its shares lagged over the period. While the company continued to deliver solid annual earnings growth that ranked among the best in the industry, other utility companies experienced more improved growth opportunities over the period as they were not as reliant on renewables projects as NextEra. |
| ↑ | Vistra delivered standout performance in the independent power producers and energy traders' industry. The company's stock surge was fueled by rising power prices amid growing demand for electricity driven by artificial intelligence (AI) infrastructure, and anticipation that the company would sign a bilateral power sales agreement with hyperscalers at above-market prices. Vistra's inclusion in the S&P 500 further boosted investor sentiment. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | While Constellation Energy was positive for standalone returns, an underweight allocation within the independent power producers and energy traders industry hindered relative performance. The company has been benefiting from a broader resurgence in nuclear power, including a major nuclear energy deal with Meta, and rising demand from AI-powered data centers. |
| ↓ | Edison International's stock declined amid worries that the company's equipment may have sparked the Eaton Fire in Los Angeles County, California. Related concerns about the viability of the California Wildfire Fund as well as regulatory uncertainty weighed on investor sentiment. |
| ↓ | Concerns about Edison related to wildfire Fund viability also had a large negative impact on PG&E's share price. Although PG&E's electric equipment had not caused any major fire activity in the state in the past couple of years, rising insurance costs in California raised concerns for all utilities in the state to meet future potential claims. |

---

Franklin Utilities Fund PAGE 1 607-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 9/30/2015 — 9/30/2025

![image](ts5591img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 14.23 | 12.95 | 11.10 |
| **Russell 3000 Index**  | 17.41 | 15.74 | 14.71 |
| **S&P 500 Utilities Index**  | 11.20 | 11.44 | 10.88 |
| **S&P 500 Index**  | 17.60 | 16.47 | 15.30 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund was able to successfully meet its monthly distributions under its managed distribution policy without the return of capital.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7300661388 |
| **Total Number of Portfolio Holdings** | 45 |
| **Total Management Fee Paid** | $30748073 |
| **Portfolio Turnover Rate** | 10.80% |

---

Franklin Utilities Fund PAGE 2 607-ATSR-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5591img004.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Utilities Fund PAGE 3 607-ATSR-1125

100001183413093133321703515586175521857417774250822865010000114961364716046165141899225045206312485233598394471000011737131491353417202163471814719159178142526428094100001154313691161431683019380251942129625900353154153095.93.80.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending September 30, 2024 and September 30, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $483,078 in September 30, 2024 and $313,601 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $9,000 in September 30, 2024 and $0 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in September 30, 2024 and $50,500 in September 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $70,000 in September 30, 2024 and $0 in September 30, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in September 30, 2024 and $0 in September 30, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $163,638 in September 30, 2024 and $0 in September 30, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 reports and professional fees relating to security counts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $242,638 in September 30, 2024 and $377,023 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial
 Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Custodian

#### Funds

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

September

30,

2025

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 65
Notes

to

Financial

Statements

#### 74
Report

of

Independent

Registered

Public

Accounting

Firm

#### 101
Tax

Information

#### 102
Changes

In

and

Disagreements

with

Accountants

#### 103
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### DynaTech

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$165.87

$116.42

$92.78

$157.23

$121.24

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..........................

(0.80)

(0.59)

(0.38)

(0.64)

(0.82)

Net

realized

and

unrealized

gains

(losses)

...........

43.31 50.04 24.02 (61.59)

36.81 Total

from

investment

operations

....................

42.51 49.45 23.64 (62.23)

35.99 Less

distributions

from:

Net

realized

gains

.............................

—

—

—

(2.22)

—

Net

asset

value,

end

of

year

.......................

$208.38

$165.87

$116.42

$92.78

$157.23

Total

return

c

...................................

25.63%

42.49%

25.47%

(40.15)%

29.68%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.77%

0.79%

0.83%

0.82%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.77%

0.79%

0.83%

e

0.82%

e

0.79%

e

Net

investment

(loss)

............................

(0.45)%

(0.41)%

(0.35)%

(0.50)%

(0.56)%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$14,514,167

$11,920,330

$8,669,145

$7,214,315

$12,129,483

Portfolio

turnover

rate

............................

29.61%

11.94%

15.29%

40.72%

18.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$131.65

$93.09

$74.75

$128.06

$99.49

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..........................

(1.68)

(1.34)

(0.95)

(1.29)

(1.55)

Net

realized

and

unrealized

gains

(losses)

...........

34.19 39.90 19.29 (49.80)

30.12 Total

from

investment

operations

....................

32.51 38.56 18.34 (51.09)

28.57 Less

distributions

from:

Net

realized

gains

.............................

—

—

—

(2.22)

—

Net

asset

value,

end

of

year

.......................

$164.16

$131.65

$93.09

$74.75

$128.06

Total

return

c

...................................

24.69%

41.41%

24.55%

(40.60)%

28.72%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.52%

1.54%

1.58%

1.57%

1.54%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.52%

1.54%

1.58%

e

1.57%

e

1.54%

e

Net

investment

(loss)

............................

(1.20)%

(1.16)%

(1.10)%

(1.26)%

(1.31)%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$1,014,886

$947,544

$774,154

$715,976

$1,339,016

Portfolio

turnover

rate

............................

29.61%

11.94%

15.29%

40.72%

18.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$158.57

$111.57

$89.14

$151.52

$117.13

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..........................

(1.19)

(0.92)

(0.62)

(0.91)

(1.14)

Net

realized

and

unrealized

gains

(losses)

...........

41.33 47.92 23.05 (59.25)

35.53 Total

from

investment

operations

....................

40.14 47.00 22.43 (60.16)

34.39 Less

distributions

from:

Net

realized

gains

.............................

—

—

—

(2.22)

—

Net

asset

value,

end

of

year

.......................

$198.71

$158.57

$111.57

$89.14

$151.52

Total

return

....................................

25.32%

42.12%

25.16%

(40.29)%

29.36%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.02%

1.04%

1.08%

1.07%

1.04%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

1.02%

1.04%

1.08%

d

1.07%

d

1.04%

d

Net

investment

(loss)

............................

(0.70)%

(0.66)%

(0.60)%

(0.75)%

(0.81)%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$299,989

$268,319

$212,068

$188,831

$311,646

Portfolio

turnover

rate

............................

29.61%

11.94%

15.29%

40.72%

18.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$176.35

$123.35

$97.95

$165.26

$127.01

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

....................

(0.22)

(0.11)

—

c

(0.18)

(0.36)

Net

realized

and

unrealized

gains

(losses)

...........

46.15 53.11 25.40 (64.91)

38.61 Total

from

investment

operations

....................

45.93 53.00 25.40 (65.09)

38.25 Less

distributions

from:

Net

realized

gains

.............................

—

—

—

(2.22)

—

Net

asset

value,

end

of

year

.......................

$222.28

$176.35

$123.35

$97.95

$165.26

Total

return

....................................

26.04%

42.97%

25.92%

(39.92)%

30.12%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.44%

0.45%

0.48%

0.46%

0.46%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.44%

d

0.45%

d

0.47%

e

0.45%

e

0.46%

d,e

Net

investment

income

(loss)

......................

(0.12)%

(0.07)%

—%

f

(0.13)%

(0.23)%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$9,653,041

$8,980,818

$7,515,703

$6,322,021

$9,820,184

Portfolio

turnover

rate

............................

29.61%

11.94%

15.29%

40.72%

18.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$173.63

$121.56

$96.64

$163.27

$125.58

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..........................

(0.37)

(0.24)

(0.11)

(0.34)

(0.48)

Net

realized

and

unrealized

gains

(losses)

...........

45.42 52.31 25.03 (64.07)

38.17 Total

from

investment

operations

....................

45.05 52.07 24.92 (64.41)

37.69 Less

distributions

from:

Net

realized

gains

.............................

—

—

—

(2.22)

—

Net

asset

value,

end

of

year

.......................

$218.68

$173.63

$121.56

$96.64

$163.27

Total

return

....................................

25.95%

42.83%

25.79%

(39.99)%

30.01%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.52%

0.54%

0.58%

0.57%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.52%

0.54%

0.58%

d

0.57%

d

0.54%

d

Net

investment

(loss)

............................

(0.20)%

(0.16)%

(0.10)%

(0.26)%

(0.32)%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$3,966,939

$3,280,611

$2,499,474

$2,280,138

$4,352,531

Portfolio

turnover

rate

............................

29.61%

11.94%

15.29%

40.72%

18.77%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Schedule

of

Investments,

September

30,

2025

#### Franklin

#### DynaTech

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.8%

#### Aerospace

#### &

#### Defense

#### 3.4%
a

Axon

Enterprise,

Inc.

.................................

United

States

925,000

$

663,817,000

Elbit

Systems

Ltd.

...................................

Israel

50,000

25,490,000

a

Karman

Holdings,

Inc.

................................

United

States

944,700

68,207,340

a

Kratos

Defense

&

Security

Solutions,

Inc.

.................

United

States

2,250,000

205,582,500

a

Rocket

Lab

Corp.

...................................

United

States

1,000,000

47,910,000

1,011,006,840

#### Automobiles

#### 2.3%
a

Tesla,

Inc.

.........................................

United

States

1,500,000

667,080,000

#### Biotechnology

#### 2.3%
a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

150,000

68,400,000

a

Argenx

SE

........................................

Netherlands

200,000

147,769,923

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

600,000

119,286,000

a,b

Caris

Life

Sciences,

Inc.

..............................

United

States

204,200

6,177,050

a

Insmed,

Inc.

.......................................

United

States

750,000

108,007,500

a

Natera,

Inc.

........................................

United

States

1,500,000

241,455,000

691,095,473

#### Broadline

#### Retail

#### 10.0%
a

Amazon.com,

Inc.

...................................

United

States

10,000,000

2,195,700,000

a

MercadoLibre,

Inc.

..................................

Brazil

200,000

467,388,000

a

Sea

Ltd.

,

ADR

......................................

Singapore

1,625,000

290,436,250

2,953,524,250

#### Capital

#### Markets

#### 1.5%
a

Bullish,

Inc.

........................................

United

States

37,900

2,410,819

a,b

Gemini

Space

Station,

Inc.

,

A

..........................

United

States

122,761

2,941,354

a

Robinhood

Markets,

Inc.

,

A

............................

United

States

1,525,000

218,349,500

Tradeweb

Markets,

Inc.

,

A

.............................

United

States

1,900,000

210,862,000

434,563,673

#### Communications

#### Equipment

#### 0.7%
a

Arista

Networks,

Inc.

.................................

United

States

1,425,000

207,636,750

#### Construction

#### &

#### Engineering

#### 0.2%
a,b

Legence

Corp.

,

A

...................................

United

States

378,768

11,669,842

Quanta

Services,

Inc.

................................

United

States

150,000

62,163,000

73,832,842

#### Consumer

#### Finance

#### 0.0%

#### †
a

Figure

Technology

Solutions,

Inc.

,

A

.....................

United

States

142,005

5,164,722

#### Electrical

#### Equipment

#### 0.6%
a

Bloom

Energy

Corp.

,

A

...............................

United

States

750,000

63,427,500

GE

Vernova,

Inc.

....................................

United

States

200,000

122,980,000

186,407,500

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2.3%
Amphenol

Corp.

,

A

..................................

United

States

2,050,000

253,687,500

a

Celestica,

Inc.

......................................

Canada

1,725,000

425,005,500

a

Trimble,

Inc.

.......................................

United

States

150,000

12,247,500

690,940,500

#### Energy

#### Equipment

#### &

#### Services

#### 0.3%
Baker

Hughes

Co.

,

A

.................................

United

States

500,000

24,360,000

a

Oceaneering

International,

Inc.

.........................

United

States

500,000

12,390,000

TechnipFMC

plc

....................................

United

Kingdom

1,000,000

39,450,000

76,200,000

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Entertainment

#### 3.3%
a

Netflix,

Inc.

........................................

United

States

435,000

$

521,530,200

a

ROBLOX

Corp.

,

A

...................................

United

States

2,000,000

277,040,000

a

Roku,

Inc.

,

A

.......................................

United

States

200,000

20,026,000

a

Spotify

Technology

SA

................................

United

States

200,000

139,600,000

958,196,200

#### Financial

#### Services

#### 4.7%
a

Affirm

Holdings,

Inc.

,

A

...............................

United

States

500,000

36,540,000

a,b

Klarna

Group

plc

....................................

United

Kingdom

284,010

10,408,966

Mastercard,

Inc.

,

A

..................................

United

States

1,700,000

966,977,000

a

Toast,

Inc.

,

A

.......................................

United

States

1,000,000

36,510,000

Visa,

Inc.

,

A

........................................

United

States

1,000,000

341,380,000

1,391,815,966

#### Ground

#### Transportation

#### 0.4%
a

Uber

Technologies,

Inc.

...............................

United

States

1,100,000

107,767,000

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.0%
a

Boston

Scientific

Corp.

...............................

United

States

1,000,000

97,630,000

a

IDEXX

Laboratories,

Inc.

..............................

United

States

50,000

31,944,500

a

Intuitive

Surgical,

Inc.

................................

United

States

1,000,000

447,230,000

a,b

Kestra

Medical

Technologies

Ltd.

.......................

United

States

200,000

4,752,000

Stryker

Corp.

......................................

United

States

50,000

18,483,500

600,040,000

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.6%
a

GeneDx

Holdings

Corp.

,

A

.............................

United

States

250,000

26,935,000

a

Guardant

Health,

Inc.

................................

United

States

1,500,000

93,720,000

a

HealthEquity,

Inc.

...................................

United

States

200,000

18,954,000

a

Hinge

Health,

Inc.

,

A

.................................

United

States

520,100

25,526,508

165,135,508

#### Health

#### Care

#### Technology

#### 1.4%
a

Doximity,

Inc.

,

A

....................................

United

States

2,000,000

146,300,000

a

HeartFlow,

Inc.

.....................................

United

States

304,700

10,256,202

Pro

Medicus

Ltd.

....................................

Australia

500,000

101,797,892

a

Veeva

Systems,

Inc.

,

A

...............................

United

States

500,000

148,955,000

407,309,094

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2.1%
Booking

Holdings,

Inc.

...............................

United

States

50,000

269,963,500

a

DoorDash,

Inc.

,

A

...................................

United

States

1,250,000

339,987,500

609,951,000

#### Interactive

#### Media

#### &

#### Services

#### 10.9%
Alphabet,

Inc.

,

A

....................................

United

States

6,000,000

1,458,600,000

Meta

Platforms,

Inc.

,

A

...............................

United

States

2,250,000

1,652,355,000

a

Reddit,

Inc.

,

A

......................................

United

States

350,000

80,496,500

c

Scout24

SE

,

144A

,

Reg

S

.............................

Germany

100,000

12,545,738

3,203,997,238

#### IT

#### Services

#### 4.2%
a

Cloudflare,

Inc.

,

A

...................................

United

States

2,100,000

450,639,000

a

Shopify,

Inc.

,

A

.....................................

Canada

5,000,000

742,832,507

a

Snowflake,

Inc.

,

A

...................................

United

States

250,000

56,387,500

1,249,859,007

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.2%
a,c

Samsung

Biologics

Co.

Ltd.

,

144A

,

Reg

S

.................

South

Korea

20,000

14,252,965

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Life

#### Sciences

#### Tools

#### &

#### Services
(continued)

a

Tempus

AI,

Inc.

,

A

...................................

United

States

540,000

$

43,583,400

57,836,365

#### Machinery

#### 0.0%

#### †
a,b

Symbotic,

Inc.

,

A

....................................

United

States

250,000

13,475,000

#### Pharmaceuticals

#### 1.1%
a

Corcept

Therapeutics,

Inc.

............................

United

States

200,000

16,622,000

Eli

Lilly

&

Co.

......................................

United

States

350,000

267,050,000

a

Ligand

Pharmaceuticals,

Inc.

...........................

United

States

200,000

35,428,000

319,100,000

#### Professional

#### Services

#### 0.1%
Verisk

Analytics,

Inc.

,

A

...............................

United

States

100,000

25,151,000

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 22.5%
Analog

Devices,

Inc.

.................................

United

States

800,000

196,560,000

a

ARM

Holdings

plc

,

ADR

..............................

United

States

200,000

28,298,000

ASML

Holding

NV

,

ADR

..............................

Netherlands

100,000

96,809,000

Broadcom,

Inc.

.....................................

United

States

4,750,000

1,567,072,500

KLA

Corp.

.........................................

United

States

250,000

269,650,000

Lam

Research

Corp.

.................................

United

States

2,050,000

274,495,000

Monolithic

Power

Systems,

Inc.

.........................

United

States

250,000

230,160,000

NVIDIA

Corp.

......................................

United

States

19,000,000

3,545,020,000

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

1,500,000

418,935,000

6,626,999,500

#### Software

#### 20.1%
a

AppLovin

Corp.

,

A

...................................

United

States

1,200,000

862,248,000

a

Cadence

Design

Systems,

Inc.

.........................

United

States

1,250,000

439,075,000

a,b

Circle

Internet

Group,

Inc.

,

A

...........................

United

States

118,300

15,684,214

Constellation

Software,

Inc.

............................

Canada

65,000

176,452,325

a

Crowdstrike

Holdings,

Inc.

,

A

...........................

United

States

200,000

98,076,000

a

Descartes

Systems

Group,

Inc.

(The)

....................

Canada

400,000

37,692,000

a,b

Figma,

Inc.

,

A

......................................

United

States

80,458

4,173,356

a

Guidewire

Software,

Inc.

..............................

United

States

300,000

68,958,000

a

HubSpot,

Inc.

......................................

United

States

25,000

11,695,000

Intuit,

Inc.

.........................................

United

States

250,000

170,727,500

a

Life360,

Inc.

.......................................

United

States

550,000

58,465,000

a,c

Lumine

Group,

Inc.

,

Reg

S

............................

Canada

500,000

14,744,557

Microsoft

Corp.

.....................................

United

States

4,500,000

2,330,775,000

Oracle

Corp.

.......................................

United

States

100,000

28,124,000

a

Palantir

Technologies,

Inc.

,

A

...........................

United

States

1,250,000

228,025,000

a

Palo

Alto

Networks,

Inc.

..............................

United

States

2,000,000

407,240,000

Salesforce,

Inc.

.....................................

United

States

25,000

5,925,000

a

ServiceNow,

Inc.

....................................

United

States

550,000

506,154,000

a

ServiceTitan,

Inc.

,

A

.................................

United

States

800,000

80,664,000

a

Synopsys,

Inc.

.....................................

United

States

650,000

320,703,500

a

Tyler

Technologies,

Inc.

...............................

United

States

100,000

52,316,000

5,917,917,452

#### Specialty

#### Retail

#### 0.4%
a

Carvana

Co.

,

A

.....................................

United

States

300,000

113,172,000

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 2.2%
Apple,

Inc.

........................................

United

States

2,500,000

636,575,000

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 10,589,795,244

####)
.................................

#### 29,401,749,880
Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

a

a

#### Country

#### Warrants
a

#### Value
a

a

#### a
a

#### Warrants

#### 0.0%

#### Software

#### 0.0%
a,d

Constellation

Software,

Inc.

,

3/31/40

.....................

Canada

50,000

$

—

#### Total

#### Warrants

#### (Cost

#### $

#### –

####)
....................................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 10,589,795,244

####)
..........................

#### 29,401,749,880

#### a

#### Short

#### Term

#### Investments

#### 0.3%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.1%
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094 %

.........................................

United

States

46,741,591

46,741,591

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 46,741,591

####)
................................

#### 46,741,591
g

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.2%

#### Money

#### Market

#### Funds

#### 0.2%
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094 %

.........................................

United

States

55,963,000

55,963,000

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 55,963,000

####)
.........................................................

#### 55,963,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 102,704,591

####)
.............................

#### 102,704,591

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 10,692,499,835

####)
100.1 #### %
.............................

#### $29,504,454,471

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
.........................................

#### (55,431,898)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $29,449,022,573

#### a
†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025. See

Note

1(f).

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$41,543,260,

representing

0.1%

of

net

assets.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

g

See

Note

1(f)

regarding

securities

on

loan.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$145.74

$115.08

$105.41

$151.73

$129.91

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

....................

0.04 0.09 0.19 0.01 (0.06)

Net

realized

and

unrealized

gains

(losses)

...........

16.88 38.24 20.19 (32.51)

32.67 Total

from

investment

operations

....................

16.92 38.33 20.38 (32.50)

32.61 Less

distributions

from:

Net

investment

income

..........................

(0.05)

(0.22)

—

—

(0.18)

Net

realized

gains

.............................

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Total

distributions

...............................

(11.13)

(7.67)

(10.71)

(13.82)

(10.79)

Net

asset

value,

end

of

year

.......................

$151.53

$145.74

$115.08

$105.41

$151.73

Total

return

c

...................................

12.53%

34.70%

20.43%

(23.83)%

26.44%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.78%

0.79%

0.80%

0.80%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.77%

0.79%

d

0.80%

d,e

0.80%

d,e

0.79%

d,e

Net

investment

income

(loss)

......................

0.03%

0.07%

0.17%

0.01%

(0.04)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$13,029,087

$12,619,339

$10,072,509

$9,118,403

$12,927,577

Portfolio

turnover

rate

............................

8.28%

f

7.35%

2.86%

4.95%

f

6.04%

f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h)

for

current

year

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$122.17

$98.08

$91.92

$134.93

$117.27

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..........................

(0.83)

(0.76)

(0.57)

(0.87)

(1.01)

Net

realized

and

unrealized

gains

(losses)

...........

13.85 32.30 17.44 (28.32)

29.28 Total

from

investment

operations

....................

13.02 31.54 16.87 (29.19)

28.27 Less

distributions

from:

Net

realized

gains

.............................

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Net

asset

value,

end

of

year

.......................

$124.11

$122.17

$98.08

$91.92

$134.93

Total

return

c

...................................

11.69%

33.69%

19.53%

(24.40)%

25.51%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.53%

1.54%

1.55%

1.55%

1.54%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.52%

1.54%

d

1.55%

d,e

1.55%

d,e

1.54%

d,e

Net

investment

(loss)

............................

(0.72)%

(0.68)%

(0.59)%

(0.75)%

(0.79)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$311,475

$355,424

$333,956

$407,722

$666,348

Portfolio

turnover

rate

............................

8.28%

f

7.35%

2.86%

4.95%

f

6.04%

f

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h)

for

current

year

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$143.66

$113.60

$104.43

$150.77

$129.28

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..........................

(0.30)

(0.24)

(0.10)

(0.32)

(0.41)

Net

realized

and

unrealized

gains

(losses)

...........

16.59 37.75 19.98 (32.20)

32.51 Total

from

investment

operations

....................

16.29 37.51 19.88 (32.52)

32.10 Less

distributions

from:

Net

realized

gains

.............................

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Net

asset

value,

end

of

year

.......................

$148.87

$143.66

$113.60

$104.43

$150.77

Total

return

....................................

12.25%

34.36%

20.13%

(24.01)%

26.13%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.03%

1.04%

1.05%

1.05%

1.04%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.02%

1.04%

c

1.05%

c,d

1.05%

c,d

1.04%

c,d

Net

investment

(loss)

............................

(0.22)%

(0.18)%

(0.09)%

(0.25)%

(0.29)%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$285,538

$305,786

$256,889

$249,874

$395,301

Portfolio

turnover

rate

............................

8.28%

e

7.35%

2.86%

4.95%

e

6.04%

e

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h)

for

current

year

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$147.22

$116.16

$106.22

$152.40

$130.31

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.49 0.52 0.56 0.46 0.41 Net

realized

and

unrealized

gains

(losses)

...........

17.06 38.60 20.34 (32.72)

32.76 Total

from

investment

operations

....................

17.55 39.12 20.90 (32.26)

33.17 Less

distributions

from:

Net

investment

income

..........................

(0.51)

(0.61)

(0.25)

(0.10)

(0.47)

Net

realized

gains

.............................

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Total

distributions

...............................

(11.59)

(8.06)

(10.96)

(13.92)

(11.08)

Net

asset

value,

end

of

year

.......................

$153.18

$147.22

$116.16

$106.22

$152.40

Total

return

....................................

12.89%

35.14%

20.83%

(23.57)%

26.86%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.46%

0.46%

0.47%

0.46%

0.47%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.46%

0.46%

0.47%

d

0.46%

d

0.47%

d

Net

investment

income

...........................

0.35%

0.39%

0.49%

0.34%

0.29%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,369,467

$2,735,878

$2,114,155

$2,000,923

$3,113,946

Portfolio

turnover

rate

............................

8.28%

e

7.35%

2.86%

4.95%

e

6.04%

e

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h)

for

current

year

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$147.28

$116.21

$106.25

$152.47

$130.38

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.39 0.42 0.47 0.34 0.30 Net

realized

and

unrealized

gains

(losses)

...........

17.08 38.62 20.36 (32.74)

32.79 Total

from

investment

operations

....................

17.47 39.04 20.83 (32.40)

33.09 Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.52)

(0.16)

—

(0.39)

Net

realized

gains

.............................

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Total

distributions

...............................

(11.45)

(7.97)

(10.87)

(13.82)

(11.00)

Net

asset

value,

end

of

year

.......................

$153.30

$147.28

$116.21

$106.25

$152.47

Total

return

....................................

12.82%

35.04%

20.73%

(23.64)%

26.76%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.52%

0.54%

0.55%

0.55%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.52%

0.54%

0.55%

d

0.55%

d

0.54%

d

Net

investment

income

...........................

0.27%

0.32%

0.42%

0.25%

0.21%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$2,384,642

$3,353,961

$2,860,970

$2,652,765

$4,229,679

Portfolio

turnover

rate

............................

8.28%

e

7.35%

2.86%

4.95%

e

6.04%

e

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

3(h)

for

current

year

information.

Franklin

Custodian

Funds

Schedule

of

Investments,

September

30,

2025

#### Franklin

#### Growth

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.4%

#### Aerospace

#### &

#### Defense

#### 5.1%
BWX

Technologies,

Inc.

..............................

United

States

1,219,996

$

224,930,662

Curtiss-Wright

Corp.

.................................

United

States

271,918

147,635,159

Northrop

Grumman

Corp.

.............................

United

States

518,186

315,741,094

RTX

Corp.

........................................

United

States

1,438,537

240,710,396

929,017,311

#### Beverages

#### 1.1%
a

Monster

Beverage

Corp.

..............................

United

States

3,073,250

206,860,457

#### Biotechnology

#### 1.0%
AbbVie,

Inc.

.......................................

United

States

416,511

96,438,957

Amgen,

Inc.

.......................................

United

States

322,140

90,907,908

187,346,865

#### Broadline

#### Retail

#### 4.7%
a

Amazon.com,

Inc.

...................................

United

States

3,631,003

797,259,329

a

MercadoLibre,

Inc.

..................................

Brazil

26,863

62,777,219

860,036,548

#### Building

#### Products

#### 2.4%
Johnson

Controls

International

plc

.......................

United

States

1,607,840

176,782,008

Trane

Technologies

plc

...............................

United

States

633,992

267,519,264

444,301,272

#### Capital

#### Markets

#### 5.4%
BlackRock,

Inc.

.....................................

United

States

118,345

137,974,885

Blackstone,

Inc.

....................................

United

States

938,179

160,287,882

Charles

Schwab

Corp.

(The)

...........................

United

States

2,009,772

191,872,933

Intercontinental

Exchange,

Inc.

.........................

United

States

1,290,852

217,482,745

S&P

Global,

Inc.

....................................

United

States

335,022

163,058,558

Tradeweb

Markets,

Inc.

,

A

.............................

United

States

1,079,272

119,777,606

990,454,609

#### Chemicals

#### 3.2%
Air

Products

and

Chemicals,

Inc.

........................

United

States

452,811

123,490,616

Ecolab,

Inc.

........................................

United

States

564,838

154,686,535

Linde

plc

..........................................

United

States

635,420

301,824,500

580,001,651

#### Commercial

#### Services

#### &

#### Supplies

#### 0.7%
Republic

Services,

Inc.

,

A

.............................

United

States

589,518

135,282,591

#### Communications

#### Equipment

#### 0.5%
Motorola

Solutions,

Inc.

...............................

United

States

193,997

88,712,888

#### Construction

#### Materials

#### 1.1%
Martin

Marietta

Materials,

Inc.

..........................

United

States

319,608

201,442,530

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.1%
Costco

Wholesale

Corp.

..............................

United

States

222,442

205,898,988

#### Electric

#### Utilities

#### 1.0%
NextEra

Energy,

Inc.

.................................

United

States

2,442,414

184,377,833

#### Electrical

#### Equipment

#### 1.6%
AMETEK,

Inc.

......................................

United

States

729,774

137,197,512

Eaton

Corp.

plc

.....................................

United

States

397,899

148,913,701

286,111,213

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 5.1%
Amphenol

Corp.

,

A

..................................

United

States

4,889,349

$

605,056,939

TE

Connectivity

plc

..................................

Switzerland

1,550,762

340,438,782

945,495,721

#### Entertainment

#### 1.2%
a

Netflix,

Inc.

........................................

United

States

166,640

199,788,029

a

Spotify

Technology

SA

................................

United

States

25,569

17,847,162

217,635,191

#### Financial

#### Services

#### 4.2%
Mastercard,

Inc.

,

A

..................................

United

States

870,040

494,887,452

Visa,

Inc.

,

A

........................................

United

States

821,641

280,491,805

775,379,257

#### Ground

#### Transportation

#### 2.4%
Canadian

Pacific

Kansas

City

Ltd.

.......................

Canada

1,287,372

95,896,340

Old

Dominion

Freight

Line,

Inc.

.........................

United

States

366,155

51,547,301

a

Uber

Technologies,

Inc.

...............................

United

States

532,783

52,196,750

Union

Pacific

Corp.

..................................

United

States

1,035,023

244,648,387

444,288,778

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.8%
Abbott

Laboratories

..................................

United

States

708,704

94,923,814

a

Intuitive

Surgical,

Inc.

................................

United

States

557,252

249,219,812

Stryker

Corp.

......................................

United

States

473,124

174,899,749

519,043,375

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.6%
UnitedHealth

Group,

Inc.

..............................

United

States

313,407

108,219,437

#### Health

#### Care

#### Technology

#### 0.5%
a

Veeva

Systems,

Inc.

,

A

...............................

United

States

299,104

89,106,073

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.3%
Booking

Holdings,

Inc.

...............................

United

States

26,928

145,391,543

a

Chipotle

Mexican

Grill,

Inc.

,

A

..........................

United

States

2,351,190

92,143,136

237,534,679

#### Interactive

#### Media

#### &

#### Services

#### 5.1%
Alphabet,

Inc.

,

A

....................................

United

States

1,336,903

325,001,119

Alphabet,

Inc.

,

C

....................................

United

States

1,715,655

417,847,775

Meta

Platforms,

Inc.

,

A

...............................

United

States

261,965

192,381,857

935,230,751

#### IT

#### Services

#### 0.5%
a,b,c

Canva

Australia

Holdings

Pty.

Ltd.

,

B

.....................

Australia

25,413

41,833,356

a

Shopify,

Inc.

,

A

.....................................

Canada

393,489

58,476,400

100,309,756

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 3.7%
Agilent

Technologies,

Inc.

.............................

United

States

992,630

127,404,060

Danaher

Corp.

.....................................

United

States

1,082,572

214,630,725

a

Mettler-Toledo

International,

Inc.

........................

United

States

142,611

175,070,690

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

353,954

171,674,769

688,780,244

#### Machinery

#### 3.7%
Deere

&

Co.

.......................................

United

States

338,199

154,644,875

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Machinery
(continued)

Ingersoll

Rand,

Inc.

..................................

United

States

2,112,151

$

174,505,916

Parker-Hannifin

Corp.

................................

United

States

228,437

173,189,511

Xylem,

Inc.

........................................

United

States

1,157,462

170,725,645

673,065,947

#### Pharmaceuticals

#### 2.1%
AstraZeneca

plc

,

ADR

................................

United

Kingdom

2,016,878

154,734,880

Eli

Lilly

&

Co.

......................................

United

States

295,396

225,387,148

380,122,028

#### Professional

#### Services

#### 0.4%
Automatic

Data

Processing,

Inc.

........................

United

States

100,575

29,518,763

Verisk

Analytics,

Inc.

,

A

...............................

United

States

170,338

42,841,710

72,360,473

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 15.7%
a

ARM

Holdings

plc

,

ADR

..............................

United

States

340,731

48,210,029

ASML

Holding

NV

,

ADR

..............................

Netherlands

396,927

384,261,059

Broadcom,

Inc.

.....................................

United

States

1,331,721

439,348,075

Lam

Research

Corp.

.................................

United

States

272,872

36,537,561

Monolithic

Power

Systems,

Inc.

.........................

United

States

317,004

291,846,563

NVIDIA

Corp.

......................................

United

States

8,341,674

1,556,389,535

Texas

Instruments,

Inc.

...............................

United

States

743,946

136,685,199

2,893,278,021

#### Software

#### 15.9%
a

Autodesk,

Inc.

......................................

United

States

732,557

232,711,382

b,c

Checkout

Payments

Group

Ltd.

,

B

.......................

United

Kingdom

96,603

10,571,860

a

Crowdstrike

Holdings,

Inc.

,

A

...........................

United

States

126,882

62,220,395

a,d

Figma,

Inc.

,

A

......................................

United

States

52,718

2,734,483

Intuit,

Inc.

.........................................

United

States

357,235

243,959,354

Microsoft

Corp.

.....................................

United

States

2,629,009

1,361,695,212

a

Palo

Alto

Networks,

Inc.

..............................

United

States

437,738

89,132,212

a,b,c

Plaid,

Inc.

,

A

.......................................

Japan

98,050

18,081,418

a

PTC,

Inc.

.........................................

United

States

873,267

177,290,666

Salesforce,

Inc.

.....................................

United

States

250,559

59,382,483

a

ServiceNow,

Inc.

....................................

United

States

322,998

297,248,599

a,b,c

Stripe,

Inc.

,

B

......................................

United

States

540,043

20,308,058

a

Synopsys,

Inc.

.....................................

United

States

545,593

269,190,130

a

Tyler

Technologies,

Inc.

...............................

United

States

137,776

72,078,892

2,916,605,144

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3.0%
Apple,

Inc.

........................................

United

States

2,189,703

557,564,075

#### Trading

#### Companies

#### &

#### Distributors

#### 1.3%
Fastenal

Co.

.......................................

United

States

4,980,152

244,226,654

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 4,526,943,303

####)
..................................

#### 18,098,090,360

#### Convertible

#### Preferred

#### Stocks

#### 0.9%

#### Aerospace

#### &

#### Defense

#### 0.3%
a,b,c

Anduril

Industries,

Inc.

,

F

..............................

United

States

1,150,134

53,092,601

#### IT

#### Services

#### 0.0%

#### †
a,b,c

Canva

Australia

Holdings

Pty.

Ltd.

,

A

.....................

Australia

2,353

3,873,367

a,b,c

Canva

Australia

Holdings

Pty.

Ltd.

,

...................

Australia

154,737

a,b,c

Canva

Australia

Holdings

Pty.

Ltd.

,

...................

Australia

13,169

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Convertible

#### Preferred

#### Stocks
(continued)

#### IT

#### Services
(continued)

a,b,c

Canva

Australia

Holdings

Pty.

Ltd.

,

...................

Australia

$

8,231

4,049,504

#### Software

#### 0.6%
a,b,c

Gusto,

Inc.

,

E

......................................

United

States

822,494

20,615,872

a,b,c

OneTrust

LLC

,

C

....................................

United

States

849,894

15,117,366

a,b,c

Stripe,

Inc.

,

I

.......................................

United

States

1,759,545

66,166,847

101,900,085

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 106,287,288

####)
........................

#### 159,042,190

#### Preferred

#### Stocks

#### 0.6%

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.6%
e

Sartorius

AG

,

.37

%

.................................

Germany

453,990

106,132,258

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 156,961,737

####)
...................................

#### 106,132,258

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 4,790,192,328

####)
...........................

#### 18,363,264,808

#### a

#### Short

#### Term

#### Investments

#### 0.3%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.3%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094 %

.........................................

United

States

52,469,504

52,469,504

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 52,469,504

####)
................................

#### 52,469,504
h

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.0%

#### †

#### Money

#### Market

#### Funds

#### 0.0%

#### †
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094 %

.........................................

United

States

2,570,000

2,570,000

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 2,570,000

####)
..........................................................

#### 2,570,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 55,039,504

####)
..............................

#### 55,039,504

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 4,845,231,832

####)
100.2 #### %
..............................

#### $18,418,304,312

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.2 ####)

#### %
.........................................

#### (38,094,746)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $18,380,209,566

#### a
Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

c

See

Note

regarding

restricted

securities.

d

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025. See

Note

(f).

e

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

f

See

Note

(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

See

Note

(f)

regarding

securities

on

loan.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$2.45

$2.19

$2.14

$2.47

$2.08

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.09 0.09 0.09 0.07 0.08 Net

realized

and

unrealized

gains

(losses)

...........

0.06 0.30 0.09 (0.24)

0.42 Total

from

investment

operations

....................

0.15 0.39 0.18 (0.17)

0.50 Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.13)

(0.13)

(0.11)

(0.11)

Net

realized

gains

.............................

—

—

—

(0.05)

—

Total

distributions

...............................

(0.13)

(0.13)

(0.13)

(0.16)

(0.11)

Net

asset

value,

end

of

year

.......................

$2.47

$2.45

$2.19

$2.14

$2.47

Total

return

c

...................................

6.43%

18.33%

8.33%

(7.28)%

24.55%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.70%

0.71%

0.71%

0.72%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.70%

d

0.70%

0.71%

d

0.71%

e

0.72%

d,e

Net

investment

income

...........................

3.83%

4.04%

4.02%

3.08%

3.19%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$24,950,812

$23,331,018

$19,705,319

$16,829,899

$16,044,379

Portfolio

turnover

rate

............................

62.14%

49.72%

56.23%

77.65%

68.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$2.45

$2.20

$2.15

$2.48

$2.08

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.09 0.10 0.09 0.08 0.08 Net

realized

and

unrealized

gains

(losses)

...........

0.07 0.28 0.09 (0.24)

0.43 Total

from

investment

operations

....................

0.16 0.38 0.18 (0.16)

0.51 Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.13)

(0.13)

(0.12)

(0.11)

Net

realized

gains

.............................

—

—

—

(0.05)

—

Total

distributions

...............................

(0.13)

(0.13)

(0.13)

(0.17)

(0.11)

Net

asset

value,

end

of

year

.......................

$2.48

$2.45

$2.20

$2.15

$2.48

Total

return

c

...................................

6.95%

17.91%

8.43%

(7.10)%

25.19%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.60%

0.61%

0.61%

0.62%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.60%

d

0.60%

0.61%

d

0.61%

e

0.62%

d,e

Net

investment

income

...........................

3.92%

4.15%

4.11%

3.15%

3.32%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$29,517,454

$30,981,936

$29,633,019

$30,236,582

$35,704,730

Portfolio

turnover

rate

............................

62.14%

49.72%

56.23%

77.65%

68.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$2.50

$2.24

$2.19

$2.52

$2.12

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.08 0.09 0.08 0.07 0.07 Net

realized

and

unrealized

gains

(losses)

...........

0.07 0.29 0.09 (0.25)

0.43 Total

from

investment

operations

....................

0.15 0.38 0.17 (0.18)

0.50 Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.12)

(0.12)

(0.10)

(0.10)

Net

realized

gains

.............................

—

—

—

(0.05)

—

Total

distributions

...............................

(0.12)

(0.12)

(0.12)

(0.15)

(0.10)

Net

asset

value,

end

of

year

.......................

$2.53

$2.50

$2.24

$2.19

$2.52

Total

return

c

...................................

6.28%

17.43%

8.19%

(7.89)%

24.09%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.10%

1.11%

1.11%

1.12%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.10%

d

1.10%

1.11%

d

1.11%

e

1.12%

e

Net

investment

income

...........................

3.42%

3.65%

3.61%

2.63%

2.84%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$4,010,723

$4,549,815

$4,905,480

$5,654,802

$7,507,658

Portfolio

turnover

rate

............................

62.14%

49.72%

56.23%

77.65%

68.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$2.39

$2.15

$2.10

$2.43

$2.04

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.08 0.09 0.08 0.07 0.07 Net

realized

and

unrealized

gains

(losses)

...........

0.06 0.27 0.09 (0.24)

0.43 Total

from

investment

operations

....................

0.14 0.36 0.17 (0.17)

0.50 Less

distributions

from:

Net

investment

income

..........................

(0.12)

(0.12)

(0.12)

(0.11)

(0.11)

Net

realized

gains

.............................

—

—

—

(0.05)

—

Total

distributions

...............................

(0.12)

(0.12)

(0.12)

(0.16)

(0.11)

Net

asset

value,

end

of

year

.......................

$2.41

$2.39

$2.15

$2.10

$2.43

Total

return

....................................

6.31%

17.41%

8.21%

(7.61)%

24.75%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.95%

0.96%

0.96%

0.97%

0.97%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.95%

c

0.95%

0.96%

c

0.96%

d

0.97%

c,d

Net

investment

income

...........................

3.58%

3.80%

3.77%

2.84%

2.97%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$346,390

$334,157

$300,283

$270,060

$257,109

Portfolio

turnover

rate

............................

62.14%

49.72%

56.23%

77.65%

68.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$2.44

$2.19

$2.14

$2.47

$2.07

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.10 0.10 0.10 0.08 0.08 Net

realized

and

unrealized

gains

(losses)

...........

0.07 0.28 0.09 (0.24)

0.44 Total

from

investment

operations

....................

0.17 0.38 0.19 (0.16)

0.52 Less

distributions

from:

Net

investment

income

..........................

(0.14)

(0.13)

(0.14)

(0.12)

(0.12)

Net

realized

gains

.............................

—

—

—

(0.05)

—

Total

distributions

...............................

(0.14)

(0.13)

(0.14)

(0.17)

(0.12)

Net

asset

value,

end

of

year

.......................

$2.47

$2.44

$2.19

$2.14

$2.47

Total

return

....................................

7.15%

18.18%

9.17%

(7.38)%

25.53%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.41%

0.41%

0.41%

0.42%

0.43%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.40%

0.40%

0.40%

0.40%

c

0.41%

c

Net

investment

income

...........................

4.12%

4.35%

4.35%

3.43%

3.50%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$1,980,144

$1,938,998

$1,662,931

$1,158,685

$748,355

Portfolio

turnover

rate

............................

62.14%

49.72%

56.23%

77.65%

68.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$2.43

$2.18

$2.13

$2.46

$2.07

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.10 0.10 0.10 0.08 0.08 Net

realized

and

unrealized

gains

(losses)

...........

0.05 0.28 0.09 (0.24)

0.43 Total

from

investment

operations

....................

0.15 0.38 0.19 (0.16)

0.51 Less

distributions

from:

Net

investment

income

..........................

(0.13)

(0.13)

(0.14)

(0.12)

(0.12)

Net

realized

gains

.............................

—

—

—

(0.05)

—

Total

distributions

...............................

(0.13)

(0.13)

(0.14)

(0.17)

(0.12)

Net

asset

value,

end

of

year

.......................

$2.45

$2.43

$2.18

$2.13

$2.46

Total

return

....................................

6.70%

18.20%

9.16%

(7.44)%

24.98%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.45%

0.46%

0.46%

0.47%

0.47%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.45%

c

0.45%

0.46%

c

0.46%

d

0.47%

c,d

Net

investment

income

...........................

4.08%

4.30%

4.27%

3.32%

3.46%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$15,358,615

$14,603,259

$12,941,766

$11,638,757

$11,969,691

Portfolio

turnover

rate

............................

62.14%

49.72%

56.23%

77.65%

68.93%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Schedule

of

Investments,

September

30,

2025

#### Franklin

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 27.1%

#### Aerospace

#### &

#### Defense

#### 1.3%
a

Lockheed

Martin

Corp.

...............................

United

States

1,000,000

$

499,210,000

Northrop

Grumman

Corp.

.............................

United

States

250,000

152,330,000

a

TransDigm

Group,

Inc.

...............................

United

States

250,000

329,505,000

981,045,000

#### Automobiles

#### 0.2%
Mercedes-Benz

Group

AG

............................

Germany

2,500,000

157,574,987

#### Banks

#### 1.0%
a

Bank

of

America

Corp.

...............................

United

States

500,000

25,795,000

a

Citigroup,

Inc.

......................................

United

States

500,000

50,750,000

Fifth

Third

Bancorp

..................................

United

States

5,000,000

222,750,000

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

750,000

150,697,500

US

Bancorp

.......................................

United

States

6,500,000

314,145,000

764,137,500

#### Beverages

#### 1.7%
a

Coca-Cola

Co.

(The)

.................................

United

States

5,000,000

331,600,000

a

PepsiCo,

Inc.

......................................

United

States

7,000,000

983,080,000

1,314,680,000

#### Biotechnology

#### 1.3%
a

AbbVie,

Inc.

.......................................

United

States

3,000,000

694,620,000

a

Amgen,

Inc.

.......................................

United

States

1,000,000

282,200,000

976,820,000

#### Chemicals

#### 1.2%
a

Air

Products

and

Chemicals,

Inc.

........................

United

States

2,250,000

613,620,000

a

Albemarle

Corp.

....................................

United

States

2,500,000

202,700,000

BASF

SE

.........................................

Germany

2,500,000

124,910,624

941,230,624

#### Communications

#### Equipment

#### 0.2%
a

Cisco

Systems,

Inc.

.................................

United

States

2,500,000

171,050,000

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
Target

Corp.

.......................................

United

States

1,500,000

134,550,000

#### Diversified

#### Telecommunication

#### Services

#### 0.4%
Verizon

Communications,

Inc.

..........................

United

States

7,000,000

307,650,000

#### Electric

#### Utilities

#### 2.0%
Duke

Energy

Corp.

..................................

United

States

2,500,000

309,375,000

a

NextEra

Energy,

Inc.

.................................

United

States

4,414,625

333,260,041

Southern

Co.

(The)

..................................

United

States

7,000,000

663,390,000

Xcel

Energy,

Inc.

....................................

United

States

3,000,000

241,950,000

1,547,975,041

#### Energy

#### Equipment

#### &

#### Services

#### 0.4%
Halliburton

Co.

.....................................

United

States

3,000,000

73,800,000

Schlumberger

NV

...................................

United

States

6,000,000

206,220,000

280,020,000

#### Food

#### Products

#### 0.5%
Mondelez

International,

Inc.

,

A

..........................

United

States

500,000

31,235,000

Nestle

SA

,

ADR

....................................

United

States

4,000,000

367,080,000

398,315,000

#### Ground

#### Transportation

#### 1.0%
Norfolk

Southern

Corp.

...............................

United

States

150,000

45,061,500

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Ground

#### Transportation
(continued)

a

Union

Pacific

Corp.

..................................

United

States

3,000,000

$

709,110,000

754,171,500

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
a

Abbott

Laboratories

..................................

United

States

1,000,000

133,940,000

Medtronic

plc

......................................

United

States

1,340,000

127,621,600

261,561,600

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.4%
a

Cigna

Group

(The)

..................................

United

States

400,000

115,300,000

UnitedHealth

Group,

Inc.

..............................

United

States

500,000

172,650,000

287,950,000

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.4%
a

McDonald's

Corp.

...................................

United

States

1,000,000

303,890,000

#### Household

#### Products

#### 1.5%
Procter

&

Gamble

Co.

(The)

...........................

United

States

7,500,000

1,152,375,000

#### Industrial

#### Conglomerates

#### 0.6%
a

Honeywell

International,

Inc.

...........................

United

States

2,000,000

421,000,000

#### IT

#### Services

#### 0.8%
a

Accenture

plc

,

A

....................................

Ireland

1,000,000

246,600,000

a

International

Business

Machines

Corp.

...................

United

States

1,250,000

352,700,000

599,300,000

#### Machinery

#### 0.2%
a

Illinois

Tool

Works,

Inc.

...............................

United

States

600,000

156,456,000

#### Media

#### 0.4%
Comcast

Corp.

,

A

...................................

United

States

8,500,000

267,070,000

#### Metals

#### &

#### Mining

#### 0.0%

#### †
a

Freeport-McMoRan,

Inc.

..............................

United

States

900,000

35,298,000

#### Multi-Utilities

#### 1.1%
Dominion

Energy,

Inc.

................................

United

States

5,856,900

358,266,573

a

Sempra,

Inc.

.......................................

United

States

4,986,300

448,667,274

806,933,847

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.6%
a

BP

plc

,

ADR

.......................................

United

States

3,500,000

120,610,000

a

Chevron

Corp.

.....................................

United

States

8,500,000

1,319,965,000

a

ConocoPhillips

.....................................

United

States

2,500,000

236,475,000

a

Exxon

Mobil

Corp.

...................................

United

States

11,500,000

1,296,625,000

a

Shell

plc

,

ADR

......................................

United

States

4,000,000

286,120,000

a

TotalEnergies

SE

,

ADR

...............................

France

4,000,000

238,760,000

3,498,555,000

#### Pharmaceuticals

#### 3.3%
a

Bristol-Myers

Squibb

Co.

..............................

United

States

4,500,000

202,950,000

a

Johnson

&

Johnson

.................................

United

States

6,883,466

1,276,332,266

b,c

Mallinckrodt

ARD

LLC

................................

United

States

1,154,712

119,512,692

a

Merck

&

Co.,

Inc.

...................................

United

States

5,800,000

486,794,000

Pfizer,

Inc.

.........................................

United

States

17,000,000

433,160,000

2,518,748,958

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.6%
a

Analog

Devices,

Inc.

.................................

United

States

1,120,000

275,184,000

a

Marvell

Technology,

Inc.

..............................

United

States

1,250,000

105,087,500

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

a

Texas

Instruments,

Inc.

...............................

United

States

500,000

$

91,865,000

472,136,500

#### Specialty

#### Retail

#### 1.2%
a

Home

Depot,

Inc.

(The)

...............................

United

States

2,000,000

810,380,000

a

Lowe's

Cos.,

Inc.

....................................

United

States

500,000

125,655,000

936,035,000

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
a

Dell

Technologies,

Inc.

,

C

.............................

United

States

1,635,123

231,811,388

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 17,909,384,957

####)
.................................

#### 20,678,340,945

#### Management

#### Investment

#### Companies

#### 0.1%

#### Capital

#### Markets

#### 0.1%
d

Clarion

Partners

Real

Estate

Income

Fund,

Inc.

,

Class

I

......

United

States

7,867,833

90,558,756

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 100,000,000

####)
.................

#### 90,558,756
e

#### Equity-Linked

#### Securities

#### 19.5%

#### Aerospace

#### &

#### Defense

#### 1.2%
f

Citigroup

Global

Markets

Holdings,

Inc.

into

Boeing

Co.

(The)

,

144A,

8.5 %

,

12/08/25

...............................

United

States

1,500,000

265,899,137

f

Goldman

Sachs

Bank

USA

into

RTX

Corp.

,

144A,

7.5 %

,

3/31/26

United

States

1,560,000

221,512,752

f

JPMorgan

Chase

Bank

NA

into

Boeing

Co.

(The)

,

144A,

%

,

1/22/26

.........................................

United

States

1,275,000

250,032,941

f

Wells

Fargo

Bank

NA

into

Boeing

Co.

(The)

,

144A,

%

,

5/14/26

United

States

865,000

174,366,122

911,810,952

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
f

Toronto-Dominion

Bank

(The)

into

United

Parcel

Service,

Inc.

,

144A,

%

,

8/05/26

................................

United

States

1,380,000

122,258,690

#### Banks

#### 1.0%
f

JPMorgan

Chase

Bank

NA

into

Truist

Financial

Corp.

,

144A,

9.5 %

,

3/02/26

....................................

United

States

5,400,000

243,376,576

f

UBS

AG

into

Bank

of

America

Corp.

,

144A,

%

,

1/28/26

......

United

States

5,000,000

250,612,627

f

Wells

Fargo

Bank

NA

into

Citigroup,

Inc.

,

144A,

8.5 %

,

2/25/26

..

United

States

2,900,000

269,878,745

763,867,948

#### Biotechnology

#### 0.3%
f

Mizuho

Markets

Cayman

LP

into

Amgen,

Inc.

,

144A,

%

,

6/15/26

.........................................

United

States

855,000

242,763,055

#### Broadline

#### Retail

#### 0.3%
f

Barclays

Bank

plc

into

Amazon.com,

Inc.

,

144A,

%

,

3/25/26

..

United

States

1,150,000

243,556,829

#### Chemicals

#### 0.1%
f

BofA

Finance

LLC

into

Albemarle

Corp.

,

144A,

12.5 %

,

8/28/26

.

United

States

825,000

66,957,868

#### Communications

#### Equipment

#### 0.4%
f

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.

,

144A,

7.5 %

,

3/18/26

.........................................

United

States

4,100,000

273,718,367

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.5%
f

BNP

Paribas

Issuance

BV

into

Target

Corp.

,

144A,

%

,

10/07/26

United

States

3,000,000

266,163,150

f

Toronto-Dominion

Bank

(The)

into

Target

Corp.

,

144A,

%

,

6/30/26

.........................................

United

States

1,615,000

146,911,715

413,074,865

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

e

#### Equity-Linked

#### Securities
(continued)

#### Containers

#### &

#### Packaging

#### 0.3%
f

BNP

Paribas

SA

into

International

Paper

Co.

,

144A,

%

,

10/20/25

United

States

5,100,000

$

242,243,901

#### Electric

#### Utilities

#### 0.3%
f

Citigroup

Global

Markets

Holdings,

Inc.

into

NextEra

Energy,

Inc.

,

144A,

%

,

10/05/26

................................

United

States

3,500,000

255,005,489

#### Energy

#### Equipment

#### &

#### Services

#### 0.6%
f

Merrill

Lynch

BV

into

Halliburton

Co.

,

144A,

8.5 %

,

9/21/26

.....

United

States

7,650,000

178,107,634

f

Wells

Fargo

Bank

NA

into

Schlumberger

NV

,

144A,

%

,

10/02/26

United

States

8,600,000

298,815,856

476,923,490

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
f

Toronto-Dominion

Bank

(The)

into

Medtronic

plc

,

144A,

%

,

4/13/26

.........................................

United

States

1,850,000

179,083,161

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.3%
f

JPMorgan

Chase

Bank

NA

into

CVS

Health

Corp.

,

144A,

%

,

11/25/25

........................................

United

States

3,639,100

253,306,746

f

Merrill

Lynch

BV

into

UnitedHealth

Group,

Inc.

,

144A,

%

,

9/25/26

United

States

950,000

318,043,730

f

Merrill

Lynch

BV

into

UnitedHealth

Group,

Inc.

,

144A,

%

,

7/01/26

.........................................

United

States

520,000

177,857,925

f

Wells

Fargo

Bank

NA

into

CVS

Health

Corp.

,

144A,

%

,

4/09/26

United

States

3,500,000

259,490,312

1,008,698,713

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
f

Toronto-Dominion

Bank

(The)

into

Starbucks

Corp.

,

144A,

%

,

1/12/26

.........................................

United

States

1,700,000

149,221,086

f

Wells

Fargo

Bank

NA

into

Starbucks

Corp.

,

144A,

%

,

8/10/26

.

United

States

2,250,000

200,530,259

349,751,345

#### Interactive

#### Media

#### &

#### Services

#### 0.4%
f

Barclays

Bank

plc

into

Alphabet,

Inc.

,

144A,

8.5 %

,

4/23/26

....

United

States

1,750,000

320,598,304

#### IT

#### Services

#### 0.9%
f

Citigroup

Global

Markets

Holdings,

Inc.

into

International

Business

Machines

Corp.

,

144A,

8.5 %

,

8/21/26

...........

United

States

975,000

258,558,411

f

Morgan

Stanley

Finance

LLC

into

International

Business

Machines

Corp.

,

144A,

%

,

4/08/27

....................

United

States

850,000

238,983,113

f

UBS

AG

into

Accenture

plc

,

144A,

%

,

7/13/26

.............

Ireland

805,000

210,120,841

707,662,365

#### Machinery

#### 0.3%
f

Toronto-Dominion

Bank

(The)

into

Caterpillar,

Inc.

,

144A,

7.5 %

,

2/25/26

.........................................

United

States

480,000

192,862,125

#### Media

#### 0.3%
f

Merrill

Lynch

BV

into

Comcast

Corp.

,

144A,

8.5 %

,

6/22/26

.....

United

States

6,900,000

220,618,374

#### Metals

#### &

#### Mining

#### 1.0%
f

BNP

Paribas

Issuance

BV

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

8/28/26

.....................................

United

States

3,750,000

148,773,067

f

Citigroup

Global

Markets

Holdings,

Inc.

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

6/09/26

............................

United

States

2,575,000

100,118,890

f

Citigroup

Global

Markets

Holdings,

Inc.

into

Newmont

Corp.

,

144A,

9.5 %

,

2/18/26

...............................

United

States

5,600,000

280,378,690

f

Mizuho

Markets

Cayman

LP

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

12/24/25

....................................

United

States

6,000,000

235,796,819

765,067,466

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.9%
f

JPMorgan

Chase

Bank

NA

into

Exxon

Mobil

Corp.

,

144A,

8.5 %

,

11/03/25

........................................

United

States

2,500,000

286,611,092

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

e

#### Equity-Linked

#### Securities
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

f

Mizuho

Markets

Cayman

LP

into

Exxon

Mobil

Corp.

,

144A,

8.5 %

,

4/07/26

.........................................

United

States

2,225,000

$

257,470,303

f

Royal

Bank

of

Canada

into

BP

plc

,

144A,

%

,

10/07/26

......

United

States

3,830,000

132,050,046

676,131,441

#### Pharmaceuticals

#### 0.4%
f

Barclays

Bank

plc

into

Merck

&

Co.,

Inc.

,

144A,

8.5 %

,

10/02/26

.

United

States

3,100,000

262,096,360

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 5.2%
f

Bank

of

America

NA

into

Microchip

Technology,

Inc.

,

144A,

%

,

9/03/26

.........................................

United

States

3,200,000

208,316,438

f

Barclays

Bank

plc

into

Microchip

Technology,

Inc.

,

144A,

%

,

10/05/26

........................................

United

States

3,100,000

199,541,150

f

Barclays

Bank

plc

into

Micron

Technology,

Inc.

,

144A,

%

,

9/08/26

.........................................

United

States

2,050,000

281,093,545

f

BNP

Paribas

Issuance

BV

into

Advanced

Micro

Devices,

Inc.

,

144A,

%

,

3/02/26

................................

United

States

1,650,000

222,304,257

f

BNP

Paribas

Issuance

BV

into

Applied

Materials,

Inc.

,

144A,

%

,

12/10/25

....................................

United

States

1,300,000

253,737,849

f

BNP

Paribas

SA

into

Texas

Instruments,

Inc.

,

144A,

%

,

7/01/26

United

States

1,300,000

249,459,501

f

Citigroup

Global

Markets

Holdings,

Inc.

into

Intel

Corp.

,

144A,

%

,

3/03/26

.....................................

United

States

6,500,000

197,447,804

f

Goldman

Sachs

International

Bank

into

Texas

Instruments,

Inc.

,

144A,

%

,

11/10/25

................................

United

States

1,670,000

292,889,162

f

J.P.

Morgan

Structured

Products

BV

into

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

144A,

%

,

4/15/26

..............

Taiwan

615,000

132,190,001

f

Mizuho

Markets

Cayman

LP

into

Analog

Devices,

Inc.

,

144A,

8.5 %

,

5/18/26

....................................

United

States

800,000

179,003,989

f

Mizuho

Markets

Cayman

LP

into

Intel

Corp.

,

144A,

%

,

12/08/25

United

States

11,200,000

331,205,908

f

Mizuho

Markets

Cayman

LP

into

Microchip

Technology,

Inc.

,

144A,

%

,

4/15/26

................................

United

States

3,010,000

186,787,284

f

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

8.5 %

,

8/20/26

.........................................

United

States

1,560,000

288,091,769

f

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

%

,

7/21/26

.........................................

United

States

674,000

131,839,359

f

Toronto-Dominion

Bank

(The)

into

Intel

Corp.

,

144A,

10.5 %

,

9/01/26

.........................................

United

States

8,450,000

240,021,272

f

UBS

AG

into

Marvell

Technology,

Inc.

,

144A,

%

,

5/14/26

....

United

States

4,500,000

328,446,885

f

Wells

Fargo

Bank

NA

into

QUALCOMM,

Inc.

,

144A,

%

,

10/22/25

........................................

United

States

1,250,000

213,099,576

3,935,475,749

#### Software

#### 1.2%
f

Barclays

Bank

plc

into

Salesforce,

Inc.

,

144A,

%

,

4/01/26

...

United

States

450,000

113,511,566

f

Merrill

Lynch

BV

into

Microsoft

Corp.

,

144A,

%

,

3/09/26

......

United

States

725,000

323,137,502

f

Royal

Bank

of

Canada

into

Oracle

Corp.

,

144A,

%

,

5/13/26

..

United

States

1,625,000

274,657,992

f

Wells

Fargo

Bank

NA

into

Salesforce,

Inc.

,

144A,

%

,

6/15/26

..

United

States

880,000

215,216,179

926,523,239

#### Specialty

#### Retail

#### 1.2%
f

Goldman

Sachs

Bank

USA

into

Home

Depot,

Inc.

(The)

,

144A,

%

,

5/18/27

......................................

United

States

850,000

334,617,605

f

J.P.

Morgan

Structured

Products

BV

into

Home

Depot,

Inc.

(The)

,

144A,

%

,

10/15/25

................................

United

States

735,000

299,858,219

f

Toronto-Dominion

Bank

(The)

into

Lowe's

Cos.,

Inc.

,

144A,

7.5 %

,

8/19/26

.........................................

United

States

1,255,000

307,440,899

941,916,723

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

e

#### Equity-Linked

#### Securities
(continued)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.5%
f

Goldman

Sachs

International

Bank

into

NIKE,

Inc.

,

144A,

%

,

3/31/26

.........................................

United

States

2,450,000

$

173,994,301

f

Merrill

Lynch

BV

into

NIKE,

Inc.

,

144A,

%

,

8/10/26

..........

United

States

2,400,000

175,811,315

349,805,616

#### Total

#### Equity-Linked

#### Securities

#### (Cost

#### $

#### 14,042,126,215

####)
.........................

#### 14,848,472,435

#### Convertible

#### Preferred

#### Stocks

#### 1.7%

#### Aerospace

#### &

#### Defense

#### 0.5%
Boeing

Co.

(The)

,

%

................................

United

States

5,580,000

388,200,600

#### Capital

#### Markets

#### 0.1%
Ares

Management

Corp.

,

B

,

6.75 %

......................

United

States

1,000,000

49,690,000

#### Chemicals

#### 0.3%
g

Albemarle

Corp.

,

7.25 %

..............................

United

States

5,500,000

208,340,000

#### Electric

#### Utilities

#### 0.5%
NextEra

Energy,

Inc.

,

7.234 %

..........................

United

States

4,500,000

211,635,000

NextEra

Energy,

Inc.

,

7.299 %

..........................

United

States

3,500,000

174,545,000

386,180,000

#### Financial

#### Services

#### 0.3%
c

FNMA

,

5.375 %

.....................................

United

States

4,220

232,100,000

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 1,254,115,474

####)
......................

#### 1,264,510,600

#### Preferred

#### Stocks

#### 0.1%

#### Financial

#### Services

#### 0.1%
c

FNMA

,

8.25 %

,

S

....................................

United

States

4,000,000

66,400,000

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 93,801,501

####)
....................................

#### 66,400,000

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 0.3%

#### Electric

#### Utilities

#### 0.1%
f

Southern

Co.

(The)

,

Senior

Note

,

144A,

3.25 %

,

6/15/28

......

United

States

90,000,000

91,305,000

#### Multi-Utilities

#### 0.1%
f

CenterPoint

Energy,

Inc.

,

Senior

Note

,

144A,

%

,

8/01/28

.....

United

States

45,000,000

45,746,871

#### Pharmaceuticals

#### 0.1%
Jazz

Investments

I

Ltd.

,

Senior

Note

,

3.125 %

,

9/15/30

........

United

States

40,000,000

47,560,000

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $

#### 175,000,000

####)
.................................

#### 184,611,871

#### Corporate

#### Bonds

#### 33.5%

#### Aerospace

#### &

#### Defense

#### 1.4%
Boeing

Co.

(The)

,

Senior

Bond

,

3.625 %

,

2/01/31

........................

United

States

10,000,000

9,584,552

Senior

Bond

,

3.6 %

,

5/01/34

..........................

United

States

25,000,000

22,625,214

Senior

Bond

,

3.25 %

,

2/01/35

.........................

United

States

25,000,000

21,706,323

Senior

Note

,

5.04 %

,

5/01/27

.........................

United

States

20,000,000

20,221,091

Senior

Note

,

5.15 %

,

5/01/30

.........................

United

States

243,000,000

249,439,038

Senior

Note

,

6.388 %

,

5/01/31

........................

United

States

30,000,000

32,689,071

Senior

Note

,

6.528 %

,

5/01/34

........................

United

States

35,000,000

38,719,105

f

Bombardier,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/01/31

.........

Canada

40,000,000

42,451,291

RTX

Corp.

,

Senior

Bond

,

6.1 %

,

3/15/34

...................

United

States

25,000,000

27,384,459

Textron,

Inc.

,

Senior

Bond

,

2.45 %

,

3/15/31

................

United

States

40,000,000

36,033,798

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Aerospace

#### &

#### Defense
(continued)

f

TransDigm,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

5/31/33

...................

United

States

30,000,000

$

30,412,288

Senior

Secured

Note

,

144A,

6.75 %

,

8/15/28

.............

United

States

100,000,000

102,030,900

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/29

............

United

States

100,000,000

102,365,100

Senior

Secured

Note

,

144A,

6.875 %

,

12/15/30

...........

United

States

50,000,000

51,851,500

Senior

Secured

Note

,

144A,

6.625 %

,

3/01/32

............

United

States

100,000,000

103,079,500

Senior

Secured

Note

,

144A,

%

,

1/15/33

................

United

States

105,000,000

106,256,115

Senior

Sub.

Note

,

144A,

6.75 %

,

1/31/34

................

United

States

100,000,000

103,467,403

1,100,316,748

#### Automobile

#### Components

#### 0.1%
f

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

85,000,000

73,209,668

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Bond

,

4.875 %

,

3/15/27

.........................................

United

States

34,757,000

34,577,184

107,786,852

#### Automobiles

#### 0.7%
Ford

Motor

Co.

,

Senior

Bond

,

4.346 %

,

12/08/26

.......................

United

States

35,000,000

34,862,082

Senior

Bond

,

3.25 %

,

2/12/32

.........................

United

States

120,000,000

105,026,219

Senior

Bond

,

6.1 %

,

8/19/32

..........................

United

States

155,000,000

158,833,805

General

Motors

Co.

,

Senior

Bond

,

5.6 %

,

10/15/32

.........................

United

States

25,000,000

25,973,082

Senior

Bond

,

5.15 %

,

4/01/38

.........................

United

States

140,000,000

134,009,408

f

Rivian

Holdings

LLC

/

Rivian

LLC

/

Rivian

Automotive

LLC

,

Senior

Secured

Note

,

144A,

%

,

1/15/31

.....................

United

States

73,000,000

68,013,772

526,718,368

#### 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

44,321,167

Senior

Bond

,

4.571%

to

4/26/32,

FRN

thereafter

,

4/27/33

...

United

States

120,000,000

120,018,718

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

90,000,000

91,842,054

Barclays

plc

,

h

Junior

Sub.

Bond

,

7.625%

to

9/14/35,

FRN

thereafter

,

Perpetual

.......................................

United

Kingdom

20,000,000

21,215,280

Senior

Bond

,

2.645%

to

6/23/30,

FRN

thereafter

,

6/24/31

...

United

Kingdom

30,000,000

27,598,859

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

...

United

Kingdom

100,000,000

105,160,322

Senior

Bond

,

7.437%

to

11/01/32,

FRN

thereafter

,

11/02/33

..

United

Kingdom

65,000,000

74,603,484

Senior

Bond

,

6.692%

to

9/12/33,

FRN

thereafter

,

9/13/34

...

United

Kingdom

70,000,000

77,472,394

Senior

Note

,

5.501%

to

8/08/27,

FRN

thereafter

,

8/09/28

....

United

Kingdom

80,000,000

81,736,186

Sub.

Bond

,

7.119%

to

6/26/33,

FRN

thereafter

,

6/27/34

.....

United

Kingdom

55,000,000

61,504,221

Citigroup,

Inc.

,

h

GG

,

Junior

Sub.

Bond

,

6.875%

to

8/14/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

75,000,000

77,373,525

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

...

United

States

75,000,000

81,876,114

Sub.

Bond

,

6.174%

to

5/24/33,

FRN

thereafter

,

5/25/34

.....

United

States

155,000,000

164,978,006

Sub.

Bond

,

6.02%

to

1/23/35,

FRN

thereafter

,

1/24/36

......

United

States

85,000,000

89,085,675

Sub.

Bond

,

5.411%

to

9/18/34,

FRN

thereafter

,

9/19/39

.....

United

States

30,000,000

30,112,489

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

.................................

United

States

20,000,000

21,077,296

JPMorgan

Chase

&

Co.

,

h

NN

,

Junior

Sub.

Bond

,

6.875%

to

5/31/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

50,000,000

52,731,100

h

OO

,

Junior

Sub.

Bond

,

6.5%

to

3/31/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

100,000,000

103,624,400

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

JPMorgan

Chase

&

Co.,

(continued)

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

90,000,000

$

99,209,063

KeyBank

NA

,

Senior

Note

,

5.85 %

,

11/15/27

........................

United

States

50,000,000

51,590,577

Sub.

Bond

,

4.9 %

,

8/08/32

...........................

United

States

35,000,000

34,760,790

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

...................

United

States

70,000,000

75,628,483

Truist

Financial

Corp.

,

Senior

Note

,

6.047%

to

6/07/26,

FRN

thereafter

,

6/08/27

....

United

States

45,000,000

45,528,776

Sub.

Bond

,

4.916%

to

7/27/32,

FRN

thereafter

,

7/28/33

.....

United

States

95,000,000

94,721,965

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

..

United

States

45,000,000

47,998,242

Senior

Bond

,

5.836%

to

6/09/33,

FRN

thereafter

,

6/12/34

...

United

States

35,000,000

37,307,161

Senior

Note

,

5.775%

to

6/11/28,

FRN

thereafter

,

6/12/29

....

United

States

40,000,000

41,635,762

Wells

Fargo

&

Co.

,

Senior

Bond

,

4.897%

to

7/24/32,

FRN

thereafter

,

7/25/33

...

United

States

50,000,000

50,818,649

Senior

Bond

,

5.557%

to

7/24/33,

FRN

thereafter

,

7/25/34

...

United

States

70,000,000

73,552,772

Senior

Bond

,

6.491%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

60,000,000

66,686,730

2,045,770,260

#### Building

#### Products

#### 0.2%
f

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

...................................

United

States

47,600,000

46,097,992

f

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625 %

,

12/15/30

...........

United

States

50,000,000

51,459,950

Senior

Secured

Note

,

144A,

6.75 %

,

7/15/31

.............

United

States

20,000,000

20,796,380

f

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

3/01/33

....................

United

States

20,000,000

20,808,974

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

............

United

States

30,000,000

31,098,720

170,262,016

#### Capital

#### Markets

#### 1.0%
Charles

Schwab

Corp.

(The)

,

Senior

Bond

,

5.853%

to

5/18/33,

FRN

thereafter

,

5/19/34

...

United

States

30,000,000

32,119,119

Senior

Note

,

5.643%

to

5/18/28,

FRN

thereafter

,

5/19/29

....

United

States

25,000,000

25,968,144

Senior

Note

,

6.196%

to

11/16/28,

FRN

thereafter

,

11/17/29

..

United

States

40,000,000

42,485,262

Goldman

Sachs

Group,

Inc.

(The)

,

h

Junior

Sub.

Bond

,

6.85%

to

2/09/30,

FRN

thereafter

,

Perpetual

United

States

10,000,000

10,399,580

g,h

Y

,

Junior

Sub.

Bond

,

6.125%

to

11/09/34,

FRN

thereafter

,

Perpetual

.......................................

United

States

25,000,000

25,405,575

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

30,000,000

26,988,401

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

.

United

States

75,000,000

84,114,929

Senior

Bond

,

5.851%

to

4/24/34,

FRN

thereafter

,

4/25/35

...

United

States

65,000,000

69,278,342

Sub.

Bond

,

6.75 %

,

10/01/37

.........................

United

States

60,000,000

67,252,199

Morgan

Stanley

,

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

.

United

States

35,000,000

38,477,466

Senior

Bond

,

5.25%

to

4/20/33,

FRN

thereafter

,

4/21/34

....

United

States

220,000,000

226,939,669

Senior

Bond

,

6.627%

to

10/31/33,

FRN

thereafter

,

11/01/34

..

United

States

30,000,000

33,586,709

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

67,095,000

70,368,562

753,383,957

#### Chemicals

#### 0.9%
Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.879 %

,

7/15/32

........................

United

States

105,000,000

107,365,230

Senior

Note

,

6.665 %

,

7/15/27

........................

United

States

40,000,000

41,059,436

Senior

Note

,

7.05 %

,

11/15/30

........................

United

States

30,000,000

30,990,690

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals
(continued)

f

CVR

Partners

LP

/

CVR

Nitrogen

Finance

Corp.

,

Senior

Secured

Note

,

144A,

6.125 %

,

6/15/28

.........................

United

States

25,000,000

$

24,979,023

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3 %

,

3/15/33

........

United

States

35,000,000

37,634,093

Huntsman

International

LLC

,

Senior

Bond

,

4.5 %

,

5/01/29

.....

United

States

25,000,000

23,935,353

f

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond

,

144A,

2.3 %

,

11/01/30

....................

United

States

24,549,000

21,974,145

Senior

Note

,

144A,

1.832 %

,

10/15/27

..................

United

States

5,206,000

4,954,075

f

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/15/33

....................

United

States

20,000,000

20,448,720

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

.............

United

States

35,000,000

35,310,687

f

,g

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

38,000,000

40,740,484

f

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

5/01/29

...................

United

States

100,000,000

98,128,953

Senior

Secured

Note

,

144A,

4.875 %

,

5/01/28

............

United

States

65,000,000

63,570,533

f

Tronox,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

3/15/29

...................

United

States

85,000,000

55,528,094

g

Senior

Secured

Note

,

144A,

9.125 %

,

9/30/30

............

United

States

40,000,000

39,213,932

645,833,448

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
f

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

50,000,000

51,289,500

#### Communications

#### Equipment

#### 1.1%
f

CommScope

LLC

,

Senior

Note

,

144A,

8.25 %

,

3/01/27

....................

United

States

292,000,000

295,439,617

Senior

Note

,

144A,

7.125 %

,

7/01/28

...................

United

States

220,000,000

220,995,500

Senior

Secured

Note

,

144A,

4.75 %

,

9/01/29

.............

United

States

150,000,000

149,224,500

g

Senior

Secured

Note

,

144A,

9.5 %

,

12/15/31

.............

United

States

155,000,000

160,537,530

826,197,147

#### Consumer

#### Finance

#### 1.2%
Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

...

United

States

50,000,000

51,145,838

Senior

Bond

,

5.817%

to

1/31/33,

FRN

thereafter

,

2/01/34

...

United

States

85,000,000

89,167,224

Senior

Note

,

6.312%

to

6/07/28,

FRN

thereafter

,

6/08/29

....

United

States

75,000,000

78,685,895

Senior

Note

,

5.247%

to

7/25/29,

FRN

thereafter

,

7/26/30

....

United

States

40,000,000

41,123,805

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

..

United

States

40,000,000

45,251,272

Ford

Motor

Credit

Co.

LLC

,

Senior

Bond

,

5.113 %

,

5/03/29

........................

United

States

45,000,000

44,677,808

Senior

Bond

,

6.125 %

,

3/08/34

........................

United

States

65,000,000

65,348,440

Senior

Note

,

6.95 %

,

6/10/26

.........................

United

States

35,000,000

35,460,745

Senior

Note

,

4.95 %

,

5/28/27

.........................

United

States

85,000,000

84,889,537

Senior

Note

,

6.8 %

,

5/12/28

..........................

United

States

92,000,000

95,563,723

Senior

Note

,

7.35 %

,

3/06/30

.........................

United

States

45,000,000

48,182,243

g

Senior

Note

,

6.532 %

,

3/19/32

........................

United

States

80,000,000

83,281,131

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

6.4 %

,

1/09/33

..........................

United

States

50,000,000

53,635,706

Senior

Note

,

5.8 %

,

6/23/28

..........................

United

States

50,000,000

51,824,550

Senior

Note

,

5.8 %

,

1/07/29

..........................

United

States

75,000,000

77,964,443

946,202,360

#### Containers

#### &

#### Packaging

#### 1.5%
f

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

144A,

%

,

9/01/29

......................

United

States

124,275,000

115,118,624

Senior

Secured

Note

,

144A,

%

,

6/15/27

................

United

States

20,115,000

20,127,146

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Containers

#### &

#### Packaging
(continued)

f

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25 %

,

8/15/27

....................

United

States

479,856,000

$

185,051,668

Senior

Secured

Note

,

144A,

4.125 %

,

8/15/26

............

United

States

260,000,000

250,887,000

f

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

40,000,000

41,063,800

f

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25 %

,

4/15/27

...................

United

States

250,000,000

250,783,250

Senior

Secured

Note

,

144A,

7.875 %

,

4/15/27

............

United

States

250,000,000

252,763,250

1,115,794,738

#### Diversified

#### REITs

#### 0.2%
VICI

Properties

LP

,

Senior

Bond

,

5.125 %

,

5/15/32

...........

United

States

50,000,000

50,512,808

f

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

12/01/26

...................................

United

States

100,000,000

99,650,649

150,163,457

#### Diversified

#### Telecommunication

#### Services

#### 0.9%
f

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

5/01/27

...................

United

States

207,600,000

206,370,946

Senior

Bond

,

144A,

%

,

2/01/28

......................

United

States

165,700,000

164,241,051

Senior

Bond

,

144A,

4.75 %

,

3/01/30

....................

United

States

82,500,000

79,228,627

Senior

Note

,

144A,

6.375 %

,

9/01/29

...................

United

States

102,000,000

103,485,222

f

Connect

Holding

II

LLC

,

Senior

Secured

Note

,

144A,

10.5 %

,

4/03/31

.........................................

United

States

135,000,000

135,001,688

688,327,534

#### Electric

#### Utilities

#### 2.4%
American

Electric

Power

Co.,

Inc.

,

Senior

Bond

,

5.95 %

,

11/01/32

United

States

30,000,000

32,190,409

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.25 %

,

3/15/34

.........................................

United

States

60,000,000

61,643,889

f

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

2/15/31

...................

United

States

65,000,000

60,148,367

Senior

Bond

,

144A,

6.25 %

,

11/01/34

...................

United

States

75,000,000

76,928,700

i

Senior

Bond

,

144A,

%

,

1/15/36

......................

United

States

150,000,000

150,115,294

Senior

Note

,

144A,

3.375 %

,

2/15/29

...................

United

States

48,300,000

45,696,524

Senior

Note

,

144A,

5.75 %

,

7/15/29

....................

United

States

100,000,000

100,619,643

Senior

Note

,

144A,

%

,

2/01/33

......................

United

States

125,000,000

127,040,750

Senior

Secured

Bond

,

144A,

%

,

3/15/33

...............

United

States

30,000,000

33,189,690

Senior

Secured

Note

,

144A,

2.45 %

,

12/02/27

............

United

States

30,000,000

28,765,815

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55 %

,

7/01/30

.........................

United

States

116,500,000

115,737,714

Senior

Bond

,

6.15 %

,

1/15/33

.........................

United

States

50,000,000

52,958,089

Senior

Bond

,

6.4 %

,

6/15/33

..........................

United

States

30,000,000

32,262,333

Senior

Note

,

6.1 %

,

1/15/29

..........................

United

States

49,000,000

51,276,209

PG&E

Corp.

,

Senior

Secured

Note

,

%

,

7/01/28

............

United

States

107,284,000

106,372,513

Southern

Co.

(The)

,

2025

,

Junior

Sub.

Bond

,

6.375%

to

3/14/35,

FRN

thereafter

,

3/15/55

.........................................

United

States

100,000,000

106,632,700

Senior

Bond

,

5.7 %

,

10/15/32

.........................

United

States

45,000,000

47,693,709

Senior

Bond

,

5.2 %

,

6/15/33

..........................

United

States

40,000,000

41,191,123

f

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

5.5 %

,

9/01/26

.....................

United

States

109,160,000

109,156,730

Senior

Note

,

144A,

4.375 %

,

5/01/29

...................

United

States

137,000,000

134,232,038

Senior

Note

,

144A,

7.75 %

,

10/15/31

...................

United

States

79,000,000

83,654,443

Senior

Note

,

144A,

6.875 %

,

4/15/32

...................

United

States

100,000,000

104,660,677

Senior

Secured

Bond

,

144A,

4.3 %

,

7/15/29

..............

United

States

35,000,000

34,745,046

Senior

Secured

Bond

,

144A,

6.95 %

,

10/15/33

............

United

States

75,000,000

83,707,500

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

f

Vistra

Operations

Co.

LLC,

(continued)

Senior

Secured

Note

,

144A,

3.7 %

,

1/30/27

..............

United

States

28,500,000

$

28,245,171

1,848,865,076

#### Electrical

#### Equipment

#### 0.1%
Regal

Rexnord

Corp.

,

Senior

Note

,

6.3 %

,

2/15/30

..........................

United

States

25,000,000

26,518,575

Senior

Note

,

6.4 %

,

4/15/33

..........................

United

States

60,000,000

64,441,380

90,959,955

#### Energy

#### Equipment

#### &

#### Services

#### 0.5%
f

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

3/15/29

..............

United

States

40,000,000

41,280,960

f

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625 %

,

4/30/30

...................

United

States

245,000,000

250,624,220

i

Senior

Note

,

144A,

6.75 %

,

10/15/33

...................

United

States

55,000,000

55,072,633

346,977,813

#### Entertainment

#### 0.2%
Netflix,

Inc.

,

Senior

Bond

,

4.375 %

,

11/15/26

.......................

United

States

43,000,000

43,208,630

Senior

Bond

,

4.875 %

,

4/15/28

........................

United

States

70,000,000

71,549,509

114,758,139

#### Food

#### Products

#### 0.3%
JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

5.75 %

,

4/01/33

....................

United

States

85,000,000

88,821,175

Pilgrim's

Pride

Corp.

,

Senior

Bond

,

6.25 %

,

7/01/33

.........................

United

States

68,000,000

72,670,920

Senior

Bond

,

6.875 %

,

5/15/34

........................

United

States

40,000,000

44,213,600

f

Post

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.25 %

,

2/15/32

United

States

45,000,000

46,319,771

252,025,466

#### Ground

#### Transportation

#### 0.1%
f

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.55 %

,

5/30/33

....................

United

Kingdom

55,000,000

56,764,788

Senior

Bond

,

144A,

5.95 %

,

10/15/33

...................

United

Kingdom

35,000,000

37,017,860

93,782,648

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.5%
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.905 %

,

11/22/32

United

States

105,000,000

113,027,194

f

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25 %

,

10/01/29

...................

United

States

90,000,000

89,288,388

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

............

United

States

110,000,000

106,169,688

f

Medline

Borrower

LP

/

Medline

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.25 %

,

4/01/29

..........................

United

States

75,000,000

76,999,100

385,484,370

#### Health

#### Care

#### Providers

#### &

#### Services

#### 6.2%
Centene

Corp.

,

Senior

Note

,

4.25 %

,

12/15/27

........................

United

States

52,000,000

51,106,503

Senior

Note

,

4.625 %

,

12/15/29

.......................

United

States

141,100,000

136,899,625

Senior

Note

,

3.375 %

,

2/15/30

........................

United

States

47,000,000

43,266,411

f

CHS/Community

Health

Systems,

Inc.

,

144A,

10.75 %

,

6/15/33

.............................

United

States

600,000,000

620,238,000

Secured

Note

,

144A,

6.875 %

,

4/15/29

..................

United

States

518,000,000

412,286,560

Secured

Note

,

144A,

6.125 %

,

4/01/30

..................

United

States

600,000,000

435,725,532

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

f

CHS/Community

Health

Systems,

Inc.,

(continued)

Senior

Secured

Note

,

144A,

10.875 %

,

1/15/32

...........

United

States

575,000,000

$

609,699,525

Senior

Secured

Note

,

144A,

9.75 %

,

1/15/34

.............

United

States

200,000,000

205,150,000

CVS

Health

Corp.

,

Senior

Bond

,

5.25 %

,

2/21/33

.........................

United

States

95,000,000

97,227,615

Senior

Bond

,

4.78 %

,

3/25/38

.........................

United

States

61,925,000

58,065,060

f

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

6/01/30

...................

United

States

200,000,000

191,839,778

Senior

Note

,

144A,

6.875 %

,

9/01/32

...................

United

States

70,000,000

72,367,820

Senior

Note

,

144A,

6.75 %

,

7/15/33

....................

United

States

40,000,000

41,281,520

HCA,

Inc.

,

Senior

Bond

,

5.625 %

,

9/01/28

........................

United

States

115,000,000

118,675,800

Senior

Bond

,

5.5 %

,

6/01/33

..........................

United

States

90,000,000

93,537,756

Humana,

Inc.

,

Senior

Bond

,

5.875 %

,

3/01/33

...............

United

States

35,000,000

36,838,033

f

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

50,000,000

49,409,502

f

,j

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

PIK,

11.5 %

,

12/31/30

...................................

United

States

49,792,145

51,703,416

Tenet

Healthcare

Corp.

,

Secured

Note

,

6.25 %

,

2/01/27

........................

United

States

133,000,000

133,067,803

Senior

Bond

,

6.875 %

,

11/15/31

.......................

United

States

55,258,000

60,115,068

Senior

Note

,

6.125 %

,

10/01/28

.......................

United

States

510,000,000

510,728,775

Senior

Secured

Note

,

4.25 %

,

6/01/29

..................

United

States

95,000,000

92,857,778

Senior

Secured

Note

,

6.125 %

,

6/15/30

.................

United

States

425,000,000

430,952,907

Senior

Secured

Note

,

6.75 %

,

5/15/31

..................

United

States

159,775,000

165,538,687

4,718,579,474

#### Health

#### Care

#### Technology

#### 0.0%

#### †
f

,j

Claritev

Corp.

,

Senior

Secured

Note

,

144A,

PIK,

6.75 %

,

3/31/31

United

States

27,072,269

21,013,157

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.9%
f

Caesars

Entertainment,

Inc.

,

g

Senior

Note

,

144A,

4.625 %

,

10/15/29

..................

United

States

124,000,000

118,650,677

g

Senior

Note

,

144A,

%

,

10/15/32

.....................

United

States

145,000,000

142,909,796

Senior

Secured

Note

,

144A,

%

,

2/15/30

................

United

States

95,000,000

97,778,029

Senior

Secured

Note

,

144A,

6.5 %

,

2/15/32

..............

United

States

142,500,000

145,437,353

f

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

8/01/32

....................

United

States

85,000,000

86,608,880

Senior

Note

,

144A,

6.125 %

,

2/15/33

...................

United

States

115,000,000

117,951,590

Expedia

Group,

Inc.

,

Senior

Bond

,

3.8 %

,

2/15/28

..........................

United

States

36,500,000

36,191,040

Senior

Note

,

3.25 %

,

2/15/30

.........................

United

States

60,000,000

57,348,479

f

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

....................

United

States

82,500,000

77,476,396

Senior

Secured

Note

,

144A,

4.625 %

,

1/15/29

............

United

States

95,000,000

90,492,544

f

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/32

.........................................

United

States

40,000,000

41,149,040

f

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

2/01/32

..........

United

States

35,000,000

36,016,981

f

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5 %

,

4/01/28

United

States

50,000,000

50,983,196

f

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond

,

144A,

5.25 %

,

5/15/27

..........................

United

States

125,000,000

124,952,347

f

Wynn

Macau

Ltd.

,

Senior

Bond

,

144A,

5.5 %

,

10/01/27

.......

Macau

51,457,000

51,491,720

f

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

...................

United

States

75,000,000

80,787,805

Senior

Note

,

144A,

6.25 %

,

3/15/33

....................

United

States

110,000,000

111,779,250

1,468,005,123

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Household

#### Durables

#### 0.2%
KB

Home

,

Senior

Note

,

7.25 %

,

7/15/30

...................

United

States

20,000,000

$

20,648,840

f

Newell

Brands,

Inc.

,

Senior

Note

,

144A,

8.5 %

,

6/01/28

.......

United

States

35,000,000

37,108,260

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

Senior

Note

,

4.75 %

,

2/15/28

.........................

United

States

25,000,000

24,702,958

Senior

Note

,

4.75 %

,

4/01/29

.........................

United

States

40,000,000

39,268,588

121,728,646

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.4%
f

Calpine

Corp.

,

Senior

Note

,

144A,

5.125 %

,

3/15/28

...................

United

States

135,000,000

135,168,750

Senior

Secured

Note

,

144A,

4.5 %

,

2/15/28

..............

United

States

85,175,000

84,872,322

f

,h

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

10,000,000

10,236,130

Junior

Sub.

Bond

,

144A,

7%

to

12/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

97,750,000

99,314,000

329,591,202

#### Insurance

#### 0.1%
f

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791 %

,

2/15/33

.........................................

United

States

30,000,000

31,746,402

Prudential

Financial,

Inc.

,

Junior

Sub.

Bond

,

5.7%

to

9/14/28,

FRN

thereafter

,

9/15/48

.............................

United

States

65,000,000

66,298,505

98,044,907

#### Media

#### 0.3%
f

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

4/15/28

.........................................

United

States

125,000,000

124,883,950

f

Stagwell

Global

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.....

United

States

55,000,000

53,473,959

f

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

45,000,000

47,992,815

226,350,724

#### Metals

#### &

#### Mining

#### 1.1%
f

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

4.125 %

,

3/31/29

United

States

101,547,000

98,279,756

ArcelorMittal

SA

,

Senior

Bond

,

6.8 %

,

11/29/32

..............

Luxembourg

55,000,000

61,215,311

f

Cleveland-Cliffs,

Inc.

,

Senior

Bond

,

144A,

4.875 %

,

3/01/31

...................

United

States

25,000,000

23,420,750

Senior

Note

,

144A,

6.875 %

,

11/01/29

..................

United

States

59,265,000

60,445,618

Senior

Note

,

144A,

%

,

3/15/32

......................

United

States

97,000,000

98,087,855

Senior

Note

,

144A,

7.375 %

,

5/01/33

...................

United

States

55,000,000

56,191,850

Senior

Note

,

144A,

7.625 %

,

1/15/34

...................

United

States

55,000,000

56,708,301

f

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375 %

,

4/01/31

...................

Australia

155,500,000

148,569,754

Senior

Bond

,

144A,

6.125 %

,

4/15/32

...................

Australia

75,000,000

77,558,100

Senior

Note

,

144A,

5.875 %

,

4/15/30

...................

Australia

62,035,000

63,625,205

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

5.25 %

,

9/01/29

.......

United

States

40,000,000

40,531,862

f

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

11/01/27

......................

Australia

20,000,000

20,402,781

Senior

Note

,

144A,

8.5 %

,

5/01/30

.....................

Australia

25,000,000

26,024,750

831,061,893

#### Multi-Utilities

#### 0.0%

#### †
Sempra,

Inc.

,

Senior

Bond

,

5.5 %

,

8/01/33

.................

United

States

20,000,000

20,859,942

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.9%
f

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

%

,

4/15/26

......................

United

States

72,624,000

72,887,814

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

f

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.,

(continued)

Senior

Note

,

144A,

8.125 %

,

1/15/27

...................

United

States

125,000,000

$

124,020,987

Senior

Note

,

144A,

9.75 %

,

7/15/28

....................

United

States

83,565,000

83,135,058

Senior

Secured

Note

,

144A,

9.25 %

,

7/15/29

.............

United

States

140,000,000

143,500,000

Cheniere

Energy

Partners

LP

,

Senior

Note

,

5.95 %

,

6/30/33

....

United

States

30,000,000

31,771,582

Cheniere

Energy,

Inc.

,

Senior

Note

,

5.65 %

,

4/15/34

..........

United

States

40,000,000

41,252,310

f

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375 %

,

6/15/26

.........................................

United

States

77,000,000

77,053,014

Energy

Transfer

LP

,

Senior

Bond

,

5.75 %

,

2/15/33

.........................

United

States

30,000,000

31,457,888

Senior

Bond

,

6.55 %

,

12/01/33

........................

United

States

25,000,000

27,356,037

Senior

Bond

,

5.6 %

,

9/01/34

..........................

United

States

24,400,000

25,054,129

f

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

7.25 %

,

2/15/35

....................

United

States

107,000,000

104,641,902

Senior

Note

,

144A,

%

,

4/15/30

......................

United

States

27,000,000

26,634,077

Kinder

Morgan,

Inc.

,

Senior

Bond

,

5.2 %

,

6/01/33

..........................

United

States

67,000,000

68,631,874

Senior

Bond

,

5.4 %

,

2/01/34

..........................

United

States

30,000,000

30,941,693

f

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875 %

,

4/15/28

...................

United

States

30,000,000

30,637,470

Senior

Note

,

144A,

6.5 %

,

4/15/32

.....................

United

States

35,000,000

35,359,415

Senior

Note

,

144A,

6.25 %

,

4/15/33

....................

United

States

40,000,000

40,287,960

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.625 %

,

9/01/30

........................

United

States

80,000,000

85,774,640

Senior

Bond

,

6.125 %

,

1/01/31

........................

United

States

52,000,000

54,815,070

Senior

Note

,

6.375 %

,

9/01/28

........................

United

States

60,000,000

62,789,280

f

Rockies

Express

Pipeline

LLC

,

Senior

Note

,

144A,

6.75 %

,

3/15/33

.........................................

United

States

20,000,000

20,901,300

f

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

...................................

United

States

46,445,000

48,468,609

f

Venture

Global

LNG,

Inc.

,

h

Junior

Sub.

Bond

,

144A,

9%

to

9/29/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

340,000,000

337,205,064

Senior

Secured

Note

,

144A,

8.125 %

,

6/01/28

............

United

States

160,000,000

165,723,200

g

Senior

Secured

Note

,

144A,

%

,

1/15/30

................

United

States

105,000,000

108,726,471

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

............

United

States

135,000,000

141,841,167

f

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75 %

,

5/01/35

.............

United

States

25,000,000

28,233,332

Senior

Secured

Note

,

144A,

7.5 %

,

5/01/33

..............

United

States

50,000,000

55,281,750

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5 %

,

11/15/30

.........................

United

States

90,000,000

86,052,300

Senior

Bond

,

5.65 %

,

3/15/33

.........................

United

States

40,000,000

42,039,131

2,232,474,524

#### Passenger

#### Airlines

#### 1.5%
f

,j

American

Airlines

Group,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

10.75 %

,

2/15/26

...................................

United

States

145,000,000

145,480,559

f

,g

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/29

.........................................

United

States

150,000,000

156,566,700

f

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

..............

United

States

62,125,000

62,205,203

Senior

Secured

Note

,

144A,

5.75 %

,

4/20/29

.............

United

States

255,000,000

256,166,719

f

Avianca

Midco

plc

,

Senior

Secured

Note

,

144A,

%

,

12/01/28

United

States

27,500,000

27,568,750

f

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

..............................

United

States

125,000,000

125,754,909

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Passenger

#### Airlines
(continued)

f

,g

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

Senior

Secured

Note

,

144A,

9.875 %

,

9/20/31

..............................

United

States

100,000,000

$

101,512,700

f

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.375 %

,

4/15/26

............

United

States

107,762,000

107,689,165

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

............

United

States

161,643,000

159,290,084

1,142,234,789

#### Personal

#### Care

#### Products

#### 0.1%
f

BellRing

Brands,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/30

.......

United

States

30,000,000

31,014,180

f

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

65,000,000

66,665,690

97,679,870

#### Pharmaceuticals

#### 0.5%
f

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

United

States

32,000,000

32,826,945

f

Bausch

Health

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

.........................................

United

States

150,000,000

156,140,876

f

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

50,000,000

53,705,950

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

g

Senior

Note

,

6.75 %

,

3/01/28

.........................

Israel

26,000,000

27,011,608

Senior

Note

,

7.875 %

,

9/15/29

........................

Israel

25,000,000

27,313,625

Senior

Note

,

8.125 %

,

9/15/31

........................

Israel

30,000,000

34,338,540

Viatris,

Inc.

,

Senior

Note

,

2.7 %

,

6/22/30

...................

United

States

40,000,000

36,025,561

367,363,105

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
Broadcom,

Inc.

,

Senior

Bond

,

4.3 %

,

11/15/32

.........................

United

States

80,000,000

78,994,778

f

Senior

Bond

,

144A,

3.469 %

,

4/15/34

...................

United

States

35,000,000

31,955,355

f

Senior

Note

,

144A,

%

,

4/15/29

......................

United

States

20,000,000

19,914,171

Micron

Technology,

Inc.

,

Senior

Bond

,

5.875 %

,

2/09/33

........................

United

States

40,000,000

42,502,022

Senior

Note

,

6.75 %

,

11/01/29

........................

United

States

55,000,000

59,801,143

233,167,469

#### Software

#### 0.2%
f

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

50,000,000

46,437,820

Oracle

Corp.

,

Senior

Bond

,

6.25 %

,

11/09/32

...............

United

States

95,000,000

103,271,215

149,709,035

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

,

Senior

Bond

,

5.65 %

,

3/15/33

.........

United

States

80,000,000

84,475,491

Crown

Castle,

Inc.

,

Senior

Bond

,

5.1 %

,

5/01/33

.............

United

States

60,000,000

60,747,520

f

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

50,000,000

50,888,000

196,111,011

#### Specialty

#### Retail

#### 0.2%
Home

Depot,

Inc.

(The)

,

Senior

Bond

,

5.875 %

,

12/16/36

......

United

States

20,000,000

21,788,266

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

2.625 %

,

4/01/31

........................

United

States

40,000,000

36,518,596

Senior

Bond

,

3.75 %

,

4/01/32

.........................

United

States

48,000,000

45,930,682

Senior

Bond

,

%

,

4/15/33

...........................

United

States

17,000,000

17,400,202

121,637,746

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

5.75 %

,

2/01/33

.........................

United

States

40,000,000

42,322,145

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals
(continued)

Dell

International

LLC

/

EMC

Corp.,

(continued)

Senior

Note

,

5.3 %

,

10/01/29

.........................

United

States

55,000,000

$

56,806,790

HP,

Inc.

,

Senior

Bond

,

5.5 %

,

1/15/33

..........................

United

States

35,000,000

36,269,717

Senior

Note

,

%

,

4/15/29

...........................

United

States

20,000,000

19,799,092

155,197,744

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.3%
f

,j

Beach

Acquisition

Bidco

LLC

,

Senior

Note

,

144A,

PIK,

%

,

7/15/33

.........................................

United

States

210,000,000

227,044,020

#### Tobacco

#### 0.2%
BAT

Capital

Corp.

,

Senior

Bond

,

2.726 %

,

3/25/31

........................

United

Kingdom

25,000,000

22,851,773

Senior

Bond

,

6.421 %

,

8/02/33

........................

United

Kingdom

53,500,000

58,754,170

Senior

Note

,

2.259 %

,

3/25/28

........................

United

Kingdom

37,812,000

36,140,664

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.75 %

,

11/17/32

........................

United

States

41,000,000

43,711,412

Senior

Bond

,

5.375 %

,

2/15/33

........................

United

States

25,000,000

26,115,743

187,573,762

#### Trading

#### Companies

#### &

#### Distributors

#### 0.5%
f

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/30

......................

United

States

35,000,000

36,383,935

Senior

Note

,

144A,

7.25 %

,

6/15/33

....................

United

States

30,000,000

31,340,910

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4.875 %

,

1/15/28

........................

United

States

140,000,000

139,693,733

Senior

Bond

,

3.875 %

,

2/15/31

........................

United

States

30,000,000

28,402,800

Senior

Bond

,

3.75 %

,

1/15/32

.........................

United

States

31,000,000

28,740,758

f

Senior

Secured

Note

,

144A,

%

,

12/15/29

...............

United

States

73,800,000

76,052,302

340,614,438

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 24,866,019,829

####)
................................

#### 25,546,942,433
k

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.9%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
l

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

2/28/31

.............................

United

States

19,849,246

19,861,851

l

#### Building

#### Products

#### 0.1%
EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.122 %

,

(6-month

SOFR

+

2.25 %),

8/04/31

.

United

States

54,637,249

54,459,678

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.413 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

.....................

United

States

39,900,000

39,920,349

94,380,027

a

a

a

a

a

a

#### Chemicals

#### 0.0%

#### †
l

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.197 %

,

(6-month

SOFR

+

%),

1/31/29

.............

United

States

19,850,000

19,893,372

#### Communications

#### Equipment

#### 0.0%

#### †
l

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.913 %

,

(1-month

SOFR

+

4.75 %),

12/18/29

....................

United

States

20,000,000

20,270,500

l

#### Containers

#### &

#### Packaging

#### 0.2%
Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.413 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

...................................

United

States

90,193,196

90,156,217

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

k

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

l

#### Containers

#### &

#### Packaging
(continued)

i,m

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B

,

7.413 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

...................................

United

States

47,423

$

47,403

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

Initial

CME

Term

Loan

,

7.28 %

,

(1-month

SOFR

+

%),

4/15/27

........

United

States

19,898,219

19,926,176

110,129,796

a

a

a

a

a

a

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
l

Medline

Borrower

LP,

First

Lien,

2030

Refinancing

CME

Term

Loan

,

6.163 %

,

(1-month

SOFR

+

%),

10/23/30

...........

United

States

19,850,000

19,860,918

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
l

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

8.058 %

,

(3-month

SOFR

+

3.75 %),

12/31/30

United

States

30,300,462

30,300,462

#### IT

#### Services

#### 0.2%
l

X

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

10.958 %

,

(3-month

SOFR

+

6.5 %),

10/26/29

............................

United

States

178,622,449

175,471,549

#### Media

#### 0.0%

#### †
l

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5

,

6.541 %

,

(3-month

SOFR

+

2.25 %),

12/15/31

......

United

States

19,900,000

19,914,328

#### Personal

#### Care

#### Products

#### 0.2%
l

OPAL

US

LLC,

First

Lien,

CME

Term

Loan,

B2

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

4/23/32

............................

United

States

140,000,000

140,542,500

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
l

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1

,

7.308 %

,

(3-month

SOFR

+

3.25 %),

9/13/32

..............

United

States

45,000,000

45,272,025

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 692,569,349

####)
.......................

#### 695,897,328

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 6.9%
U.S.

Treasury

Bonds

,

4.125 %,

8/15/53

..................................

United

States

750,000,000

678,134,767

4.625 %,

5/15/54

..................................

United

States

600,000,000

589,664,064

n

.85

%

,

11/15/54

..................................

United

States

1,000,000,000

251,409,470

4.5 %,

11/15/54

...................................

United

States

250,000,000

240,781,250

4.75 %,

5/15/55

...................................

United

States

750,000,000

752,578,125

U.S.

Treasury

Notes

,

3.875 %,

8/15/33

..................................

United

States

1,500,000,000

1,487,958,990

4.25 %,

5/15/35

...................................

United

States

1,250,000,000

1,261,718,750

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 5,110,746,992

####)
............

#### 5,262,245,416

#### Asset-Backed

#### Securities

#### 0.1%

#### Passenger

#### Airlines

#### 0.1%
United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875 %

,

10/15/27

.........................

United

States

36,877,708

37,934,292

2023-1

,

A

,

5.8 %

,

1/15/36

............................

United

States

46,648,550

48,411,688

86,345,980

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 83,406,406

####)
.............................

#### 86,345,980

#### Mortgage-Backed

#### Securities

#### 6.3%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 2.9%
FHLMC

Pool,

Year

,

%,

11/01/54

.....................

United

States

563,990,515

559,919,558

FHLMC

Pool,

Year

,

%,

5/01/53

-

12/01/54

..............

United

States

403,904,101

401,193,303

FHLMC

Pool,

Year

,

5.5 %,

6/01/53

-

2/01/55

.............

United

States

1,110,942,279

1,121,816,629

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate
(continued)

FHLMC

Pool,

Year

,

%,

2/01/55

......................

United

States

108,752,423

$

111,268,506

2,194,197,996

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 1.2%
FNMA,

Year

,

%,

8/01/49

...........................

United

States

21,115,754

20,306,216

FNMA,

Year

,

%,

5/01/53

-

11/01/53

...................

United

States

337,580,892

336,352,658

FNMA,

Year

,

5.5 %,

7/01/53

-

11/01/54

.................

United

States

291,547,122

294,357,450

FNMA,

Year

,

%,

8/01/55

...........................

United

States

269,550,974

275,558,093

926,574,417

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 2.2%
GNMA

II,

Single-family,

Year

,

5.5 %,

5/20/53

-

7/20/55

......

United

States

662,745,660

668,771,483

GNMA

II,

Single-family,

Year

,

%,

3/20/55

-

7/20/55

.......

United

States

590,814,987

601,382,981

GNMA

II,

Single-family,

Year

,

%,

8/20/55

...............

United

States

363,938,602

370,708,806

1,640,863,270

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 4,685,078,444

####)
.......................

#### 4,761,635,683

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%
b,c

Endo,

Inc.,

Escrow

Account

............................

United

States

307,256,000

—

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
.................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 69,012,249,167

####)
..........................

#### 73,485,961,447

#### a

#### Short

#### Term

#### Investments

#### 3.5%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 3.3%
n

U.S.

Treasury

Bills

,

3.75 %,

10/14/25

...................................

United

States

250,000,000

249,635,775

3.86 %,

10/21/25

...................................

United

States

250,000,000

249,439,028

3.86 %,

10/23/25

...................................

United

States

250,000,000

249,385,453

3.91 %,

10/28/25

...................................

United

States

250,000,000

249,242,575

3.92 %,

10/30/25

...................................

United

States

250,000,000

249,185,672

3.9 %,

11/04/25

....................................

United

States

250,000,000

249,054,745

3.92 %,

11/06/25

...................................

United

States

250,000,000

248,995,625

3.93 %,

11/13/25

...................................

United

States

250,000,000

248,804,093

3.92 %,

11/18/25

...................................

United

States

250,000,000

248,671,667

3.94 %,

11/25/25

...................................

United

States

250,000,000

248,476,042

2,490,890,675

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 2,490,980,152

####)
............

#### 2,490,890,675

#### Shares

#### Money

#### Market

#### Funds

#### 0.1%
d,o

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094 %

.........................................

United

States

50,647,897

50,647,897

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 50,647,897

####)
................................

#### 50,647,897
Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

p

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.1%

#### Money

#### Market

#### Funds

#### 0.1%
d,o

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094 %

.........................................

United

States

111,490,000

$

111,490,000

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 111,490,000

####)
........................................................

#### 111,490,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,653,118,049

####)
...........................

#### 2,653,028,572

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 71,665,367,216

####)
100.0 #### %
.............................

#### $76,138,990,019

#### Options

#### Written

#### (0.3 ####)

#### %
.....................................................

#### (203,967,089)

#### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
...........................................

#### 229,114,965

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $76,164,137,895

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
q

#### Options

#### Written

#### (0.3)%

#### Calls

#### -

#### Exchange-Traded

#### Equity

#### Options

#### (0.2)%
Abbott

Laboratories

,

November

Strike

Price

$

145.00 ,

Expires

11/21/25

........................................

5,000

66,970,000

(595,000)

Abbott

Laboratories

,

January

Strike

Price

$

145.00 ,

Expires

1/16/26

.........................................

5,000

66,970,000

(1,220,000)

AbbVie,

Inc.

,

November

Strike

Price

$

210.00 ,

Expires

11/21/25

.

5,000

115,770,000

(11,835,000)

AbbVie,

Inc.

,

November

Strike

Price

$

220.00 ,

Expires

11/21/25

.

5,000

115,770,000

(7,700,000)

AbbVie,

Inc.

,

December

Strike

Price

$

220.00 ,

Expires

12/19/25

.

5,000

115,770,000

(8,690,000)

AbbVie,

Inc.

,

November

Strike

Price

$

230.00 ,

Expires

11/21/25

.

5,000

115,770,000

(4,540,000)

AbbVie,

Inc.

,

December

Strike

Price

$

240.00 ,

Expires

12/19/25

.

10,000

231,540,000

(6,450,000)

Accenture

plc

,

November

Strike

Price

$

325.00 ,

Expires

11/21/25

5,000

123,300,000

(337,500)

Air

Products

and

Chemicals,

Inc.

,

December

Strike

Price

$

330.00 ,

Expires

12/19/25

..................................

5,000

136,360,000

—

Albemarle

Corp.

,

December

Strike

Price

$

110.00 ,

Expires

12/19/25

........................................

10,000

81,080,000

(1,830,000)

Amgen,

Inc.

,

December

Strike

Price

$

300.00 ,

Expires

12/19/25

.

10,000

282,200,000

(7,200,000)

Analog

Devices,

Inc.

,

November

Strike

Price

$

270.00 ,

Expires

11/21/25

........................................

5,000

122,850,000

(1,500,000)

Analog

Devices,

Inc.

,

December

Strike

Price

$

270.00 ,

Expires

12/19/25

........................................

6,200

152,334,000

(3,100,000)

Bank

of

America

Corp.

,

November

Strike

Price

$

55.00 ,

Expires

11/21/25

........................................

5,000

25,795,000

(440,000)

BP

plc

,

November

Strike

Price

$

35.00 ,

Expires

11/21/25

......

15,000

51,690,000

(1,725,000)

BP

plc

,

November

Strike

Price

$

37.00 ,

Expires

11/21/25

......

20,000

68,920,000

(1,000,000)

Bristol-Myers

Squibb

Co.

,

November

Strike

Price

$

52.50 ,

Expires

11/21/25

........................................

10,000

45,100,000

(300,000)

Chevron

Corp.

,

November

Strike

Price

$

165.00 ,

Expires

11/21/25

20,000

310,580,000

(3,600,000)

Chevron

Corp.

,

November

Strike

Price

$

170.00 ,

Expires

11/21/25

10,000

155,290,000

(890,000)

Chevron

Corp.

,

December

Strike

Price

$

170.00 ,

Expires

12/19/25

15,000

232,935,000

(2,220,000)

Chevron

Corp.

,

January

Strike

Price

$

170.00 ,

Expires

1/16/26

..

10,000

155,290,000

(2,200,000)

Chevron

Corp.

,

December

Strike

Price

$

175.00 ,

Expires

12/19/25

10,000

155,290,000

(850,000)

Cigna

Group

(The)

,

December

Strike

Price

$

340.00 ,

Expires

12/19/25

........................................

4,000

115,300,000

(980,000)

Cisco

Systems,

Inc.

,

December

Strike

Price

$

75.00 ,

Expires

12/19/25

........................................

20,000

136,840,000

(2,180,000)

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### a
a

a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
a

#### Value
a

a

#### a
a

q

#### Options

#### Written
(continued)

#### Calls

#### -

#### Exchange-Traded
(continued)

#### Equity

#### Options

#### (0.2)%
(continued)

Citigroup,

Inc.

,

December

Strike

Price

$

105.00 ,

Expires

12/19/25

5,000

50,750,000

$

(2,165,000)

Coca-Cola

Co.

(The)

,

November

Strike

Price

$

75.00 ,

Expires

11/21/25

........................................

10,000

66,320,000

(120,000)

ConocoPhillips

,

November

Strike

Price

$

110.00 ,

Expires

11/21/25

4,000

37,836,000

(164,000)

Dell

Technologies,

Inc.

,

December

Strike

Price

$

150.00 ,

Expires

12/19/25

........................................

5,000

70,885,000

(4,410,000)

Dell

Technologies,

Inc.

,

December

Strike

Price

$

160.00 ,

Expires

12/19/25

........................................

10,000

141,770,000

(5,490,000)

Exxon

Mobil

Corp.

,

November

Strike

Price

$

120.00 ,

Expires

11/21/25

........................................

20,000

225,500,000

(2,460,000)

Exxon

Mobil

Corp.

,

December

Strike

Price

$

120.00 ,

Expires

12/19/25

........................................

20,000

225,500,000

(3,560,000)

Exxon

Mobil

Corp.

,

January

Strike

Price

$

125.00 ,

Expires

1/16/26

20,000

225,500,000

(2,820,000)

Freeport-McMoRan,

Inc.

,

December

Strike

Price

$

50.00 ,

Expires

12/19/25

........................................

5,000

19,610,000

(255,000)

Home

Depot,

Inc.

(The)

,

November

Strike

Price

$

420.00 ,

Expires

11/21/25

........................................

10,000

405,190,000

(8,720,000)

Home

Depot,

Inc.

(The)

,

November

Strike

Price

$

440.00 ,

Expires

11/21/25

........................................

5,000

202,595,000

(1,505,000)

Home

Depot,

Inc.

(The)

,

November

Strike

Price

$

450.00 ,

Expires

11/21/25

........................................

5,000

202,595,000

(810,000)

Honeywell

International,

Inc.

,

December

Strike

Price

$

230.00 ,

Expires

12/19/25

..................................

5,000

105,250,000

(1,335,000)

Honeywell

International,

Inc.

,

November

Strike

Price

$

240.00 ,

Expires

11/21/25

..................................

5,000

105,250,000

(325,000)

Honeywell

International,

Inc.

,

December

Strike

Price

$

240.00 ,

Expires

12/19/25

..................................

5,000

105,250,000

(550,000)

Illinois

Tool

Works,

Inc.

,

December

Strike

Price

$

280.00 ,

Expires

12/19/25

........................................

6,000

156,456,000

(1,710,000)

International

Business

Machines

Corp.

,

November

Strike

Price

$

295.00 ,

Expires

11/21/25

...........................

10,000

282,160,000

(10,250,000)

Johnson

&

Johnson

,

November

Strike

Price

$

190.00 ,

Expires

11/21/25

........................................

10,000

185,420,000

(3,380,000)

Lockheed

Martin

Corp.

,

December

Strike

Price

$

500.00 ,

Expires

12/19/25

........................................

2,500

124,802,500

(5,687,500)

Lockheed

Martin

Corp.

,

December

Strike

Price

$

550.00 ,

Expires

12/19/25

........................................

2,500

124,802,500

(1,450,000)

Lowe's

Cos.,

Inc.

,

November

Strike

Price

$

270.00 ,

Expires

11/21/25

........................................

5,000

125,655,000

(1,600,000)

Marvell

Technology,

Inc.

,

November

Strike

Price

$

95.00 ,

Expires

11/21/25

........................................

12,500

105,087,500

(3,675,000)

McDonald's

Corp.

,

October

Strike

Price

$

320.00 ,

Expires

10/17/25

........................................

5,000

151,945,000

(205,000)

McDonald's

Corp.

,

December

Strike

Price

$

320.00 ,

Expires

12/19/25

........................................

5,000

151,945,000

(2,500,000)

Merck

&

Co.,

Inc.

,

November

Strike

Price

$

100.00 ,

Expires

11/21/25

........................................

10,000

83,930,000

(290,000)

Merck

&

Co.,

Inc.

,

December

Strike

Price

$

100.00 ,

Expires

12/19/25

........................................

10,000

83,930,000

(580,000)

NextEra

Energy,

Inc.

,

December

Strike

Price

$

77.50 ,

Expires

12/19/25

........................................

10,000

75,490,000

(2,770,000)

NextEra

Energy,

Inc.

,

November

Strike

Price

$

80.00 ,

Expires

11/21/25

........................................

10,000

75,490,000

(1,340,000)

NextEra

Energy,

Inc.

,

December

Strike

Price

$

80.00 ,

Expires

12/19/25

........................................

10,000

75,490,000

(1,760,000)

PepsiCo,

Inc.

,

January

Strike

Price

$

150.00 ,

Expires

1/16/26

...

5,000

70,220,000

(1,695,000)

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### a
a

a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
a

#### Value
a

a

#### a
a

q

#### Options

#### Written
(continued)

#### Calls

#### -

#### Exchange-Traded
(continued)

#### Equity

#### Options

#### (0.2)%
(continued)

PepsiCo,

Inc.

,

November

Strike

Price

$

160.00 ,

Expires

11/21/25

10,000

140,440,000

$

(570,000)

Sempra,

Inc.

,

October

Strike

Price

$

85.00 ,

Expires

10/17/25

...

4,863

43,757,274

(2,446,089)

Shell

plc

,

November

Strike

Price

$

75.00 ,

Expires

11/21/25

.....

10,000

71,530,000

(820,000)

Texas

Instruments,

Inc.

,

November

Strike

Price

$

195.00 ,

Expires

11/21/25

........................................

5,000

91,865,000

(2,455,000)

TotalEnergies

SE

,

January

Strike

Price

$

67.50 ,

Expires

1/16/26

.

10,000

59,690,000

(460,000)

TransDigm

Group,

Inc.

,

November

Strike

Price

$

1,390.00

,

Expires

11/21/25

........................................

1,250

164,752,500

(1,950,000)

Union

Pacific

Corp.

,

December

Strike

Price

$

240.00 ,

Expires

12/19/25

........................................

5,000

118,185,000

(4,000,000)

(157,665,089)

#### Puts

#### -

#### Exchange-Traded

#### Equity

#### Options

#### (0.1)%
Abbott

Laboratories

,

November

Strike

Price

$

125.00 ,

Expires

11/21/25

........................................

5,000

66,970,000

(940,000)

AbbVie,

Inc.

,

December

Strike

Price

$

185.00 ,

Expires

12/19/25

.

10,000

231,540,000

(780,000)

AbbVie,

Inc.

,

November

Strike

Price

$

190.00 ,

Expires

11/21/25

.

5,000

115,770,000

(270,000)

Accenture

plc

,

November

Strike

Price

$

225.00 ,

Expires

11/21/25

5,000

123,300,000

(1,950,000)

Albemarle

Corp.

,

December

Strike

Price

$

60.00 ,

Expires

12/19/25

10,000

81,080,000

(1,380,000)

Amazon.com,

Inc.

,

December

Strike

Price

$

200.00 ,

Expires

12/19/25

........................................

10,000

219,570,000

(5,270,000)

Amgen,

Inc.

,

December

Strike

Price

$

250.00 ,

Expires

12/19/25

.

5,000

141,100,000

(2,100,000)

Analog

Devices,

Inc.

,

November

Strike

Price

$

210.00 ,

Expires

11/21/25

........................................

5,000

122,850,000

(900,000)

Apple,

Inc.

,

November

Strike

Price

$

180.00 ,

Expires

11/21/25

..

10,000

254,630,000

(230,000)

BlackRock,

Inc.

,

November

Strike

Price

$

1,030.00

,

Expires

11/21/25

........................................

2,000

233,174,000

(1,340,000)

Broadcom,

Inc.

,

December

Strike

Price

$

275.00 ,

Expires

12/19/25

5,000

164,955,000

(4,165,000)

Cisco

Systems,

Inc.

,

November

Strike

Price

$

62.50 ,

Expires

11/21/25

........................................

20,000

136,840,000

(1,580,000)

Coca-Cola

Co.

(The)

,

November

Strike

Price

$

65.00 ,

Expires

11/21/25

........................................

10,000

66,320,000

(1,120,000)

ConocoPhillips

,

November

Strike

Price

$

85.00 ,

Expires

11/21/25

5,000

47,295,000

(625,000)

Delta

Air

Lines,

Inc.

,

November

Strike

Price

$

50.00 ,

Expires

11/21/25

........................................

10,000

56,750,000

(1,370,000)

Exxon

Mobil

Corp.

,

January

Strike

Price

$

105.00 ,

Expires

1/16/26

20,000

225,500,000

(4,720,000)

Honeywell

International,

Inc.

,

November

Strike

Price

$

200.00 ,

Expires

11/21/25

..................................

5,000

105,250,000

(1,800,000)

Honeywell

International,

Inc.

,

December

Strike

Price

$

200.00 ,

Expires

12/19/25

..................................

5,000

105,250,000

(2,300,000)

International

Business

Machines

Corp.

,

November

Strike

Price

$

225.00 ,

Expires

11/21/25

...........................

10,000

282,160,000

(1,000,000)

International

Business

Machines

Corp.

,

November

Strike

Price

$

235.00 ,

Expires

11/21/25

...........................

4,000

112,864,000

(692,000)

Lockheed

Martin

Corp.

,

December

Strike

Price

$

350.00 ,

Expires

12/19/25

........................................

2,500

124,802,500

(167,500)

Lowe's

Cos.,

Inc.

,

November

Strike

Price

$

230.00 ,

Expires

11/21/25

........................................

5,000

125,655,000

(1,515,000)

Marvell

Technology,

Inc.

,

November

Strike

Price

$

60.00 ,

Expires

11/21/25

........................................

10,000

84,070,000

(370,000)

McDonald's

Corp.

,

November

Strike

Price

$

275.00 ,

Expires

11/21/25

........................................

5,000

151,945,000

(695,000)

Merck

&

Co.,

Inc.

,

November

Strike

Price

$

75.00 ,

Expires

11/21/25

........................................

10,000

83,930,000

(900,000)

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### a
a

a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
a

#### Value
a

a

#### a
a

q

#### Options

#### Written
(continued)

#### Puts

#### -

#### Exchange-Traded
(continued)

#### Equity

#### Options

#### (0.1)%
(continued)

Microsoft

Corp.

,

December

Strike

Price

$

440.00 ,

Expires

12/19/25

........................................

2,500

129,487,500

$

(800,000)

NVIDIA

Corp.

,

November

Strike

Price

$

135.00 ,

Expires

11/21/25

10,000

186,580,000

(830,000)

Sempra,

Inc.

,

October

Strike

Price

$

70.00 ,

Expires

10/17/25

...

5,000

44,990,000

(40,000)

Synopsys,

Inc.

,

November

Strike

Price

$

380.00 ,

Expires

11/21/25

2,500

123,347,500

(487,500)

Texas

Instruments,

Inc.

,

December

Strike

Price

$

145.00 ,

Expires

12/19/25

........................................

10,000

183,730,000

(1,450,000)

Texas

Instruments,

Inc.

,

January

Strike

Price

$

160.00 ,

Expires

1/16/26

.........................................

10,000

183,730,000

(4,170,000)

UnitedHealth

Group,

Inc.

,

November

Strike

Price

$

250.00 ,

Expires

11/21/25

..................................

5,000

172,650,000

(345,000)

(46,302,000)

#### Total

#### Options

#### Written

#### (Premiums

#### received

#### $

#### 200,658,270

####)
.......................

#### $

#### (#### 203,967,089

####)
See

Abbreviations

on

.

#

Notional

amount

is

the

number

of

contracts

multiplied

by

contract

size,

and

may

be

multiplied

by

the

underlying

price.

May

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

year

end.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

c

Non-income

producing.

d

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

e

See

Note

1(e)

regarding

equity-linked

securities.

f

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$30,171,911,124,

representing

39.6%

of

net

assets.

g

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2025. See

Note

1(f).

h

Perpetual

security

with

no

stated

maturity

date.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

j

Income

may

be

received

in

additional

securities

and/or

cash.

k

See

Note

1(g)

regarding

senior

floating

rate

interests.

l

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

m

See

Note

regarding

unfunded

loan

commitments.

n

The

rate

shown

represents

the

yield

at

period

end.

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

p

See

Note

1(f)

regarding

securities

on

loan.

q

See

Note

1(d)

regarding

written

options.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.19

$4.86

$5.03

$5.89

$6.09

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.15 0.14 0.12 0.08 0.05 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.35 (0.14)

(0.81)

(0.12)

Total

from

investment

operations

....................

0.12 0.49 (0.02)

(0.73)

(0.07)

Less

distributions

from:

Net

investment

income

..........................

(0.17)

(0.16)

(0.15)

(0.13)

(0.13)

Net

asset

value,

end

of

year

.......................

$5.14

$5.19

$4.86

$5.03

$5.89

Total

return

c

...................................

2.42%

10.25%

(0.49)%

(12.50)%

(1.15)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.86%

0.85%

0.81%

0.87%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.85%

0.84%

0.80%

0.86%

d

0.87%

d,e

Net

investment

income

...........................

2.93%

2.79%

2.45%

1.44%

0.79%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$535,302

$592,336

$607,527

$687,607

$1,020,574

Portfolio

turnover

rate

............................

30.83%

30.97%

2.81%

53.63%

89.16%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.20

$4.86

$5.03

$5.90

$6.09

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.15 0.15 0.13 0.09 0.05 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.36 (0.14)

(0.82)

(0.10)

Total

from

investment

operations

....................

0.12 0.51 (0.01)

(0.73)

(0.05)

Less

distributions

from:

Net

investment

income

..........................

(0.18)

(0.17)

(0.16)

(0.14)

(0.14)

Net

asset

value,

end

of

year

.......................

$5.14

$5.20

$4.86

$5.03

$5.90

Total

return

c

...................................

2.34%

10.58%

(0.38)%

(12.55)%

(0.89)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.75%

0.74%

0.70%

0.76%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.74%

0.74%

d

0.69%

0.76%

d,e

0.76%

e

Net

investment

income

...........................

3.03%

2.90%

2.55%

1.56%

0.90%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$1,147,655

$1,293,199

$1,362,598

$1,592,268

$2,104,978

Portfolio

turnover

rate

............................

30.83%

30.97%

2.81%

53.63%

89.16%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.15

$4.82

$5.00

$5.85

$6.04

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.13 0.12 0.10 0.06 0.02 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.35 (0.15)

(0.80)

(0.10)

Total

from

investment

operations

....................

0.10 0.47 (0.05)

(0.74)

(0.08)

Less

distributions

from:

Net

investment

income

..........................

(0.15)

(0.14)

(0.13)

(0.11)

(0.11)

Net

asset

value,

end

of

year

.......................

$5.10

$5.15

$4.82

$5.00

$5.85

Total

return

c

...................................

2.02%

9.88%

(1.12)%

(12.77)%

(1.41)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.26%

1.25%

1.21%

1.27%

1.27%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.25%

1.24%

1.20%

1.26%

d

1.27%

d,e

Net

investment

income

...........................

2.52%

2.39%

2.04%

1.04%

0.39%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$29,487

$43,646

$60,693

$116,145

$196,643

Portfolio

turnover

rate

............................

30.83%

30.97%

2.81%

53.63%

89.16%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.19

$4.86

$5.03

$5.89

$6.09

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.14 0.13 0.11 0.07 0.03 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.35 (0.14)

(0.81)

(0.11)

Total

from

investment

operations

....................

0.11 0.48 (0.03)

(0.74)

(0.08)

Less

distributions

from:

Net

investment

income

..........................

(0.16)

(0.15)

(0.14)

(0.12)

(0.12)

Net

asset

value,

end

of

year

.......................

$5.14

$5.19

$4.86

$5.03

$5.89

Total

return

....................................

2.16%

9.97%

(0.74)%

(12.72)%

(1.41)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.11%

1.10%

1.05%

1.12%

1.11%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.10%

1.09%

1.05%

c

1.11%

d

1.11%

c,d

Net

investment

income

...........................

2.68%

2.54%

2.20%

1.20%

0.55%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$12,562

$13,803

$14,078

$15,476

$19,513

Portfolio

turnover

rate

............................

30.83%

30.97%

2.81%

53.63%

89.16%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.22

$4.88

$5.06

$5.92

$6.12

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.17 0.16 0.14 0.10 0.07 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.36 (0.15)

(0.81)

(0.12)

Total

from

investment

operations

....................

0.14 0.52 (0.01)

(0.71)

(0.05)

Less

distributions

from:

Net

investment

income

..........................

(0.19)

(0.18)

(0.17)

(0.15)

(0.15)

Net

asset

value,

end

of

year

.......................

$5.17

$5.22

$4.88

$5.06

$5.92

Total

return

....................................

2.76%

10.81%

(0.34)%

(12.11)%

(0.80)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.52%

0.51%

0.46%

0.50%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.51%

0.50%

0.45%

0.50%

c,d

0.51%

c

Net

investment

income

...........................

3.27%

3.14%

2.80%

1.81%

1.15%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$175,752

$186,048

$204,317

$202,611

$304,650

Portfolio

turnover

rate

............................

30.83%

30.97%

2.81%

53.63%

89.16%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.21

$4.88

$5.05

$5.92

$6.11

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.16 0.15 0.14 0.09 0.06 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.35 (0.15)

(0.81)

(0.10)

Total

from

investment

operations

....................

0.13 0.50 (0.01)

(0.72)

(0.04)

Less

distributions

from:

Net

investment

income

..........................

(0.18)

(0.17)

(0.16)

(0.15)

(0.15)

Net

asset

value,

end

of

year

.......................

$5.16

$5.21

$4.88

$5.05

$5.92

Total

return

....................................

2.66%

10.48%

(0.24)%

(12.39)%

(0.74)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.61%

0.60%

0.55%

0.62%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.60%

0.59%

0.55%

c

0.61%

d

0.62%

c,d

Net

investment

income

...........................

3.17%

3.04%

2.70%

1.67%

1.04%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$217,865

$255,448

$262,569

$300,303

$692,010

Portfolio

turnover

rate

............................

30.83%

30.97%

2.81%

53.63%

89.16%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Schedule

of

Investments,

September

30,

2025

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 2.5%
U.S.

Treasury

Bonds

,

4.75 %,

2/15/37

...................................................

$

13,500,000

$

14,181,856

4.5 %,

2/15/44

....................................................

33,400,000

32,675,898

4.625 %,

5/15/54

...................................................

6,000,000

5,896,641

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 55,178,974

####)
.................

#### 52,754,395

#### Mortgage-Backed

#### Securities

#### 95.4%

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 95.4%
GNMA

I,

Year

,

4.5 %,

4/15/40

........................................

2,713,937

2,707,668

GNMA

I,

Year

,

%,

9/15/40

..........................................

90,787,530

92,306,481

GNMA

I,

Year

,

5.5 %,

2/15/40

........................................

37,797,256

39,270,933

GNMA

I,

Year

,

%,

12/15/39

.........................................

34,791,251

36,676,501

GNMA

I,

Year

,

6.5 %,

8/15/37

........................................

7,135,039

7,394,790

GNMA

I,

Year

,

%,

9/15/32

..........................................

4,182,865

4,386,251

GNMA

I,

Year

,

7.5 %,

7/15/26

-

8/15/33

.................................

208,852

217,480

GNMA

I,

Year

,

%,

10/15/29

.........................................

504

520

GNMA

I,

Single-family,

Year

,

3.5 %,

4/15/43

-

5/15/43

......................

8,644,429

8,094,030

GNMA

I,

Single-family,

Year

,

%,

10/15/40

-

8/15/46

.......................

26,418,685

25,390,700

GNMA

I,

Single-family,

Year

,

4.5 %,

2/15/39

-

6/15/41

......................

49,480,164

49,267,718

GNMA

I,

Single-family,

Year

,

5.5 %,

10/15/48

.............................

532,038

540,658

GNMA

I,

Single-family,

Year

,

7.25 %,

12/15/25

............................

1,222

1,220

GNMA

I,

Single-family,

Year

,

7.5 %,

1/15/26

-

7/15/31

......................

452,479

459,778

GNMA

I,

Single-family,

Year

,

%,

1/15/26

-

9/15/30

........................

145,351

146,702

GNMA

II,

Year

,

4.5 %,

5/20/34

-

6/20/41

.................................

2,244,250

2,258,376

GNMA

II,

Year

,

%,

3/20/34

-

9/20/34

..................................

670,183

680,892

GNMA

II,

Year

,

%,

7/20/39

.........................................

15,764,749

16,526,066

GNMA

II,

Year

,

6.5 %,

9/20/31

-

9/20/32

.................................

554,012

573,761

GNMA

II,

Year

,

%,

7/20/32

.........................................

155,771

163,051

GNMA

II,

Year

,

%,

12/20/28

........................................

4,262

4,279

GNMA

II,

Single-family,

Year

,

%,

8/20/51

...............................

135,725,945

112,303,504

GNMA

II,

Single-family,

Year

,

%,

8/20/50

-

6/20/51

.......................

32,379,183

26,805,138

GNMA

II,

Single-family,

Year

,

2.5 %,

11/20/50

............................

13,061,278

11,056,149

GNMA

II,

Single-family,

Year

,

2.5 %,

7/20/51

.............................

58,872,977

50,763,814

GNMA

II,

Single-family,

Year

,

2.5 %,

8/20/51

.............................

175,098,911

150,980,388

GNMA

II,

Single-family,

Year

,

2.5 %,

9/20/51

.............................

70,795,729

61,022,321

GNMA

II,

Single-family,

Year

,

2.5 %,

10/20/51

............................

44,558,635

38,420,898

GNMA

II,

Single-family,

Year

,

2.5 %,

12/20/51

............................

71,134,615

61,314,061

GNMA

II,

Single-family,

Year

,

2.5 %,

1/20/52

.............................

29,009,383

25,004,579

GNMA

II,

Single-family,

Year

,

%,

10/20/44

..............................

15,123,635

13,860,401

GNMA

II,

Single-family,

Year

,

%,

5/20/45

...............................

10,909,329

9,915,586

GNMA

II,

Single-family,

Year

,

%,

4/20/46

...............................

14,706,442

13,354,517

GNMA

II,

Single-family,

Year

,

%,

9/20/47

...............................

11,815,208

10,706,244

GNMA

II,

Single-family,

Year

,

%,

10/20/47

..............................

19,101,416

17,316,112

GNMA

II,

Single-family,

Year

,

%,

8/20/51

...............................

83,554,054

74,713,290

GNMA

II,

Single-family,

Year

,

%,

9/20/51

...............................

22,362,900

19,996,735

GNMA

II,

Single-family,

Year

,

%,

12/20/44

-

10/20/50

......................

73,722,053

65,174,023

GNMA

II,

Single-family,

Year

,

3.5 %,

7/20/42

.............................

23,295,171

22,113,476

GNMA

II,

Single-family,

Year

,

3.5 %,

9/20/42

.............................

29,378,168

27,899,916

GNMA

II,

Single-family,

Year

,

3.5 %,

5/20/43

.............................

8,805,294

8,336,861

GNMA

II,

Single-family,

Year

,

3.5 %,

6/20/43

.............................

10,207,320

9,627,514

GNMA

II,

Single-family,

Year

,

3.5 %,

9/20/47

.............................

105,658,303

97,789,799

GNMA

II,

Single-family,

Year

,

3.5 %,

10/20/40

-

1/20/49

.....................

38,442,780

36,269,443

GNMA

II,

Single-family,

Year

,

%,

10/20/41

..............................

9,321,489

9,027,271

GNMA

II,

Single-family,

Year

,

%,

11/20/41

..............................

8,877,519

8,597,301

GNMA

II,

Single-family,

Year

,

%,

5/20/47

...............................

25,316,755

24,235,374

GNMA

II,

Single-family,

Year

,

%,

6/20/47

...............................

19,358,004

18,531,131

GNMA

II,

Single-family,

Year

,

%,

7/20/47

...............................

12,331,445

11,804,693

GNMA

II,

Single-family,

Year

,

%,

5/20/40

-

12/20/49

......................

51,970,407

49,940,453

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

GNMA

II,

Single-family,

Year

,

4.5 %,

6/20/41

.............................

$

8,644,626

$

8,652,777

GNMA

II,

Single-family,

Year

,

4.5 %,

7/20/41

.............................

9,545,783

9,607,544

GNMA

II,

Single-family,

Year

,

4.5 %,

9/20/41

.............................

13,814,226

13,903,606

GNMA

II,

Single-family,

Year

,

4.5 %,

10/20/41

............................

9,890,702

9,954,699

GNMA

II,

Single-family,

Year

,

4.5 %,

5/20/52

.............................

31,104,346

30,421,587

GNMA

II,

Single-family,

Year

,

4.5 %,

5/20/33

-

2/20/44

......................

28,631,289

28,743,376

GNMA

II,

Single-family,

Year

,

%,

7/20/53

...............................

22,498,722

22,451,880

GNMA

II,

Single-family,

Year

,

%,

8/20/53

...............................

26,561,059

26,494,812

GNMA

II,

Single-family,

Year

,

%,

9/20/53

...............................

21,327,242

21,265,258

GNMA

II,

Single-family,

Year

,

%,

7/20/33

-

9/20/41

.......................

23,238,480

23,759,644

GNMA

II,

Single-family,

Year

,

%,

12/20/54

..............................

21,417,430

21,339,727

GNMA

II,

Single-family,

Year

,

5.5 %,

7/20/53

.............................

20,171,164

20,456,361

GNMA

II,

Single-family,

Year

,

5.5 %,

1/20/54

.............................

40,892,810

41,345,689

GNMA

II,

Single-family,

Year

,

5.5 %,

5/20/54

.............................

43,171,413

43,598,327

GNMA

II,

Single-family,

Year

,

5.5 %,

6/20/34

-

6/20/55

......................

32,314,571

33,218,047

GNMA

II,

Single-family,

Year

,

5.5 %,

8/20/55

.............................

90,965,927

91,813,351

GNMA

II,

Single-family,

Year

,

%,

3/20/55

...............................

36,168,830

36,786,098

GNMA

II,

Single-family,

Year

,

%,

6/20/34

-

6/20/55

.......................

6,231,092

6,348,183

GNMA

II,

Single-family,

Year

,

%,

7/20/55

...............................

91,707,084

93,363,653

GNMA

II,

Single-family,

Year

,

%,

9/20/55

...............................

11,580,000

11,807,385

GNMA

II,

Single-family,

Year

,

6.5 %,

3/20/55

.............................

34,322,360

35,302,262

GNMA

II,

Single-family,

Year

,

6.5 %,

12/20/25

-

5/20/55

.....................

4,884,238

5,157,892

GNMA

II,

Single-family,

Year

,

6.5 %,

6/20/55

.............................

9,636,080

9,921,309

GNMA

II,

Single-family,

Year

,

%,

2/20/28

-

7/20/33

.......................

1,091,991

1,132,544

GNMA

II,

Single-family,

Year

,

7.5 %,

12/20/25

-

4/20/32

.....................

84,309

86,982

GNMA

II,

Single-family,

Year

,

%,

5/20/26

-

6/20/30

.......................

33,651

34,721

2,020,916,561

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 2,212,173,805

####)
.........................

#### 2,020,916,561

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,267,352,779

####)
.............................

#### 2,073,670,956

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.9%

#### Shares
a

#### Money

#### Market

#### Funds

#### 1.9%
a,b

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094 %

.............

40,759,933

40,759,933

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 40,759,933

####)
..................................

#### 40,759,933

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 40,759,933

####)
................................

#### 40,759,933

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,308,112,712

####)
99.8 #### %
..................................

#### $2,114,430,889

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 4,193,365

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $2,118,624,254
See

Abbreviations

on

.

a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Utilities

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$24.67

$18.64

$20.26

$20.20

$19.76

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.53 0.52 0.49 0.46 0.43 Net

realized

and

unrealized

gains

(losses)

...........

2.62 6.74 (1.33)

0.67 1.94 Total

from

investment

operations

....................

3.15 7.26 (0.84)

1.13 2.37 Less

distributions

from:

Net

investment

income

..........................

(0.56)

(0.49)

(0.47)

(0.47)

(0.52)

Net

realized

gains

.............................

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...............................

(2.03)

(1.23)

(0.78)

(1.07)

(1.93)

Net

asset

value,

end

of

year

.......................

$25.79

$24.67

$18.64

$20.26

$20.20

Total

return

c

...................................

13.99%

40.74%

(4.55)%

5.56%

12.29%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

0.80%

0.81%

0.81%

e

0.82%

e

0.82%

e

Net

investment

income

...........................

2.20%

2.54%

2.34%

2.08%

2.10%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$1,641,721

$1,386,488

$1,116,740

$1,200,671

$982,201

Portfolio

turnover

rate

............................

10.80%

6.80%

4.43%

5.66%

5.18%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$24.68

$18.65

$20.27

$20.21

$19.77

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.55 0.54 0.50 0.47 0.45 Net

realized

and

unrealized

gains

(losses)

...........

2.62 6.74 (1.31)

0.68 1.94 Total

from

investment

operations

....................

3.17 7.28 (0.81)

1.15 2.39 Less

distributions

from:

Net

investment

income

..........................

(0.58)

(0.51)

(0.50)

(0.49)

(0.54)

Net

realized

gains

.............................

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...............................

(2.05)

(1.25)

(0.81)

(1.09)

(1.95)

Net

asset

value,

end

of

year

.......................

$25.80

$24.68

$18.65

$20.27

$20.21

Total

return

c

...................................

14.10%

40.85%

(4.45)%

5.67%

12.40%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

0.70%

0.71%

0.71%

e

0.72%

e

0.72%

e

Net

investment

income

...........................

2.29%

2.65%

2.42%

2.16%

2.20%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$3,453,500

$3,373,642

$2,752,653

$3,230,150

$3,321,370

Portfolio

turnover

rate

............................

10.80%

6.80%

4.43%

5.66%

5.18%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$24.51

$18.53

$20.14

$20.09

$19.65

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.42 0.43 0.39 0.36 0.34 Net

realized

and

unrealized

gains

(losses)

...........

2.60 6.70 (1.30)

0.67 1.95 Total

from

investment

operations

....................

3.02 7.13 (0.91)

1.03 2.29 Less

distributions

from:

Net

investment

income

..........................

(0.46)

(0.41)

(0.39)

(0.38)

(0.44)

Net

realized

gains

.............................

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...............................

(1.93)

(1.15)

(0.70)

(0.98)

(1.85)

Net

asset

value,

end

of

year

.......................

$25.60

$24.51

$18.53

$20.14

$20.09

Total

return

c

...................................

13.51%

40.18%

(4.91)%

5.11%

11.91%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

1.20%

1.21%

1.21%

e

1.22%

e

1.22%

e

Net

investment

income

...........................

1.79%

2.13%

1.90%

1.66%

1.69%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$196,416

$214,725

$218,134

$302,959

$350,553

Portfolio

turnover

rate

............................

10.80%

6.80%

4.43%

5.66%

5.18%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$24.55

$18.56

$20.17

$20.12

$19.68

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.46 0.47 0.43 0.40 0.38 Net

realized

and

unrealized

gains

(losses)

...........

2.61 6.70 (1.31)

0.67 1.94 Total

from

investment

operations

....................

3.07 7.17 (0.88)

1.07 2.32 Less

distributions

from:

Net

investment

income

..........................

(0.50)

(0.44)

(0.42)

(0.42)

(0.47)

Net

realized

gains

.............................

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...............................

(1.97)

(1.18)

(0.73)

(1.02)

(1.88)

Net

asset

value,

end

of

year

.......................

$25.65

$24.55

$18.56

$20.17

$20.12

Total

return

....................................

13.70%

40.36%

(4.76)%

5.26%

12.06%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

.....................................

1.05%

1.06%

1.06%

d

1.07%

d

1.07%

d

Net

investment

income

...........................

1.94%

2.29%

2.08%

1.83%

1.85%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$117,107

$105,849

$89,085

$103,579

$83,441

Portfolio

turnover

rate

............................

10.80%

6.80%

4.43%

5.66%

5.18%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$24.95

$18.84

$20.47

$20.40

$19.93

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.61 0.59 0.56 0.54 0.50 Net

realized

and

unrealized

gains

(losses)

...........

2.65 6.81 (1.34)

0.67 1.96 Total

from

investment

operations

....................

3.26 7.40 (0.78)

1.21 2.46 Less

distributions

from:

Net

investment

income

..........................

(0.63)

(0.55)

(0.54)

(0.54)

(0.58)

Net

realized

gains

.............................

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...............................

(2.10)

(1.29)

(0.85)

(1.14)

(1.99)

Net

asset

value,

end

of

year

.......................

$26.11

$24.95

$18.84

$20.47

$20.40

Total

return

....................................

14.34%

41.15%

(4.24)%

5.90%

12.71%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.51%

0.52%

0.52%

0.54%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.50%

0.50%

0.49%

c

0.50%

c

0.50%

c

Net

investment

income

...........................

2.50%

2.85%

2.64%

2.41%

2.42%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$331,069

$271,797

$187,585

$223,710

$153,969

Portfolio

turnover

rate

............................

10.80%

6.80%

4.43%

5.66%

5.18%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$24.96

$18.84

$20.47

$20.40

$19.93

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.59 0.58 0.54 0.52 0.48 Net

realized

and

unrealized

gains

(losses)

...........

2.65 6.82 (1.33)

0.68 1.97 Total

from

investment

operations

....................

3.24 7.40 (0.79)

1.20 2.45 Less

distributions

from:

Net

investment

income

..........................

(0.62)

(0.54)

(0.53)

(0.53)

(0.57)

Net

realized

gains

.............................

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...............................

(2.09)

(1.28)

(0.84)

(1.13)

(1.98)

Net

asset

value,

end

of

year

.......................

$26.11

$24.96

$18.84

$20.47

$20.40

Total

return

....................................

14.23%

41.12%

(4.31)%

5.82%

12.62%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

.....................................

0.55%

0.56%

0.56%

d

0.57%

d

0.57%

d

Net

investment

income

...........................

2.45%

2.79%

2.57%

2.32%

2.35%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$1,560,848

$1,366,364

$1,134,602

$1,383,667

$1,200,859

Portfolio

turnover

rate

............................

10.80%

6.80%

4.43%

5.66%

5.18%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Schedule

of

Investments,

September

30,

2025

#### Franklin

#### Utilities

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.4%

#### Electric

#### Utilities

#### 59.0%
Alliant

Energy

Corp.

.................................

United

States

3,500,000

$

235,935,000

American

Electric

Power

Co.,

Inc.

.......................

United

States

600,000

67,500,000

Constellation

Energy

Corp.

............................

United

States

800,000

263,256,000

Duke

Energy

Corp.

..................................

United

States

2,550,000

315,562,500

Edison

International

.................................

United

States

2,850,000

157,548,000

Entergy

Corp.

......................................

United

States

4,350,000

405,376,500

Evergy,

Inc.

........................................

United

States

4,150,000

315,483,000

Eversource

Energy

..................................

United

States

1,000,000

71,140,000

Exelon

Corp.

.......................................

United

States

5,100,000

229,551,000

FirstEnergy

Corp.

...................................

United

States

3,200,000

146,624,000

a

Hawaiian

Electric

Industries,

Inc.

........................

United

States

2,702,702

29,837,830

NextEra

Energy,

Inc.

.................................

United

States

8,300,000

626,567,000

NRG

Energy,

Inc.

...................................

United

States

800,000

129,560,000

OGE

Energy

Corp.

..................................

United

States

1,600,000

74,032,000

PG&E

Corp.

.......................................

United

States

15,800,000

238,264,000

Pinnacle

West

Capital

Corp.

...........................

United

States

850,000

76,211,000

PPL

Corp.

.........................................

United

States

7,000,000

260,120,000

Southern

Co.

(The)

..................................

United

States

4,000,000

379,080,000

SSE

plc

..........................................

United

Kingdom

465,698

10,923,275

TXNM

Energy,

Inc.

..................................

United

States

1,300,000

73,515,000

Xcel

Energy,

Inc.

....................................

United

States

2,500,000

201,625,000

4,307,711,105

#### Gas

#### Utilities

#### 0.8%
ONE

Gas,

Inc.

.....................................

United

States

700,000

56,658,000

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 8.0%
Clearway

Energy,

Inc.

,

C

..............................

United

States

1,400,000

39,550,000

Drax

Group

plc

.....................................

United

Kingdom

12,000,000

113,172,953

a

Talen

Energy

Corp.

..................................

United

States

100,000

42,538,000

Vistra

Corp.

........................................

United

States

2,000,000

391,840,000

587,100,953

#### Multi-Utilities

#### 26.5%
Ameren

Corp.

......................................

United

States

2,119,148

221,196,668

CenterPoint

Energy,

Inc.

..............................

United

States

4,800,000

186,240,000

CMS

Energy

Corp.

..................................

United

States

1,500,000

109,890,000

Dominion

Energy,

Inc.

................................

United

States

1,800,000

110,106,000

DTE

Energy

Co.

....................................

United

States

1,300,000

183,859,000

E.ON

SE

..........................................

Germany

5,000,000

94,177,327

National

Grid

plc

....................................

United

Kingdom

7,000,000

100,580,694

NiSource,

Inc.

......................................

United

States

6,000,000

259,800,000

Northwestern

Energy

Group,

Inc.

.......................

United

States

1,300,000

76,193,000

Public

Service

Enterprise

Group,

Inc.

....................

United

States

2,000,000

166,920,000

Sempra,

Inc.

.......................................

United

States

3,650,000

328,427,000

WEC

Energy

Group,

Inc.

..............................

United

States

850,000

97,401,500

1,934,791,189

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.8%
Cheniere

Energy,

Inc.

................................

United

States

200,000

46,996,000

DT

Midstream,

Inc.

..................................

United

States

750,000

84,795,000

Targa

Resources

Corp.

...............................

United

States

400,000

67,016,000

Williams

Cos.,

Inc.

(The)

..............................

United

States

1,200,000

76,020,000

274,827,000

#### Water

#### Utilities

#### 1.3%
Essential

Utilities,

Inc.

................................

United

States

1,050,000

41,895,000

Franklin

Custodian

Funds

Schedule

of

Investments

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Water

#### Utilities
(continued)

United

Utilities

Group

plc

..............................

United

Kingdom

3,500,000

$

54,070,499

95,965,499

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 3,048,159,767

####)
..................................

#### 7,257,053,746

#### Short

#### Term

#### Investments

#### 0.3%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.3%
b,c

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094 %

.........................................

United

States

18,834,175

18,834,175

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 18,834,175

####)
................................

#### 18,834,175

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 18,834,175

####)
..............................

#### 18,834,175

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,066,993,942

####)
99.7 #### %
................................

#### $7,275,887,921

#### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
...........................................

#### 24,773,467

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $7,300,661,388

#### a
a

Non-income

producing.

b

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

c

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$10,589,795,244

$4,790,192,328

$71,403,229,319

Cost

-

Non-controlled

affiliates

(Note

f

and

10)

.................

102,704,591

55,039,504

262,137,897

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$49,623,392,

$2,461,024

and

$126,744,415,

respectively)

...................

$29,401,749,880

$18,363,264,808

$75,886,293,366

Value

-

Non-controlled

affiliates

(Note

f

and

10)

................

102,704,591

55,039,504

252,696,653

Cash

..................................................

2,671,577

2,544,610

221,923,779

Receivables:

Investment

securities

sold

(Includes

securities

loaned

of

$6,809,145,

$–

and

$–,

respectively)

..................................

26,529,112

—

184,009,928

Capital

shares

sold

......................................

13,447,641

4,078,399

31,587,228

Dividends

and

interest

...................................

2,879,928

5,187,350

585,218,070

European

Union

tax

reclaims

(Note

h)

.......................

—

—

8,698,951

Total

assets

........................................

29,549,982,729

18,430,114,671

77,170,427,975

Liabilities:

Payables:

Investment

securities

purchased

............................

—

—

606,070,039

Capital

shares

redeemed

.................................

26,731,295

34,095,022

38,397,138

Management

fees

.......................................

9,877,331

6,589,527

23,539,131

Distribution

fees

........................................

3,883,715

3,018,944

11,010,395

Transfer

agent

fees

......................................

3,671,543

3,243,398

10,091,302

Trustees'

fees

and

expenses

...............................

18,426

17,051

74,007

Options

written,

at

value

(premiums

received

$–,

$–

and

$200,658,270,

respectively)

............................................

—

—

203,967,089

Payable

upon

return

of

securities

loaned

(Note

f)

................

55,963,000

2,570,000

111,490,000

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

8)

.....

—

—

629

Accrued

expenses

and

other

liabilities

.........................

814,846

371,163

1,650,350

Total

liabilities

.......................................

100,960,156

49,905,105

1,006,290,080

Net

assets,

at

value

...............................

$29,449,022,573

$18,380,209,566

$76,164,137,895

Net

assets

consist

of:

Paid-in

capital

...........................................

$8,278,218,138

$2,695,646,768

$71,991,327,001

Total

distributable

earnings

(losses)

...........................

21,170,804,435

15,684,562,798

4,172,810,894

Net

assets,

at

value

...............................

$29,449,022,573

$18,380,209,566

$76,164,137,895

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.....................................

$14,514,166,747

$13,029,086,790

$24,950,811,661

Shares

outstanding

......................................

69,651,518

85,981,313

10,095,257,062

Net

asset

value

per

share

a,b

................................

$208.38

$151.53

$2.47

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%,

94.50%

and

96.25%,

respectively)

b

..........................

$220.51

$160.35

$2.57

#### Class

#### A1:
Net

assets,

at

value

.....................................

$—

$—

$29,517,453,615

Shares

outstanding

......................................

—

—

11,914,943,326

Net

asset

value

per

share

a,b

................................

$—

$—

$2.48

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

—%,

—%

and

96.25%)

b

......................................

$—

$—

$2.58

#### Class

#### C:
Net

assets,

at

value

.....................................

$1,014,886,195

$311,475,287

$4,010,722,948

Shares

outstanding

......................................

6,182,362

2,509,571

1,585,098,641

Net

asset

value

and

maximum

offering

price

per

share

a,b

..........

$164.16

$124.11

$2.53

#### Class

#### R:
Net

assets,

at

value

.....................................

$299,989,409

$285,538,399

$346,390,429

Shares

outstanding

......................................

1,509,696

1,918,048

143,508,279

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$198.71

$148.87

$2.41

#### Class

#### R6:
Net

assets,

at

value

.....................................

$9,653,041,380

$2,369,467,457

$1,980,143,957

Shares

outstanding

......................................

43,426,748

15,468,988

802,753,120

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$222.28

$153.18

$2.47

#### Advisor

#### Class:
Net

assets,

at

value

.....................................

$3,966,938,842

$2,384,641,633

$15,358,615,285

Shares

outstanding

......................................

18,140,186

15,555,749

6,261,815,159

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$218.68

$153.30

$2.45

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

..................................................

$2,267,352,779

$3,048,159,767

Cost

-

Non-controlled

affiliates

(Note

f)

.......................................

40,759,933

18,834,175

Value

-

Unaffiliated

issuers

.................................................

$2,073,670,956

$7,257,053,746

Value

-

Non-controlled

affiliates

(Note

f)

.......................................

40,759,933

18,834,175

Cash

...................................................................

—

2,384,640

Receivables:

Investment

securities

sold

..................................................

—

21,207,993

Capital

shares

sold

.......................................................

333,974

3,530,424

Dividends

and

interest

....................................................

7,400,990

9,305,028

Total

assets

.........................................................

2,122,165,853

7,312,316,006

Liabilities:

Payables:

Investment

securities

purchased

.............................................

—

1,738,563

Capital

shares

redeemed

..................................................

1,254,299

4,862,407

Management

fees

........................................................

819,293

2,832,310

Distribution

fees

.........................................................

268,622

888,622

Transfer

agent

fees

.......................................................

515,766

1,119,633

Trustees'

fees

and

expenses

................................................

2,978

5,041

Funds

advanced

by

custodian

................................................

488,690

—

Accrued

expenses

and

other

liabilities

..........................................

191,951

208,042

Total

liabilities

........................................................

3,541,599

11,654,618

Net

assets,

at

value

................................................

$2,118,624,254

$7,300,661,388

Net

assets

consist

of:

Paid-in

capital

............................................................

$3,225,132,405

$2,716,191,721

Total

distributable

earnings

(losses)

............................................

(1,106,508,151)

4,584,469,667

Net

assets,

at

value

................................................

$2,118,624,254

$7,300,661,388

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund

#### Class

#### A:
Net

assets,

at

value

......................................................

$535,302,485

$1,641,720,937

Shares

outstanding

.......................................................

104,096,982

63,660,783

Net

asset

value

per

share

a,b

.................................................

$5.14

$25.79

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

b

...............

$5.34

$26.79

#### Class

#### A1:
Net

assets,

at

value

......................................................

$1,147,655,366

$3,453,500,155

Shares

outstanding

.......................................................

223,083,001

133,858,109

Net

asset

value

per

share

a,b

.................................................

$5.14

$25.80

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.25%)

b

...............

$5.34

$26.81

#### Class

#### C:
Net

assets,

at

value

......................................................

$29,487,278

$196,415,672

Shares

outstanding

.......................................................

5,778,233

7,673,503

Net

asset

value

and

maximum

offering

price

per

share

a,b

...........................

$5.10

$25.60

#### Class

#### R:
Net

assets,

at

value

......................................................

$12,561,662

$117,106,978

Shares

outstanding

.......................................................

2,442,180

4,565,732

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$5.14

$25.65

#### Class

#### R6:
Net

assets,

at

value

......................................................

$175,751,989

$331,069,240

Shares

outstanding

.......................................................

33,996,052

12,681,684

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$5.17

$26.11

#### Advisor

#### Class:
Net

assets,

at

value

......................................................

$217,865,474

$1,560,848,406

Shares

outstanding

.......................................................

42,183,631

59,779,913

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$5.16

$26.11

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Operations

for

the

year

ended

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$1,278,550,

$796,383

and

$10,800,914,

respectively)

Unaffiliated

issuers

......................................

$75,042,416

$139,249,865

$738,320,728

Non-controlled

affiliates

(Note

f

and

10)

......................

4,831,908

4,630,036

64,818,695

Interest:

Unaffiliated

issuers

......................................

—

—

2,538,535,806

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

...................

2,526,403

(79,426)

(1,951,866)

Non-controlled

affiliates

(Note

f)

...........................

1,681,810

99,548

2,939,193

Total

investment

income

.................................

84,082,537

143,900,023

3,342,662,556

Expenses:

Management

fees

(Note

a)

.................................

108,135,907

77,543,883

277,032,909

Distribution

fees:

(Note

3c)

Class

A

..............................................

31,427,766

30,735,622

58,789,155

Class

A1

.............................................

—

—

44,128,932

Class

C

..............................................

9,424,169

3,202,504

27,002,772

Class

R

..............................................

1,362,164

1,439,238

1,657,364

Transfer

agent

fees:

(Note

3e)

Class

A

..............................................

12,189,362

10,357,809

16,442,519

Class

A1

.............................................

—

—

20,583,836

Class

C

..............................................

912,796

269,167

2,908,463

Class

R

..............................................

263,966

242,226

231,822

Class

R6

.............................................

1,249,291

419,166

430,175

Advisor

Class

..........................................

3,346,180

2,104,884

10,174,994

Custodian

fees

..........................................

196,180

111,726

489,623

Reports

to

shareholders

fees

................................

1,624,813

581,486

2,220,517

Registration

and

filing

fees

..................................

357,236

193,883

529,773

Professional

fees

.........................................

122,018

116,583

831,636

Trustees'

fees

and

expenses

................................

281,624

200,038

815,839

Other

..................................................

534,145

381,803

1,752,432

Total

expenses

.......................................

171,427,617

127,900,018

466,022,761

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

............

(475,105)

(335,500)

(2,279,137)

Net

expenses

.......................................

170,952,512

127,564,518

463,743,624

Net

investment

income

(loss)

..........................

(86,869,975)

16,335,505

2,878,918,932

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

\*

Unaffiliated

issuers

....................................

3,073,457,353

2,969,064,316

1,372,076,235

Non-controlled

affiliates

(Note

f

and

10)

....................

—

—

33,866,739

Written

options

.........................................

—

—

373,829,779

Foreign

currency

transactions

..............................

(328,945)

(600) (413,745)

Net

realized

gain

(loss)

................................

3,073,128,408

2,969,063,716

1,779,359,008

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

3,188,272,921

(873,180,862)

133,434,977

Non-controlled

affiliates

(Note

f

and

10)

....................

—

—

(41,030,279)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

...........................................

(1,428)

2,485

1,665,328

Unfunded

loan

commitments

(Note

8)

........................

—

—

(629) Written

options

.........................................

—

—

8,960,038

Net

change

in

unrealized

appreciation

(depreciation)

..........

3,188,271,493

(873,178,377)

103,029,435

Net

realized

and

unrealized

gain

(loss)

..........................

6,261,399,901

2,095,885,339

1,882,388,443

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$6,174,529,926

$2,112,220,844

$4,761,307,375

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–

and

$551,900,

respectively)

Unaffiliated

issuers

.......................................................

$—

$200,472,771

Non-controlled

affiliates

(Note

f)

............................................

1,704,252

863,528

Interest:

Unaffiliated

issuers:

Paydown

gain

(loss)

....................................................

(6,981,164)

—

Paid

in

cash

a

..........................................................

88,301,071

—

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

....................................

—

Total

investment

income

..................................................

83,024,159

201,336,391

Expenses:

Management

fees

(Note

a)

..................................................

10,109,668

30,811,235

Distribution

fees:

(Note

3c)

Class

A

...............................................................

1,386,994

3,648,990

Class

A1

..............................................................

1,712,300

4,914,945

Class

C

...............................................................

226,499

1,279,593

Class

R

...............................................................

61,986

534,357

Transfer

agent

fees:

(Note

3e)

Class

A

...............................................................

684,368

1,217,431

Class

A1

..............................................................

1,466,990

2,734,110

Class

C

...............................................................

43,071

164,331

Class

R

...............................................................

15,282

89,118

Class

R6

..............................................................

58,611

126,176

Advisor

Class

...........................................................

283,388

1,159,051

Custodian

fees

...........................................................

17,978

43,692

Reports

to

shareholders

fees

.................................................

155,926

230,436

Registration

and

filing

fees

...................................................

92,282

145,111

Professional

fees

..........................................................

99,432

72,295

Trustees'

fees

and

expenses

.................................................

24,757

70,777

Other

...................................................................

111,130

150,109

Total

expenses

........................................................

16,550,662

47,391,757

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

.............................

(124,075)

(102,849)

Net

expenses

........................................................

16,426,587

47,288,908

Net

investment

income

...............................................

66,597,572

154,047,483

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

.....................................................

(14,554,664)

423,893,967

Foreign

currency

transactions

...............................................

—

(110,851)

Net

realized

gain

(loss)

.................................................

(14,554,664)

423,783,116

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

.....................................................

(3,916,869)

325,698,910

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

.............

—

64,408

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(3,916,869)

325,763,318

Net

realized

and

unrealized

gain

(loss)

...........................................

(18,471,533)

749,546,434

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$48,126,039

$903,593,917

\*

Includes

gains

from

redemption

in-kind.

See

Note

(h).

a

Includes

amortization

of

premium

and

accretion

of

discount.

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(86,869,975)

$(66,107,234)

$16,335,505

$24,769,049

Net

realized

gain

(loss)

............

3,073,128,408

1,135,249,461

2,969,063,716

1,430,885,300

Net

change

in

unrealized

appreciation

(depreciation)

.................

3,188,271,493

6,965,821,199

(873,178,377)

3,820,880,427

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

6,174,529,926

8,034,963,426

2,112,220,844

5,276,534,776

Distributions

to

shareholders:

Class

A

........................

—

—

(949,453,356)

(661,586,794)

Class

C

........................

—

—

(30,614,082)

(23,849,244)

Class

R

........................

—

—

(22,949,548)

(16,322,231)

Class

R6

.......................

—

—

(207,509,079)

(154,945,909)

Advisor

Class

...................

—

—

(199,986,133)

(189,159,041)

Total

distributions

to

shareholders

.....

—

—

(1,410,512,198)

(1,045,863,219)

Capital

share

transactions:

(Note

2)

Class

A

........................

(378,905,607)

(369,330,890)

(101,382,552)

(177,186,610)

Class

C

........................

(142,431,550)

(129,077,207)

(46,666,359)

(56,298,623)

Class

R

........................

(31,252,009)

(28,342,862)

(29,326,003)

(18,812,341)

Class

R6

.......................

(1,441,095,247)

(1,527,348,189)

(444,310,199)

13,294,459

Advisor

Class

...................

(129,444,812)

(253,787,168)

(1,070,201,913)

(259,760,424)

Total

capital

share

transactions

.......

(2,123,129,225)

(2,307,886,316)

(1,691,887,026)

(498,763,539)

Net

increase

(decrease)

in

net

assets

.....................

4,051,400,701

5,727,077,110

(990,178,380)

3,731,908,018

Net

assets:

Beginning

of

year

..................

25,397,621,872

19,670,544,762

19,370,387,946

15,638,479,928

End

of

year

......................

$29,449,022,573

$25,397,621,872

$18,380,209,566

$19,370,387,946

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,878,918,932

$2,955,633,839

$66,597,572

$70,889,997

Net

realized

gain

(loss)

............

1,779,359,008

957,324,875

(14,554,664)

(70,876,389)

Net

change

in

unrealized

appreciation

(depreciation)

.................

103,029,435

8,076,618,254

(3,916,869)

244,830,263

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

4,761,307,375

11,989,576,968

48,126,039

244,843,871

Distributions

to

shareholders:

Class

A

........................

(1,271,119,950)

(1,190,149,394)

(18,552,964)

(19,138,516)

Class

A1

.......................

(1,622,901,034)

(1,712,071,733)

(41,049,701)

(43,307,752)

Class

C

........................

(204,717,280)

(236,965,690)

(1,020,296)

(1,414,959)

Class

R

........................

(17,493,546)

(17,206,302)

(385,027)

(410,373)

Class

R6

.......................

(108,238,757)

(104,069,107)

(6,520,721)

(7,036,685)

Advisor

Class

...................

(822,375,326)

(793,509,862)

(8,171,660)

(8,738,727)

Total

distributions

to

shareholders

.....

(4,046,845,893)

(4,053,972,088)

(75,700,369)

(80,047,012)

Capital

share

transactions:

(Note

2)

Class

A

........................

1,350,736,450

1,254,763,903

(50,425,566)

(55,099,580)

Class

A1

.......................

(1,705,608,672)

(1,968,610,500)

(130,543,905)

(158,843,724)

Class

C

........................

(564,524,250)

(868,715,435)

(13,479,133)

(20,460,137)

Class

R

........................

9,088,279

(722,250)

(1,076,979)

(1,204,497)

Class

R6

.......................

22,023,526

77,775,374

(8,301,897)

(31,811,163)

Advisor

Class

...................

598,777,917

160,288,613

(34,453,452)

(24,679,808)

Total

capital

share

transactions

.......

(289,506,750)

(1,345,220,295)

(238,280,932)

(292,098,909)

Net

increase

(decrease)

in

net

assets

.....................

424,954,732

6,590,384,585

(265,855,262)

(127,302,050)

Net

assets:

Beginning

of

year

..................

75,739,183,163

69,148,798,578

2,384,479,516

2,511,781,566

End

of

year

......................

$76,164,137,895

$75,739,183,163

$2,118,624,254

$2,384,479,516

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Utilities

#### Fund

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$154,047,483

$151,772,831

Net

realized

gain

(loss)

.................................................

423,783,116

429,411,041

Net

change

in

unrealized

appreciation

(depreciation)

...........................

325,763,318

1,439,079,275

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

903,593,917

2,020,263,147

Distributions

to

shareholders:

Class

A

.............................................................

(117,227,996)

(70,125,563)

Class

A1

............................................................

(274,729,016)

(176,666,126)

Class

C

.............................................................

(15,941,987)

(12,011,262)

Class

R

.............................................................

(8,464,322)

(5,206,975)

Class

R6

............................................................

(23,315,691)

(12,523,037)

Advisor

Class

........................................................

(114,682,075)

(72,177,774)

Total

distributions

to

shareholders

..........................................

(554,361,087)

(348,710,737)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

172,052,963

(73,462,609)

Class

A1

............................................................

(78,715,660)

(225,366,785)

Class

C

.............................................................

(26,458,050)

(61,134,193)

Class

R

.............................................................

5,725,717

(9,431,911)

Class

R6

............................................................

41,802,930

20,052,851

Advisor

Class

........................................................

118,156,367

(102,143,870)

Total

capital

share

transactions

............................................

232,564,267

(451,486,517)

Net

increase

(decrease)

in

net

assets

...................................

581,797,097

1,220,065,893

Net

assets:

Beginning

of

year

.......................................................

6,718,864,291

5,498,798,398

End

of

year

...........................................................

$7,300,661,388

$6,718,864,291

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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. The

classes of

shares

offered

within

each

of

the Funds

are

indicated

below. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

#### Class

#### A,

#### Class

#### C,

#### Class

#### R,

#### Class

#### R6,

#### &

#### Advisor

#### Class
Franklin

DynaTech

Fund

Franklin

Growth

Fund

#### A,

#### Class

#### A1,

#### Class

#### C,

#### Class

#### R,

#### Class

#### R6,

#### &

#### Advisor

#### Class
Franklin

Income

Fund

Franklin

U.S.

Government

Securities

Fund

Franklin

Utilities

Fund

The

following

summarizes

the Funds'

significant

accounting

policies.

a. #### 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

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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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

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

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

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

p.m.

Eastern

time

that

might

call

into

question

the

reliability

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

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

p.m.

Eastern

time.

At

September

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
Certain

or

all

Funds

may

purchase

securities

on

a

when-

issued,

forward

commitment

or

delayed

delivery and to-

be-announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

d. #### Derivative

#### Financial

#### Instruments
Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

Certain

or

all

Funds

purchased

or

wrote

exchange

traded

option

contracts

primarily

to

manage

and/or

gain exposure

to

equity

price

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss. Option contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

See

Note

9 regarding

other

derivative

information.

e. #### Equity-Linked

#### Securities
Certain

or

all

Funds

invest in

equity-linked

securities.

Equity-linked

securities

are

hybrid

financial

instruments

that

generally

combine

both

debt

and

equity

characteristics

into

a

single

note

form.

Income

received

from

equity-linked

securities

is

recorded

as

realized

gains

in

the

Statements

of

Operations

and

may

be

based

on

the

performance

of

an

underlying

equity

security,

an

equity

index,

or

an

option

position.

The

risks

of

investing

in

equity-linked

securities

include

unfavorable

price

movements

in

the

underlying

security

and

the

credit

risk

of

the

issuing

financial

institution.

There

may

be

no

guarantee

of

a

return

of

principal

with

equity-linked

securities

and

the

appreciation

potential

may

be

limited.

Equity-linked

securities

may

be

more

volatile

and

less

liquid

than

other

investments

held

by

the

Funds.

f. #### Lending
Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds.

Additionally,

at

September

30,

2025,

Franklin

DynaTech

Fund

and

Franklin

Income

Fund

held

$413,689

and

$21,092,456,

respectively,

in

U.S.

Government

and

Agency

securities

as

collateral.

These

securities

are

held

as

collateral

in

segregated

accounts

with

the

Funds'

custodian.

The

Fund

cannot

repledge

or

resell

these

securities

held

as

collateral.

As

such,

the

non-cash

collateral

is

excluded

from

the

Statements

of

Assets

and

Liabilities. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

third

party

borrower.

At

September

30,

2025,

Franklin

U.S.

Government

Securities

Fund

and

Franklin

Utilities

Fund

had

no

securities

on

loan.

g. #### Senior

#### Floating

#### Rate

#### Interests
Certain

or

all

Funds

invest

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the

Funds

invest

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

h. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union,

certain

or

all

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their income

tax

returns.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

September

30,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

i. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

separately

in

the

Statements

of

Operations.

Certain

or

all

Funds

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Funds.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Securities

#### Lending
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

j. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

k. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

September

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

September

30,

2025

Shares

sold

a

...................................

9,539,233

$1,686,587,564

5,974,715

$829,206,031

Shares

issued

in

reinvestment

of

distributions

..........

—

—

6,752,403

913,802,666

Shares

redeemed

...............................

(11,753,492)

(2,065,493,171)

(13,333,325)

(1,844,391,249)

Net

increase

(decrease)

..........................

(2,214,259)

$(378,905,607)

(606,207)

$(101,382,552)

Year

ended

September

30,

2024

Shares

sold

a

...................................

9,905,250

$1,449,356,442

6,605,253

$863,939,603

Shares

issued

in

reinvestment

of

distributions

..........

—

—

5,277,042

636,411,290

Shares

redeemed

...............................

(12,507,008)

(1,818,687,332)

(12,820,200)

(1,677,537,503)

Net

increase

(decrease)

..........................

(2,601,758)

$(369,330,890)

(937,905)

$(177,186,610)

Class

C

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

i. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

742,557

$103,526,167

322,386

$36,831,556

Shares

issued

in

reinvestment

of

distributions

..........

—

—

271,757

30,295,415

Shares

redeemed

a

..............................

(1,757,575)

(245,957,717)

(993,817)

(113,793,330)

Net

increase

(decrease)

..........................

(1,015,018)

$(142,431,550)

(399,674)

$(46,666,359)

Year

ended

September

30,

2024

Shares

sold

...................................

840,150

$96,976,781

388,405

$42,780,022

Shares

issued

in

reinvestment

of

distributions

..........

—

—

231,563

23,547,385

Shares

redeemed

a

..............................

(1,958,630)

(226,053,988)

(1,115,757)

(122,626,030)

Net

increase

(decrease)

..........................

(1,118,480)

$(129,077,207)

(495,789)

$(56,298,623)

Class

R

#### Class

#### R

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

160,616

$26,776,470

233,829

$31,921,682

Shares

issued

in

reinvestment

of

distributions

..........

—

—

172,281

22,947,787

Shares

redeemed

...............................

(343,086)

(58,028,479)

(616,656)

(84,195,472)

Net

increase

(decrease)

..........................

(182,470)

$(31,252,009)

(210,546)

$(29,326,003)

Year

ended

September

30,

2024

Shares

sold

...................................

186,994

$26,603,709

306,228

$39,484,635

Shares

issued

in

reinvestment

of

distributions

..........

—

—

136,869

16,301,129

Shares

redeemed

...............................

(395,633)

(54,946,571)

(575,757)

(74,598,105)

Net

increase

(decrease)

..........................

(208,639)

$(28,342,862)

(132,660)

$(18,812,341)

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

5,612,736

$1,038,684,259

2,172,400

$303,432,029

Shares

issued

in

reinvestment

of

distributions

..........

—

—

1,293,937

176,570,684

Shares

redeemed

...............................

(13,113,148)

(2,479,779,506)

(6,581,231)

(924,312,912)

Net

increase

(decrease)

..........................

(7,500,412)

$(1,441,095,247)

(3,114,894)

$(444,310,199)

Year

ended

September

30,

2024

Shares

sold

...................................

7,497,219

$1,151,513,477

3,793,287

$479,174,104

Shares

issued

in

reinvestment

of

distributions

..........

—

—

1,096,546

133,241,291

Shares

redeemed

...............................

(17,501,439)

(2,678,861,666)

(4,505,619)

(599,120,936)

Net

increase

(decrease)

..........................

(10,004,220)

$(1,527,348,189)

384,214

$13,294,459

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

3,539,499

$655,586,486

2,022,680

$283,957,451

Shares

issued

in

reinvestment

of

distributions

..........

—

—

1,274,454

174,141,414

Shares

redeemed

in-kind

(Not

e

3h)

..................

—

—

(5,161,739)

(776,893,462)

Shares

redeemed

...............................

(4,293,157)

(785,031,298)

(5,351,855)

(751,407,316)

Net

increase

(decrease)

..........................

(753,658)

$(129,444,812)

(7,216,460)

$(1,070,201,913)

Year

ended

September

30,

2024

Shares

sold

...................................

3,923,751

$592,603,452

2,701,328

$351,970,430

Shares

issued

in

reinvestment

of

distributions

..........

—

—

1,402,113

170,553,032

Shares

redeemed

...............................

(5,591,300)

(846,390,620)

(5,949,779)

(782,283,886)

Net

increase

(decrease)

..........................

(1,667,549)

$(253,787,168)

(1,846,338)

$(259,760,424)

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

September

30,

2025

Shares

sold

a

...................................

1,645,099,692

$3,929,078,555

16,330,435

$82,477,833

Shares

issued

in

reinvestment

of

distributions

..........

495,677,505

1,183,095,582

3,517,650

17,751,233

Shares

redeemed

...............................

(1,575,906,333)

(3,761,437,687)

(29,818,359)

(150,654,632)

Net

increase

(decrease)

..........................

564,870,864

$1,350,736,450

(9,970,274)

$(50,425,566)

Year

ended

September

30,

2024

Shares

sold

a

...................................

1,623,025,090

$3,729,668,863

19,956,121

$100,138,639

Shares

issued

in

reinvestment

of

distributions

..........

483,215,602

1,105,781,882

3,642,161

18,259,923

Shares

redeemed

...............................

(1,559,664,856)

(3,580,686,842)

(34,652,630)

(173,498,142)

Net

increase

(decrease)

..........................

546,575,836

$1,254,763,903

(11,054,348)

$(55,099,580)

Class

A1

#### Class

#### A1

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

348,040,057

$832,820,207

6,022,635

$30,443,697

Shares

issued

in

reinvestment

of

distributions

..........

623,324,781

1,492,001,947

7,389,047

37,299,046

Shares

redeemed

...............................

(1,683,949,803)

(4,030,430,826)

(39,243,815)

(198,286,648)

Net

increase

(decrease)

..........................

(712,584,965)

$(1,705,608,672)

(25,832,133)

$(130,543,905)

Year

ended

September

30,

2024

Shares

sold

...................................

338,496,229

$779,919,152

11,161,551

$54,955,522

Shares

issued

in

reinvestment

of

distributions

..........

686,846,136

1,572,895,912

7,843,198

39,340,251

Shares

redeemed

...............................

(1,878,624,541)

(4,321,425,564)

(50,593,513)

(253,139,497)

Net

increase

(decrease)

..........................

(853,282,176)

$(1,968,610,500)

(31,588,764)

$(158,843,724)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

249,603,975

$611,178,390

624,629

$3,129,158

Shares

issued

in

reinvestment

of

distributions

..........

80,468,974

196,631,107

201,119

1,006,916

Shares

redeemed

a

..............................

(562,467,075)

(1,372,333,747)

(3,516,366)

(17,615,207)

Net

increase

(decrease)

..........................

(232,394,126)

$(564,524,250)

(2,690,618)

$(13,479,133)

Year

ended

September

30,

2024

Shares

sold

...................................

226,946,469

$534,790,625

809,891

$4,024,731

Shares

issued

in

reinvestment

of

distributions

..........

97,204,118

226,818,090

280,683

1,395,322

Shares

redeemed

a

..............................

(696,565,075)

(1,630,324,150)

(5,215,216)

(25,880,190)

Net

increase

(decrease)

..........................

(372,414,488)

$(868,715,435)

(4,124,642)

$(20,460,137)

Class

R

#### Class

#### R

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

20,948,721

$48,834,245

707,509

$3,574,573

Shares

issued

in

reinvestment

of

distributions

..........

7,437,597

17,356,086

76,190

384,647

Shares

redeemed

...............................

(24,478,917)

(57,102,052)

(998,872)

(5,036,199)

Net

increase

(decrease)

..........................

3,907,401

$9,088,279

(215,173)

$(1,076,979)

Year

ended

September

30,

2024

Shares

sold

...................................

21,555,768

$48,554,144

516,633

$2,601,567

Shares

issued

in

reinvestment

of

distributions

..........

7,645,419

17,104,999

81,592

409,389

Shares

redeemed

...............................

(29,467,571)

(66,381,393)

(839,623)

(4,215,453)

Net

increase

(decrease)

..........................

(266,384)

$(722,250)

(241,398)

$(1,204,497)

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

145,093,976

$345,896,629

8,133,248

$41,329,227

Shares

issued

in

reinvestment

of

distributions

..........

41,399,571

98,577,215

1,260,173

6,394,401

Shares

redeemed

...............................

(177,590,485)

(422,450,318)

(11,041,506)

(56,025,525)

Net

increase

(decrease)

..........................

8,903,062

$22,023,526

(1,648,085)

$(8,301,897)

Year

ended

September

30,

2024

Shares

sold

...................................

155,231,833

$356,689,747

8,866,106

$44,796,960

Shares

issued

in

reinvestment

of

distributions

..........

41,510,339

94,701,337

1,372,278

6,911,076

Shares

redeemed

...............................

(162,944,248)

(373,615,710)

(16,459,413)

(83,519,199)

Net

increase

(decrease)

..........................

33,797,924

$77,775,374

(6,221,029)

$(31,811,163)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

1,130,778,460

$2,682,616,741

10,592,078

$53,760,640

Shares

issued

in

reinvestment

of

distributions

..........

321,283,412

760,714,289

1,396,091

7,072,797

Shares

redeemed

...............................

(1,201,400,518)

(2,844,553,113)

(18,791,112)

(95,286,889)

Net

increase

(decrease)

..........................

250,661,354

$598,777,917

(6,802,943)

$(34,453,452)

Year

ended

September

30,

2024

Shares

sold

...................................

1,116,282,538

$2,547,389,010

11,637,393

$58,704,481

Shares

issued

in

reinvestment

of

distributions

..........

323,285,841

733,871,342

1,535,297

7,727,882

Shares

redeemed

...............................

(1,373,831,348)

(3,120,971,739)

(18,044,125)

(91,112,171)

Net

increase

(decrease)

..........................

65,737,031

$160,288,613

(4,871,435)

$(24,679,808)

#### Franklin

#### Utilities

#### Fund

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

September

30,

2025

Shares

sold

a

...................................

15,661,722

$373,561,872

Shares

issued

in

reinvestment

of

distributions

..........

4,623,100

104,922,300

Shares

redeemed

...............................

(12,816,887)

(306,431,209)

Net

increase

(decrease)

..........................

7,467,935

$172,052,963

Year

ended

September

30,

2024

Shares

sold

a

...................................

10,336,313

$213,412,790

Shares

issued

in

reinvestment

of

distributions

..........

3,182,719

62,334,936

Shares

redeemed

...............................

(17,235,021)

(349,210,335)

Net

increase

(decrease)

..........................

(3,715,989)

$(73,462,609)

Class

A1

#### Class

#### A1

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

3,884,232

$92,619,529

Shares

issued

in

reinvestment

of

distributions

..........

11,143,925

252,927,664

Shares

redeemed

...............................

(17,842,514)

(424,262,853)

Net

increase

(decrease)

..........................

(2,814,357)

$(78,715,660)

Year

ended

September

30,

2024

Shares

sold

...................................

4,090,487

$84,381,109

Shares

issued

in

reinvestment

of

distributions

..........

8,286,967

162,390,657

Shares

redeemed

...............................

(23,320,953)

(472,138,551)

Net

increase

(decrease)

..........................

(10,943,499)

$(225,366,785)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Utilities

#### Fund

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

1,253,719

$29,838,211

Shares

issued

in

reinvestment

of

distributions

..........

692,595

15,557,621

Shares

redeemed

a

..............................

(3,034,801)

(71,853,882)

Net

increase

(decrease)

..........................

(1,088,487)

$(26,458,050)

Year

ended

September

30,

2024

Shares

sold

...................................

933,552

$19,051,482

Shares

issued

in

reinvestment

of

distributions

..........

605,981

11,698,798

Shares

redeemed

a

..............................

(4,552,107)

(91,884,473)

Net

increase

(decrease)

..........................

(3,012,574)

$(61,134,193)

Class

R

#### Class

#### R

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

842,794

$20,119,893

Shares

issued

in

reinvestment

of

distributions

..........

375,446

8,463,615

Shares

redeemed

...............................

(963,665)

(22,857,791)

Net

increase

(decrease)

..........................

254,575

$5,725,717

Year

ended

September

30,

2024

Shares

sold

...................................

789,729

$16,254,215

Shares

issued

in

reinvestment

of

distributions

..........

267,885

5,206,585

Shares

redeemed

...............................

(1,547,130)

(30,892,711)

Net

increase

(decrease)

..........................

(489,516)

$(9,431,911)

Class

R6

#### Class

#### R6

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

5,270,627

$126,990,339

Shares

issued

in

reinvestment

of

distributions

..........

1,010,633

23,261,134

Shares

redeemed

...............................

(4,491,923)

(108,448,543)

Net

increase

(decrease)

..........................

1,789,337

$41,802,930

Year

ended

September

30,

2024

Shares

sold

...................................

3,872,115

$80,683,727

Shares

issued

in

reinvestment

of

distributions

..........

626,051

12,481,125

Shares

redeemed

...............................

(3,564,289)

(73,112,001)

Net

increase

(decrease)

..........................

933,877

$20,052,851

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

#### Franklin

#### Utilities

#### Fund

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Year

ended

September

30,

2025

Shares

sold

...................................

11,901,087

$288,335,268

Shares

issued

in

reinvestment

of

distributions

..........

4,718,892

108,516,065

Shares

redeemed

...............................

(11,591,826)

(278,694,966)

Net

increase

(decrease)

..........................

5,028,153

$118,156,367

Year

ended

September

30,

2024

Shares

sold

...................................

10,492,073

$221,066,535

Shares

issued

in

reinvestment

of

distributions

..........

3,442,832

68,273,041

Shares

redeemed

...............................

(19,411,319)

(391,483,446)

Net

increase

(decrease)

..........................

(5,476,414)

$(102,143,870)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

a. #### Management

#### Fees
Franklin

Income

Fund

and

Franklin

Utilities

Fund pay

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

each

of the

Funds

as

follows:

Franklin

DynaTech

Fund,

Franklin

Growth

Fund

and

Franklin

U.S.

Government

Securities

Fund pay

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

each

of the

Funds

as

follows:

For

the

year

ended

September

30,

2025,

each

Fund's

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

Over

$20

billion,

up

to

and

including

$35

billion

0.355%

Over

$35

billion,

up

to

and

including

$50

billion

0.350%

Over

$50

billion,

up

to

and

including

$65

billion

0.345%

Over

$65

billion,

up

to

and

including

$80

billion

0.340%

In

excess

of

$80

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

Over

$20

billion,

up

to

and

including

$35

billion

0.355%

Over

$35

billion,

up

to

and

including

$50

billion

0.350%

In

excess

of

$50

billion

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.414%

0.433%

0.375%

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

and

A1

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

year:

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Gross

effective

investment

management

fee

rate

....................................

0.460%

0.459%

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Class

A

...............................

0.25%

0.25%

0.25%

Class

A1

..............................

—%

—%

0.15%

Class

C

...............................

1.00%

1.00%

0.65%

Class

R

...............................

0.50%

0.50%

0.50%

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Class

A

...............................

0.25%

0.25%

Class

A1

..............................

0.15%

0.15%

Class

C

...............................

0.65%

0.65%

Class

R

...............................

0.50%

0.50%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

year

ended

September

30,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f. #### 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.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

September

30,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$2,786,107

$1,126,295

$1,972,382

CDSC

retained

...........................

$138,341

$52,641

$962,619

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$16,115

$110,076

CDSC

retained

...........................

$15,087

$26,999

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Transfer

agent

fees

........................

$5,161,048

$3,931,273

$15,746,236

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Transfer

agent

fees

........................

$1,080,362

$1,746,071

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### DynaTech

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$220,607,622

$2,845,670,267

$(3,019,536,298)

$—

$—

$46,741,591

46,741,591

$4,831,908

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$19,487,000

$904,805,000

$(868,329,000)

$—

$—

$55,963,000

55,963,000

$1,681,810

#### Total

#### Affiliated

#### Securities

#### ...
$240,094,622

$3,750,475,267

$(3,887,865,298)

$—

$—

$102,704,591

$6,513,718

#### Franklin

#### Growth

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$132,381,860

$1,809,017,252

$(1,888,929,608)

$—

$—

$52,469,504

52,469,504

$4,630,036

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$3,085,000

$167,439,000

$(167,954,000)

$—

$—

$2,570,000

2,570,000

$99,548

#### Total

#### Affiliated

#### Securities

#### ...
$135,466,860

$1,976,456,252

$(2,056,883,608)

$—

$—

$55,039,504

$4,729,584

#### Franklin

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

I

....

$91,974,965

$—

$—

$—

$(1,416,209)

$90,558,756

7,867,833

$6,325,738

Franklin

BSP

Real

Estate

Debt

BDC

..................

$

265,381,931

$

237,169,751

$

(505,306,101)

$

6,977,756

$

(4,223,337)

$

—

—

$

38,188,928

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

298,170,275

14,707,314,727

(14,954,837,105)

—

—

50,647,897

50,647,897

20,304,029

#### Total

#### Non-Controlled

#### Affiliates
$655,527,171

$14,944,484,478

$(15,460,143,206)

$6,977,756

$(5,639,546)

$141,206,653

$64,818,695

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Transfer

agent

fees

on

Class

R6

shares

of

the

Funds have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until January

31,

2026. #### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Franklin

#### Income

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$177,261,000

$755,412,000

$(821,183,000)

$—

$—

$111,490,000

111,490,000

$2,939,193

#### Total

#### Affiliated

#### Securities

#### ...
$832,788,171

$15,699,896,478

$(16,281,326,206)

$6,977,756

$(5,639,546)

$252,696,653

$67,757,888

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$36,624,604

$338,402,307

$(334,266,978)

$—

$—

$40,759,933

40,759,933

$1,704,252

#### Total

#### Affiliated

#### Securities

#### ...
$36,624,604

$338,402,307

$(334,266,978)

$—

$—

$40,759,933

$1,704,252

#### Franklin

#### Utilities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$31,088,886

$559,051,837

$(571,306,548)

$—

$—

$18,834,175

18,834,175

$863,528

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$—

$13,106,225

$(13,106,225)

$—

$—

$—

—

$—

#### Total

#### Affiliated

#### Securities

#### ...
$31,088,886

$572,158,062

$(584,412,773)

$—

$—

$18,834,175

$863,528

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

h. #### Other

#### Affiliated

#### Transactions
During

the year

ended September

30,

2025,

the

New

Jersey

Better

Educational

Savings

Trust

Program

–

Franklin

Templeton

Managed

Investments

Options

(529

Portfolios)

redeemed

out

of Franklin

Growth

Fund.

As

a

result,

on

November

22,

2024,

the

Fund

delivered

portfolio

securities

and

cash

that

were

transferred

in-kind

to

the

529

Portfolios,

which

included

$576,845,046

of

net

realized

gains.

Subsequent

to

the

year

end,

Putnam

Large

Cap

Growth

Fund

redeemed

out

of

Franklin

Growth

Fund.

As

a

result,

on

October

17,

2025,

the

Fund

delivered

portfolio

securities

and

cash

that

were

transferred

in-kind

to

the

Putnam

Large

Cap

Growth

Fund,

which

included

$115,202,788

of

net

realized

gains.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

to

paid-in

capital.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

September

30,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended September

30,

2025,

the

utilized

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Funds

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At September

30,

2025,

the

deferred

losses

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

September

30,

2025

and

2024,

was

as

follows:

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

...............................................................

$

—

$

349,522,267

Long

term

...............................................................

58,195,211

561,762,093

Total

capital

loss

carryforwards

..............................................

$58,195,211

$911,284,360

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
Capital

loss

utilized

carryforwards

..............................

$373,948,999

$648,176,674

$308,410

#### Franklin

#### Dynatech

#### Fund
Late-year

ordinary

loss

.........................................................................

$69,691,855

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$20,381,490

$43,048,616

$4,046,845,893

$4,053,972,088

Long

term

capital

gain

....................

1,390,130,708

1,002,814,603

—

—

$1,410,512,198

$1,045,863,219

$4,046,845,893

$4,053,972,088

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

,

undistributed

ordinary

income

and

undistributed

long

term

capital

gains

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

wash

sales,

paydown

losses,

bond

discounts

and

premiums,

equity-linked

securities,

net

operating

losses

and

in-kind

transactions.

The

Funds,

except

for

Franklin

Income

Fund

and

Franklin

U.S.

Government

Securities

Fund,

utilized

a

tax

accounting

practice

to

treat

a

portion

of

the

proceeds

from

capital

shares

redeemed

as

a

distribution

from

net

investment

income

and

realized

capital

gains.

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

........................

$75,700,369

$80,047,012

$160,798,827

$139,816,446

Long

term

capital

gain

....................

—

—

393,562,260

208,894,291

$75,700,369

$80,047,012

$554,361,087

$348,710,737

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
a

a

a

a

Cost

of

investments

........................................

$10,692,515,991

$4,845,729,658

$71,776,028,373

Unrealized

appreciation

......................................

$18,826,156,706

$13,763,264,150

$5,611,272,409

Unrealized

depreciation

......................................

(14,218,226)

(190,689,496)

(1,452,277,852)

Net

unrealized

appreciation

(depreciation)

........................

$18,811,938,480

$13,572,574,654

$4,158,994,557

Distributable

earnings:

Undistributed

ordinary

income

.................................

$—

$10,567,843

$59,763,729

Undistributed

long

term

capital

gains

............................

2,428,535,564

2,101,416,807

—

Total

distributable

earnings

...................................

$2,428,535,564

$2,111,984,650

$59,763,729

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
a

a

a

Cost

of

investments

.........................................................

$2,309,841,911

$3,065,900,221

Unrealized

appreciation

.......................................................

$6,916,649

$4,216,427,884

Unrealized

depreciation

.......................................................

(202,327,671)

(6,440,184)

Net

unrealized

appreciation

(depreciation)

.........................................

$(195,411,022)

$4,209,987,700

Distributable

earnings:

Undistributed

ordinary

income

..................................................

$187,321

$40,753,130

Undistributed

long

term

capital

gains

.............................................

—

333,700,692

Total

distributable

earnings

....................................................

$187,321

$374,453,822

4. #### Income

#### Taxes
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities

and

in-kind

transactions)

for

the

year

ended

September

30,

2025,

were

as

follows:

a

Sales

of

investments

excludes

in-kind

transactions

of

$757,798,984.

At

September

30,

2025,

in

connection

with

securities

lending

transactions,

certain

or

all

Funds

loaned

investments

and

received

cash

collateral

as

follows:

6. #### Credit

#### Risk
At

September

30,

2025,

Franklin

Income

Fund had 21.7%

of

its

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

7. #### Restricted

#### Securities
Certain

or

all

Funds

invest

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The

Funds

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

September

30,

2025,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Purchases

...............................................

$7,705,448,779

$1,477,807,179

$45,092,766,342

Sales

...................................................

$9,752,551,671

$3,699,142,271

a

$46,794,666,838

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Purchases

................................................................

$665,207,631

$729,469,851

Sales

....................................................................

$908,961,926

$898,210,059

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund

#### Securities

#### lending

#### transactions

#### a

#### :
Equity

investments

b

.........................................

$55,963,000

$2,570,000

$111,490,000

a

The

agreements

can

be

terminated

at

any

time.

b

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statements

of

Assets

and

Liabilities.

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Growth

#### Fund
1,150,134

Anduril

Industries,

Inc.,

F

......................

7/17/24

$

25,000,003

$

53,092,601

2,353

Canva

Australia

Holdings

Pty.

Ltd.,

A

.............

11/08/21

4,011,298

3,873,367

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

8. #### Unfunded

#### Loan

#### Commitments
Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

At

September

30,

2025,

unfunded

commitments

were

as

follows:

9. #### Other

#### Derivative

#### Information
At

September

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Growth

#### Fund
(continued)

Canva

Australia

Holdings

Pty.

Ltd.,

............

11/08/21

160,247

154,737

Canva

Australia

Holdings

Pty.

Ltd.,

............

11/08/21

13,638

13,169

Canva

Australia

Holdings

Pty.

Ltd.,

............

11/08/21

8,524

8,231

25,413

Canva

Australia

Holdings

Pty.

Ltd.,

B

.............

11/08/21

43,323,040

41,833,356

96,603

Checkout

Payments

Group

Ltd.,

B

...............

1/11/22

30,000,062

10,571,860

822,494

Gusto,

Inc.,

E

...............................

7/13/21

24,999,977

20,615,872

849,894

OneTrust

LLC,

C

............................

4/01/21

16,666,676

15,117,366

98,050

Plaid,

Inc.,

A

................................

3/31/25

19,999,906

18,081,418

540,043

Stripe,

Inc.,

B

...............................

5/18/21

21,671,052

20,308,058

1,759,545

Stripe,

Inc.,

I

...............................

3/15/23

-

5/08/23

35,426,925

66,166,847

#### Total

#### Restricted

#### Securities
(Value

is

1.4%

of

Net

Assets)

#### ...............
$221,281,348

$249,836,882

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### Income

#### Fund
Clydesdale

Acquisition

Holdings,

Inc.

$

1,533,333

$

1,533,333

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Franklin

#### Income

#### Fund
Equity

contracts

...........

Investments

in

securities,

at

value

$

—

Options

written,

at

value

$

203,967,089

Total

....................

$—

$203,967,089

7. #### Restricted

#### Securities
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

the

year

ended

September

30,

2025

,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

For

the

year

ended

September

30,

2025,

the

average

month

end

notional

amount

of

options

represented

$58,101,523.

See

Note

1(d) regarding

derivative

financial

instruments.

10. #### 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

year

ended

September

30,

2025,

investments

in

"affiliated

companies"

were

as

follows:

11. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Franklin

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Equity

contracts

..............

Written

options

$373,829,779

Written

options

$8,960,038

Total

.......................

$373,829,779

$8,960,038

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### Franklin

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Endo,

Inc.

...........

$

114,260,525

$

—

$

(105,758,775)

$

26,888,983

$

(35,390,733)

$

—

a

—

$

—

Endo,

Inc.,

Escrow

Account

..........

—

—

—

—

—

b

—

b

—

b

—

#### Total

#### Affiliated

#### Securities
(Value

is

—%

of

Net

Assets)

#### ...........
$114,260,525

$—

$(105,758,775)

$26,888,983

$(35,390,733)

$—

$—

a

As

of

September

30,

2025,

no

longer

held

by

the

fund.

b

As

of

September

30,

2025,

no

longer

an

affiliate.

9. #### Other

#### Derivative

#### Information
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

year ended

September

30,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

12. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

September

30,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### DynaTech

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

1,011,006,840

$

—

$

—

$

1,011,006,840

Automobiles

..........................

667,080,000

—

—

667,080,000

Biotechnology

.........................

543,325,550

147,769,923

—

691,095,473

Broadline

Retail

.......................

2,953,524,250

—

—

2,953,524,250

Capital

Markets

........................

434,563,673

—

—

434,563,673

Communications

Equipment

..............

207,636,750

—

—

207,636,750

Construction

&

Engineering

...............

73,832,842

—

—

73,832,842

Consumer

Finance

.....................

5,164,722

—

—

5,164,722

Electrical

Equipment

....................

186,407,500

—

—

186,407,500

Electronic

Equipment,

Instruments

&

Components

........................

690,940,500

—

—

690,940,500

Energy

Equipment

&

Services

.............

76,200,000

—

—

76,200,000

Entertainment

.........................

958,196,200

—

—

958,196,200

Financial

Services

......................

1,391,815,966

—

—

1,391,815,966

Ground

Transportation

..................

107,767,000

—

—

107,767,000

Health

Care

Equipment

&

Supplies

.........

600,040,000

—

—

600,040,000

Health

Care

Providers

&

Services

..........

165,135,508

—

—

165,135,508

Health

Care

Technology

.................

305,511,202

101,797,892

—

407,309,094

Hotels,

Restaurants

&

Leisure

.............

609,951,000

—

—

609,951,000

Interactive

Media

&

Services

..............

3,191,451,500

12,545,738

—

3,203,997,238

IT

Services

...........................

1,249,859,007

—

—

1,249,859,007

Life

Sciences

Tools

&

Services

............

43,583,400

14,252,965

—

57,836,365

Machinery

............................

13,475,000

—

—

13,475,000

11. #### Credit

#### Facility
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### DynaTech

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Pharmaceuticals

.......................

$

319,100,000

$

—

$

—

$

319,100,000

Professional

Services

...................

25,151,000

—

—

25,151,000

Semiconductors

&

Semiconductor

Equipment

.

6,626,999,500

—

—

6,626,999,500

Software

.............................

5,917,917,452

—

—

5,917,917,452

Specialty

Retail

........................

113,172,000

—

—

113,172,000

Technology

Hardware,

Storage

&

Peripherals

.

636,575,000

—

—

636,575,000

Warrants

...............................

—

—

—

a

—

Short

Term

Investments

...................

102,704,591

—

—

102,704,591

Total

Investments

in

Securities

...........

$29,228,087,953

$276,366,518

b

$—

$29,504,454,471

#### Franklin

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

929,017,311

—

—

929,017,311

Beverages

...........................

206,860,457

—

—

206,860,457

Biotechnology

.........................

187,346,865

—

—

187,346,865

Broadline

Retail

.......................

860,036,548

—

—

860,036,548

Building

Products

......................

444,301,272

—

—

444,301,272

Capital

Markets

........................

990,454,609

—

—

990,454,609

Chemicals

...........................

580,001,651

—

—

580,001,651

Commercial

Services

&

Supplies

...........

135,282,591

—

—

135,282,591

Communications

Equipment

..............

88,712,888

—

—

88,712,888

Construction

Materials

..................

201,442,530

—

—

201,442,530

Consumer

Staples

Distribution

&

Retail

......

205,898,988

—

—

205,898,988

Electric

Utilities

........................

184,377,833

—

—

184,377,833

Electrical

Equipment

....................

286,111,213

—

—

286,111,213

Electronic

Equipment,

Instruments

&

Components

........................

945,495,721

—

—

945,495,721

Entertainment

.........................

217,635,191

—

—

217,635,191

Financial

Services

......................

775,379,257

—

—

775,379,257

Ground

Transportation

..................

444,288,778

—

—

444,288,778

Health

Care

Equipment

&

Supplies

.........

519,043,375

—

—

519,043,375

Health

Care

Providers

&

Services

..........

108,219,437

—

—

108,219,437

Health

Care

Technology

.................

89,106,073

—

—

89,106,073

Hotels,

Restaurants

&

Leisure

.............

237,534,679

—

—

237,534,679

Interactive

Media

&

Services

..............

935,230,751

—

—

935,230,751

IT

Services

...........................

58,476,400

—

41,833,356

100,309,756

Life

Sciences

Tools

&

Services

............

688,780,244

—

—

688,780,244

Machinery

............................

673,065,947

—

—

673,065,947

Pharmaceuticals

.......................

380,122,028

—

—

380,122,028

Professional

Services

...................

72,360,473

—

—

72,360,473

Semiconductors

&

Semiconductor

Equipment

.

2,893,278,021

—

—

2,893,278,021

Software

.............................

2,867,643,808

—

48,961,336

2,916,605,144

Technology

Hardware,

Storage

&

Peripherals

.

557,564,075

—

—

557,564,075

Trading

Companies

&

Distributors

..........

244,226,654

—

—

244,226,654

Convertible

Preferred

Stocks

................

—

—

159,042,190

159,042,190

Preferred

Stocks

.........................

—

106,132,258

—

106,132,258

Short

Term

Investments

...................

55,039,504

—

—

55,039,504

Total

Investments

in

Securities

...........

$18,062,335,172

$106,132,258

c

$249,836,882

$18,418,304,312

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

981,045,000

$

—

$

—

$

981,045,000

Automobiles

..........................

—

157,574,987

—

157,574,987

Banks

...............................

764,137,500

—

—

764,137,500

Beverages

...........................

1,314,680,000

—

—

1,314,680,000

Biotechnology

.........................

976,820,000

—

—

976,820,000

Chemicals

...........................

816,320,000

124,910,624

—

941,230,624

Communications

Equipment

..............

171,050,000

—

—

171,050,000

Consumer

Staples

Distribution

&

Retail

......

134,550,000

—

—

134,550,000

Diversified

Telecommunication

Services

.....

307,650,000

—

—

307,650,000

Electric

Utilities

........................

1,547,975,041

—

—

1,547,975,041

Energy

Equipment

&

Services

.............

280,020,000

—

—

280,020,000

Food

Products

........................

398,315,000

—

—

398,315,000

Ground

Transportation

..................

754,171,500

—

—

754,171,500

Health

Care

Equipment

&

Supplies

.........

261,561,600

—

—

261,561,600

Health

Care

Providers

&

Services

..........

287,950,000

—

—

287,950,000

Hotels,

Restaurants

&

Leisure

.............

303,890,000

—

—

303,890,000

Household

Products

....................

1,152,375,000

—

—

1,152,375,000

Industrial

Conglomerates

................

421,000,000

—

—

421,000,000

IT

Services

...........................

599,300,000

—

—

599,300,000

Machinery

............................

156,456,000

—

—

156,456,000

Media

...............................

267,070,000

—

—

267,070,000

Metals

&

Mining

.......................

35,298,000

—

—

35,298,000

Multi-Utilities

..........................

806,933,847

—

—

806,933,847

Oil,

Gas

&

Consumable

Fuels

.............

3,498,555,000

—

—

3,498,555,000

Pharmaceuticals

.......................

2,399,236,266

—

119,512,692

2,518,748,958

Semiconductors

&

Semiconductor

Equipment

.

472,136,500

—

—

472,136,500

Specialty

Retail

........................

936,035,000

—

—

936,035,000

Technology

Hardware,

Storage

&

Peripherals

.

231,811,388

—

—

231,811,388

Management

Investment

Companies

.........

90,558,756

—

—

90,558,756

Equity-Linked

Securities

...................

—

14,848,472,435

—

14,848,472,435

Convertible

Preferred

Stocks

:

Aerospace

&

Defense

...................

388,200,600

—

—

388,200,600

Capital

Markets

........................

49,690,000

—

—

49,690,000

Chemicals

...........................

208,340,000

—

—

208,340,000

Electric

Utilities

........................

386,180,000

—

—

386,180,000

Financial

Services

......................

—

232,100,000

—

232,100,000

Preferred

Stocks

.........................

66,400,000

—

—

66,400,000

Convertible

Bonds

.......................

—

184,611,871

—

184,611,871

Corporate

Bonds

........................

—

25,546,942,433

—

25,546,942,433

Senior

Floating

Rate

Interests

...............

—

695,897,328

—

695,897,328

U.S.

Government

and

Agency

Securities

.......

—

5,262,245,416

—

5,262,245,416

Asset-Backed

Securities

...................

—

86,345,980

—

86,345,980

Mortgage-Backed

Securities

................

—

4,761,635,683

—

4,761,635,683

Escrows

and

Litigation

Trusts

...............

—

—

—

a

—

Short

Term

Investments

...................

162,137,897

2,490,890,675

—

2,653,028,572

Total

Investments

in

Securities

...........

$21,627,849,895

$54,391,627,432

d

$119,512,692

$76,138,990,019

#### Liabilities:
Other

Financial

Instruments:

Options

Written

..........................

$203,967,089

$—

$—

$203,967,089

Unfunded

Loan

Commitments

...............

—

629

—

629

Total

Other

Financial

Instruments

.........

$203,967,089

$629

$—

$203,967,718

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Assets:
Investments

in

Securities:

e

U.S.

Government

and

Agency

Securities

.......

$

—

$

52,754,395

$

—

$

52,754,395

Mortgage-Backed

Securities

................

—

2,020,916,561

—

2,020,916,561

Short

Term

Investments

...................

40,759,933

—

—

40,759,933

Total

Investments

in

Securities

...........

$40,759,933

$2,073,670,956

$—

$2,114,430,889

#### Franklin

#### Utilities

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Electric

Utilities

........................

4,296,787,830

10,923,275

—

4,307,711,105

Gas

Utilities

..........................

56,658,000

—

—

56,658,000

Independent

Power

and

Renewable

Electricity

Producers

..........................

473,928,000

113,172,953

—

587,100,953

Multi-Utilities

..........................

1,740,033,168

194,758,021

—

1,934,791,189

Oil,

Gas

&

Consumable

Fuels

.............

274,827,000

—

—

274,827,000

Water

Utilities

.........................

41,895,000

54,070,499

—

95,965,499

Short

Term

Investments

...................

18,834,175

—

—

18,834,175

Total

Investments

in

Securities

...........

$6,902,963,173

$372,924,748

f

$—

$7,275,887,921

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$276,366,518,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$106,132,258,

which

were

categorized

as

Level

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

$282,485,611,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

e

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

f

Includes

foreign

securities

valued

at

$372,924,748,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year

.

Level

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.

13. #### Operating

#### Segments
Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

14. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

#### Balance

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### a

#### Sales

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Year

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Year

#### End

#### a

#### Franklin

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

IT

Services

........

$

31,148,647

$

—

$

—

$

—

$

—

$

—

$

—

$

10,684,709

$

41,833,356

$

10,684,709

Software

..........

23,735,324

19,999,905

—

—

—

—

—

5,226,107

48,961,336

5,226,107

Convertible

Preferred

Stocks

:

Aerospace

&

Defense

.

25,000,003

—

—

—

—

—

—

28,092,598

53,092,601

28,092,598

IT

Services

........

3,015,216

—

—

—

—

—

—

1,034,288

4,049,504

1,034,288

Software

..........

89,474,848

—

—

—

—

—

—

12,425,237

101,900,085

12,425,237

Total

Investments

in

Securities

............

$172,374,038

$19,999,905

$—

$—

$—

$—

$—

$57,462,939

$249,836,882

$57,462,939

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

15. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

#### Abbreviations

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### BDC
Business

Development

Company

#### CME
Chicago

Mercantile

Exchange

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

Franklin

Custodian

Funds

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Custodian

Funds

and

Shareholders

of

Franklin

DynaTech

Fund,

Franklin

Growth

Fund,

Franklin

Income

Fund,

Franklin

U.S.

Government

Securities

Fund

and

Franklin

Utilities

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Franklin

DynaTech

Fund,

Franklin

Growth

Fund,

Franklin

Income

Fund,

Franklin

U.S.

Government

Securities

Fund

and

Franklin

Utilities

Fund

(constituting

Franklin

Custodian

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

September

30,

2025,

the

related

statements

of

operations

for

the

year

ended

September

30,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

September

30,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

September

30,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

September

30,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2025,

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

and

an

agent

bank,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

November

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Custodian

Funds

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Funds

below

hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

September

30,

2025:

Note

(1) -

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

#### Pursuant

#### to:

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

$270,658,020

$1,587,404,449

—

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$69,003,095

$116,858,610

$606,333,798

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$75,904,674

$139,019,856

$705,447,007

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

—

—

$1,970,541,560

Qualified

Business

Income

Dividends

Earned

§199A

—

—

$2,423,800

Section

163(j)

Interest

Dividends

Earned

§163(j)

—

$553,954

$2,279,219,933

Interest

Earned

from

Federal

Obligations

Note

(1) —

—

$276,283,890

#### Pursuant

#### to:

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Long-Term

Capital

Gain

Dividends

Distributed

§852(b)(3)(C)

—

$425,601,631

Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

—

$188,624,068

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

—

$203,155,524

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$75,343,465

—

Section

163(j)

Interest

Dividends

Earned

§163(j)

$75,343,465

$681,644

Interest

Earned

from

Federal

Obligations

Note

(1) $2,843,054

—

Franklin

Custodian

Funds

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### CUSTODIAN

#### FUNDS

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
(each

a

Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Custodian

Funds

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Custodian

Funds

franklintempleton.com

Annual

Report

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

each

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund's

performance

results

is

below.

With

respect

to

the

Franklin

Income

Fund,

Franklin

U.S.

Government

Securities

Fund,

and

Franklin

Utilities

Fund,

the

class

Broadridge

used

to

calculate

the

performance

(and

expense)

data

for

such

Funds

was

changed

from

Class

A1

to

Class

A

this

year.

Class

A1

was

historically

used

to

calculate

the

performance

data

as

the

class

has

a

longer

track

record

than

Class

A,

however,

Class

A

has

a

Rule

12b-1

fee

that

is

more

aligned

with

the

fee

charged

by

a

majority

of

the

Funds'

Performance

Universe

peers

and

is

available

for

new

investor

purchases

unlike

Class

A1

which

is

only

available

to

existing

Class

A1

shareholders.

Franklin

Custodian

Funds

franklintempleton.com

Annual

Report

*Franklin* 

*DynaTech*

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

multi-

cap

growth

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-,

five-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*Growth* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

multi-

cap

growth

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

three-

and

10-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

that,

although

below

median,

the

Fund

had

an

annualized

total

return

of

17.85%

and

12.39%

for

the

one-

and

five-year

periods,

respectively.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund

is

managed

in

a

more

conservative

manner

than

its

Performance

Universe

peers

with

an

emphasis

on

downside

protection.

Management

further

explained

that

the

Fund's

underperformance

relative

to

its

Performance

Universe

was

due

in

part

to

its

underweighting

to

the

Magnificent

Seven

stocks,

which

returned,

on

average,

over

75%

in

2024

versus

the

6.3%

return

of

the

Fund's

benchmark,

the

S&P

500

Total

Return

Index.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*Franklin* 

*Income* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

flexible

portfolio

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe

and

in

the

first

quintile

(best).

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-

related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*U.S.* 

*Government* 

*Securities* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

Government

National

Mortgage

Association

(Ginnie

Mae)

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

five-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-

and

three-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

the

Fund's

conservative

policy

of

investing

substantially

all

of

its

assets

in

Ginnie

Mae

obligations

and

that,

although

below

the

median,

the

Fund

had

an

annualized

income

return

of

3.32%

and

3.00%

for

the

one-

and

three-year

periods,

respectively.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

acceptable.

*Franklin* 

*Utilities* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

utility

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

each

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

Franklin

Custodian

Funds

franklintempleton.com

Annual

Report

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Franklin

DynaTech

Fund

and

Franklin

Growth

Fund

and

for

each

other

fund

in

the

applicable

Expense

Group.

The

actual

expense

ratio

was

shown

for

Class

A

shares

for

the

Franklin

Income

Fund

and

for

Class

A

shares

and

Class

M

shares

for

the

other

funds

in

the

Fund's

Expense

Group.

The

actual

total

expense

ratio

was

shown

for

Class

A

shares

for

the

Franklin

U.S.

Government

Securities

Fund

and

Franklin

Utilities

Fund

and

for

Class

A

shares

for

each

other

fund

in

the

applicable

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

*Franklin* 

*DynaTech*

*Fund,* 

*Franklin* 

*Growth* 

*Fund,* 

*Franklin* 

*Income* 

*Fund* 

*and* 

*Franklin* 

*Utilities* 

*Fund*

-

The

Expense

Group

for

the

Franklin

DynaTech

Fund

included

the

Fund

and

other

multi-cap

growth

funds.

The

Expense

Group

for

the

Franklin

Growth

Fund

included

the

Fund

and

other

multi-cap

growth

funds.

The

Expense

Group

for

the

Franklin

Income

Fund

included

the

Fund

and

other

flexible

portfolio

funds.

The

Expense

Group

for

the

Franklin

Utilities

Fund

included

the

Fund

and

six

other

utility

funds.

The

Board

noted

that

the

Management

Rates

and

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

and

in

the

first

quintile

(least

expensive)

of

their

respective

Expense

Groups.

The

Board

concluded

that

the

Management

Rates

charged

to

the

Funds

are

reasonable.

*Franklin* 

*U.S.* 

*Government* 

*Securities* 

*Fund*

-

The

Expense

Group

for

the

Fund

included

the

Fund,

three

other

Ginnie

Mae

funds

and

three

US

mortgage

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

essentially

equal

to

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

below

the

median

and

in

the

first

quintile

(least

expensive)

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds'

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds'

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

Franklin

Custodian

Funds

franklintempleton.com

Annual

Report

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

each

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

FCF-AFSOI

11/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded
 that the Registrant's disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940,
 as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the
 disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under
 the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fcf-efp18887_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fcf-efp18887_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fcf-efp18887_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Custodian Funds**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | November 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | November 28, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | November 28, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Custodian Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: November 28, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Custodian Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

Date: November 28, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Custodian Funds (the "Registrant"), each certify to the best of** their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **September 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Custodian Funds | Franklin Custodian Funds |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: November 28, 2025 | Date: November 28, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.