# EDGAR Filing Document

**Accession Number:** 0000038721
**File Stem:** 0001133228-26-008610
**Filing Date:** 2026-6
**Character Count:** 421716
**Document Hash:** 7d09c9e7ded4ae5ddb9eb6895fabd344
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008610.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001133228-26-008610

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00537
- **FILM NUMBER:** 261049706

**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'? 2026-04-2074200010200_FranklinDynaTechFund_ClassA_TSRSemiAnnual

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 <u>**811-00537**</u> 

 **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: **March 31, 2026**

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) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A | $36 | 0.77% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $24767036339 |
| **Total Number of Portfolio Holdings** | 98 |
| **Portfolio Turnover Rate** | 14.67% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts6999img003.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 |

---

Franklin DynaTech Fund PAGE 1 108-STSR-0526

53.113.513.18.86.53.20.71.1 ------

---

| | |
|:---|:---|
| **Franklin DynaTech Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FDYNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C | $71 | 1.52% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $24767036339 |
| **Total Number of Portfolio Holdings** | 98 |
| **Portfolio Turnover Rate** | 14.67% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7001img003.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 |

---

Franklin DynaTech Fund PAGE 1 208-STSR-0526

53.113.513.18.86.53.20.71.1 ------

---

| | |
|:---|:---|
| **Franklin DynaTech Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FDNRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R | $48 | 1.02% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $24767036339 |
| **Total Number of Portfolio Holdings** | 98 |
| **Portfolio Turnover Rate** | 14.67% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7004img003.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 |

---

Franklin DynaTech Fund PAGE 1 818-STSR-0526

53.113.513.18.86.53.20.71.1 ------

---

| | |
|:---|:---|
| **Franklin DynaTech Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FDTRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6 | $21 | 0.44% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $24767036339 |
| **Total Number of Portfolio Holdings** | 98 |
| **Portfolio Turnover Rate** | 14.67% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7002img003.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 |

---

Franklin DynaTech Fund PAGE 1 328-STSR-0526

53.113.513.18.86.53.20.71.1 ------

---

| | |
|:---|:---|
| **Franklin DynaTech Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FDYZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin DynaTech Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Advisor Class | $24 | 0.52% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $24767036339 |
| **Total Number of Portfolio Holdings** | 98 |
| **Portfolio Turnover Rate** | 14.67% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7003img003.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 |

---

Franklin DynaTech Fund PAGE 1 628-STSR-0526

53.113.513.18.86.53.20.71.1 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKGRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A | $38 | 0.78% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $16109092546 |
| **Total Number of Portfolio Holdings** | 86 |
| **Portfolio Turnover Rate** | 4.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7045img003.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 |

---

Franklin Growth Fund PAGE 1 106-STSR-0526

36.118.611.49.58.65.93.92.71.51.8 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRGSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C | $75 | 1.53% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $16109092546 |
| **Total Number of Portfolio Holdings** | 86 |
| **Portfolio Turnover Rate** | 4.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7048img003.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 |

---

Franklin Growth Fund PAGE 1 206-STSR-0526

36.118.611.49.58.65.93.92.71.51.8 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FGSRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R | $50 | 1.03% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $16109092546 |
| **Total Number of Portfolio Holdings** | 86 |
| **Portfolio Turnover Rate** | 4.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7047img003.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 |

---

Franklin Growth Fund PAGE 1 806-STSR-0526

36.118.611.49.58.65.93.92.71.51.8 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FIFRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6 | $22 | 0.46% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $16109092546 |
| **Total Number of Portfolio Holdings** | 86 |
| **Portfolio Turnover Rate** | 4.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7046img003.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 |

---

Franklin Growth Fund PAGE 1 366-STSR-0526

36.118.611.49.58.65.93.92.71.51.8 ------

---

| | |
|:---|:---|
| **Franklin Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCGAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Advisor Class | $26 | 0.53% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $16109092546 |
| **Total Number of Portfolio Holdings** | 86 |
| **Portfolio Turnover Rate** | 4.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7044img003.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 |

---

Franklin Growth Fund PAGE 1 606-STSR-0526

36.118.611.49.58.65.93.92.71.51.8 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKIQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A | $36 | 0.71% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $78648047379 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 534 |
| **Portfolio Turnover Rate** | 32.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7007img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 |

---

Franklin Income Fund PAGE 1 1109-STSR-0526

33.425.321.38.05.52.71.10.10.10.10.02.4 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKINX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A1 | $31 | 0.61% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $78648047379 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 534 |
| **Portfolio Turnover Rate** | 32.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7006img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 |

---

Franklin Income Fund PAGE 1 109-STSR-0526

33.425.321.38.05.52.71.10.10.10.10.02.4 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCISX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C | $57 | 1.11% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $78648047379 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 534 |
| **Portfolio Turnover Rate** | 32.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7008img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 |

---

Franklin Income Fund PAGE 1 209-STSR-0526

33.425.321.38.05.52.71.10.10.10.10.02.4 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FISRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R | $49 | 0.96% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $78648047379 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 534 |
| **Portfolio Turnover Rate** | 32.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7010img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 |

---

Franklin Income Fund PAGE 1 809-STSR-0526

33.425.321.38.05.52.71.10.10.10.10.02.4 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FNCFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6 | $21 | 0.41% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $78648047379 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 534 |
| **Portfolio Turnover Rate** | 32.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7009img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 |

---

Franklin Income Fund PAGE 1 390-STSR-0526

33.425.321.38.05.52.71.10.10.10.10.02.4 ------

---

| | |
|:---|:---|
| **Franklin Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRIAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Income Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Advisor Class | $24 | 0.46% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $78648047379 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 534 |
| **Portfolio Turnover Rate** | 32.71% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7005img003.jpg)

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

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![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 |

---

Franklin Income Fund PAGE 1 609-STSR-0526

33.425.321.38.05.52.71.10.10.10.10.02.4 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKFSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A | $44 | 0.88% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2030864270 |
| **Total Number of Portfolio Holdings** | 573 |
| **Portfolio Turnover Rate** | 7.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts6994img003.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 |

---

Franklin U.S. Government Securities Fund PAGE 1 1110-STSR-0526

94.92.52.6 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKUSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A1 | $39 | 0.77% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2030864270 |
| **Total Number of Portfolio Holdings** | 573 |
| **Portfolio Turnover Rate** | 7.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts6993img003.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 |

---

Franklin U.S. Government Securities Fund PAGE 1 110-STSR-0526

94.92.52.6 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRUGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C | $64 | 1.27% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2030864270 |
| **Total Number of Portfolio Holdings** | 573 |
| **Portfolio Turnover Rate** | 7.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts6995img003.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 |

---

Franklin U.S. Government Securities Fund PAGE 1 210-STSR-0526

94.92.52.6 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FUSRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R | $56 | 1.12% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2030864270 |
| **Total Number of Portfolio Holdings** | 573 |
| **Portfolio Turnover Rate** | 7.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts6998img003.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 |

---

Franklin U.S. Government Securities Fund PAGE 1 810-STSR-0526

94.92.52.6 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FGORX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6 | $26 | 0.52% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2030864270 |
| **Total Number of Portfolio Holdings** | 573 |
| **Portfolio Turnover Rate** | 7.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts6996img003.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 |

---

Franklin U.S. Government Securities Fund PAGE 1 320-STSR-0526

94.92.52.6 ------

---

| | |
|:---|:---|
| **Franklin U.S. Government Securities Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FUSAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin U.S. Government Securities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Advisor Class | $32 | 0.63% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2030864270 |
| **Total Number of Portfolio Holdings** | 573 |
| **Portfolio Turnover Rate** | 7.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts6997img003.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 |

---

Franklin U.S. Government Securities Fund PAGE 1 610-STSR-0526

94.92.52.6 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKUQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A | $42 | 0.81% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7742937020 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 3.96% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7041img003.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 |

---

Franklin Utilities Fund PAGE 1 1107-STSR-0526

96.43.10.5 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKUTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A1 | $37 | 0.71% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7742937020 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 3.96% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7040img003.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 |

---

Franklin Utilities Fund PAGE 1 107-STSR-0526

96.43.10.5 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRUSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C | $63 | 1.21% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7742937020 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 3.96% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7043img003.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 |

---

Franklin Utilities Fund PAGE 1 207-STSR-0526

96.43.10.5 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FRURX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R | $55 | 1.06% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7742937020 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 3.96% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7038img003.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 |

---

Franklin Utilities Fund PAGE 1 807-STSR-0526

96.43.10.5 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FUFRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6 | $26 | 0.50% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7742937020 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 3.96% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7042img003.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 |

---

Franklin Utilities Fund PAGE 1 370-STSR-0526

96.43.10.5 ------

---

| | |
|:---|:---|
| **Franklin Utilities Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRUAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Utilities Fund for the period October 1, 2025, to March 31, 2026.

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 SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Advisor Class | $29 | 0.56% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7742937020 |
| **Total Number of Portfolio Holdings** | 42 |
| **Portfolio Turnover Rate** | 3.96% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7039img003.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 |

---

Franklin Utilities Fund PAGE 1 607-STSR-0526

96.43.10.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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;(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;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Custodian

#### Funds

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

March 31, 2026

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 63
Notes

to

Financial

Statements

#### 73
Changes

In

and

Disagreements

with

Accountants

#### 100
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$208.38

$165.87

$116.42

$92.78

$157.23

$121.24

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.48)

(0.80)

(0.59)

(0.38)

(0.64)

(0.82)

Net

realized

and

unrealized

gains

(losses)

(21.23)

43.31 50.04 24.02 (61.59)

36.81 Total

from

investment

operations

........

(21.71)

42.51 49.45 23.64 (62.23)

35.99 Less

distributions

from:

Net

realized

gains

.................

(20.80)

—

—

—

(2.22)

—

Net

asset

value,

end

of

period

..........

$165.87

$208.38

$165.87

$116.42

$92.78

$157.23

Total

return

c

.......................

(11.61)%

25.63%

42.49%

25.47%

(40.15)%

29.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.77%

0.77%

0.79%

0.83%

f

0.82%

f

0.79%

f

Net

investment

(loss)

................

(0.50)%

(0.45)%

(0.41)%

(0.35)%

(0.50)%

(0.56)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$12,413,952

$14,514,167

$11,920,330

$8,669,145

$7,214,315

$12,129,483

Portfolio

turnover

rate

................

14.67%

g

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$164.16

$131.65

$93.09

$74.75

$128.06

$99.49

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.93)

(1.68)

(1.34)

(0.95)

(1.29)

(1.55)

Net

realized

and

unrealized

gains

(losses)

(16.15)

34.19 39.90 19.29 (49.80)

30.12 Total

from

investment

operations

........

(17.08)

32.51 38.56 18.34 (51.09)

28.57 Less

distributions

from:

Net

realized

gains

.................

(20.80)

—

—

—

(2.22)

—

Net

asset

value,

end

of

period

..........

$126.28

$164.16

$131.65

$93.09

$74.75

$128.06

Total

return

c

.......................

(11.94)%

24.69%

41.41%

24.55%

(40.60)%

28.72%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.52%

1.52%

1.54%

1.58%

f

1.57%

f

1.54%

f

Net

investment

(loss)

................

(1.25)%

(1.20)%

(1.16)%

(1.10)%

(1.26)%

(1.31)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$802,025

$1,014,886

$947,544

$774,154

$715,976

$1,339,016

Portfolio

turnover

rate

................

14.67%

g

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$198.71

$158.57

$111.57

$89.14

$151.52

$117.13

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.68)

(1.19)

(0.92)

(0.62)

(0.91)

(1.14)

Net

realized

and

unrealized

gains

(losses)

(20.12)

41.33 47.92 23.05 (59.25)

35.53 Total

from

investment

operations

........

(20.80)

40.14 47.00 22.43 (60.16)

34.39 Less

distributions

from:

Net

realized

gains

.................

(20.80)

—

—

—

(2.22)

—

Net

asset

value,

end

of

period

..........

$157.11

$198.71

$158.57

$111.57

$89.14

$151.52

Total

return

c

.......................

(11.73)%

25.32%

42.12%

25.16%

(40.29)%

29.36%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.02%

1.02%

1.04%

1.08%

f

1.07%

f

1.04%

f

Net

investment

(loss)

................

(0.75)%

(0.70)%

(0.66)%

(0.60)%

(0.75)%

(0.81)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$250,489

$299,989

$268,319

$212,068

$188,831

$311,646

Portfolio

turnover

rate

................

14.67%

g

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$222.28

$176.35

$123.35

$97.95

$165.26

$127.01

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.18)

(0.22)

(0.11)

—

c

(0.18)

(0.36)

Net

realized

and

unrealized

gains

(losses)

(22.84)

46.15 53.11 25.40 (64.91)

38.61 Total

from

investment

operations

........

(23.02)

45.93 53.00 25.40 (65.09)

38.25 Less

distributions

from:

Net

realized

gains

.................

(20.80)

—

—

—

(2.22)

—

Net

asset

value,

end

of

period

..........

$178.46

$222.28

$176.35

$123.35

$97.95

$165.26

Total

return

d

.......................

(11.47)%

26.04%

42.97%

25.92%

(39.92)%

30.12%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.44%

0.44%

0.45%

0.48%

0.46%

0.46%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.44%

f

0.44%

f

0.45%

f

0.47%

g

0.45%

g

0.46%

f,g

Net

investment

income

(loss)

..........

(0.17)%

(0.12)%

(0.07)%

—%

h

(0.13)%

(0.23)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$7,943,796

$9,653,041

$8,980,818

$7,515,703

$6,322,021

$9,820,184

Portfolio

turnover

rate

................

14.67%

i

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

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Rounds

to

less

than

0.01%.

i

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$218.68

$173.63

$121.56

$96.64

$163.27

$125.58

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.25)

(0.37)

(0.24)

(0.11)

(0.34)

(0.48)

Net

realized

and

unrealized

gains

(losses)

(22.43)

45.42 52.31 25.03 (64.07)

38.17 Total

from

investment

operations

........

(22.68)

45.05 52.07 24.92 (64.41)

37.69 Less

distributions

from:

Net

realized

gains

.................

(20.80)

—

—

—

(2.22)

—

Net

asset

value,

end

of

period

..........

$175.20

$218.68

$173.63

$121.56

$96.64

$163.27

Total

return

c

.......................

(11.50)%

25.95%

42.83%

25.79%

(39.99)%

30.01%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.52%

0.52%

0.54%

0.58%

f

0.57%

f

0.54%

f

Net

investment

(loss)

................

(0.25)%

(0.20)%

(0.16)%

(0.10)%

(0.26)%

(0.32)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,356,773

$3,966,939

$3,280,611

$2,499,474

$2,280,138

$4,352,531

Portfolio

turnover

rate

................

14.67%

g

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

period

information.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Franklin

#### DynaTech

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.0%

#### Aerospace

#### &

#### Defense

#### 2.9%
a

Axon

Enterprise,

Inc.

.................................

United

States

600,000

$

254,814,000

Elbit

Systems

Ltd.

...................................

Israel

110,000

93,399,900

a

Karman

Holdings,

Inc.

................................

United

States

1,200,000

96,060,000

a

Kratos

Defense

&

Security

Solutions,

Inc.

.................

United

States

2,500,000

176,275,000

a

Rocket

Lab

Corp.

...................................

United

States

1,400,000

89,908,000

710,456,900

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
CH

Robinson

Worldwide,

Inc.

..........................

United

States

25,000

4,151,750

#### Automobiles

#### 2.7%
a

Tesla,

Inc.

.........................................

United

States

1,800,000

669,150,000

#### Biotechnology

#### 4.5%
a

Arcutis

Biotherapeutics,

Inc.

...........................

United

States

400,000

9,424,000

a

Argenx

SE

........................................

Netherlands

200,000

145,147,818

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

1,100,000

251,603,000

a

BeOne

Medicines

Ltd.

,

ADR

...........................

United

States

150,000

44,545,500

a

Bridgebio

Pharma,

Inc.

...............................

United

States

600,000

44,556,000

a

Insmed,

Inc.

.......................................

United

States

700,000

114,464,000

a

Ionis

Pharmaceuticals,

Inc.

............................

United

States

800,000

60,072,000

a

Krystal

Biotech,

Inc.

.................................

United

States

150,000

38,748,000

a

Natera,

Inc.

........................................

United

States

1,450,000

289,985,500

a

Revolution

Medicines,

Inc.

.............................

United

States

250,000

24,312,500

a

Samsung

Episholdings

Co.

Ltd.

.........................

South

Korea

20,000

6,791,182

a

United

Therapeutics

Corp.

.............................

United

States

150,000

88,947,000

1,118,596,500

#### Broadline

#### Retail

#### 9.6%
a

Amazon.com,

Inc.

...................................

United

States

10,000,000

2,082,700,000

eBay,

Inc.

.........................................

United

States

100,000

9,102,000

a

MercadoLibre,

Inc.

..................................

Brazil

160,000

276,643,200

2,368,445,200

#### Capital

#### Markets

#### 0.4%
a

Robinhood

Markets,

Inc.

,

A

............................

United

States

1,500,000

103,950,000

#### Communications

#### Equipment

#### 1.3%
a

Arista

Networks,

Inc.

.................................

United

States

2,000,000

245,560,000

a

Lumentum

Holdings,

Inc.

..............................

United

States

100,000

70,276,000

315,836,000

#### Construction

#### &

#### Engineering

#### 1.0%
a

Legence

Corp.

,

A

...................................

United

States

1,450,000

81,867,000

Quanta

Services,

Inc.

................................

United

States

280,000

153,725,600

235,592,600

#### Electrical

#### Equipment

#### 2.4%
a

Bloom

Energy

Corp.

,

A

...............................

United

States

1,700,000

230,333,000

a

Forgent

Power

Solutions,

Inc.

,

A

........................

United

States

1,200,000

35,124,000

GE

Vernova,

Inc.

....................................

United

States

275,000

240,047,500

a

Nextpower,

Inc.

,

A

...................................

United

States

300,000

36,165,000

Vertiv

Holdings

Co.

,

A

................................

United

States

200,000

50,116,000

591,785,500

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 4.0%
Advanced

Energy

Industries,

Inc.

.......................

United

States

50,000

16,135,500

Amphenol

Corp.

,

A

..................................

United

States

2,350,000

296,922,500

a

Celestica,

Inc.

......................................

Canada

2,000,000

563,360,000

a

Coherent

Corp.

.....................................

United

States

150,000

35,731,500

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
(continued)

a

Fabrinet

..........................................

Thailand

150,000

$

78,228,000

a

TTM

Technologies,

Inc.

...............................

United

States

125,000

12,177,500

1,002,555,000

#### Energy

#### Equipment

#### &

#### Services

#### 0.7%
Baker

Hughes

Co.

,

A

.................................

United

States

350,000

21,367,500

a

Oceaneering

International,

Inc.

.........................

United

States

600,000

21,282,000

TechnipFMC

plc

....................................

United

Kingdom

2,000,000

138,260,000

180,909,500

#### Entertainment

#### 1.6%
a

Netflix,

Inc.

........................................

United

States

4,000,000

384,600,000

#### Financial

#### Services

#### 2.7%
Mastercard,

Inc.

,

A

..................................

United

States

750,000

374,745,000

Visa,

Inc.

,

A

........................................

United

States

1,000,000

302,240,000

676,985,000

#### Ground

#### Transportation

#### 0.1%
a

Uber

Technologies,

Inc.

...............................

United

States

500,000

35,965,000

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.2%
a

IDEXX

Laboratories,

Inc.

..............................

United

States

100,000

56,189,000

a

Intuitive

Surgical,

Inc.

................................

United

States

500,000

230,495,000

a

Kestra

Medical

Technologies

Ltd.

.......................

United

States

400,000

7,972,000

a

Medline,

Inc.

,

A

.....................................

United

States

300,000

13,350,000

308,006,000

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.8%
a

Guardant

Health,

Inc.

................................

United

States

1,750,000

161,647,500

a

Hinge

Health,

Inc.

,

A

.................................

United

States

700,000

26,992,000

188,639,500

#### Health

#### Care

#### Technology

#### 0.1%
a

HeartFlow,

Inc.

.....................................

United

States

750,000

18,247,500

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.9%
Booking

Holdings,

Inc.

...............................

United

States

25,000

105,258,000

a

DoorDash,

Inc.

,

A

...................................

United

States

800,000

120,120,000

225,378,000

#### Interactive

#### Media

#### &

#### Services

#### 11.6%
Alphabet,

Inc.

,

A

....................................

United

States

6,000,000

1,725,360,000

Meta

Platforms,

Inc.

,

A

...............................

United

States

2,000,000

1,144,260,000

2,869,620,000

#### IT

#### Services

#### 3.9%
a

Akamai

Technologies,

Inc.

.............................

United

States

100,000

11,485,000

a

Cloudflare,

Inc.

,

A

...................................

United

States

2,000,000

412,680,000

a

Shopify,

Inc.

,

A

.....................................

Canada

4,500,000

533,944,361

958,109,361

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.2%
a,b

Samsung

Biologics

Co.

Ltd.

,

144A

,

Reg

S

.................

South

Korea

15,000

15,372,992

a

Tempus

AI,

Inc.

,

A

...................................

United

States

1,000,000

45,220,000

60,592,992

#### Machinery

#### 0.1%
a

Symbotic,

Inc.

,

A

....................................

United

States

500,000

26,600,000

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Pharmaceuticals

#### 2.0%
AstraZeneca

plc

....................................

United

Kingdom

50,000

$

9,861,000

a

Axsome

Therapeutics,

Inc.

............................

United

States

125,000

21,127,500

Eli

Lilly

&

Co.

......................................

United

States

300,000

275,931,000

a

Jazz

Pharmaceuticals

plc

.............................

United

States

375,000

70,893,750

a

Ligand

Pharmaceuticals,

Inc.

...........................

United

States

525,000

104,816,250

a

Tarsus

Pharmaceuticals,

Inc.

...........................

United

States

100,000

7,015,000

489,644,500

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 28.1%
Advantest

Corp.

....................................

Japan

250,000

34,501,667

Analog

Devices,

Inc.

.................................

United

States

250,000

79,535,000

a

ARM

Holdings

plc

,

ADR

..............................

United

States

100,000

15,128,000

ASML

Holding

NV

,

ADR

..............................

Netherlands

120,000

158,499,600

Broadcom,

Inc.

.....................................

United

States

4,750,000

1,470,172,500

KLA

Corp.

.........................................

United

States

260,000

382,826,600

Lam

Research

Corp.

.................................

United

States

2,100,000

448,686,000

Micron

Technology,

Inc.

...............................

United

States

125,000

42,230,000

Monolithic

Power

Systems,

Inc.

.........................

United

States

250,000

273,337,500

NVIDIA

Corp.

......................................

United

States

18,000,000

3,139,200,000

a

SiTime

Corp.

.......................................

United

States

100,000

34,535,000

SK

Hynix,

Inc.

......................................

South

Korea

300,000

170,209,538

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

2,000,000

675,900,000

Teradyne,

Inc.

......................................

United

States

25,000

7,411,500

a

Tower

Semiconductor

Ltd.

.............................

Israel

100,000

17,548,000

6,949,720,905

#### Software

#### 11.0%
a

AppLovin

Corp.

,

A

...................................

United

States

800,000

318,400,000

a

Cadence

Design

Systems,

Inc.

.........................

United

States

500,000

138,935,000

a

Circle

Internet

Group,

Inc.

,

A

...........................

United

States

150,000

14,311,500

a

Crowdstrike

Holdings,

Inc.

,

A

...........................

United

States

200,000

78,082,000

Intuit,

Inc.

.........................................

United

States

50,000

21,619,000

Microsoft

Corp.

.....................................

United

States

4,500,000

1,665,765,000

a

Palantir

Technologies,

Inc.

,

A

...........................

United

States

1,750,000

255,990,000

a

Palo

Alto

Networks,

Inc.

..............................

United

States

750,000

120,240,000

a

Synopsys,

Inc.

.....................................

United

States

250,000

99,120,000

2,712,462,500

#### Specialty

#### Retail

#### 0.3%
a

Carvana

Co.

,

A

.....................................

United

States

250,000

78,595,000

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 4.9%
Apple,

Inc.

........................................

United

States

4,200,000

1,065,918,000

a

Sandisk

Corp.

......................................

United

States

250,000

158,835,000

1,224,753,000

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 10,549,896,950

####)
.................................

#### 24,509,348,208

#### Warrants

#### 0.0%

#### Software

#### 0.0%
a,c

Constellation

Software,

Inc.

,

3/31/40

.....................

Canada

50,000

—

#### Total

#### Warrants

#### (Cost

#### $

#### –

####)
....................................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 10,549,896,950

####)
..........................

#### 24,509,348,208

#### a
Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### DynaTech

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 1.1%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.1%
d,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.578 %

.........................................

United

States

272,993,493

$

272,993,493

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 272,993,493

####)
...............................

#### 272,993,493

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 272,993,493

####)
.............................

#### 272,993,493

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 10,822,890,443

####)
100.1 #### %
.............................

#### $24,782,341,701

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.1 ####)

#### %
.........................................

#### (15,305,362)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $24,767,036,339

#### a
See

Abbreviations

on

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

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

March

31,

2026,

the

value

of

this

security

was

$15,372,992,

representing

0.1%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

d

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$151.53

$145.74

$115.08

$105.41

$151.73

$129.91

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.03)

0.04 0.09 0.19 0.01 (0.06)

Net

realized

and

unrealized

gains

(losses)

(5.00)

16.88 38.24 20.19 (32.51)

32.67 Total

from

investment

operations

........

(5.03)

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

.................

(19.35)

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Total

distributions

...................

(19.35)

(11.13)

(7.67)

(10.71)

(13.82)

(10.79)

Net

asset

value,

end

of

period

..........

$127.15

$151.53

$145.74

$115.08

$105.41

$151.73

Total

return

c

.......................

(4.08)%

12.53%

34.70%

20.43%

(23.83)%

26.44%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.78%

0.78%

0.79%

0.80%

0.80%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.78%

e

0.77%

0.79%

e

0.80%

e,f

0.80%

e,f

0.79%

e,f

Net

investment

income

(loss)

..........

(0.04)%

0.03%

0.07%

0.17%

0.01%

(0.04)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$11,700,340

$13,029,087

$12,619,339

$10,072,509

$9,118,403

$12,927,577

Portfolio

turnover

rate

................

4.71%

g

8.28%

g

7.35%

2.86%

4.95%

g

6.04%

g

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

and

for

current

period

and

prior

year

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$124.11

$122.17

$98.08

$91.92

$134.93

$117.27

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.45)

(0.83)

(0.76)

(0.57)

(0.87)

(1.01)

Net

realized

and

unrealized

gains

(losses)

(3.87)

13.85 32.30 17.44 (28.32)

29.28 Total

from

investment

operations

........

(4.32)

13.02 31.54 16.87 (29.19)

28.27 Less

distributions

from:

Net

realized

gains

.................

(19.35)

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Net

asset

value,

end

of

period

..........

$100.44

$124.11

$122.17

$98.08

$91.92

$134.93

Total

return

c

.......................

(4.45)%

11.69%

33.69%

19.53%

(24.40)%

25.51%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.53%

1.53%

1.54%

1.55%

1.55%

1.54%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.53%

e

1.52%

1.54%

e

1.55%

e,f

1.55%

e,f

1.54%

e,f

Net

investment

(loss)

................

(0.79)%

(0.72)%

(0.68)%

(0.59)%

(0.75)%

(0.79)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$257,400

$311,475

$355,424

$333,956

$407,722

$666,348

Portfolio

turnover

rate

................

4.71%

g

8.28%

g

7.35%

2.86%

4.95%

g

6.04%

g

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

and

for

current

period

and

prior

year

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$148.87

$143.66

$113.60

$104.43

$150.77

$129.28

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.20)

(0.30)

(0.24)

(0.10)

(0.32)

(0.41)

Net

realized

and

unrealized

gains

(losses)

(4.89)

16.59 37.75 19.98 (32.20)

32.51 Total

from

investment

operations

........

(5.09)

16.29 37.51 19.88 (32.52)

32.10 Less

distributions

from:

Net

realized

gains

.................

(19.35)

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Net

asset

value,

end

of

period

..........

$124.43

$148.87

$143.66

$113.60

$104.43

$150.77

Total

return

c

.......................

(4.21)%

12.25%

34.36%

20.13%

(24.01)%

26.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.03%

1.03%

1.04%

1.05%

1.05%

1.04%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.03%

e

1.02%

1.04%

e

1.05%

e,f

1.05%

e,f

1.04%

e,f

Net

investment

(loss)

................

(0.29)%

(0.22)%

(0.18)%

(0.09)%

(0.25)%

(0.29)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$248,103

$285,538

$305,786

$256,889

$249,874

$395,301

Portfolio

turnover

rate

................

4.71%

g

8.28%

g

7.35%

2.86%

4.95%

g

6.04%

g

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

and

for

current

period

and

prior

year

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$153.18

$147.22

$116.16

$106.22

$152.40

$130.31

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.20 0.49 0.52 0.56 0.46 0.41 Net

realized

and

unrealized

gains

(losses)

(5.06)

17.06 38.60 20.34 (32.72)

32.76 Total

from

investment

operations

........

(4.86)

17.55 39.12 20.90 (32.26)

33.17 Less

distributions

from:

Net

investment

income

..............

(0.42)

(0.51)

(0.61)

(0.25)

(0.10)

(0.47)

Net

realized

gains

.................

(19.35)

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Total

distributions

...................

(19.77)

(11.59)

(8.06)

(10.96)

(13.92)

(11.08)

Net

asset

value,

end

of

period

..........

$128.55

$153.18

$147.22

$116.16

$106.22

$152.40

Total

return

c

.......................

(3.94)%

12.89%

35.14%

20.83%

(23.57)%

26.86%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.46%

0.46%

0.46%

0.47%

f

0.46%

f

0.47%

f

Net

investment

income

...............

0.27%

0.35%

0.39%

0.49%

0.34%

0.29%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,997,100

$2,369,467

$2,735,878

$2,114,155

$2,000,923

$3,113,946

Portfolio

turnover

rate

................

4.71%

g

8.28%

g

7.35%

2.86%

4.95%

g

6.04%

g

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

and

for

current

period

and

prior

year

information.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$153.30

$147.28

$116.21

$106.25

$152.47

$130.38

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.15 0.39 0.42 0.47 0.34 0.30 Net

realized

and

unrealized

gains

(losses)

(5.08)

17.08 38.62 20.36 (32.74)

32.79 Total

from

investment

operations

........

(4.93)

17.47 39.04 20.83 (32.40)

33.09 Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.37)

(0.52)

(0.16)

—

(0.39)

Net

realized

gains

.................

(19.35)

(11.08)

(7.45)

(10.71)

(13.82)

(10.61)

Total

distributions

...................

(19.66)

(11.45)

(7.97)

(10.87)

(13.82)

(11.00)

Net

asset

value,

end

of

period

..........

$128.71

$153.30

$147.28

$116.21

$106.25

$152.47

Total

return

c

.......................

(3.97)%

12.82%

35.04%

20.73%

(23.64)%

26.76%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.53%

0.52%

0.54%

0.55%

f

0.55%

f

0.54%

f

Net

investment

income

...............

0.21%

0.27%

0.32%

0.42%

0.25%

0.21%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,906,150

$2,384,642

$3,353,961

$2,860,970

$2,652,765

$4,229,679

Portfolio

turnover

rate

................

4.71%

g

8.28%

g

7.35%

2.86%

4.95%

g

6.04%

g

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

(h)

and

for

current

period

and

prior

year

information.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Franklin

#### Growth

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 96.6%

#### Aerospace

#### &

#### Defense

#### 5.0%
BWX

Technologies,

Inc.

..............................

United

States

822,679

$

168,229,629

Curtiss-Wright

Corp.

.................................

United

States

241,851

164,729,553

Northrop

Grumman

Corp.

.............................

United

States

444,809

303,466,492

RTX

Corp.

........................................

United

States

882,286

170,192,969

806,618,643

#### Beverages

#### 1.4%
a

Monster

Beverage

Corp.

..............................

United

States

3,041,359

220,376,873

#### Biotechnology

#### 0.6%
AbbVie,

Inc.

.......................................

United

States

412,189

89,646,986

#### Broadline

#### Retail

#### 4.9%
a

Amazon.com,

Inc.

...................................

United

States

3,593,324

748,381,589

a

MercadoLibre,

Inc.

..................................

Brazil

26,585

45,965,997

794,347,586

#### Building

#### Products

#### 2.9%
Johnson

Controls

International

plc

.......................

United

States

1,591,156

208,361,878

Trane

Technologies

plc

...............................

United

States

627,414

261,468,511

469,830,389

#### Capital

#### Markets

#### 5.0%
BlackRock,

Inc.

.....................................

United

States

158,524

152,454,116

Charles

Schwab

Corp.

(The)

...........................

United

States

1,988,917

186,918,420

Intercontinental

Exchange,

Inc.

.........................

United

States

1,277,457

200,918,437

S&P

Global,

Inc.

....................................

United

States

376,416

160,104,781

Tradeweb

Markets,

Inc.

,

A

.............................

United

States

858,052

100,958,398

801,354,152

#### Chemicals

#### 2.7%
Ecolab,

Inc.

........................................

United

States

558,977

148,699,062

Linde

plc

..........................................

United

States

586,827

290,925,353

439,624,415

#### Commercial

#### Services

#### &

#### Supplies

#### 0.8%
Republic

Services,

Inc.

,

A

.............................

United

States

583,401

127,776,487

#### Communications

#### Equipment

#### 0.5%
Motorola

Solutions,

Inc.

...............................

United

States

191,984

83,315,296

#### Construction

#### Materials

#### 1.2%
Martin

Marietta

Materials,

Inc.

..........................

United

States

316,292

186,194,775

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.4%
Costco

Wholesale

Corp.

..............................

United

States

220,134

219,348,122

#### Electric

#### Utilities

#### 1.5%
Entergy

Corp.

......................................

United

States

212,569

23,884,253

NextEra

Energy,

Inc.

.................................

United

States

2,417,070

224,497,461

248,381,714

#### Electrical

#### Equipment

#### 1.4%
AMETEK,

Inc.

......................................

United

States

722,202

154,811,221

nVent

Electric

plc

...................................

United

States

610,239

72,179,069

226,990,290

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3.2%
Amphenol

Corp.

,

A

..................................

United

States

3,558,613

449,630,752

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
(continued)

TE

Connectivity

plc

..................................

Switzerland

331,189

$

69,225,125

518,855,877

#### Entertainment

#### 1.7%
a

Netflix,

Inc.

........................................

United

States

2,504,574

240,814,790

a

Spotify

Technology

SA

................................

United

States

78,067

37,855,469

278,670,259

#### Financial

#### Services

#### 3.7%
Mastercard,

Inc.

,

A

..................................

United

States

695,012

347,269,696

Visa,

Inc.

,

A

........................................

United

States

813,115

245,755,878

593,025,574

#### Ground

#### Transportation

#### 2.4%
Canadian

Pacific

Kansas

City

Ltd.

.......................

Canada

1,274,013

100,213,862

Old

Dominion

Freight

Line,

Inc.

.........................

United

States

535,024

104,543,690

Union

Pacific

Corp.

..................................

United

States

755,687

183,344,780

388,102,332

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.9%
Abbott

Laboratories

..................................

United

States

811,255

83,291,551

a

Intuitive

Surgical,

Inc.

................................

United

States

551,470

254,222,155

Stryker

Corp.

......................................

United

States

405,031

133,089,136

470,602,842

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.5%
UnitedHealth

Group,

Inc.

..............................

United

States

310,155

83,924,841

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
Booking

Holdings,

Inc.

...............................

United

States

26,649

112,200,818

#### Interactive

#### Media

#### &

#### Services

#### 7.8%
Alphabet,

Inc.

,

A

....................................

United

States

1,637,756

470,953,115

Alphabet,

Inc.

,

C

....................................

United

States

1,697,852

487,045,825

Meta

Platforms,

Inc.

,

A

...............................

United

States

522,613

299,002,576

1,257,001,516

#### IT

#### Services

#### 1.2%
a,b,c

Canva

Australia

Holdings

Pty.

Ltd.

,

B

.....................

Australia

25,413

41,833,356

a

Shopify,

Inc.

,

A

.....................................

Canada

654,269

77,609,389

a

Snowflake,

Inc.

,

A

...................................

United

States

472,967

71,332,883

190,775,628

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 3.9%
Agilent

Technologies,

Inc.

.............................

United

States

800,274

91,215,231

Danaher

Corp.

.....................................

United

States

1,071,339

203,125,874

a

Mettler-Toledo

International,

Inc.

........................

United

States

124,132

156,555,278

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

350,282

172,174,112

623,070,495

#### Machinery

#### 4.1%
Deere

&

Co.

.......................................

United

States

278,171

156,693,724

Ingersoll

Rand,

Inc.

..................................

United

States

2,090,234

167,469,548

Parker-Hannifin

Corp.

................................

United

States

226,067

202,384,221

Xylem,

Inc.

........................................

United

States

1,145,451

136,881,395

663,428,888

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### Pharmaceuticals

#### 2.9%
AstraZeneca

plc

....................................

United

Kingdom

997,974

$

196,820,432

Eli

Lilly

&

Co.

......................................

United

States

292,331

268,877,284

465,697,716

#### Professional

#### Services

#### 0.2%
Verisk

Analytics,

Inc.

,

A

...............................

United

States

168,571

31,986,347

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 16.6%
a

ARM

Holdings

plc

,

ADR

..............................

United

States

571,434

86,446,535

ASML

Holding

NV

,

ADR

..............................

Netherlands

234,094

309,198,378

Broadcom,

Inc.

.....................................

United

States

1,416,743

438,496,126

Lam

Research

Corp.

.................................

United

States

124,063

26,507,300

Monolithic

Power

Systems,

Inc.

.........................

United

States

224,831

245,818,974

NVIDIA

Corp.

......................................

United

States

8,178,379

1,426,309,298

Texas

Instruments,

Inc.

...............................

United

States

736,227

142,931,110

2,675,707,721

#### Software

#### 10.5%
a

Autodesk,

Inc.

......................................

United

States

724,956

173,554,466

b,c

Checkout

Payments

Group

Ltd.

,

B

.......................

United

Kingdom

96,603

9,547,368

a

Crowdstrike

Holdings,

Inc.

,

A

...........................

United

States

125,566

49,022,222

Intuit,

Inc.

.........................................

United

States

353,528

152,858,437

Microsoft

Corp.

.....................................

United

States

2,579,077

954,696,933

a,b,c

OpenAI

Foundation

..................................

United

States

17,336

11,921,794

a

Palo

Alto

Networks,

Inc.

..............................

United

States

433,196

69,449,983

a,b,c

Plaid,

Inc.

,

A

.......................................

Japan

98,050

24,621,603

a,b,c

Stripe,

Inc.

,

B

......................................

United

States

540,043

34,489,846

a

Synopsys,

Inc.

.....................................

United

States

539,932

214,072,239

1,694,234,891

#### Specialty

#### Retail

#### 0.3%
a

Carvana

Co.

,

A

.....................................

United

States

135,345

42,549,761

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 3.4%
Apple,

Inc.

........................................

United

States

2,166,981

549,958,108

#### Trading

#### Companies

#### &

#### Distributors

#### 1.3%
Fastenal

Co.

.......................................

United

States

4,579,735

212,499,704

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 4,489,117,125

####)
..................................

#### 15,566,099,046

#### Convertible

#### Preferred

#### Stocks

#### 1.4%

#### Aerospace

#### &

#### Defense

#### 0.5%
a,b,c

Anduril

Industries,

Inc.

,

F

..............................

United

States

1,150,134

79,301,739

#### 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

a,b,c

Canva

Australia

Holdings

Pty.

Ltd.

,

...................

Australia

8,231

4,049,504

#### Software

#### 0.9%
a,b,c

Gusto,

Inc.

,

E

......................................

United

States

822,494

13,307,754

a,b,c

OneTrust

LLC

,

C

....................................

United

States

849,894

9,201,592

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Convertible

#### Preferred

#### Stocks
(continued)

#### Software
(continued)

a,b,c

Stripe,

Inc.

,

I

.......................................

United

States

1,759,545

$

112,373,342

134,882,688

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 106,287,288

####)
........................

#### 218,233,931

#### Preferred

#### Stocks

#### 0.7%

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.7%
d

Sartorius

AG

,

.34

%

.................................

Germany

453,990

113,595,891

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 156,961,737

####)
...................................

#### 113,595,891

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 4,752,366,150

####)
...........................

#### 15,897,928,868

#### a

#### Short

#### Term

#### Investments

#### 1.9%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.9%
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.578 %

.........................................

United

States

298,392,261

298,392,261

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 298,392,261

####)
...............................

#### 298,392,261

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 298,392,261

####)
.............................

#### 298,392,261

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 5,050,758,411

####)
100.6 #### %
...............................

#### $16,196,321,129

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.6 ####)

#### %
.........................................

#### (87,228,583)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $16,109,092,546

#### a
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

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

See

Note

(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.47

$2.45

$2.19

$2.14

$2.47

$2.08

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.04 0.09 0.09 0.09 0.07 0.08 Net

realized

and

unrealized

gains

(losses)

0.10 0.06 0.30 0.09 (0.24)

0.42 Total

from

investment

operations

........

0.14 0.15 0.39 0.18 (0.17)

0.50 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.13)

(0.13)

(0.13)

(0.11)

(0.11)

Net

realized

gains

.................

(0.01)

—

—

—

(0.05)

—

Total

distributions

...................

(0.08)

(0.13)

(0.13)

(0.13)

(0.16)

(0.11)

Net

asset

value,

end

of

period

..........

$2.53

$2.47

$2.45

$2.19

$2.14

$2.47

Total

return

c

.......................

5.47%

6.43%

18.33%

8.33%

(7.28)%

24.55%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.71%

0.70%

0.71%

0.71%

0.72%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.71%

e

0.70%

e

0.70%

0.71%

e

0.71%

f

0.72%

e,f

Net

investment

income

...............

3.43%

3.83%

4.04%

4.02%

3.08%

3.19%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$26,460,879

$24,950,812

$23,331,018

$19,705,319

$16,829,899

$16,044,379

Portfolio

turnover

rate

................

32.71%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.48

$2.45

$2.20

$2.15

$2.48

$2.08

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.04 0.09 0.10 0.09 0.08 0.08 Net

realized

and

unrealized

gains

(losses)

0.10 0.07 0.28 0.09 (0.24)

0.43 Total

from

investment

operations

........

0.14 0.16 0.38 0.18 (0.16)

0.51 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.13)

(0.13)

(0.13)

(0.12)

(0.11)

Net

realized

gains

.................

(0.01)

—

—

—

(0.05)

—

Total

distributions

...................

(0.08)

(0.13)

(0.13)

(0.13)

(0.17)

(0.11)

Net

asset

value,

end

of

period

..........

$2.54

$2.48

$2.45

$2.20

$2.15

$2.48

Total

return

c

.......................

5.51%

6.95%

17.91%

8.43%

(7.10)%

25.19%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.61%

0.60%

0.61%

0.61%

0.62%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.61%

e

0.60%

e

0.60%

0.61%

e

0.61%

f

0.62%

e,f

Net

investment

income

...............

3.53%

3.92%

4.15%

4.11%

3.15%

3.32%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$29,438,920

$29,517,454

$30,981,936

$29,633,019

$30,236,582

$35,704,730

Portfolio

turnover

rate

................

32.71%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.53

$2.50

$2.24

$2.19

$2.52

$2.12

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.04 0.08 0.09 0.08 0.07 0.07 Net

realized

and

unrealized

gains

(losses)

0.09 0.07 0.29 0.09 (0.25)

0.43 Total

from

investment

operations

........

0.13 0.15 0.38 0.17 (0.18)

0.50 Less

distributions

from:

Net

investment

income

..............

(0.06)

(0.12)

(0.12)

(0.12)

(0.10)

(0.10)

Net

realized

gains

.................

(0.01)

—

—

—

(0.05)

—

Total

distributions

...................

(0.07)

(0.12)

(0.12)

(0.12)

(0.15)

(0.10)

Net

asset

value,

end

of

period

..........

$2.59

$2.53

$2.50

$2.24

$2.19

$2.52

Total

return

c

.......................

5.13%

6.28%

17.43%

8.19%

(7.89)%

24.09%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.11%

1.10%

1.11%

1.11%

1.12%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.11%

e

1.10%

e

1.10%

1.11%

e

1.11%

f

1.12%

f

Net

investment

income

...............

3.03%

3.42%

3.65%

3.61%

2.63%

2.84%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$4,023,523

$4,010,723

$4,549,815

$4,905,480

$5,654,802

$7,507,658

Portfolio

turnover

rate

................

32.71%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.41

$2.39

$2.15

$2.10

$2.43

$2.04

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.04 0.08 0.09 0.08 0.07 0.07 Net

realized

and

unrealized

gains

(losses)

0.09 0.06 0.27 0.09 (0.24)

0.43 Total

from

investment

operations

........

0.13 0.14 0.36 0.17 (0.17)

0.50 Less

distributions

from:

Net

investment

income

..............

(0.06)

(0.12)

(0.12)

(0.12)

(0.11)

(0.11)

Net

realized

gains

.................

(0.01)

—

—

—

(0.05)

—

Total

distributions

...................

(0.07)

(0.12)

(0.12)

(0.12)

(0.16)

(0.11)

Net

asset

value,

end

of

period

..........

$2.47

$2.41

$2.39

$2.15

$2.10

$2.43

Total

return

c

.......................

5.48%

6.31%

17.41%

8.21%

(7.61)%

24.75%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.96%

0.95%

0.96%

0.96%

0.97%

0.97%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.96%

e

0.95%

e

0.95%

0.96%

e

0.96%

f

0.97%

e,f

Net

investment

income

...............

3.18%

3.58%

3.80%

3.77%

2.84%

2.97%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$366,004

$346,390

$334,157

$300,283

$270,060

$257,109

Portfolio

turnover

rate

................

32.71%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.47

$2.44

$2.19

$2.14

$2.47

$2.07

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.05 0.10 0.10 0.10 0.08 0.08 Net

realized

and

unrealized

gains

(losses)

0.08 0.07 0.28 0.09 (0.24)

0.44 Total

from

investment

operations

........

0.13 0.17 0.38 0.19 (0.16)

0.52 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.14)

(0.13)

(0.14)

(0.12)

(0.12)

Net

realized

gains

.................

(0.01)

—

—

—

(0.05)

—

Total

distributions

...................

(0.08)

(0.14)

(0.13)

(0.14)

(0.17)

(0.12)

Net

asset

value,

end

of

period

..........

$2.52

$2.47

$2.44

$2.19

$2.14

$2.47

Total

return

c

.......................

5.20%

7.15%

18.18%

9.17%

(7.38)%

25.53%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.41%

0.41%

0.41%

0.41%

0.42%

0.43%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.41%

e

0.40%

0.40%

0.40%

0.40%

f

0.41%

f

Net

investment

income

...............

3.73%

4.12%

4.35%

4.35%

3.43%

3.50%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$2,147,137

$1,980,144

$1,938,998

$1,662,931

$1,158,685

$748,355

Portfolio

turnover

rate

................

32.71%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$2.45

$2.43

$2.18

$2.13

$2.46

$2.07

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.05 0.10 0.10 0.10 0.08 0.08 Net

realized

and

unrealized

gains

(losses)

0.09 0.05 0.28 0.09 (0.24)

0.43 Total

from

investment

operations

........

0.14 0.15 0.38 0.19 (0.16)

0.51 Less

distributions

from:

Net

investment

income

..............

(0.07)

(0.13)

(0.13)

(0.14)

(0.12)

(0.12)

Net

realized

gains

.................

(0.01)

—

—

—

(0.05)

—

Total

distributions

...................

(0.08)

(0.13)

(0.13)

(0.14)

(0.17)

(0.12)

Net

asset

value,

end

of

period

..........

$2.51

$2.45

$2.43

$2.18

$2.13

$2.46

Total

return

c

.......................

5.63%

6.70%

18.20%

9.16%

(7.44)%

24.98%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.46%

0.45%

0.46%

0.46%

0.47%

0.47%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.46%

e

0.45%

e

0.45%

0.46%

e

0.46%

f

0.47%

e,f

Net

investment

income

...............

3.68%

4.08%

4.30%

4.27%

3.32%

3.46%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$16,211,584

$15,358,615

$14,603,259

$12,941,766

$11,638,757

$11,969,691

Portfolio

turnover

rate

................

32.71%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Franklin

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 25.4%

#### Aerospace

#### &

#### Defense

#### 0.7%
Lockheed

Martin

Corp.

...............................

United

States

600,000

$

362,634,000

Northrop

Grumman

Corp.

.............................

United

States

250,000

170,560,000

533,194,000

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
United

Parcel

Service,

Inc.

,

B

..........................

United

States

500,000

49,190,000

#### Automobiles

#### 0.2%
Mercedes-Benz

Group

AG

............................

Germany

2,500,000

153,657,236

#### Banks

#### 1.5%
a

Bank

of

America

Corp.

...............................

United

States

4,500,000

219,375,000

Fifth

Third

Bancorp

..................................

United

States

7,000,000

325,220,000

JPMorgan

Chase

&

Co.

...............................

United

States

400,000

117,664,000

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

750,000

156,067,500

US

Bancorp

.......................................

United

States

6,500,000

338,065,000

1,156,391,500

#### Beverages

#### 1.3%
Coca-Cola

Co.

(The)

.................................

United

States

3,000,000

228,150,000

a

PepsiCo,

Inc.

......................................

United

States

5,000,000

776,450,000

1,004,600,000

#### Biotechnology

#### 0.8%
AbbVie,

Inc.

.......................................

United

States

3,000,000

652,470,000

#### Broadline

#### Retail

#### 0.3%
b

Amazon.com,

Inc.

...................................

United

States

1,146,026

238,682,835

#### Capital

#### Markets

#### 0.4%
BlackRock,

Inc.

.....................................

United

States

200,000

192,342,000

LPL

Financial

Holdings,

Inc.

...........................

United

States

240,000

72,199,200

Raymond

James

Financial,

Inc.

.........................

United

States

600,000

86,874,000

351,415,200

#### Chemicals

#### 1.1%
Air

Products

and

Chemicals,

Inc.

........................

United

States

2,500,000

726,225,000

BASF

SE

.........................................

Germany

2,500,000

153,976,028

880,201,028

#### Communications

#### Equipment

#### 0.6%
Cisco

Systems,

Inc.

.................................

United

States

6,000,000

465,540,000

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.2%
Target

Corp.

.......................................

United

States

1,500,000

181,800,000

#### Containers

#### &

#### Packaging

#### 0.2%
b,c,d

Ardagh

Holdings

SA

,

144A

............................

Luxembourg

7,800,000

61,500,120

International

Paper

Co.

...............................

United

States

3,900,000

139,230,000

200,730,120

#### Diversified

#### Telecommunication

#### Services

#### 0.8%
Comcast

Corp.

,

A

...................................

United

States

8,000,000

229,680,000

Verizon

Communications,

Inc.

..........................

United

States

7,500,000

376,500,000

606,180,000

#### Electric

#### Utilities

#### 2.3%
Duke

Energy

Corp.

..................................

United

States

5,000,000

654,700,000

NextEra

Energy,

Inc.

.................................

United

States

984,100

91,403,208

Southern

Co.

(The)

..................................

United

States

9,000,000

868,680,000

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Electric

#### Utilities
(continued)

Xcel

Energy,

Inc.

....................................

United

States

3,000,000

$

238,320,000

1,853,103,208

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
SLB

Ltd.

..........................................

United

States

650,000

33,403,500

#### Food

#### Products

#### 0.5%
Nestle

SA

,

ADR

....................................

United

States

4,000,000

396,400,000

#### Ground

#### Transportation

#### 0.6%
Union

Pacific

Corp.

..................................

United

States

2,000,000

485,240,000

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.0%
Abbott

Laboratories

..................................

United

States

5,700,000

585,219,000

Medtronic

plc

......................................

United

States

2,500,000

216,625,000

801,844,000

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.2%
Cigna

Group

(The)

..................................

United

States

500,000

133,375,000

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.4%
McDonald's

Corp.

...................................

United

States

999,700

310,696,763

#### Household

#### Products

#### 1.6%
Procter

&

Gamble

Co.

(The)

...........................

United

States

8,500,000

1,227,740,000

#### Industrial

#### Conglomerates

#### 0.6%
Honeywell

International,

Inc.

...........................

United

States

2,000,000

452,060,000

#### Insurance

#### 0.1%
AXA

SA

...........................................

France

1,000,000

45,951,563

#### IT

#### Services

#### 0.6%
International

Business

Machines

Corp.

...................

United

States

2,000,000

484,780,000

#### Metals

#### &

#### Mining

#### 0.3%
Freeport-McMoRan,

Inc.

..............................

United

States

3,750,000

220,425,000

#### Multi-Utilities

#### 0.7%
Dominion

Energy,

Inc.

................................

United

States

2,000,000

123,640,000

Sempra,

Inc.

.......................................

United

States

4,500,000

437,265,000

560,905,000

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 5.3%
Chevron

Corp.

.....................................

United

States

7,500,000

1,551,750,000

ConocoPhillips

.....................................

United

States

1,000,000

132,000,000

a

Exxon

Mobil

Corp.

...................................

United

States

10,000,000

1,696,600,000

Shell

plc

,

ADR

......................................

United

States

4,500,000

418,500,000

TotalEnergies

SE

...................................

France

4,000,000

363,920,000

4,162,770,000

#### Pharmaceuticals

#### 1.6%
Bristol-Myers

Squibb

Co.

..............................

United

States

1,000,000

60,650,000

Johnson

&

Johnson

.................................

United

States

1,000,000

244,440,000

b

Keenova

Therapeutics

plc

.............................

United

States

1,154,712

101,614,656

Merck

&

Co.,

Inc.

...................................

United

States

3,000,000

360,870,000

Pfizer,

Inc.

.........................................

United

States

17,000,000

477,360,000

1,244,934,656

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
Texas

Instruments,

Inc.

...............................

United

States

800,000

155,312,000

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### Software

#### 0.1%
Microsoft

Corp.

.....................................

United

States

235,000

$

86,989,950

#### Specialty

#### Retail

#### 0.8%
a

Home

Depot,

Inc.

(The)

...............................

United

States

1,500,000

493,335,000

a

Lowe's

Cos.,

Inc.

....................................

United

States

500,000

118,140,000

611,475,000

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
Dell

Technologies,

Inc.

,

C

.............................

United

States

400,000

65,652,000

#### Tobacco

#### 0.2%
a

Philip

Morris

International,

Inc.

.........................

United

States

1,000,000

165,340,000

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 15,966,126,732

####)
.................................

#### 19,972,449,559

#### Management

#### Investment

#### Companies

#### 0.1%

#### Capital

#### Markets

#### 0.1%
e

Clarion

Partners

Real

Estate

Income

Fund,

Inc.

,

Class

I

......

United

States

7,867,833

89,221,224

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 100,000,000

####)
.................

#### 89,221,224
f

#### Equity-Linked

#### Securities

#### 21.4%

#### Aerospace

#### &

#### Defense

#### 0.2%
d

Wells

Fargo

Bank

NA

into

Boeing

Co.

(The)

,

144A,

%

,

5/14/26

United

States

865,000

171,213,937

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
d

Toronto-Dominion

Bank

(The)

into

United

Parcel

Service,

Inc.

,

144A,

%

,

8/05/26

................................

United

States

1,380,000

138,742,432

#### Banks

#### 0.9%
d

Citigroup

Global

Markets

Holdings,

Inc.

into

Bank

of

America

Corp.

,

144A,

%

,

3/22/27

............................

United

States

5,390,000

265,438,784

d

Morgan

Stanley

Finance

LLC

into

JPMorgan

Chase

&

Co.

,

144A,

%

,

3/30/27

......................................

United

States

950,000

274,399,235

d

UBS

AG

into

Bank

of

America

Corp.

,

144A,

%

,

3/03/27

......

United

States

3,300,000

165,992,979

705,830,998

#### Biotechnology

#### 0.3%
d

Mizuho

Markets

Cayman

LP

into

Amgen,

Inc.

,

144A,

%

,

6/15/26

.........................................

United

States

855,000

264,201,660

#### Broadline

#### Retail

#### 0.7%
d

J.P.

Morgan

Structured

Products

BV

into

Amazon.com,

Inc.

,

144A,

%

,

1/11/27

......................................

United

States

725,000

158,129,275

d

Wells

Fargo

Bank

NA

into

Amazon.com,

Inc.

,

144A,

%

,

2/26/27

United

States

1,700,000

347,694,967

505,824,242

#### Capital

#### Markets

#### 0.5%
d

J.P.

Morgan

Structured

Products

BV

into

Blackrock,

Inc.

,

144A,

%

,

4/01/27

......................................

United

States

226,000

217,072,907

d

Merrill

Lynch

BV

into

Charles

Schwab

Corp.

(The)

,

144A,

%

,

3/03/27

.........................................

United

States

1,700,000

161,125,661

378,198,568

#### Chemicals

#### 0.6%
d

BofA

Finance

LLC

into

Albemarle

Corp.

,

144A,

12.5 %

,

8/28/26

.

United

States

825,000

86,641,009

d

Toronto-Dominion

Bank

(The)

into

Albemarle

Corp.

,

144A,

%

,

12/23/26

........................................

United

States

2,680,000

402,083,322

488,724,331

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

f

#### Equity-Linked

#### Securities
(continued)

#### Consumer

#### Finance

#### 0.4%
d

Barclays

Bank

plc

into

Capital

One

Financial

Corp.

,

144A,

%

,

3/10/27

.........................................

United

States

1,485,000

$

277,231,689

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.6%
d

BNP

Paribas

Issuance

BV

into

Target

Corp.

,

144A,

%

,

10/07/26

United

States

3,000,000

317,723,660

d

Toronto-Dominion

Bank

(The)

into

Target

Corp.

,

144A,

%

,

6/30/26

.........................................

United

States

1,615,000

179,036,931

496,760,591

#### Diversified

#### Telecommunication

#### Services

#### 0.3%
d

BofA

Finance

LLC

into

Comcast

Corp.

,

144A,

9.5 %

,

2/04/27

...

United

States

8,550,000

249,285,865

#### Electric

#### Utilities

#### 0.6%
d

Citigroup

Global

Markets

Holdings,

Inc.

into

NextEra

Energy,

Inc.

,

144A,

%

,

10/05/26

................................

United

States

3,500,000

274,587,020

d

Wells

Fargo

Bank

NA

into

NextEra

Energy,

Inc.

,

144A,

9.5 %

,

10/22/26

........................................

United

States

2,500,000

223,493,024

498,080,044

#### Energy

#### Equipment

#### &

#### Services

#### 1.8%
d

Citigroup

Global

Markets

Holdings,

Inc.

into

Halliburton

Co.

,

144A,

%

,

1/21/27

................................

United

States

8,100,000

290,424,656

d

JPMorgan

Chase

Bank

NA

into

Schlumberger

NV

,

144A,

%

,

7/21/27

.........................................

United

States

6,180,000

286,586,087

d

Merrill

Lynch

BV

into

Halliburton

Co.

,

144A,

8.5 %

,

9/21/26

.....

United

States

7,650,000

210,527,992

d

UBS

AG

into

Schlumberger

NV

,

144A,

%

,

2/11/27

.........

United

States

5,050,000

252,909,947

d

Wells

Fargo

Bank

NA

into

Schlumberger

NV

,

144A,

%

,

10/02/26

United

States

8,600,000

360,253,651

1,400,702,333

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.5%
d

Toronto-Dominion

Bank

(The)

into

Medtronic

plc

,

144A,

%

,

4/13/26

.........................................

United

States

1,850,000

163,565,093

d

UBS

AG

into

Abbott

Laboratories

,

144A,

%

,

4/12/27

.........

United

States

2,100,000

216,817,196

380,382,289

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.9%
d

Merrill

Lynch

BV

into

UnitedHealth

Group,

Inc.

,

144A,

%

,

9/25/26

United

States

950,000

263,715,421

d

Merrill

Lynch

BV

into

UnitedHealth

Group,

Inc.

,

144A,

%

,

7/01/26

.........................................

United

States

520,000

147,184,394

d

Wells

Fargo

Bank

NA

into

CVS

Health

Corp.

,

144A,

%

,

4/09/26

United

States

3,500,000

257,062,227

667,962,042

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
d

Toronto-Dominion

Bank

(The)

into

Starbucks

Corp.

,

144A,

%

,

1/27/27

.........................................

United

States

1,900,000

173,796,431

d

Wells

Fargo

Bank

NA

into

Starbucks

Corp.

,

144A,

%

,

8/10/26

.

United

States

2,250,000

206,756,566

380,552,997

#### Household

#### Products

#### 0.4%
d

Merrill

Lynch

BV

into

Procter

&

Gamble

Co.

(The)

,

144A,

%

,

4/12/27

.........................................

United

States

2,239,000

321,501,777

#### Interactive

#### Media

#### &

#### Services

#### 0.4%
d

Mizuho

Markets

Cayman

LP

into

Meta

Platforms,

Inc.

,

144A,

%

,

12/07/26

....................................

United

States

535,000

310,456,701

#### IT

#### Services

#### 1.0%
d

BNP

Paribas

Issuance

BV

into

Accenture

plc

,

144A,

%

,

3/15/27

United

States

935,000

187,754,053

d

Citigroup

Global

Markets

Holdings,

Inc.

into

International

Business

Machines

Corp.

,

144A,

8.5 %

,

8/21/26

...........

United

States

975,000

234,214,716

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

f

#### Equity-Linked

#### Securities
(continued)

#### IT

#### Services
(continued)

d

J.P.

Morgan

Structured

Products

BV

into

Accenture

plc

,

144A,

%

,

4/05/27

.....................................

United

States

900,000

$

177,635,812

d

Morgan

Stanley

Finance

LLC

into

International

Business

Machines

Corp.

,

144A,

%

,

4/08/27

....................

United

States

850,000

214,733,657

814,338,238

#### Metals

#### &

#### Mining

#### 0.7%
d

Barclays

Bank

plc

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

1/27/27

.........................................

United

States

5,200,000

285,699,834

d

BNP

Paribas

Issuance

BV

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

8/28/26

.....................................

United

States

3,750,000

174,767,942

d

Citigroup

Global

Markets

Holdings,

Inc.

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

6/09/26

............................

United

States

2,575,000

115,911,064

576,378,840

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.6%
d

Mizuho

Markets

Cayman

LP

into

Exxon

Mobil

Corp.

,

144A,

8.5 %

,

4/07/26

.........................................

United

States

2,225,000

286,208,866

d

Royal

Bank

of

Canada

into

BP

plc

,

144A,

%

,

10/07/26

......

United

States

3,830,000

148,547,378

434,756,244

#### Passenger

#### Airlines

#### 0.1%
d

Goldman

Sachs

Bank

USA

into

Delta

Air

Lines,

Inc.

,

144A,

%

,

3/31/27

.........................................

United

States

1,600,000

104,265,431

#### Pharmaceuticals

#### 0.4%
d

Barclays

Bank

plc

into

Merck

&

Co.,

Inc.

,

144A,

8.5 %

,

10/02/26

.

United

States

3,100,000

304,128,201

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 4.4%
d

Bank

of

America

NA

into

Microchip

Technology,

Inc.

,

144A,

%

,

9/03/26

.........................................

United

States

3,200,000

203,947,225

d

Barclays

Bank

plc

into

Microchip

Technology,

Inc.

,

144A,

%

,

10/05/26

........................................

United

States

3,100,000

199,681,237

d

Barclays

Bank

plc

into

Micron

Technology,

Inc.

,

144A,

%

,

9/08/26

.........................................

United

States

2,050,000

306,646,347

d

BNP

Paribas

SA

into

Texas

Instruments,

Inc.

,

144A,

%

,

7/01/26

United

States

1,300,000

258,161,526

d

J.P.

Morgan

Structured

Products

BV

into

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

144A,

%

,

4/15/26

..............

Taiwan

615,000

133,358,870

d

Mizuho

Markets

Cayman

LP

into

Analog

Devices,

Inc.

,

144A,

8.5 %

,

5/18/26

....................................

United

States

800,000

187,729,586

d

Mizuho

Markets

Cayman

LP

into

Microchip

Technology,

Inc.

,

144A,

%

,

4/15/26

................................

United

States

3,010,000

197,579,534

d

Royal

Bank

of

Canada

into

Analog

Devices,

Inc.

,

144A,

%

,

11/16/26

........................................

United

States

890,000

228,276,258

d

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

8.5 %

,

8/20/26

.........................................

United

States

1,560,000

296,793,089

d

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

%

,

7/21/26

.........................................

United

States

674,000

135,096,769

d

Toronto-Dominion

Bank

(The)

into

Intel

Corp.

,

144A,

10.5 %

,

9/01/26

.........................................

United

States

8,450,000

259,117,021

d

Toronto-Dominion

Bank

(The)

into

QUALCOMM,

Inc.

,

144A,

%

,

3/24/27

.........................................

United

States

1,750,000

230,184,565

d

UBS

AG

into

Marvell

Technology,

Inc.

,

144A,

%

,

5/14/26

....

United

States

4,500,000

361,549,133

d

UBS

AG

into

Marvell

Technology,

Inc.

,

144A,

%

,

12/16/26

...

United

States

2,050,000

197,370,469

d

UBS

AG

into

Texas

Instruments,

Inc.

,

144A,

%

,

2/24/27

.....

United

States

1,200,000

245,005,393

3,440,497,022

#### Software

#### 2.3%
d

Barclays

Bank

plc

into

Salesforce,

Inc.

,

144A,

%

,

3/18/27

....

United

States

1,172,000

223,091,562

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

f

#### Equity-Linked

#### Securities
(continued)

#### Software
(continued)

d

Citigroup

Global

Markets

Holdings,

Inc.

into

Microsoft

Corp.

,

144A,

%

,

3/25/27

.................................

United

States

860,000

$

330,901,281

d

Citigroup

Global

Markets

Holdings,

Inc.

into

Workday,

Inc.

,

144A,

%

,

2/24/27

.....................................

United

States

1,200,000

161,599,388

d

Merrill

Lynch

BV

into

Salesforce,

Inc.

,

144A,

%

,

2/08/27

.....

United

States

1,220,000

245,058,366

d

Mizuho

Markets

Cayman

LP

into

Microsoft

Corp.

,

144A,

7.25 %

,

1/11/27

.........................................

United

States

650,000

260,422,303

d

Royal

Bank

of

Canada

into

Microsoft

Corp.

,

144A,

%

,

4/05/27

.

United

States

675,000

255,242,196

d

Royal

Bank

of

Canada

into

Oracle

Corp.

,

144A,

%

,

5/13/26

..

United

States

1,625,000

239,083,268

d

UBS

AG

into

Oracle

Corp.

,

144A,

%

,

1/11/27

.............

United

States

740,000

120,773,072

1,836,171,436

#### Specialty

#### Retail

#### 1.2%
d

Goldman

Sachs

Bank

USA

into

Home

Depot,

Inc.

(The)

,

144A,

%

,

5/18/27

......................................

United

States

850,000

290,658,863

d

J.P.

Morgan

Structured

Products

BV

into

Home

Depot,

Inc.

(The)

,

144A,

%

,

10/20/26

................................

United

States

1,000,000

345,049,501

d

Toronto-Dominion

Bank

(The)

into

Lowe's

Cos.,

Inc.

,

144A,

7.5 %

,

8/19/26

.........................................

United

States

1,255,000

293,621,333

929,329,697

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.4%
d

Goldman

Sachs

Bank

USA

into

Dell

Technologies,

Inc.

,

144A,

12.5 %

,

4/14/27

...................................

United

States

1,000,000

160,180,000

d

Mizuho

Markets

Cayman

LP

into

Dell

Technologies,

Inc.

,

144A,

%

,

11/09/26

....................................

United

States

1,100,000

174,853,109

335,033,109

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.5%
d

Merrill

Lynch

BV

into

NIKE,

Inc.

,

144A,

%

,

2/02/27

.........

United

States

3,400,000

191,078,832

d

Royal

Bank

of

Canada

into

NIKE,

Inc.

,

144A,

%

,

3/19/27

.....

United

States

3,750,000

202,866,728

393,945,560

#### Total

#### Equity-Linked

#### Securities

#### (Cost

#### $

#### 16,343,003,025

####)
.........................

#### 16,804,496,274

#### Convertible

#### Preferred

#### Stocks

#### 2.7%

#### Aerospace

#### &

#### Defense

#### 0.4%
Boeing

Co.

(The)

,

%

................................

United

States

5,000,000

324,400,000

#### Capital

#### Markets

#### 0.3%
Ares

Management

Corp.

,

B

,

6.75 %

......................

United

States

4,500,000

162,810,000

KKR

&

Co.,

Inc.

,

D

,

6.25 %

.............................

United

States

1,750,000

70,385,000

233,195,000

#### Chemicals

#### 0.4%
Albemarle

Corp.

,

7.25 %

..............................

United

States

4,000,000

287,400,000

#### Electric

#### Utilities

#### 0.9%
g

NextEra

Energy,

Inc.

,

7.234 %

..........................

United

States

4,500,000

236,430,000

NextEra

Energy,

Inc.

,

7.299 %

..........................

United

States

3,500,000

195,930,000

PPL

Corp.

,

%

.....................................

United

States

1,000,000

51,290,000

g

Southern

Co.

(The)

,

A

,

7.125 %

.........................

United

States

3,500,000

179,900,000

663,550,000

#### Financial

#### Services

#### 0.2%
FNMA

,

5.375 %

.....................................

United

States

4,220

168,800,000

#### Software

#### 0.3%
Oracle

Corp.

,

D

,

6.5 %

................................

United

States

6,000,000

270,060,000

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Convertible

#### Preferred

#### Stocks
(continued)

#### Trading

#### Companies

#### &

#### Distributors

#### 0.2%
b,h,i

QXO,

Inc.

,

C

.......................................

United

States

16,000

$

160,000,000

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 2,068,657,201

####)
......................

#### 2,107,405,000

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Financial

#### Services

#### 0.0%

#### †
FNMA

,

8.25 %

,

S

....................................

United

States

3,000,000

35,700,000

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 68,991,751

####)
....................................

#### 35,700,000

#### Warrants

#### 0.1%

#### Containers

#### &

#### Packaging

#### 0.1%
b,c

Ardagh

Holdings

SA

,

11/12/35

..........................

Luxembourg

5,000,000

39,423,154

#### Total

#### Warrants

#### (Cost

#### $

#### 31,875,250

####)
...........................................

#### 39,423,154

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 33.5%

#### Aerospace

#### &

#### Defense

#### 1.3%
Boeing

Co.

(The)

,

Senior

Bond

,

3.6 %

,

5/01/34

..........................

United

States

25,000,000

22,389,137

Senior

Bond

,

3.25 %

,

2/01/35

.........................

United

States

25,000,000

21,441,705

Senior

Note

,

5.15 %

,

5/01/30

.........................

United

States

243,000,000

247,155,198

Senior

Note

,

6.388 %

,

5/01/31

........................

United

States

30,000,000

32,002,987

Senior

Note

,

6.528 %

,

5/01/34

........................

United

States

35,000,000

38,141,589

d

Bombardier,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/01/31

.........

Canada

40,000,000

41,966,680

RTX

Corp.

,

Senior

Bond

,

6.1 %

,

3/15/34

...................

United

States

25,000,000

26,931,016

Textron,

Inc.

,

Senior

Bond

,

2.45 %

,

3/15/31

................

United

States

40,000,000

36,039,104

d

TransDigm,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

5/31/33

...................

United

States

30,000,000

29,863,749

Senior

Secured

Note

,

144A,

6.75 %

,

8/15/28

.............

United

States

100,000,000

101,339,000

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/29

............

United

States

100,000,000

101,991,299

Senior

Secured

Note

,

144A,

6.875 %

,

12/15/30

...........

United

States

50,000,000

51,264,650

Senior

Secured

Note

,

144A,

6.625 %

,

3/01/32

............

United

States

100,000,000

102,112,000

Senior

Secured

Note

,

144A,

%

,

1/15/33

................

United

States

105,000,000

105,058,128

Senior

Sub.

Note

,

144A,

6.75 %

,

1/31/34

................

United

States

100,000,000

101,385,500

1,059,081,742

#### Automobile

#### Components

#### 0.1%
d

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

........................................

United

States

85,000,000

75,966,871

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Bond

,

4.875 %

,

3/15/27

.........................................

United

States

34,757,000

34,430,196

110,397,067

#### Automobiles

#### 0.7%
Ford

Motor

Co.

,

Senior

Bond

,

4.346 %

,

12/08/26

.......................

United

States

35,000,000

34,905,028

Senior

Bond

,

3.25 %

,

2/12/32

.........................

United

States

120,000,000

104,269,961

Senior

Bond

,

6.1 %

,

8/19/32

..........................

United

States

155,000,000

156,365,784

General

Motors

Co.

,

Senior

Bond

,

5.6 %

,

10/15/32

.........................

United

States

25,000,000

25,606,374

Senior

Bond

,

5.15 %

,

4/01/38

.........................

United

States

140,000,000

131,408,213

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Automobiles
(continued)

d

Rivian

Holdings

LLC

/

Rivian

LLC

/

Rivian

Automotive

LLC

,

Senior

Secured

Note

,

144A,

%

,

1/15/31

.....................

United

States

60,000,000

$

58,348,518

510,903,878

#### Banks

#### 2.8%
Bank

of

America

Corp.

,

Senior

Bond

,

3.419%

to

12/19/27,

FRN

thereafter

,

12/20/28

.

United

States

45,000,000

44,222,496

Senior

Bond

,

4.571%

to

4/26/32,

FRN

thereafter

,

4/27/33

...

United

States

120,000,000

117,953,707

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

90,000,000

89,830,336

Barclays

plc

,

j

Junior

Sub.

Bond

,

7.625%

to

9/14/35,

FRN

thereafter

,

Perpetual

.......................................

United

Kingdom

20,000,000

20,203,110

Senior

Bond

,

2.645%

to

6/23/30,

FRN

thereafter

,

6/24/31

...

United

Kingdom

30,000,000

27,488,634

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

...

United

Kingdom

100,000,000

102,845,066

Senior

Bond

,

7.437%

to

11/01/32,

FRN

thereafter

,

11/02/33

..

United

Kingdom

65,000,000

72,709,623

Senior

Bond

,

6.692%

to

9/12/33,

FRN

thereafter

,

9/13/34

...

United

Kingdom

70,000,000

75,772,612

Senior

Note

,

5.501%

to

8/08/27,

FRN

thereafter

,

8/09/28

....

United

Kingdom

80,000,000

80,939,357

Sub.

Bond

,

7.119%

to

6/26/33,

FRN

thereafter

,

6/27/34

.....

United

Kingdom

55,000,000

59,872,834

Citigroup,

Inc.

,

j

Junior

Sub.

Bond

,

6.625%

to

2/14/31,

FRN

thereafter

,

Perpetual

.......................................

United

States

22,370,000

22,401,994

j

FF

,

Junior

Sub.

Bond

,

6.95%

to

2/14/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

30,000,000

30,240,033

j

GG

,

Junior

Sub.

Bond

,

6.875%

to

8/14/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

85,000,000

85,655,180

j

Y

,

Junior

Sub.

Bond

,

4.15%

to

11/14/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

25,000,000

24,641,250

Senior

Bond

,

6.27%

to

11/16/32,

FRN

thereafter

,

11/17/33

...

United

States

75,000,000

80,196,159

Sub.

Bond

,

6.174%

to

5/24/33,

FRN

thereafter

,

5/25/34

.....

United

States

155,000,000

160,521,855

Sub.

Bond

,

6.02%

to

1/23/35,

FRN

thereafter

,

1/24/36

......

United

States

85,000,000

86,822,892

Sub.

Bond

,

5.411%

to

9/18/34,

FRN

thereafter

,

9/19/39

.....

United

States

30,000,000

29,318,970

JPMorgan

Chase

&

Co.

,

j,k

II

,

Junior

Sub.

Bond

,

FRN

,

6.406 %

,

(3-month

SOFR

+

2.745 %),

Perpetual

.......................................

United

States

35,000,000

35,175,245

j

NN

,

Junior

Sub.

Bond

,

6.875%

to

5/31/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

50,000,000

51,906,250

j

OO

,

Junior

Sub.

Bond

,

6.5%

to

3/31/30,

FRN

thereafter

,

Perpetual

.......................................

United

States

100,000,000

102,671,500

Senior

Bond

,

6.254%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

90,000,000

96,798,487

KeyBank

NA

,

Senior

Note

,

5.85 %

,

11/15/27

........................

United

States

50,000,000

51,062,739

Sub.

Bond

,

4.9 %

,

8/08/32

...........................

United

States

35,000,000

34,425,055

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

6.037%

to

10/27/32,

FRN

thereafter

,

10/28/33

...................

United

States

70,000,000

74,070,684

Truist

Financial

Corp.

,

Senior

Note

,

6.047%

to

6/07/26,

FRN

thereafter

,

6/08/27

....

United

States

45,000,000

45,115,236

Sub.

Bond

,

4.916%

to

7/27/32,

FRN

thereafter

,

7/28/33

.....

United

States

95,000,000

93,209,427

US

Bancorp

,

Senior

Bond

,

5.85%

to

10/20/32,

FRN

thereafter

,

10/21/33

..

United

States

45,000,000

47,346,018

Senior

Bond

,

5.836%

to

6/09/33,

FRN

thereafter

,

6/12/34

...

United

States

35,000,000

36,545,118

Senior

Note

,

5.775%

to

6/11/28,

FRN

thereafter

,

6/12/29

....

United

States

40,000,000

41,149,693

Wells

Fargo

&

Co.

,

j

GG

,

Junior

Sub.

Bond

,

6.125%

to

6/14/31,

FRN

thereafter

,

Perpetual

.......................................

United

States

80,000,000

80,322,295

Senior

Bond

,

4.897%

to

7/24/32,

FRN

thereafter

,

7/25/33

...

United

States

50,000,000

49,765,429

Senior

Bond

,

5.557%

to

7/24/33,

FRN

thereafter

,

7/25/34

...

United

States

70,000,000

71,762,863

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

Wells

Fargo

&

Co.,

(continued)

Senior

Bond

,

6.491%

to

10/22/33,

FRN

thereafter

,

10/23/34

.

United

States

60,000,000

$

64,984,746

2,187,946,893

#### Biotechnology

#### 0.1%
d

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Note

,

144A,

7.25 %

,

12/15/33

...................

Denmark

20,000,000

20,952,920

Senior

Secured

Note

,

144A,

6.25 %

,

12/15/32

............

Denmark

80,000,000

82,076,560

103,029,480

#### Building

#### Products

#### 0.1%
d

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625 %

,

12/15/30

........................

United

States

50,000,000

50,915,450

d

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

3/01/33

....................

United

States

20,000,000

20,328,300

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

............

United

States

30,000,000

30,442,590

101,686,340

#### Capital

#### Markets

#### 1.6%
Blackstone

Private

Credit

Fund

,

Senior

Note

,

5.35 %

,

3/12/31

.........................

United

States

30,000,000

28,516,299

Senior

Note

,

%

,

1/29/32

...........................

United

States

20,000,000

19,407,003

Charles

Schwab

Corp.

(The)

,

j

I

,

Junior

Sub.

Bond

,

4%

to

5/31/26,

FRN

thereafter

,

Perpetual

United

States

50,000,000

49,692,350

Senior

Bond

,

5.853%

to

5/18/33,

FRN

thereafter

,

5/19/34

...

United

States

30,000,000

31,525,048

Senior

Note

,

6.196%

to

11/16/28,

FRN

thereafter

,

11/17/29

..

United

States

40,000,000

41,817,319

Goldman

Sachs

Group,

Inc.

(The)

,

j

U

,

Junior

Sub.

Bond

,

3.65%

to

8/09/26,

FRN

thereafter

,

Perpetual

.......................................

United

States

20,000,000

19,836,058

j

Y

,

Junior

Sub.

Bond

,

6.125%

to

11/09/34,

FRN

thereafter

,

Perpetual

.......................................

United

States

25,000,000

24,878,805

Senior

Bond

,

2.65%

to

10/20/31,

FRN

thereafter

,

10/21/32

..

United

States

30,000,000

26,642,627

Senior

Bond

,

6.561%

to

10/23/33,

FRN

thereafter

,

10/24/34

.

United

States

75,000,000

81,570,743

Senior

Bond

,

5.851%

to

4/24/34,

FRN

thereafter

,

4/25/35

...

United

States

65,000,000

67,471,230

Senior

Bond

,

5.065%

to

1/20/36,

FRN

thereafter

,

1/21/37

...

United

States

175,000,000

171,157,824

Sub.

Bond

,

6.75 %

,

10/01/37

.........................

United

States

60,000,000

64,760,300

Sub.

Bond

,

5.387%

to

2/01/36,

FRN

thereafter

,

2/02/41

.....

United

States

190,000,000

183,638,219

Morgan

Stanley

,

Senior

Bond

,

6.342%

to

10/17/32,

FRN

thereafter

,

10/18/33

.

United

States

35,000,000

37,464,259

Senior

Bond

,

5.25%

to

4/20/33,

FRN

thereafter

,

4/21/34

....

United

States

220,000,000

220,765,561

Senior

Bond

,

6.627%

to

10/31/33,

FRN

thereafter

,

11/01/34

..

United

States

30,000,000

32,655,653

Senior

Bond

,

5.073%

to

1/29/36,

FRN

thereafter

,

1/30/37

...

United

States

50,000,000

49,004,679

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

67,095,000

68,766,494

1,219,570,471

#### Chemicals

#### 1.3%
d

ARC

Falcon

I,

Inc.

/

Arclin

USA

LLC

/

New

Arclin

US

Holding

Corp.

,

Senior

Secured

Note

,

144A,

9.75 %

,

3/01/33

.........

United

States

100,000,000

96,367,000

Celanese

US

Holdings

LLC

,

Senior

Bond

,

7.379 %

,

7/15/32

........................

United

States

105,000,000

109,691,820

Senior

Note

,

7.165 %

,

7/15/27

........................

United

States

40,000,000

40,851,960

Senior

Note

,

7.05 %

,

11/15/30

........................

United

States

30,000,000

31,733,947

Dow

Chemical

Co.

(The)

,

Senior

Bond

,

6.3 %

,

3/15/33

........

United

States

35,000,000

36,735,848

Huntsman

International

LLC

,

Senior

Bond

,

4.5 %

,

5/01/29

.....

United

States

40,000,000

37,444,163

d

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond

,

144A,

2.3 %

,

11/01/30

....................................

United

States

24,549,000

21,881,406

d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

38,000,000

39,143,762

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals
(continued)

d

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

5/01/29

...................

United

States

100,000,000

$

99,584,000

Senior

Secured

Note

,

144A,

4.875 %

,

5/01/28

............

United

States

65,000,000

64,296,914

d

Tronox,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

3/15/29

...................

United

States

314,000,000

251,777,791

Senior

Secured

Note

,

144A,

9.125 %

,

9/30/30

............

United

States

207,000,000

206,939,825

1,036,448,436

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
h

,i

BX

Frontier

Member

II

LLC

,

6.1 %

,

12/31/60

................

United

States

84,626,155

84,626,155

d

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

50,000,000

50,650,700

135,276,855

#### Consumer

#### Finance

#### 1.3%
j

Ally

Financial,

Inc.

,

B

,

Junior

Sub.

Bond

,

4.7%

to

5/14/26,

FRN

thereafter

,

Perpetual

...............................

United

States

45,552,000

45,166,439

j

American

Express

Co.

,

Junior

Sub.

Bond

,

3.55%

to

9/14/26,

FRN

thereafter

,

Perpetual

...............................

United

States

20,000,000

19,786,024

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

...

United

States

50,000,000

49,926,181

Senior

Bond

,

5.817%

to

1/31/33,

FRN

thereafter

,

2/01/34

...

United

States

85,000,000

87,021,494

Senior

Note

,

6.312%

to

6/07/28,

FRN

thereafter

,

6/08/29

....

United

States

75,000,000

77,594,510

Senior

Note

,

5.247%

to

7/25/29,

FRN

thereafter

,

7/26/30

....

United

States

40,000,000

40,556,098

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

..

United

States

40,000,000

44,192,246

Ford

Motor

Credit

Co.

LLC

,

Senior

Bond

,

5.113 %

,

5/03/29

........................

United

States

45,000,000

44,587,408

Senior

Bond

,

6.125 %

,

3/08/34

........................

United

States

65,000,000

64,410,598

Senior

Note

,

6.95 %

,

6/10/26

.........................

United

States

35,000,000

35,083,609

Senior

Note

,

4.95 %

,

5/28/27

.........................

United

States

85,000,000

84,998,064

Senior

Note

,

6.8 %

,

5/12/28

..........................

United

States

92,000,000

94,791,302

Senior

Note

,

7.35 %

,

3/06/30

.........................

United

States

45,000,000

47,491,411

Senior

Note

,

6.532 %

,

3/19/32

........................

United

States

80,000,000

82,137,141

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

6.4 %

,

1/09/33

..........................

United

States

50,000,000

53,007,415

Senior

Note

,

5.8 %

,

6/23/28

..........................

United

States

50,000,000

51,226,016

Senior

Note

,

5.8 %

,

1/07/29

..........................

United

States

75,000,000

77,200,176

999,176,132

#### Containers

#### &

#### Packaging

#### 1.2%
c

,d

Ardagh

Group

SA

,

l

Secured

Note

,

144A,

PIK,

%

,

12/01/30

...............

United

States

260,000,000

212,893,778

Senior

Secured

Note

,

144A,

9.5 %

,

12/01/30

.............

United

States

169,278,000

177,625,775

c

,d

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

144A,

%

,

9/01/29

.....

United

States

21,000,000

19,244,219

d

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

62,000,000

58,734,684

d

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25 %

,

4/15/30

...................

United

States

250,000,000

232,494,450

Senior

Secured

Note

,

144A,

7.875 %

,

4/15/30

............

United

States

250,000,000

250,178,750

951,171,656

#### Diversified

#### REITs

#### 0.2%
VICI

Properties

LP

,

Senior

Bond

,

5.125 %

,

5/15/32

...........

United

States

50,000,000

49,296,474

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

#### Diversified

#### REITs
(continued)

d

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

4.25 %

,

12/01/26

...................................

United

States

100,000,000

$

99,743,594

149,040,068

#### Diversified

#### Telecommunication

#### Services

#### 1.1%
d

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

5/01/27

...................

United

States

63,872,000

63,841,923

Senior

Bond

,

144A,

%

,

2/01/28

......................

United

States

165,700,000

164,439,918

Senior

Bond

,

144A,

4.75 %

,

3/01/30

....................

United

States

82,500,000

78,334,094

Senior

Note

,

144A,

6.375 %

,

9/01/29

...................

United

States

135,000,000

135,500,715

Senior

Note

,

144A,

7.375 %

,

3/01/31

...................

United

States

185,000,000

188,435,222

Senior

Note

,

144A,

%

,

2/01/33

......................

United

States

70,000,000

70,262,451

d

Connect

Holding

II

LLC

,

Senior

Secured

Note

,

144A,

10.5 %

,

4/03/31

.........................................

United

States

135,000,000

134,303,154

835,117,477

#### Electric

#### Utilities

#### 2.4%
American

Electric

Power

Co.,

Inc.

,

Senior

Bond

,

5.95 %

,

11/01/32

United

States

30,000,000

31,721,845

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.25 %

,

3/15/34

.........................................

United

States

60,000,000

60,766,879

d

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

2/15/31

...................

United

States

65,000,000

59,889,466

Senior

Bond

,

144A,

6.25 %

,

11/01/34

...................

United

States

75,000,000

75,659,039

Senior

Bond

,

144A,

%

,

1/15/36

......................

United

States

150,000,000

148,725,315

Senior

Note

,

144A,

3.375 %

,

2/15/29

...................

United

States

48,300,000

45,812,705

Senior

Note

,

144A,

5.75 %

,

7/15/29

....................

United

States

100,000,000

99,899,000

Senior

Note

,

144A,

%

,

2/01/33

......................

United

States

125,000,000

125,111,875

Senior

Secured

Bond

,

144A,

%

,

3/15/33

...............

United

States

30,000,000

32,493,450

Senior

Secured

Note

,

144A,

2.45 %

,

12/02/27

............

United

States

30,000,000

28,907,367

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

4.55 %

,

7/01/30

.........................

United

States

116,500,000

114,962,207

Senior

Bond

,

6.15 %

,

1/15/33

.........................

United

States

50,000,000

52,309,528

Senior

Bond

,

6.4 %

,

6/15/33

..........................

United

States

30,000,000

31,857,604

Senior

Note

,

6.1 %

,

1/15/29

..........................

United

States

49,000,000

50,719,621

PG&E

Corp.

,

Senior

Secured

Note

,

%

,

7/01/28

............

United

States

107,284,000

106,506,996

Southern

Co.

(The)

,

Junior

Sub.

Bond

,

6%

to

3/31/33,

FRN

thereafter

,

4/01/58

...

United

States

85,000,000

85,455,338

2025

,

Junior

Sub.

Bond

,

6.375%

to

3/14/35,

FRN

thereafter

,

3/15/55

.........................................

United

States

100,000,000

102,893,500

Senior

Bond

,

5.7 %

,

10/15/32

.........................

United

States

45,000,000

47,117,084

Senior

Bond

,

5.2 %

,

6/15/33

..........................

United

States

40,000,000

40,427,879

d

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375 %

,

5/01/29

...................

United

States

137,000,000

133,825,454

Senior

Note

,

144A,

7.75 %

,

10/15/31

...................

United

States

100,000,000

104,796,164

Senior

Note

,

144A,

6.875 %

,

4/15/32

...................

United

States

120,000,000

124,264,484

Senior

Secured

Bond

,

144A,

4.3 %

,

7/15/29

..............

United

States

35,000,000

34,413,993

Senior

Secured

Bond

,

144A,

6.95 %

,

10/15/33

............

United

States

75,000,000

81,662,850

Senior

Secured

Note

,

144A,

3.7 %

,

1/30/27

..............

United

States

28,500,000

28,274,850

1,848,474,493

#### Electrical

#### Equipment

#### 0.1%
Regal

Rexnord

Corp.

,

Senior

Note

,

6.3 %

,

2/15/30

..........................

United

States

25,000,000

26,205,338

Senior

Note

,

6.4 %

,

4/15/33

..........................

United

States

60,000,000

63,447,292

89,652,630

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
d

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

3/15/29

..............

United

States

40,000,000

$

40,950,647

d

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625 %

,

4/30/30

...................

United

States

89,812,000

91,587,853

Senior

Note

,

144A,

6.75 %

,

10/15/33

...................

United

States

55,000,000

56,233,045

188,771,545

#### Entertainment

#### 0.2%
Discovery

Global

Holdings,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/42

..

United

States

33,000,000

21,823,089

Netflix,

Inc.

,

Senior

Bond

,

4.375 %

,

11/15/26

.......................

United

States

43,000,000

43,071,619

Senior

Bond

,

4.875 %

,

4/15/28

........................

United

States

70,000,000

70,929,881

135,824,589

#### Food

#### Products

#### 0.3%
JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Note

,

5.75 %

,

4/01/33

...............

United

States

85,000,000

87,793,550

Pilgrim's

Pride

Corp.

,

Senior

Bond

,

6.25 %

,

7/01/33

.........................

United

States

68,000,000

71,293,240

Senior

Bond

,

6.875 %

,

5/15/34

........................

United

States

40,000,000

43,232,520

d

Post

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.25 %

,

2/15/32

United

States

45,000,000

45,521,505

247,840,815

#### Ground

#### Transportation

#### 0.1%
d

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.55 %

,

5/30/33

....................

United

Kingdom

55,000,000

55,563,663

Senior

Bond

,

144A,

5.95 %

,

10/15/33

...................

United

Kingdom

35,000,000

36,086,315

91,649,978

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.5%
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

5.905 %

,

11/22/32

United

States

105,000,000

110,804,806

d

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25 %

,

10/01/29

...................

United

States

90,000,000

89,261,847

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

............

United

States

110,000,000

106,471,398

d

Medline

Borrower

LP

/

Medline

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.25 %

,

4/01/29

..........................

United

States

75,000,000

76,517,466

383,055,517

#### Health

#### Care

#### Providers

#### &

#### Services

#### 5.9%
Centene

Corp.

,

Senior

Note

,

4.25 %

,

12/15/27

........................

United

States

28,220,000

27,736,865

Senior

Note

,

4.625 %

,

12/15/29

.......................

United

States

141,100,000

134,036,167

Senior

Note

,

3.375 %

,

2/15/30

........................

United

States

57,000,000

51,525,601

d

CHS/Community

Health

Systems,

Inc.

,

144A,

10.75 %

,

6/15/33

.............................

United

States

600,000,000

639,939,000

Secured

Note

,

144A,

6.875 %

,

4/15/29

..................

United

States

522,000,000

502,512,592

Secured

Note

,

144A,

6.125 %

,

4/01/30

..................

United

States

630,000,000

548,461,998

Senior

Secured

Bond

,

144A,

4.75 %

,

2/15/31

.............

United

States

126,400,000

116,600,684

Senior

Secured

Note

,

144A,

5.25 %

,

5/15/30

.............

United

States

14,900,000

14,052,523

Senior

Secured

Note

,

144A,

10.875 %

,

1/15/32

...........

United

States

459,992,000

494,082,467

Senior

Secured

Note

,

144A,

9.75 %

,

1/15/34

.............

United

States

210,000,000

218,214,805

CVS

Health

Corp.

,

Senior

Bond

,

5.25 %

,

2/21/33

.........................

United

States

95,000,000

96,127,405

Senior

Bond

,

4.78 %

,

3/25/38

.........................

United

States

61,925,000

57,099,661

d

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

6/01/30

...................

United

States

150,000,000

144,315,030

Senior

Note

,

144A,

6.875 %

,

9/01/32

...................

United

States

70,000,000

71,771,124

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

d

DaVita,

Inc.,

(continued)

Senior

Note

,

144A,

6.75 %

,

7/15/33

....................

United

States

40,000,000

$

40,724,720

HCA,

Inc.

,

Senior

Bond

,

5.625 %

,

9/01/28

........................

United

States

115,000,000

117,325,875

Senior

Bond

,

5.5 %

,

6/01/33

..........................

United

States

90,000,000

91,832,321

Humana,

Inc.

,

Senior

Bond

,

5.875 %

,

3/01/33

...............

United

States

35,000,000

35,778,861

d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

50,000,000

48,484,320

d

,l

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

PIK,

11.5 %

,

12/31/30

...................................

United

States

51,036,948

45,752,609

Tenet

Healthcare

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/31

.......................

United

States

55,258,000

58,927,352

Senior

Note

,

6.125 %

,

10/01/28

.......................

United

States

356,996,000

358,031,092

d

Senior

Note

,

144A,

%

,

11/15/33

......................

United

States

20,000,000

20,252,720

Senior

Secured

Note

,

4.25 %

,

6/01/29

..................

United

States

95,000,000

92,176,235

Senior

Secured

Note

,

6.125 %

,

6/15/30

.................

United

States

425,000,000

428,294,600

Senior

Secured

Note

,

6.75 %

,

5/15/31

..................

United

States

159,775,000

163,406,366

4,617,462,993

#### Health

#### Care

#### Technology

#### 0.0%

#### †
d

,l

Claritev

Corp.

,

Senior

Secured

Note

,

144A,

PIK,

6.75 %

,

3/31/31

United

States

27,173,790

17,628,430

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.9%
d

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

10/15/29

..................

United

States

129,000,000

124,140,570

Senior

Note

,

144A,

%

,

10/15/32

.....................

United

States

150,000,000

138,184,323

Senior

Secured

Note

,

144A,

%

,

2/15/30

................

United

States

108,000,000

109,386,180

Senior

Secured

Note

,

144A,

6.5 %

,

2/15/32

..............

United

States

142,500,000

140,955,029

d

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

8/01/32

....................

United

States

85,000,000

85,078,608

Senior

Note

,

144A,

6.125 %

,

2/15/33

...................

United

States

115,000,000

116,210,950

Expedia

Group,

Inc.

,

Senior

Bond

,

3.8 %

,

2/15/28

..........................

United

States

36,500,000

36,018,700

Senior

Note

,

3.25 %

,

2/15/30

.........................

United

States

60,000,000

56,714,650

d

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

....................

United

States

92,500,000

86,470,610

Senior

Secured

Note

,

144A,

4.625 %

,

1/15/29

............

United

States

95,000,000

90,849,659

d

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/32

.........................................

United

States

40,000,000

40,702,520

d

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

2/01/32

..........

United

States

35,000,000

34,759,994

d

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5 %

,

4/01/28

United

States

50,000,000

50,582,275

d

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond

,

144A,

5.25 %

,

5/15/27

..........................

United

States

125,000,000

124,617,813

d

Wynn

Macau

Ltd.

,

Senior

Bond

,

144A,

5.5 %

,

10/01/27

.......

Macau

51,457,000

50,985,879

d

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

...................

United

States

75,000,000

78,659,625

Senior

Note

,

144A,

6.25 %

,

3/15/33

....................

United

States

110,000,000

108,967,584

1,473,284,969

#### Household

#### Durables

#### 0.2%
KB

Home

,

Senior

Note

,

7.25 %

,

7/15/30

...................

United

States

20,000,000

20,397,140

d

Newell

Brands,

Inc.

,

Senior

Note

,

144A,

8.5 %

,

6/01/28

.......

United

States

65,000,000

67,128,750

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

Senior

Note

,

4.75 %

,

2/15/28

.........................

United

States

25,000,000

24,591,663

Senior

Note

,

4.75 %

,

4/01/29

.........................

United

States

40,000,000

38,767,412

150,884,965

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
d

,j

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

7%

to

12/14/26,

FRN

thereafter

,

Perpetual

...............................

United

States

107,750,000

$

107,963,556

#### Insurance

#### 0.3%
d

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/31/32

...............

United

States

75,000,000

77,871,599

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/34

............

United

States

80,000,000

77,725,794

d

Five

Corners

Funding

Trust

III

,

Senior

Note

,

144A,

5.791 %

,

2/15/33

.........................................

United

States

30,000,000

30,961,435

Prudential

Financial,

Inc.

,

Junior

Sub.

Bond

,

5.7%

to

9/14/28,

FRN

thereafter

,

9/15/48

.............................

United

States

65,000,000

64,423,664

250,982,492

#### IT

#### Services

#### 0.1%
d

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/27

.......................

United

States

15,000,000

14,847,789

d

CoreWeave,

Inc.

,

Senior

Note

,

144A,

9.25 %

,

6/01/30

........

United

States

82,000,000

79,754,381

94,602,170

#### Media

#### 0.3%
d

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

4/15/28

.........................................

United

States

125,000,000

125,678,750

d

Stagwell

Global

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

.....

United

States

55,000,000

52,409,907

d

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

...................................

United

States

45,000,000

46,411,207

224,499,864

#### Metals

#### &

#### Mining

#### 1.1%
d

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

4.125 %

,

3/31/29

United

States

101,547,000

98,797,571

ArcelorMittal

SA

,

Senior

Bond

,

6.8 %

,

11/29/32

..............

Luxembourg

55,000,000

60,740,950

d

Cleveland-Cliffs,

Inc.

,

Senior

Bond

,

144A,

4.875 %

,

3/01/31

...................

United

States

25,000,000

22,479,565

Senior

Note

,

144A,

6.875 %

,

11/01/29

..................

United

States

59,265,000

59,299,704

Senior

Note

,

144A,

%

,

3/15/32

......................

United

States

97,000,000

93,973,823

Senior

Note

,

144A,

7.375 %

,

5/01/33

...................

United

States

71,000,000

69,515,396

Senior

Note

,

144A,

7.625 %

,

1/15/34

...................

United

States

61,000,000

59,652,976

d

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375 %

,

4/01/31

...................

Australia

155,500,000

147,063,270

Senior

Bond

,

144A,

6.125 %

,

4/15/32

...................

Australia

75,000,000

76,704,573

Senior

Note

,

144A,

5.875 %

,

4/15/30

...................

Australia

62,035,000

62,835,165

Freeport-McMoRan,

Inc.

,

Senior

Bond

,

5.25 %

,

9/01/29

.......

United

States

40,000,000

40,353,110

d

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

11/01/27

......................

Australia

20,000,000

20,273,383

Senior

Note

,

144A,

8.5 %

,

5/01/30

.....................

Australia

25,000,000

25,721,416

837,410,902

#### Multi-Utilities

#### 0.0%

#### †
Sempra,

Inc.

,

Senior

Bond

,

5.5 %

,

8/01/33

.................

United

States

20,000,000

20,604,056

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.2%
d

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

9.75 %

,

7/15/28

....................

United

States

73,565,000

76,303,457

Senior

Note

,

144A,

9.75 %

,

2/15/31

....................

United

States

100,000,000

106,296,094

Senior

Secured

Note

,

144A,

9.25 %

,

7/15/29

.............

United

States

140,000,000

142,625,000

Cheniere

Energy

Partners

LP

,

Senior

Note

,

5.95 %

,

6/30/33

....

United

States

30,000,000

31,459,617

Cheniere

Energy,

Inc.

,

Senior

Note

,

5.65 %

,

4/15/34

..........

United

States

40,000,000

41,193,646

Energy

Transfer

LP

,

Senior

Bond

,

5.75 %

,

2/15/33

.........................

United

States

30,000,000

31,211,799

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

Energy

Transfer

LP,

(continued)

Senior

Bond

,

6.55 %

,

12/01/33

........................

United

States

25,000,000

$

27,000,065

Senior

Bond

,

5.6 %

,

9/01/34

..........................

United

States

24,400,000

24,876,442

d

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

7.25 %

,

2/15/35

....................

United

States

110,000,000

109,749,695

Senior

Note

,

144A,

%

,

4/15/30

......................

United

States

27,000,000

26,298,103

Kinder

Morgan,

Inc.

,

Senior

Bond

,

5.2 %

,

6/01/33

..........................

United

States

67,000,000

68,138,241

Senior

Bond

,

5.4 %

,

2/01/34

..........................

United

States

30,000,000

30,692,864

d

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875 %

,

4/15/28

...................

United

States

30,000,000

30,585,630

Senior

Note

,

144A,

6.5 %

,

4/15/32

.....................

United

States

35,000,000

35,406,701

Senior

Note

,

144A,

6.25 %

,

4/15/33

....................

United

States

40,000,000

40,063,000

Occidental

Petroleum

Corp.

,

Senior

Bond

,

6.625 %

,

9/01/30

........................

United

States

80,000,000

86,066,105

Senior

Bond

,

6.125 %

,

1/01/31

........................

United

States

52,000,000

54,349,100

d

Rockies

Express

Pipeline

LLC

,

Senior

Note

,

144A,

6.75 %

,

3/15/33

.........................................

United

States

20,000,000

20,599,360

d

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

...................................

United

States

46,445,000

47,530,048

d

Venture

Global

LNG,

Inc.

,

j

Junior

Sub.

Bond

,

144A,

9%

to

9/29/29,

FRN

thereafter

,

Perpetual

.......................................

United

States

370,000,000

368,827,533

Senior

Secured

Note

,

144A,

8.125 %

,

6/01/28

............

United

States

183,000,000

187,248,528

Senior

Secured

Note

,

144A,

9.5 %

,

2/01/29

..............

United

States

37,300,000

40,351,118

Senior

Secured

Note

,

144A,

%

,

1/15/30

................

United

States

140,000,000

143,018,120

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

............

United

States

260,000,000

270,528,788

Senior

Secured

Note

,

144A,

9.875 %

,

2/01/32

............

United

States

185,000,000

198,778,430

d

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75 %

,

5/01/35

.............

United

States

25,000,000

28,035,075

Senior

Secured

Note

,

144A,

6.125 %

,

12/15/30

...........

United

States

40,000,000

41,159,040

Senior

Secured

Note

,

144A,

7.5 %

,

5/01/33

..............

United

States

50,000,000

54,989,450

Senior

Secured

Note

,

144A,

6.5 %

,

6/15/34

..............

United

States

50,000,000

52,079,100

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

3.5 %

,

11/15/30

.........................

United

States

90,000,000

85,565,762

Senior

Bond

,

5.65 %

,

3/15/33

.........................

United

States

40,000,000

41,324,053

2,542,349,964

#### Passenger

#### Airlines

#### 1.1%
d

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

..............

United

States

20,708,333

20,736,910

Senior

Secured

Note

,

144A,

5.75 %

,

4/20/29

.............

United

States

275,000,000

273,671,833

d

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

..............................

United

States

114,583,333

114,458,899

d

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

Senior

Secured

Note

,

144A,

9.875 %

,

9/20/31

..............................

United

States

230,000,000

217,676,218

United

Airlines

Holdings,

Inc.

,

Senior

Note

,

5.375 %

,

3/01/31

...

United

States

65,000,000

63,736,836

d

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

161,643,000

158,697,687

848,978,383

#### Personal

#### Care

#### Products

#### 0.1%
d

BellRing

Brands,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/30

.......

United

States

30,000,000

30,029,850

d

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

65,000,000

65,101,985

95,131,835

#### Pharmaceuticals

#### 0.7%
d

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

...

United

States

122,853,000

125,886,118

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

d

Bausch

Health

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

9/30/28

.........................................

Canada

60,928,000

$

62,206,788

d

Endo

Finance

Holdings

LP

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

.........................................

United

States

50,000,000

52,392,450

d

Organon

&

Co.

/

Organon

Foreign

Debt

Co-Issuer

BV

,

Senior

Bond

,

144A,

5.125 %

,

4/30/31

...................

United

States

85,000,000

69,358,716

Senior

Note

,

144A,

7.875 %

,

5/15/34

...................

United

States

70,000,000

57,718,675

Senior

Secured

Note

,

144A,

4.125 %

,

4/30/28

............

United

States

60,000,000

58,256,008

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

6.75 %

,

3/01/28

.........................

Israel

26,000,000

26,661,050

Senior

Note

,

7.875 %

,

9/15/29

........................

Israel

25,000,000

26,802,225

Senior

Note

,

8.125 %

,

9/15/31

........................

Israel

30,000,000

33,575,100

Viatris,

Inc.

,

Senior

Note

,

2.7 %

,

6/22/30

...................

United

States

40,000,000

36,251,294

549,108,424

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
Broadcom,

Inc.

,

Senior

Bond

,

4.3 %

,

11/15/32

.........................

United

States

80,000,000

77,935,639

Senior

Note

,

3.469 %

,

4/15/34

........................

United

States

35,000,000

31,533,260

Micron

Technology,

Inc.

,

Senior

Bond

,

5.875 %

,

2/09/33

.......

United

States

40,000,000

42,796,490

d

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/15/33

....................

United

States

20,000,000

20,247,740

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

.............

United

States

35,000,000

35,085,435

207,598,564

#### Software

#### 1.0%
d

Cloud

Software

Group,

Inc.

,

Secured

Note

,

144A,

%

,

9/30/29

.....................

United

States

65,000,000

62,765,859

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/29

..............

United

States

150,000,000

146,483,295

d

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

..........

United

States

68,200,000

56,420,926

Oracle

Corp.

,

Senior

Bond

,

6.25 %

,

11/09/32

........................

United

States

95,000,000

97,528,069

Senior

Bond

,

5.2 %

,

9/26/35

..........................

United

States

80,000,000

75,079,940

Senior

Bond

,

5.7 %

,

2/04/36

..........................

United

States

85,000,000

81,763,345

Senior

Bond

,

5.875 %

,

9/26/45

........................

United

States

50,000,000

43,169,102

Salesforce,

Inc.

,

Senior

Bond

,

5.55 %

,

3/15/36

..............

United

States

190,000,000

189,480,652

752,691,188

#### Specialized

#### REITs

#### 0.2%
American

Tower

Corp.

,

Senior

Bond

,

5.65 %

,

3/15/33

.........

United

States

80,000,000

82,711,368

Crown

Castle,

Inc.

,

Senior

Bond

,

5.1 %

,

5/01/33

.............

United

States

60,000,000

59,183,397

d

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

..

United

States

50,000,000

50,018,195

191,912,960

#### Specialty

#### Retail

#### 0.1%
Lowe's

Cos.,

Inc.

,

Senior

Bond

,

2.625 %

,

4/01/31

........................

United

States

40,000,000

36,358,113

Senior

Bond

,

3.75 %

,

4/01/32

.........................

United

States

48,000,000

45,438,948

Senior

Bond

,

%

,

4/15/33

...........................

United

States

17,000,000

17,099,734

98,896,795

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

5.75 %

,

2/01/33

.........................

United

States

40,000,000

41,595,617

Senior

Note

,

5.3 %

,

10/01/29

.........................

United

States

55,000,000

56,143,068

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

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)

HP,

Inc.

,

Senior

Bond

,

5.5 %

,

1/15/33

.....................

United

States

35,000,000

$

35,448,742

133,187,427

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.3%
d

,l

Beach

Acquisition

Bidco

LLC

,

Senior

Note

,

144A,

PIK,

%

,

7/15/33

.........................................

United

States

231,890,694

241,873,093

#### Tobacco

#### 0.2%
BAT

Capital

Corp.

,

Senior

Bond

,

2.726 %

,

3/25/31

........................

United

Kingdom

25,000,000

22,868,539

Senior

Bond

,

6.421 %

,

8/02/33

........................

United

Kingdom

53,500,000

58,045,106

Senior

Note

,

2.259 %

,

3/25/28

........................

United

Kingdom

37,812,000

36,306,886

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.75 %

,

11/17/32

........................

United

States

41,000,000

43,180,119

Senior

Bond

,

5.375 %

,

2/15/33

........................

United

States

25,000,000

25,707,444

186,108,094

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
d

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/30

......................

United

States

35,000,000

35,912,940

Senior

Note

,

144A,

7.25 %

,

6/15/33

....................

United

States

30,000,000

30,767,760

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4.875 %

,

1/15/28

........................

United

States

140,000,000

139,485,262

Senior

Bond

,

3.875 %

,

2/15/31

........................

United

States

30,000,000

28,221,285

Senior

Bond

,

3.75 %

,

1/15/32

.........................

United

States

31,000,000

28,450,969

d

Senior

Secured

Note

,

144A,

%

,

12/15/29

...............

United

States

73,800,000

75,080,873

337,919,089

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 25,707,094,389

####)
................................

#### 26,365,196,275
m

#### Senior

#### Floating

#### Rate

#### Interests

#### 1.1%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
n

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

2/28/31

.............................

United

States

19,748,744

19,773,627

n

#### 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

54,227,470

54,199,272

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.923 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

.....................

United

States

39,600,000

39,575,250

93,774,522

a

a

a

a

a

a

n

#### Chemicals

#### 0.1%
SCIH

Salt

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.35 %

,

(6-month

SOFR

+

2.75 %),

1/31/29

.....................

United

States

19,800,375

19,775,624

o

Tronox

Finance

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

6.172 %

,

(1-month

SOFR

+

2.5%;

3-month

SOFR

+

2.5%),

9/30/31

.........................................

United

States

26,273,425

20,152,900

39,928,524

a

a

a

a

a

a

n

#### Containers

#### &

#### Packaging

#### 0.1%
Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

6.918 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

...................................

United

States

91,051,780

85,281,374

Mauser

Packaging

Solutions

Holding

Co.,

First

Lien,

2025

CME

Term

Loan

,

7.164 %

,

(3-month

SOFR

+

3.5 %),

4/15/30

......

United

States

19,847,328

19,234,145

104,515,519

a

a

a

a

a

a

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

m

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

n

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.4%
o

Hologic,

Inc.,

First

Lien,

CME

Term

Loan

,

%

,

(3-month

SOFR

+

%),

1/14/33

.....................................

United

States

200,000,000

$

197,738,600

o

Hologic,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.755 %

,

(12-month

SOFR

+

2.25 %),

1/14/33

............................

United

States

115,000,000

113,771,225

Medline

Borrower

LP,

First

Lien,

2030

Refinancing

CME

Term

Loan

,

5.418 %

,

(1-month

SOFR

+

1.75 %),

10/23/30

........

United

States

19,750,501

19,796,717

331,306,542

a

a

a

a

a

a

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
n

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

7.417 %

,

(3-month

SOFR

+

3.75 %),

12/31/30

United

States

30,148,199

30,140,662

#### Media

#### 0.0%

#### †
n

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5

,

5.911 %

,

(3-month

SOFR

+

2.25 %),

12/15/31

......

United

States

19,750,000

19,771,034

#### Personal

#### Care

#### Products

#### 0.2%
n

OPAL

US

LLC,

First

Lien,

CME

Term

Loan,

B4

,

6.7 %

,

(3-month

SOFR

+

%),

4/28/32

...............................

United

States

139,300,000

139,387,062

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
n

Beach

Acquisition

Bidco

LLC,

First

Lien,

CME

Term

Loan,

B1

,

6.95 %

,

(3-month

SOFR

+

3.25 %),

9/13/32

...............

United

States

44,887,500

45,055,828

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 830,343,414

####)
.......................

#### 823,653,320

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 8.0%
U.S.

Treasury

Bonds

,

6.75 %,

8/15/26

...................................

United

States

250,000,000

252,679,838

6.5 %,

11/15/26

...................................

United

States

250,000,000

254,143,085

6.625 %,

2/15/27

..................................

United

States

250,000,000

256,301,112

6.375 %,

8/15/27

..................................

United

States

250,000,000

258,613,280

4.125 %,

8/15/53

..................................

United

States

750,000,000

657,949,215

p

.08

%

,

11/15/54

..................................

United

States

1,000,000,000

242,230,870

4.5 %,

11/15/54

...................................

United

States

500,000,000

467,226,560

4.75 %,

5/15/55

...................................

United

States

750,000,000

730,517,580

4.625 %,

11/15/55

.................................

United

States

500,000,000

477,812,500

U.S.

Treasury

Notes

,

3.875 %,

8/15/33

..................................

United

States

1,500,000,000

1,472,783,205

4.25 %,

5/15/35

...................................

United

States

1,250,000,000

1,246,899,412

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 6,263,227,342

####)
............

#### 6,317,156,657

#### Asset-Backed

#### Securities

#### 0.1%

#### Passenger

#### Airlines

#### 0.1%
United

Airlines

Pass-Through

Trust

,

2020-1

,

A

,

5.875 %

,

10/15/27

.........................

United

States

32,560,625

33,126,288

2023-1

,

A

,

5.8 %

,

1/15/36

............................

United

States

45,531,401

47,023,483

80,149,771

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 77,986,204

####)
.............................

#### 80,149,771

#### Mortgage-Backed

#### Securities

#### 5.5%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 2.5%
FHLMC

Pool,

Year

,

%,

11/01/54

.....................

United

States

536,405,351

529,746,270

FHLMC

Pool,

Year

,

%,

5/01/53

-

12/01/54

..............

United

States

384,196,804

379,989,134

FHLMC

Pool,

Year

,

5.5 %,

6/01/53

-

2/01/55

.............

United

States

986,585,045

992,687,510

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

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

,

%,

9/01/55

......................

United

States

101,958,180

$

104,012,067

2,006,434,981

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 1.1%
FNMA,

Year

,

%,

8/01/49

...........................

United

States

20,408,812

19,594,438

FNMA,

Year

,

%,

5/01/53

-

11/01/53

...................

United

States

319,487,554

316,504,215

FNMA,

Year

,

5.5 %,

7/01/53

-

11/01/54

.................

United

States

260,997,514

262,650,529

FNMA,

Year

,

%,

8/01/55

...........................

United

States

226,823,011

231,339,974

830,089,156

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 1.9%
GNMA

II,

Single-family,

Year

,

5.5 %,

5/20/53

-

12/20/55

.....

United

States

911,895,176

919,409,569

GNMA

II,

Single-family,

Year

,

%,

8/20/55

...............

United

States

353,043,556

359,303,823

GNMA

II,

Single-family,

Year

,

%,

1/20/56

...............

United

States

209,090,822

213,306,114

1,492,019,506

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 4,281,349,330

####)
.......................

#### 4,328,543,643

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 71,738,654,638

####)
..........................

#### 76,963,394,877

#### a

#### Short

#### Term

#### Investments

#### 2.4%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 2.2%
p

U.S.

Treasury

Bills

,

3.1 %,

4/07/26

....................................

United

States

250,000,000

249,849,582

3.37 %,

4/14/26

...................................

United

States

250,000,000

249,672,742

3.46 %,

4/21/26

...................................

United

States

250,000,000

249,496,805

3.51 %,

4/28/26

...................................

United

States

250,000,000

249,320,218

3.52 %,

5/05/26

...................................

United

States

250,000,000

249,146,403

3.55 %,

5/12/26

...................................

United

States

250,000,000

248,968,710

3.57 %,

5/19/26

...................................

United

States

250,000,000

248,791,668

1,745,246,128

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 1,745,247,146

####)
............

#### 1,745,246,128

#### Shares

#### Money

#### Market

#### Funds

#### 0.2%
e,q

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.578 %

.........................................

United

States

126,868,579

126,868,579

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 126,868,579

####)
...............................

#### 126,868,579
Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

r

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.0%

#### †

#### Money

#### Market

#### Funds

#### 0.0%

#### †
e,q

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.578 %

.........................................

United

States

3,172,000

$

3,172,000

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 3,172,000

####)
..........................................................

#### 3,172,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,875,287,725

####)
...........................

#### 1,875,286,707

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 73,613,942,363

####)
100.3 #### %
.............................

#### $78,838,681,584

#### Options

#### Written

#### (0.0 ####)

#### %

#### †
....................................................

#### (34,885,000)

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.3 ####)

#### %
.........................................

#### (155,749,205)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $78,648,047,379

#### a

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### #
s

#### Options

#### Written

#### (0.0)%

#### †

#### Calls

#### -

#### Exchange-Traded

#### Equity

#### Options

#### (0.0)%

#### †
Bank

of

America

Corp.

,

April

Strike

Price

$

60.00 ,

Expires

4/17/26

20,000

97,500,000

(60,000)

Exxon

Mobil

Corp.

,

May

Strike

Price

$

165.00 ,

Expires

5/15/26

..

20,000

339,320,000

(21,700,000)

Exxon

Mobil

Corp.

,

June

Strike

Price

$

185.00 ,

Expires

6/18/26

.

10,000

169,660,000

(4,340,000)

Home

Depot,

Inc.

(The)

,

June

Strike

Price

$

440.00 ,

Expires

6/18/26

.........................................

5,000

164,445,000

(160,000)

Lowe's

Cos.,

Inc.

,

April

Strike

Price

$

300.00 ,

Expires

4/17/26

..

5,000

118,140,000

(5,000)

PepsiCo,

Inc.

,

June

Strike

Price

$

185.00 ,

Expires

6/18/26

.....

5,000

77,645,000

(345,000)

Philip

Morris

International,

Inc.

,

June

Strike

Price

$

200.00 ,

Expires

6/18/26

...................................

5,000

82,670,000

(575,000)

(27,185,000)

#### Puts

#### -

#### Exchange-Traded

#### Equity

#### Options

#### (0.0)%

#### †
Abbott

Laboratories

,

June

Strike

Price

$

100.00 ,

Expires

6/18/26

5,000

51,335,000

(2,225,000)

AbbVie,

Inc.

,

May

Strike

Price

$

200.00 ,

Expires

5/15/26

......

5,000

108,745,000

(2,075,000)

Procter

&

Gamble

Co.

(The)

,

June

Strike

Price

$

135.00 ,

Expires

6/18/26

.........................................

10,000

144,440,000

(3,400,000)

(7,700,000)

#### Total

#### Options

#### Written

#### (Premiums

#### received

#### $

#### 23,402,612

####)
........................

#### $

#### (#### 34,885,000

####)
Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

period

end.

b

Non-income

producing.

c

See

Note

regarding

holdings

of

5%

voting

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

March

31,

2026,

the

aggregate

value

of

these

securities

was

$32,080,347,659,

representing

40.8%

of

net

assets.

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

See

Note

1(e)

regarding

equity-linked

securities.

g

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2026. See

Note

1(f).

h

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

i

See

Note

regarding

restricted

securities.

j

Perpetual

security

with

no

stated

maturity

date.

k

The

coupon

rate

shown

represents

the

rate

at

period

end.

l

Income

may

be

received

in

additional

securities

and/or

cash.

m

See

Note

1(g)

regarding

senior

floating

rate

interests.

n

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

o

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

p

The

rate

shown

represents

the

yield

at

period

end.

q

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

r

See

Note

1(f)

regarding

securities

on

loan.

s

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.14

$5.19

$4.86

$5.03

$5.89

$6.09

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.08 0.15 0.14 0.12 0.08 0.05 Net

realized

and

unrealized

gains

(losses)

0.01 (0.03)

0.35 (0.14)

(0.81)

(0.12)

Total

from

investment

operations

........

0.09 0.12 0.49 (0.02)

(0.73)

(0.07)

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.17)

(0.16)

(0.15)

(0.13)

(0.13)

Net

asset

value,

end

of

period

..........

$5.14

$5.14

$5.19

$4.86

$5.03

$5.89

Total

return

c

.......................

1.67%

2.42%

10.25%

(0.49)%

(12.50)%

(1.15)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.88%

0.86%

0.85%

0.81%

0.87%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.88%

e

0.85%

0.84%

0.80%

0.86%

f

0.87%

e,f

Net

investment

income

...............

2.91%

2.93%

2.79%

2.45%

1.44%

0.79%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$516,929

$535,302

$592,336

$607,527

$687,607

$1,020,574

Portfolio

turnover

rate

................

7.45%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.14

$5.20

$4.86

$5.03

$5.90

$6.09

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.08 0.15 0.15 0.13 0.09 0.05 Net

realized

and

unrealized

gains

(losses)

0.02 (0.03)

0.36 (0.14)

(0.82)

(0.10)

Total

from

investment

operations

........

0.10 0.12 0.51 (0.01)

(0.73)

(0.05)

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.18)

(0.17)

(0.16)

(0.14)

(0.14)

Net

asset

value,

end

of

period

..........

$5.15

$5.14

$5.20

$4.86

$5.03

$5.90

Total

return

c

.......................

1.92%

2.34%

10.58%

(0.38)%

(12.55)%

(0.89)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.77%

0.75%

0.74%

0.70%

0.76%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.77%

e

0.74%

0.74%

e

0.69%

0.76%

e,f

0.76%

f

Net

investment

income

...............

3.02%

3.03%

2.90%

2.55%

1.56%

0.90%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,090,883

$1,147,655

$1,293,199

$1,362,598

$1,592,268

$2,104,978

Portfolio

turnover

rate

................

7.45%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.10

$5.15

$4.82

$5.00

$5.85

$6.04

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.06 0.13 0.12 0.10 0.06 0.02 Net

realized

and

unrealized

gains

(losses)

0.03 (0.03)

0.35 (0.15)

(0.80)

(0.10)

Total

from

investment

operations

........

0.09 0.10 0.47 (0.05)

(0.74)

(0.08)

Less

distributions

from:

Net

investment

income

..............

(0.08)

(0.15)

(0.14)

(0.13)

(0.11)

(0.11)

Net

asset

value,

end

of

period

..........

$5.11

$5.10

$5.15

$4.82

$5.00

$5.85

Total

return

c

.......................

1.68%

2.02%

9.88%

(1.12)%

(12.77)%

(1.41)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.28%

1.26%

1.25%

1.21%

1.27%

1.27%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.27%

1.25%

1.24%

1.20%

1.26%

e

1.27%

e,f

Net

investment

income

...............

2.51%

2.52%

2.39%

2.04%

1.04%

0.39%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$24,941

$29,487

$43,646

$60,693

$116,145

$196,643

Portfolio

turnover

rate

................

7.45%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.14

$5.19

$4.86

$5.03

$5.89

$6.09

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.07 0.14 0.13 0.11 0.07 0.03 Net

realized

and

unrealized

gains

(losses)

0.02 (0.03)

0.35 (0.14)

(0.81)

(0.11)

Total

from

investment

operations

........

0.09 0.11 0.48 (0.03)

(0.74)

(0.08)

Less

distributions

from:

Net

investment

income

..............

(0.08)

(0.16)

(0.15)

(0.14)

(0.12)

(0.12)

Net

asset

value,

end

of

period

..........

$5.15

$5.14

$5.19

$4.86

$5.03

$5.89

Total

return

c

.......................

1.75%

2.16%

9.97%

(0.74)%

(12.72)%

(1.41)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.13%

1.11%

1.10%

1.05%

1.12%

1.11%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.12%

1.10%

1.09%

1.05%

e

1.11%

f

1.11%

e,f

Net

investment

income

...............

2.66%

2.68%

2.54%

2.20%

1.20%

0.55%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$11,386

$12,562

$13,803

$14,078

$15,476

$19,513

Portfolio

turnover

rate

................

7.45%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.17

$5.22

$4.88

$5.06

$5.92

$6.12

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.08 0.17 0.16 0.14 0.10 0.07 Net

realized

and

unrealized

gains

(losses)

0.02 (0.03)

0.36 (0.15)

(0.81)

(0.12)

Total

from

investment

operations

........

0.10 0.14 0.52 (0.01)

(0.71)

(0.05)

Less

distributions

from:

Net

investment

income

..............

(0.10)

(0.19)

(0.18)

(0.17)

(0.15)

(0.15)

Net

asset

value,

end

of

period

..........

$5.17

$5.17

$5.22

$4.88

$5.06

$5.92

Total

return

c

.......................

1.84%

2.76%

10.81%

(0.34)%

(12.11)%

(0.80)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.53%

0.52%

0.51%

0.46%

0.50%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.52%

0.51%

0.50%

0.45%

0.50%

e,f

0.51%

e

Net

investment

income

...............

3.27%

3.27%

3.14%

2.80%

1.81%

1.15%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$180,405

$175,752

$186,048

$204,317

$202,611

$304,650

Portfolio

turnover

rate

................

7.45%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.16

$5.21

$4.88

$5.05

$5.92

$6.11

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.08 0.16 0.15 0.14 0.09 0.06 Net

realized

and

unrealized

gains

(losses)

0.02 (0.03)

0.35 (0.15)

(0.81)

(0.10)

Total

from

investment

operations

........

0.10 0.13 0.50 (0.01)

(0.72)

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.09)

(0.18)

(0.17)

(0.16)

(0.15)

(0.15)

Net

asset

value,

end

of

period

..........

$5.17

$5.16

$5.21

$4.88

$5.05

$5.92

Total

return

c

.......................

1.99%

2.66%

10.48%

(0.24)%

(12.39)%

(0.74)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.63%

0.61%

0.60%

0.55%

0.62%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.63%

e

0.60%

0.59%

0.55%

e

0.61%

f

0.62%

e,f

Net

investment

income

...............

3.16%

3.17%

3.04%

2.70%

1.67%

1.04%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$206,322

$217,865

$255,448

$262,569

$300,303

$692,010

Portfolio

turnover

rate

................

7.45%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

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

$

13,988,848

4.5 %,

2/15/44

....................................................

33,400,000

31,952,449

4.625 %,

5/15/54

...................................................

6,000,000

5,722,500

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 55,075,495

####)
.................

#### 51,663,797

#### Mortgage-Backed

#### Securities

#### 94.7%

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 94.7%
GNMA

I,

Year

,

4.5 %,

4/15/40

........................................

2,585,073

2,569,829

GNMA

I,

Year

,

%,

9/15/40

..........................................

84,330,985

85,341,238

GNMA

I,

Year

,

5.5 %,

2/15/40

........................................

34,469,135

35,849,345

GNMA

I,

Year

,

%,

12/15/39

.........................................

31,862,532

33,580,051

GNMA

I,

Year

,

6.5 %,

8/15/37

........................................

6,236,766

6,448,603

GNMA

I,

Year

,

%,

9/15/32

..........................................

3,537,515

3,678,937

GNMA

I,

Year

,

7.5 %,

7/15/26

-

8/15/33

.................................

148,308

153,961

GNMA

I,

Year

,

%,

10/15/29

.........................................

GNMA

I,

Single-family,

Year

,

3.5 %,

4/15/43

-

5/15/43

......................

8,194,181

7,710,034

GNMA

I,

Single-family,

Year

,

%,

10/15/40

-

8/15/46

.......................

24,715,531

23,641,402

GNMA

I,

Single-family,

Year

,

4.5 %,

2/15/39

-

6/15/41

......................

46,493,897

46,120,432

GNMA

I,

Single-family,

Year

,

5.5 %,

10/15/48

.............................

526,524

535,338

GNMA

I,

Single-family,

Year

,

7.5 %,

6/15/26

-

7/15/31

......................

395,021

402,858

GNMA

I,

Single-family,

Year

,

%,

5/15/26

-

9/15/30

........................

94,173

95,939

GNMA

II,

Year

,

4.5 %,

5/20/34

-

6/20/41

.................................

2,103,079

2,086,363

GNMA

II,

Year

,

%,

3/20/34

-

9/20/34

..................................

506,485

510,721

GNMA

II,

Year

,

%,

7/20/39

.........................................

14,534,995

15,224,187

GNMA

II,

Year

,

6.5 %,

9/20/31

-

9/20/32

.................................

483,295

502,308

GNMA

II,

Year

,

%,

7/20/32

.........................................

135,356

140,763

GNMA

II,

Year

,

%,

12/20/28

........................................

2,164

2,179

GNMA

II,

Single-family,

Year

,

%,

8/20/51

...............................

130,131,957

107,654,817

GNMA

II,

Single-family,

Year

,

%,

8/20/50

-

6/20/51

.......................

30,529,412

25,264,384

GNMA

II,

Single-family,

Year

,

2.5 %,

11/20/50

............................

12,681,366

10,736,948

GNMA

II,

Single-family,

Year

,

2.5 %,

7/20/51

.............................

56,404,052

48,590,563

GNMA

II,

Single-family,

Year

,

2.5 %,

8/20/51

.............................

167,659,854

144,434,422

GNMA

II,

Single-family,

Year

,

2.5 %,

9/20/51

.............................

67,796,558

58,429,551

GNMA

II,

Single-family,

Year

,

2.5 %,

10/20/51

............................

42,645,750

36,740,171

GNMA

II,

Single-family,

Year

,

2.5 %,

12/20/51

............................

68,215,306

58,768,568

GNMA

II,

Single-family,

Year

,

%,

10/20/44

..............................

14,411,570

13,179,706

GNMA

II,

Single-family,

Year

,

%,

5/20/45

...............................

10,385,008

9,438,031

GNMA

II,

Single-family,

Year

,

%,

4/20/46

...............................

14,016,312

12,686,004

GNMA

II,

Single-family,

Year

,

%,

9/20/47

...............................

11,279,229

10,201,463

GNMA

II,

Single-family,

Year

,

%,

10/20/47

..............................

18,163,454

16,442,226

GNMA

II,

Single-family,

Year

,

%,

8/20/51

...............................

79,986,067

71,509,432

GNMA

II,

Single-family,

Year

,

%,

9/20/51

...............................

21,314,582

19,057,934

GNMA

II,

Single-family,

Year

,

%,

12/20/44

-

10/20/50

......................

70,500,096

62,322,844

GNMA

II,

Single-family,

Year

,

3.5 %,

7/20/42

.............................

22,088,010

20,947,645

GNMA

II,

Single-family,

Year

,

3.5 %,

9/20/42

.............................

27,846,500

26,408,756

GNMA

II,

Single-family,

Year

,

3.5 %,

6/20/43

.............................

9,690,171

9,188,003

GNMA

II,

Single-family,

Year

,

3.5 %,

9/20/47

.............................

101,135,482

94,970,349

GNMA

II,

Single-family,

Year

,

3.5 %,

10/20/40

-

1/20/49

.....................

44,851,465

42,400,690

GNMA

II,

Single-family,

Year

,

%,

10/20/41

..............................

8,776,573

8,443,712

GNMA

II,

Single-family,

Year

,

%,

11/20/41

..............................

8,359,804

8,042,733

GNMA

II,

Single-family,

Year

,

%,

5/20/47

...............................

24,071,712

23,031,763

GNMA

II,

Single-family,

Year

,

%,

6/20/47

...............................

18,385,913

17,588,278

GNMA

II,

Single-family,

Year

,

%,

7/20/47

...............................

11,673,733

11,172,980

GNMA

II,

Single-family,

Year

,

%,

5/20/40

-

12/20/49

......................

49,427,002

47,173,489

GNMA

II,

Single-family,

Year

,

4.5 %,

6/20/41

.............................

8,163,900

8,051,474

GNMA

II,

Single-family,

Year

,

4.5 %,

7/20/41

.............................

9,037,302

8,962,279

GNMA

II,

Single-family,

Year

,

4.5 %,

9/20/41

.............................

13,037,919

12,929,013

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund
(continued)

franklintempleton.com

Semiannual

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 %,

10/20/41

............................

$

9,415,306

$

9,336,174

GNMA

II,

Single-family,

Year

,

4.5 %,

5/20/52

.............................

29,563,613

28,819,047

GNMA

II,

Single-family,

Year

,

4.5 %,

5/20/33

-

2/20/44

......................

26,973,188

26,743,383

GNMA

II,

Single-family,

Year

,

%,

7/20/53

...............................

21,276,164

21,171,590

GNMA

II,

Single-family,

Year

,

%,

8/20/53

...............................

25,049,027

24,925,329

GNMA

II,

Single-family,

Year

,

%,

9/20/53

...............................

20,255,702

20,161,373

GNMA

II,

Single-family,

Year

,

%,

7/20/33

-

9/20/41

.......................

21,372,457

21,747,452

GNMA

II,

Single-family,

Year

,

%,

12/20/54

..............................

20,243,984

20,085,629

GNMA

II,

Single-family,

Year

,

5.5 %,

7/20/53

.............................

18,065,724

18,313,425

GNMA

II,

Single-family,

Year

,

5.5 %,

1/20/54

.............................

36,444,776

37,053,878

GNMA

II,

Single-family,

Year

,

5.5 %,

5/20/54

.............................

36,860,828

37,343,594

GNMA

II,

Single-family,

Year

,

5.5 %,

6/20/34

-

6/20/55

......................

31,684,723

32,488,369

GNMA

II,

Single-family,

Year

,

5.5 %,

8/20/55

.............................

61,823,016

62,285,366

GNMA

II,

Single-family,

Year

,

5.5 %,

10/20/55

............................

69,322,223

69,833,614

GNMA

II,

Single-family,

Year

,

%,

6/20/54

...............................

11,707,190

11,952,976

GNMA

II,

Single-family,

Year

,

%,

6/20/34

-

6/20/55

.......................

2,805,372

2,857,405

GNMA

II,

Single-family,

Year

,

%,

7/20/55

...............................

83,692,906

85,176,961

GNMA

II,

Single-family,

Year

,

%,

9/20/55

...............................

11,308,296

11,508,818

GNMA

II,

Single-family,

Year

,

%,

10/20/55

..............................

19,993,112

20,560,011

GNMA

II,

Single-family,

Year

,

6.5 %,

5/20/54

.............................

8,987,781

9,356,630

GNMA

II,

Single-family,

Year

,

6.5 %,

6/20/54

.............................

27,983,865

29,236,137

GNMA

II,

Single-family,

Year

,

6.5 %,

5/20/26

-

6/20/55

......................

11,081,807

11,623,719

GNMA

II,

Single-family,

Year

,

%,

2/20/28

-

7/20/33

.......................

951,613

982,572

GNMA

II,

Single-family,

Year

,

7.5 %,

10/20/26

-

4/20/32

.....................

74,378

76,562

GNMA

II,

Single-family,

Year

,

%,

5/20/26

-

6/20/30

.......................

19,813

20,451

1,923,023,622

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 2,103,928,929

####)
.........................

#### 1,923,023,622

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,159,004,424

####)
.............................

#### 1,974,687,419

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 2.5%

#### Shares
a

#### Money

#### Market

#### Funds

#### 2.5%
a,b

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.578 %

.............

51,781,958

51,781,958

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 51,781,958

####)
..................................

#### 51,781,958

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 51,781,958

####)
................................

#### 51,781,958

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,210,786,382

####)
99.7 #### %
..................................

#### $2,026,469,377

#### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
.............................................

#### 4,394,893

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $2,030,864,270
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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.79

$24.67

$18.64

$20.26

$20.20

$19.76

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.26 0.53 0.52 0.49 0.46 0.43 Net

realized

and

unrealized

gains

(losses)

1.78 2.62 6.74 (1.33)

0.67 1.94 Total

from

investment

operations

........

2.04 3.15 7.26 (0.84)

1.13 2.37 Less

distributions

from:

Net

investment

income

..............

(0.31)

(0.56)

(0.49)

(0.47)

(0.47)

(0.52)

Net

realized

gains

.................

(1.40)

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...................

(1.71)

(2.03)

(1.23)

(0.78)

(1.07)

(1.93)

Net

asset

value,

end

of

period

..........

$26.12

$25.79

$24.67

$18.64

$20.26

$20.20

Total

return

c

.......................

8.56%

13.99%

40.74%

(4.55)%

5.56%

12.29%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.81%

0.80%

0.81%

0.81%

f

0.82%

f

0.82%

f

Net

investment

income

...............

2.02%

2.20%

2.54%

2.34%

2.08%

2.10%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,814,721

$1,641,721

$1,386,488

$1,116,740

$1,200,671

$982,201

Portfolio

turnover

rate

................

3.96%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.80

$24.68

$18.65

$20.27

$20.21

$19.77

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.27 0.55 0.54 0.50 0.47 0.45 Net

realized

and

unrealized

gains

(losses)

1.78 2.62 6.74 (1.31)

0.68 1.94 Total

from

investment

operations

........

2.05 3.17 7.28 (0.81)

1.15 2.39 Less

distributions

from:

Net

investment

income

..............

(0.32)

(0.58)

(0.51)

(0.50)

(0.49)

(0.54)

Net

realized

gains

.................

(1.40)

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...................

(1.72)

(2.05)

(1.25)

(0.81)

(1.09)

(1.95)

Net

asset

value,

end

of

period

..........

$26.13

$25.80

$24.68

$18.65

$20.27

$20.21

Total

return

c

.......................

8.61%

14.10%

40.85%

(4.45)%

5.67%

12.40%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.71%

0.70%

0.71%

0.71%

f

0.72%

f

0.72%

f

Net

investment

income

...............

2.12%

2.29%

2.65%

2.42%

2.16%

2.20%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$3,533,491

$3,453,500

$3,373,642

$2,752,653

$3,230,150

$3,321,370

Portfolio

turnover

rate

................

3.96%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.60

$24.51

$18.53

$20.14

$20.09

$19.65

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.21 0.42 0.43 0.39 0.36 0.34 Net

realized

and

unrealized

gains

(losses)

1.76 2.60 6.70 (1.30)

0.67 1.95 Total

from

investment

operations

........

1.97 3.02 7.13 (0.91)

1.03 2.29 Less

distributions

from:

Net

investment

income

..............

(0.26)

(0.46)

(0.41)

(0.39)

(0.38)

(0.44)

Net

realized

gains

.................

(1.40)

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...................

(1.66)

(1.93)

(1.15)

(0.70)

(0.98)

(1.85)

Net

asset

value,

end

of

period

..........

$25.91

$25.60

$24.51

$18.53

$20.14

$20.09

Total

return

c

.......................

8.33%

13.51%

40.18%

(4.91)%

5.11%

11.91%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.21%

1.20%

1.21%

1.21%

f

1.22%

f

1.22%

f

Net

investment

income

...............

1.62%

1.79%

2.13%

1.90%

1.66%

1.69%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$199,116

$196,416

$214,725

$218,134

$302,959

$350,553

Portfolio

turnover

rate

................

3.96%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$25.65

$24.55

$18.56

$20.17

$20.12

$19.68

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.22 0.46 0.47 0.43 0.40 0.38 Net

realized

and

unrealized

gains

(losses)

1.78 2.61 6.70 (1.31)

0.67 1.94 Total

from

investment

operations

........

2.00 3.07 7.17 (0.88)

1.07 2.32 Less

distributions

from:

Net

investment

income

..............

(0.28)

(0.50)

(0.44)

(0.42)

(0.42)

(0.47)

Net

realized

gains

.................

(1.40)

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...................

(1.68)

(1.97)

(1.18)

(0.73)

(1.02)

(1.88)

Net

asset

value,

end

of

period

..........

$25.97

$25.65

$24.55

$18.56

$20.17

$20.12

Total

return

c

.......................

8.43%

13.70%

40.36%

(4.76)%

5.26%

12.06%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

1.06%

1.05%

1.06%

1.06%

f

1.07%

f

1.07%

f

Net

investment

income

...............

1.76%

1.94%

2.29%

2.08%

1.83%

1.85%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$128,649

$117,107

$105,849

$89,085

$103,579

$83,441

Portfolio

turnover

rate

................

3.96%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$26.11

$24.95

$18.84

$20.47

$20.40

$19.93

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.30 0.61 0.59 0.56 0.54 0.50 Net

realized

and

unrealized

gains

(losses)

1.81 2.65 6.81 (1.34)

0.67 1.96 Total

from

investment

operations

........

2.11 3.26 7.40 (0.78)

1.21 2.46 Less

distributions

from:

Net

investment

income

..............

(0.35)

(0.63)

(0.55)

(0.54)

(0.54)

(0.58)

Net

realized

gains

.................

(1.40)

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...................

(1.75)

(2.10)

(1.29)

(0.85)

(1.14)

(1.99)

Net

asset

value,

end

of

period

..........

$26.47

$26.11

$24.95

$18.84

$20.47

$20.40

Total

return

c

.......................

8.74%

14.34%

41.15%

(4.24)%

5.90%

12.71%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.52%

0.51%

0.52%

0.52%

0.54%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.50%

0.50%

0.50%

0.49%

e

0.50%

e

0.50%

e

Net

investment

income

...............

2.33%

2.50%

2.85%

2.64%

2.41%

2.42%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$371,599

$331,069

$271,797

$187,585

$223,710

$153,969

Portfolio

turnover

rate

................

3.96%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Financial

Highlights

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$26.11

$24.96

$18.84

$20.47

$20.40

$19.93

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.29 0.59 0.58 0.54 0.52 0.48 Net

realized

and

unrealized

gains

(losses)

1.81 2.65 6.82 (1.33)

0.68 1.97 Total

from

investment

operations

........

2.10 3.24 7.40 (0.79)

1.20 2.45 Less

distributions

from:

Net

investment

income

..............

(0.34)

(0.62)

(0.54)

(0.53)

(0.53)

(0.57)

Net

realized

gains

.................

(1.40)

(1.47)

(0.74)

(0.31)

(0.60)

(1.41)

Total

distributions

...................

(1.74)

(2.09)

(1.28)

(0.84)

(1.13)

(1.98)

Net

asset

value,

end

of

period

..........

$26.47

$26.11

$24.96

$18.84

$20.47

$20.40

Total

return

c

.......................

8.70%

14.23%

41.12%

(4.31)%

5.82%

12.62%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

........................

0.56%

0.55%

0.56%

0.56%

f

0.57%

f

0.57%

f

Net

investment

income

...............

2.28%

2.45%

2.79%

2.57%

2.32%

2.35%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,695,360

$1,560,848

$1,366,364

$1,134,602

$1,383,667

$1,200,859

Portfolio

turnover

rate

................

3.96%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited),

March

31,

2026

#### Franklin

#### Utilities

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 99.5%

#### Electric

#### Utilities

#### 60.6%
Alliant

Energy

Corp.

.................................

United

States

3,500,000

$

251,160,000

American

Electric

Power

Co.,

Inc.

.......................

United

States

600,000

78,648,000

Constellation

Energy

Corp.

............................

United

States

1,050,000

293,212,500

Duke

Energy

Corp.

..................................

United

States

2,550,000

333,897,000

Edison

International

.................................

United

States

2,500,000

182,950,000

Entergy

Corp.

......................................

United

States

4,100,000

460,676,000

Evergy,

Inc.

........................................

United

States

4,150,000

339,968,000

Eversource

Energy

..................................

United

States

1,000,000

69,280,000

Exelon

Corp.

.......................................

United

States

5,300,000

259,806,000

FirstEnergy

Corp.

...................................

United

States

3,200,000

162,112,000

NextEra

Energy,

Inc.

.................................

United

States

8,300,000

770,904,000

NRG

Energy,

Inc.

...................................

United

States

800,000

116,912,000

OGE

Energy

Corp.

..................................

United

States

2,181,395

104,619,704

PG&E

Corp.

.......................................

United

States

15,800,000

277,606,000

Pinnacle

West

Capital

Corp.

...........................

United

States

1,000,000

100,750,000

PPL

Corp.

.........................................

United

States

6,800,000

259,760,000

Southern

Co.

(The)

..................................

United

States

4,000,000

386,080,000

TXNM

Energy,

Inc.

..................................

United

States

800,000

46,768,000

Xcel

Energy,

Inc.

....................................

United

States

2,500,000

198,600,000

4,693,709,204

#### Gas

#### Utilities

#### 0.8%
ONE

Gas,

Inc.

.....................................

United

States

700,000

60,291,000

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 5.8%
Clearway

Energy,

Inc.

,

C

..............................

United

States

1,200,000

47,148,000

Drax

Group

plc

.....................................

United

Kingdom

10,000,000

118,177,685

Vistra

Corp.

........................................

United

States

1,900,000

285,627,000

450,952,685

#### Multi-Utilities

#### 27.6%
Ameren

Corp.

......................................

United

States

2,200,000

241,824,000

Black

Hills

Corp.

....................................

United

States

500,000

34,705,000

CenterPoint

Energy,

Inc.

..............................

United

States

4,800,000

207,168,000

CMS

Energy

Corp.

..................................

United

States

1,600,000

124,128,000

Dominion

Energy,

Inc.

................................

United

States

2,000,000

123,640,000

DTE

Energy

Co.

....................................

United

States

1,300,000

190,086,000

E.ON

SE

..........................................

Germany

5,000,000

109,507,345

National

Grid

plc

....................................

United

Kingdom

4,000,000

67,520,375

NiSource,

Inc.

......................................

United

States

5,700,000

265,962,000

Northwestern

Energy

Group,

Inc.

.......................

United

States

1,400,000

92,316,000

Public

Service

Enterprise

Group,

Inc.

....................

United

States

2,050,000

165,947,500

Sempra,

Inc.

.......................................

United

States

3,977,900

386,532,543

WEC

Energy

Group,

Inc.

..............................

United

States

1,100,000

127,347,000

2,136,683,763

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.1%
DT

Midstream,

Inc.

..................................

United

States

650,000

87,535,500

Targa

Resources

Corp.

...............................

United

States

350,000

87,755,500

Williams

Cos.,

Inc.

(The)

..............................

United

States

900,000

65,502,000

240,793,000

#### Water

#### Utilities

#### 1.6%
Essential

Utilities,

Inc.

................................

United

States

1,250,000

50,337,500

United

Utilities

Group

plc

..............................

United

Kingdom

4,000,000

69,744,660

120,082,160

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 3,115,654,457

####)
..................................

#### 7,702,511,812
Franklin

Custodian

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Utilities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 0.5%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.5%
a,b

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

3.578 %

.........................................

United

States

37,121,052

$

37,121,052

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 37,121,052

####)
................................

#### 37,121,052

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 37,121,052

####)
..............................

#### 37,121,052

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,152,775,509

####)
100.0 #### %
..............................

#### $7,739,632,864

#### Other

#### Assets,

#### less

#### Liabilities
0.0 #### %

#### †
..........................................

#### 3,304,156

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $7,742,937,020

#### a
†

Rounds

to

less

than

0.1%

of

net

assets.

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

Statements

Statements

of

Assets

and

Liabilities

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$10,549,896,950

$4,752,366,150

$72,881,585,688

Cost

-

Non-controlled

affiliates

(Note

f

and

9)

..................

272,993,493

298,392,261

732,356,675

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$

—

,

$

—

and

$

3,084,424

,

respectively)

.................................

$24,509,348,208

$15,897,928,868

$78,108,732,735

Value

-

Non-controlled

affiliates

(Note

f

and

9)

.................

272,993,493

298,392,261

729,948,849

Cash

..................................................

2,564,143

1,895,264

34,988,883

Receivables:

Investment

securities

sold

.................................

—

—

294,631,736

Capital

shares

sold

......................................

17,022,570

5,890,945

66,376,939

Dividends

and

interest

...................................

4,505,843

5,674,906

594,837,683

European

Union

tax

reclaims

(Note

h)

.......................

—

—

1,558,407

Total

assets

........................................

24,806,434,257

16,209,782,244

79,831,075,232

Liabilities:

Payables:

Investment

securities

purchased

............................

—

57,567,273

1,049,532,778

Capital

shares

redeemed

.................................

22,647,865

30,575,037

45,850,819

Management

fees

.......................................

8,834,896

6,024,739

24,398,130

Distribution

fees

........................................

3,551,504

2,895,647

11,786,136

Transfer

agent

fees

......................................

3,566,113

3,340,129

11,554,730

Trustees'

fees

and

expenses

...............................

4,261

16,071

61,991

Options

written,

at

value

(premiums

received

$

–

,

$

–

and

$

23,402,612

,

respectively)

............................................

—

—

34,885,000

Payable

upon

return

of

securities

loaned

(Note

f)

................

—

—

3,172,000

Accrued

expenses

and

other

liabilities

.........................

793,279

270,802

1,786,269

Total

liabilities

.......................................

39,397,918

100,689,698

1,183,027,853

Net

assets,

at

value

...............................

$24,767,036,339

$16,109,092,546

$78,648,047,379

Net

assets

consist

of:

Paid-in

capital

...........................................

$9,696,348,512

$3,360,422,952

$72,692,096,399

Total

distributable

earnings

(losses)

...........................

15,070,687,827

12,748,669,594

5,955,950,980

Net

assets,

at

value

...............................

$24,767,036,339

$16,109,092,546

$78,648,047,379

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

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

.....................................

$12,413,952,342

$11,700,340,226

$26,460,879,299

Shares

outstanding

......................................

74,841,985

92,017,430

10,463,434,663

Net

asset

value

per

share

a

,b

................................

$165.87

$127.15

$2.53

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.50

%

,

.50

%

and

.25

%

,

respectively)

b

..........................

$175.52

$134.55

$2.63

#### Class

#### A1:
Net

assets,

at

value

.....................................

$—

$—

$29,438,920,060

Shares

outstanding

......................................

—

—

11,612,794,530

Net

asset

value

per

share

a

,b

................................

$—

$—

$2.54

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

—

%

,

—

%

and

.25

%)

b

......................................

$—

$—

$2.64

#### Class

#### C:
Net

assets,

at

value

.....................................

$802,025,455

$257,400,215

$4,023,523,452

Shares

outstanding

......................................

6,351,289

2,562,624

1,552,928,859

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..........

$126.28

$100.44

$2.59

#### Class

#### R:
Net

assets,

at

value

.....................................

$250,488,897

$248,102,775

$366,003,648

Shares

outstanding

......................................

1,594,319

1,993,884

148,302,834

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$157.11

$124.43

$2.47

#### Class

#### R6:
Net

assets,

at

value

.....................................

$7,943,796,351

$1,997,099,501

$2,147,137,119

Shares

outstanding

......................................

44,511,819

15,535,699

850,639,165

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$178.46

$128.55

$2.52

#### Advisor

#### Class:
Net

assets,

at

value

.....................................

$3,356,773,294

$1,906,149,829

$16,211,583,801

Shares

outstanding

......................................

19,159,403

14,809,100

6,460,106,159

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$175.20

$128.71

$2.51

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)

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

..................................................

$2,159,004,424

$3,115,654,457

Cost

-

Non-controlled

affiliates

(Note

f)

.......................................

51,781,958

37,121,052

Value

-

Unaffiliated

issuers

.................................................

$1,974,687,419

$7,702,511,812

Value

-

Non-controlled

affiliates

(Note

f)

.......................................

51,781,958

37,121,052

Cash

...................................................................

1,243

2,497,349

Receivables:

Capital

shares

sold

.......................................................

429,735

4,436,501

Dividends

and

interest

....................................................

7,103,900

10,343,742

Total

assets

.........................................................

2,034,004,255

7,756,910,456

Liabilities:

Payables:

Capital

shares

redeemed

..................................................

1,264,234

8,428,761

Management

fees

........................................................

781,795

3,085,912

Distribution

fees

.........................................................

263,627

1,003,000

Transfer

agent

fees

.......................................................

653,342

1,266,302

Trustees'

fees

and

expenses

................................................

3,864

1,730

Accrued

expenses

and

other

liabilities

..........................................

173,123

187,731

Total

liabilities

........................................................

3,139,985

13,973,436

Net

assets,

at

value

................................................

$2,030,864,270

$7,742,937,020

Net

assets

consist

of:

Paid-in

capital

............................................................

$3,135,862,405

$3,029,089,389

Total

distributable

earnings

(losses)

............................................

(1,104,998,135)

4,713,847,631

Net

assets,

at

value

................................................

$2,030,864,270

$7,742,937,020

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

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

......................................................

$516,928,573

$1,814,720,901

Shares

outstanding

.......................................................

100,481,330

69,474,956

Net

asset

value

per

share

a

,b

.................................................

$5.14

$26.12

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$5.34

$27.14

#### Class

#### A1:
Net

assets,

at

value

......................................................

$1,090,882,961

$3,533,491,336

Shares

outstanding

.......................................................

211,953,033

135,214,754

Net

asset

value

per

share

a

,b

.................................................

$5.15

$26.13

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$5.35

$27.15

#### Class

#### C:
Net

assets,

at

value

......................................................

$24,941,099

$199,116,401

Shares

outstanding

.......................................................

4,885,413

7,684,384

Net

asset

value

and

maximum

offering

price

per

share

a

,b

...........................

$5.11

$25.91

#### Class

#### R:
Net

assets,

at

value

......................................................

$11,385,526

$128,649,294

Shares

outstanding

.......................................................

2,212,627

4,953,955

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$5.15

$25.97

#### Class

#### R6:
Net

assets,

at

value

......................................................

$180,404,508

$371,598,763

Shares

outstanding

.......................................................

34,877,323

14,040,981

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$5.17

$26.47

#### Advisor

#### Class:
Net

assets,

at

value

......................................................

$206,321,603

$1,695,360,325

Shares

outstanding

.......................................................

39,929,397

64,049,966

Net

asset

value

and

maximum

offering

price

per

share

b

............................

$5.17

$26.47

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

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$859,170,

$307,478

and

$174,294,

respectively)

Unaffiliated

issuers

......................................

$35,808,312

$62,533,371

$361,701,272

Non-controlled

affiliates

(Note

f

and

9)

.......................

1,250,195

2,894,411

5,446,510

Interest:

Unaffiliated

issuers

......................................

—

—

1,222,557,412

Non-controlled

affiliates

(Note

f

and

9)

.......................

—

—

14,536,194

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

...................

(107,766)

12,110

(475,484)

Non-controlled

affiliates

(Note

f)

...........................

505,896

19,552

932,598

Other

income

(Note

1h)

....................................

—

—

618,125

Total

investment

income

.................................

37,456,637

65,459,444

1,605,316,627

Expenses:

Management

fees

(Note

a)

.................................

57,396,119

38,527,762

145,529,546

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

..............................................

17,392,217

15,916,251

32,162,747

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

.............................................

—

—

22,137,042

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

..............................................

4,719,824

1,467,358

13,061,218

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

..............................................

709,676

686,644

883,949

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

..............................................

6,697,918

5,516,101

9,676,805

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

.............................................

—

—

11,089,664

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

..............................................

453,749

127,033

1,510,168

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

..............................................

136,573

118,952

132,940

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

.............................................

744,313

218,000

261,049

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

..........................................

1,818,569

916,419

5,937,656

Custodian

fees

..........................................

103,355

51,020

237,323

Reports

to

shareholders

fees

................................

865,864

307,651

1,180,174

Registration

and

filing

fees

..................................

310,961

226,320

585,863

Professional

fees

.........................................

44,755

42,183

715,653

Trustees'

fees

and

expenses

................................

149,435

102,895

424,762

Other

..................................................

349,941

215,979

852,635

Total

expenses

.......................................

91,893,269

64,440,568

246,379,194

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

............

(79,599)

(134,869)

(315,392)

Net

expenses

.......................................

91,813,670

64,305,699

246,063,802

Net

investment

income

(loss)

..........................

(54,357,033)

1,153,745

1,359,252,825

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

\*

Unaffiliated

issuers

....................................

1,646,228,697

1,763,216,052

1,979,977,498

Non-controlled

affiliates

(Note

f

and

9)

.....................

—

—

17,736,634

Written

options

.........................................

—

—

(24,055,873)

Foreign

currency

transactions

..............................

1,007,175

(1,292)

(543,793)

Net

realized

gain

(loss)

................................

1,647,235,872

1,763,214,760

1,973,114,466

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

(4,852,503,378)

(2,427,509,762)

753,605,938

Non-controlled

affiliates

(Note

f

and

9)

.....................

—

—

(2,489,520)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

...........................................

(15,570)

(1,302)

(233,595)

Unfunded

loan

commitment

s

...............................

—

—

629

Written

options

.........................................

—

—

(8,173,569)

Net

change

in

unrealized

appreciation

(depreciation)

..........

(4,852,518,948)

(2,427,511,064)

742,709,883

Net

realized

and

unrealized

gain

(loss)

..........................

(3,205,283,076)

(664,296,304)

2,715,824,349

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$(3,259,640,109)

$(663,142,559)

$4,075,077,174

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.......................................................

$—

$104,204,159

Non-controlled

affiliates

(Note

f)

............................................

663,023

661,781

Interest:

Unaffiliated

issuers:

Paydown

gain

(loss)

....................................................

(3,501,362)

—

Paid

in

cash

a

..........................................................

42,264,046

—

Total

investment

income

..................................................

39,425,707

104,865,940

Expenses:

Management

fees

(Note

a)

..................................................

4,808,386

17,096,270

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

...............................................................

660,002

2,129,171

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

..............................................................

807,641

2,577,661

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

...............................................................

88,805

629,794

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

...............................................................

29,486

295,016

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

...............................................................

365,967

750,848

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

..............................................................

777,453

1,512,928

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

...............................................................

18,931

85,295

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

...............................................................

8,173

52,020

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

..............................................................

36,236

84,629

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

...........................................................

148,905

708,769

Custodian

fees

...........................................................

7,300

23,897

Reports

to

shareholders

fees

.................................................

92,222

131,119

Registration

and

filing

fees

...................................................

63,521

165,947

Professional

fees

..........................................................

53,404

35,838

Trustees'

fees

and

expenses

.................................................

13,223

38,550

Other

...................................................................

53,802

83,198

Total

expenses

........................................................

8,033,457

26,400,950

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

.............................

(38,350)

(61,452)

Net

expenses

........................................................

7,995,107

26,339,498

Net

investment

income

...............................................

31,430,600

78,526,442

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

.....................................................

(3,665,163)

159,074,833

Foreign

currency

transactions

...............................................

—

21,312

Net

realized

gain

(loss)

.................................................

(3,665,163)

159,096,145

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

.....................................................

9,364,818

377,963,376

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

.............

—

(34,530)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

9,364,818

377,928,846

Net

realized

and

unrealized

gain

(loss)

...........................................

5,699,655

537,024,991

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.........................

$37,130,255

$615,551,433

\*

Includes

gains

from

redemption

in-kind.

See

Note

(h)

and

11. a

Includes

amortization

of

premium

and

accretion

of

discount.

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(54,357,033)

$(86,869,975)

$1,153,745

$16,335,505

Net

realized

gain

(loss)

............

1,647,235,872

3,073,128,408

1,763,214,760

2,969,063,716

Net

change

in

unrealized

appreciation

(depreciation)

.................

(4,852,518,948)

3,188,271,493

(2,427,511,064)

(873,178,377)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(3,259,640,109)

6,174,529,926

(663,142,559)

2,112,220,844

Distributions

to

shareholders:

Class

A

........................

(1,437,671,236)

—

(1,627,284,870)

(949,453,356)

Class

C

........................

(124,442,227)

—

(45,911,481)

(30,614,082)

Class

R

........................

(30,695,958)

—

(35,634,856)

(22,949,548)

Class

R6

.......................

(874,696,723)

—

(291,215,456)

(207,509,079)

Advisor

Class

...................

(372,970,355)

—

(272,703,982)

(199,986,133)

Total

distributions

to

shareholders

.....

(2,840,476,499)

—

(2,272,750,645)

(1,410,512,198)

Capital

share

transactions:

(Note

2)

Class

A

........................

977,804,350

(378,905,607)

784,076,940

(101,382,552)

Class

C

........................

24,334,932

(142,431,550)

3,544,620

(46,666,359)

Class

R

........................

14,676,567

(31,252,009)

8,774,524

(29,326,003)

Class

R6

.......................

199,344,559

(1,441,095,247)

(1,399,549)

(444,310,199)

Advisor

Class

...................

201,969,966

(129,444,812)

(130,220,351)

(1,070,201,913)

Total

capital

share

transactions

.......

1,418,130,374

(2,123,129,225)

664,776,184

(1,691,887,026)

Net

increase

(decrease)

in

net

assets

.....................

(4,681,986,234)

4,051,400,701

(2,271,117,020)

(990,178,380)

Net

assets:

Beginning

of

period

................

29,449,022,573

25,397,621,872

18,380,209,566

19,370,387,946

End

of

period

.....................

$24,767,036,339

$29,449,022,573

$16,109,092,546

$18,380,209,566

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.

Semiannual

Report

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$1,359,252,825

$2,878,918,932

$31,430,600

$66,597,572

Net

realized

gain

(loss)

............

1,973,114,466

1,779,359,008

(3,665,163)

(14,554,664)

Net

change

in

unrealized

appreciation

(depreciation)

.................

742,709,883

103,029,435

9,364,818

(3,916,869)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

4,075,077,174

4,761,307,375

37,130,255

48,126,039

Distributions

to

shareholders:

Class

A

........................

(751,331,990)

(1,271,119,950)

(8,774,181)

(18,552,964)

Class

A1

.......................

(878,125,098)

(1,622,901,034)

(19,184,738)

(41,049,701)

Class

C

........................

(107,083,797)

(204,717,280)

(396,318)

(1,020,296)

Class

R

........................

(10,140,978)

(17,493,546)

(181,330)

(385,027)

Class

R6

.......................

(62,957,964)

(108,238,757)

(3,261,366)

(6,520,721)

Advisor

Class

...................

(482,297,261)

(822,375,326)

(3,822,306)

(8,171,660)

Total

distributions

to

shareholders

.....

(2,291,937,088)

(4,046,845,893)

(35,620,239)

(75,700,369)

Capital

share

transactions:

(Note

2)

Class

A

........................

920,752,529

1,350,736,450

(18,732,568)

(50,425,566)

Class

A1

.......................

(761,498,662)

(1,705,608,672)

(57,610,112)

(130,543,905)

Class

C

........................

(82,024,613)

(564,524,250)

(4,584,471)

(13,479,133)

Class

R

........................

11,760,788

9,088,279

(1,190,984)

(1,076,979)

Class

R6

.......................

119,370,499

22,023,526

4,590,580

(8,301,897)

Advisor

Class

...................

492,408,857

598,777,917

(11,742,445)

(34,453,452)

Total

capital

share

transactions

.......

700,769,398

(289,506,750)

(89,270,000)

(238,280,932)

Net

increase

(decrease)

in

net

assets

.....................

2,483,909,484

424,954,732

(87,759,984)

(265,855,262)

Net

assets:

Beginning

of

period

................

76,164,137,895

75,739,183,163

2,118,624,254

2,384,479,516

End

of

period

.....................

$78,648,047,379

$76,164,137,895

$2,030,864,270

$2,118,624,254

Franklin

Custodian

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Utilities

#### Fund

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$78,526,442

$154,047,483

Net

realized

gain

(loss)

.................................................

159,096,145

423,783,116

Net

change

in

unrealized

appreciation

(depreciation)

...........................

377,928,846

325,763,318

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

615,551,433

903,593,917

Distributions

to

shareholders:

Class

A

.............................................................

(111,124,782)

(117,227,996)

Class

A1

............................................................

(225,720,543)

(274,729,016)

Class

C

.............................................................

(12,246,069)

(15,941,987)

Class

R

.............................................................

(7,546,075)

(8,464,322)

Class

R6

............................................................

(22,778,972)

(23,315,691)

Advisor

Class

........................................................

(106,757,028)

(114,682,075)

Total

distributions

to

shareholders

..........................................

(486,173,469)

(554,361,087)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

141,361,436

172,052,963

Class

A1

............................................................

21,572,702

(78,715,660)

Class

C

.............................................................

(742,322)

(26,458,050)

Class

R

.............................................................

9,364,968

5,725,717

Class

R6

............................................................

34,118,472

41,802,930

Advisor

Class

........................................................

107,222,412

118,156,367

Total

capital

share

transactions

............................................

312,897,668

232,564,267

Net

increase

(decrease)

in

net

assets

...................................

442,275,632

581,797,097

Net

assets:

Beginning

of

period

.....................................................

7,300,661,388

6,718,864,291

End

of

period

..........................................................

$7,742,937,020

$7,300,661,388

Franklin

Custodian

Funds

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

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

(unaudited)

franklintempleton.com

Semiannual

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

March

31,

2026,

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

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

financial

contracts

based

on

an

underlying

or

notional

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

or

at

the

broker

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

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. 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

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

In

some

cases,

the

Funds

may

be

entitled

to

reclaim

all

or

a

portion

of

such

taxes,

and

such

reclaim

amounts,

if

any,

are

reflected

as

a

dividend

receivable

in

the

Statements

of

Assets

and

Liabilities

and

dividend

income

in

the

Statements

of

Operations.

In

many

cases,

however,

the

Funds

may

not

receive

such

amounts

for

an

extended

period

of

time,

depending

on

the

country

of

investment.

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

March

31,

2026, 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).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

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

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

g. #### Senior

#### Floating

#### Rate

#### Interests
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

March

31,

2026,

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:
Six

Months

ended

March

31,

2026

Shares

sold

a

...................................

4,789,326

$914,217,008

3,711,207

$532,550,305

Shares

issued

in

reinvestment

of

distributions

..........

7,245,036

1,365,182,044

11,596,695

1,567,525,219

Shares

redeemed

...............................

(6,843,895)

(1,301,594,702)

(9,271,785)

(1,315,998,584)

Net

increase

(decrease)

..........................

5,190,467

$977,804,350

6,036,117

$784,076,940

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)

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

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

...................................

336,949

$50,280,482

159,032

$18,013,045

Shares

issued

in

reinvestment

of

distributions

..........

839,549

120,685,192

424,814

45,455,133

Shares

redeemed

a

..............................

(1,007,571)

(146,630,742)

(530,793)

(59,923,558)

Net

increase

(decrease)

..........................

168,927

$24,334,932

53,053

$3,544,620

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)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

...................................

84,513

$15,509,674

90,941

$12,724,178

Shares

issued

in

reinvestment

of

distributions

..........

171,860

30,695,958

269,182

35,631,597

Shares

redeemed

...............................

(171,750)

(31,529,065)

(284,287)

(39,581,251)

Net

increase

(decrease)

..........................

84,623

$14,676,567

75,836

$8,774,524

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)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

...................................

4,600,477

$901,014,278

7,165,006

$979,888,686

Shares

issued

in

reinvestment

of

distributions

..........

4,268,766

864,681,245

1,763,363

240,769,604

Shares

redeemed

in-kind

(Not

e

11)

..................

(1,886,792)

(357,452,830)

(6,065,228)

(822,209,896)

Shares

redeemed

...............................

(5,897,380)

(1,208,898,134)

(2,796,430)

(399,847,943)

Net

increase

(decrease)

..........................

1,085,071

$199,344,559

66,711

$(1,399,549)

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)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

...................................

1,679,436

$337,299,332

794,917

$114,188,015

Shares

issued

in

reinvestment

of

distributions

..........

1,695,530

337,240,955

1,718,309

234,961,582

Shares

redeemed

in-kind

(Not

e

3h)

..................

—

—

(1,253,091)

(192,061,237)

Shares

redeemed

...............................

(2,355,749)

(472,570,321)

(2,006,784)

(287,308,711)

Net

increase

(decrease)

..........................

1,019,217

$201,969,966

(746,649)

$(130,220,351)

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)

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

a

...................................

873,300,936

$2,190,389,257

7,894,105

$40,858,478

Shares

issued

in

reinvestment

of

distributions

..........

281,510,481

702,939,396

1,626,101

8,412,442

Shares

redeemed

...............................

(786,633,816)

(1,972,576,124)

(13,135,858)

(68,003,488)

Net

increase

(decrease)

..........................

368,177,601

$920,752,529

(3,615,652)

$(18,732,568)

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)

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

...................................

170,163,277

$427,095,476

2,718,778

$14,074,970

Shares

issued

in

reinvestment

of

distributions

..........

324,212,781

810,778,979

3,377,875

17,474,933

Shares

redeemed

...............................

(796,524,854)

(1,999,373,117)

(17,226,621)

(89,160,015)

Net

increase

(decrease)

..........................

(302,148,796)

$(761,498,662)

(11,129,968)

$(57,610,112)

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)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

...................................

157,937,103

$406,025,330

393,146

$2,016,422

Shares

issued

in

reinvestment

of

distributions

..........

40,279,354

103,072,177

76,568

393,108

Shares

redeemed

a

..............................

(230,386,239)

(591,122,120)

(1,362,534)

(6,994,001)

Net

increase

(decrease)

..........................

(32,169,782)

$(82,024,613)

(892,820)

$(4,584,471)

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)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

...................................

12,317,314

$30,202,571

228,763

$1,183,076

Shares

issued

in

reinvestment

of

distributions

..........

4,131,027

10,072,625

35,011

181,138

Shares

redeemed

...............................

(11,653,786)

(28,514,408)

(493,327)

(2,555,198)

Net

increase

(decrease)

..........................

4,794,555

$11,760,788

(229,553)

$(1,190,984)

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)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

...................................

98,042,688

$245,071,824

4,477,325

$23,310,649

Shares

issued

in

reinvestment

of

distributions

..........

23,011,382

57,348,690

615,135

3,198,453

Shares

redeemed

...............................

(73,168,025)

(183,050,015)

(4,211,189)

(21,918,522)

Net

increase

(decrease)

..........................

47,886,045

$119,370,499

881,271

$4,590,580

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)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Income

#### Fund

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

...................................

607,212,838

$1,511,721,748

4,260,666

$22,152,443

Shares

issued

in

reinvestment

of

distributions

..........

180,368,168

446,806,887

628,346

3,263,360

Shares

redeemed

...............................

(589,290,006)

(1,466,119,778)

(7,143,246)

(37,158,248)

Net

increase

(decrease)

..........................

198,291,000

$492,408,857

(2,254,234)

$(11,742,445)

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)

#### Franklin

#### Utilities

#### Fund

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

a

..................................................................

10,319,204

$263,254,650

Shares

issued

in

reinvestment

of

distributions

.........................................

4,154,199

99,167,591

Shares

redeemed

..............................................................

(8,659,230)

(221,060,805)

Net

increase

(decrease)

.........................................................

5,814,173

$141,361,436

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

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

..................................................................

2,401,584

$61,318,494

Shares

issued

in

reinvestment

of

distributions

.........................................

8,716,870

208,180,933

Shares

redeemed

..............................................................

(9,761,809)

(247,926,725)

Net

increase

(decrease)

.........................................................

1,356,645

$21,572,702

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)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Utilities

#### Fund

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

..................................................................

869,294

$21,916,783

Shares

issued

in

reinvestment

of

distributions

.........................................

506,378

11,981,931

Shares

redeemed

a

.............................................................

(1,364,791)

(34,641,036)

Net

increase

(decrease)

.........................................................

10,881

$(742,322)

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)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

..................................................................

628,856

$16,100,706

Shares

issued

in

reinvestment

of

distributions

.........................................

318,048

7,545,305

Shares

redeemed

..............................................................

(558,681)

(14,281,043)

Net

increase

(decrease)

.........................................................

388,223

$9,364,968

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

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

March

31,

2026

Shares

sold

..................................................................

2,734,299

$71,030,305

Shares

issued

in

reinvestment

of

distributions

.........................................

938,043

22,699,244

Shares

redeemed

..............................................................

(2,313,045)

(59,611,077)

Net

increase

(decrease)

.........................................................

1,359,297

$34,118,472

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

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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:
Six

Months

ended

March

31,

2026

Shares

sold

..................................................................

7,565,317

$195,905,493

Shares

issued

in

reinvestment

of

distributions

.........................................

4,187,059

101,297,367

Shares

redeemed

..............................................................

(7,482,323)

(189,980,448)

Net

increase

(decrease)

.........................................................

4,270,053

$107,222,412

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

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

(unaudited)

franklintempleton.com

Semiannual

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

period

ended

March

31,

2026,

each

Fund's

annualized

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

...................

0.410%

0.436%

0.376%

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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

period:

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Gross

effective

investment

management

fee

rate

....................................

0.462%

0.462%

#### 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

(unaudited)

franklintempleton.com

Semiannual

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

period

ended

March

31,

2026,

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

period

ended

March

31,

2026,

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

..................................................

$1,520,083

$556,889

$1,388,732

CDSC

retained

............................................

$59,999

$33,631

$510,242

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

.............

$6,890

$60,200

CDSC

retained

.............................................................

$5,938

$17,091

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Transfer

agent

fees

.........................................

$2,840,804

$1,996,030

$8,340,798

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Transfer

agent

fees

..........................................................

$523,445

$962,957

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### DynaTech

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

............

$46,741,591

$1,819,738,678

$(1,593,486,776)

$—

$—

$272,993,493

272,993,493

$1,250,195

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

............

$55,963,000

$311,943,000

$(367,906,000)

$—

$—

$—

—

$505,896

#### Total

#### Affiliated

#### Securities

#### ...
$102,704,591

$2,131,681,678

$(1,961,392,776)

$—

$—

$272,993,493

$1,756,091

#### Franklin

#### Growth

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

............

$52,469,504

$1,731,252,998

$(1,485,330,241)

$—

$—

$298,392,261

298,392,261

$2,894,411

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

............

$2,570,000

$16,596,000

$(19,166,000)

$—

$—

$—

—

$19,552

#### Total

#### Affiliated

#### Securities

#### ...
$55,039,504

$1,747,848,998

$(1,504,496,241)

$—

$—

$298,392,261

$2,913,963

#### Franklin

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Clarion

Partners

Real

Estate

Income

Fund,

Inc.,

Class

I

....

$90,558,756

$—

$—

$—

$(1,337,532)

$89,221,224

7,867,833

$3,162,869

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

............

50,647,897

5,463,209,247

(5,386,988,565)

—

—

126,868,579

126,868,579

2,283,641

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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,

2027. 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.

During

the

period

ended

March

31,

2026,

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.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### Franklin

#### Income

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

............

$111,490,000

$476,850,000

$(585,168,000)

$—

$—

$3,172,000

3,172,000

$932,598

#### Total

#### Affiliated

#### Securities

#### ...
$252,696,653

$5,940,059,247

$(5,972,156,565)

$—

$(1,337,532)

$219,261,803

$6,379,108

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

............

$40,759,933

$166,277,902

$(155,255,877)

$—

$—

$51,781,958

51,781,958

$663,023

#### Total

#### Affiliated

#### Securities

#### ...
$40,759,933

$166,277,902

$(155,255,877)

$—

$—

$51,781,958

$663,023

#### Franklin

#### Utilities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

3.578%

............

$18,834,175

$415,771,736

$(397,484,859)

$—

$—

$37,121,052

37,121,052

$661,781

#### Total

#### Affiliated

#### Securities

#### ...
$18,834,175

$415,771,736

$(397,484,859)

$—

$—

$37,121,052

$661,781

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

i. #### Interfund

#### Transactions
Certain

or

all

Funds

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

These

purchases,

sales

and

the

related

net

realized

gains

(losses),

if

any,

(excluding

in-kind

transactions)

for

the

period

ended

March

31,

2026,

were

as

follows:

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:

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:

At

March

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

#### Franklin

#### Growth

#### Fund
Purchases

.................................................................................

$—

Sales

.....................................................................................

$2,006,294

Net

Realized

Gains

(Losses)

....................................................................

$(1,626,981)

#### 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
Late-year

ordinary

loss

.........................................................................

$69,691,855

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
a

a

a

a

Cost

of

investments

........................................

$10,822,906,600

$5,051,256,236

$73,901,859,178

Unrealized

appreciation

......................................

$14,026,121,694

$11,395,241,573

$6,421,232,657

Unrealized

depreciation

......................................

(66,686,593)

(250,176,680)

(1,519,295,251)

Net

unrealized

appreciation

(depreciation)

........................

$13,959,435,101

$11,145,064,893

$4,901,937,406

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities

and

in-kind

transactions)

for

the

period

ended

March

31,

2026,

were

as

follows:

At

March

31,

2026,

in

connection

with

securities

lending

transactions,

certain

or

all

Funds

loaned

investments

and

received

cash

collateral

as

follows:

6. #### Credit

#### Risk
At

March

31,

2026,

Franklin

Income

Fund had 20.4%

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.

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
a

a

a

Cost

of

investments

.........................................................

$2,212,515,581

$3,151,681,788

Unrealized

appreciation

.......................................................

$6,214,405

$4,588,256,620

Unrealized

depreciation

.......................................................

(192,260,609)

(305,544)

Net

unrealized

appreciation

(depreciation)

.........................................

$(186,046,204)

$4,587,951,076

#### Franklin

#### DynaTech

#### Fund

#### Franklin

#### Growth

#### Fund

#### Franklin

#### Income

#### Fund
Purchases

...............................................

$4,107,818,919

$829,280,065

$25,750,420,880

Sales

...................................................

$5,446,469,838

a

$1,638,341,585

b

$24,736,020,116

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Franklin

#### Utilities

#### Fund
Purchases

................................................................

$152,164,795

$294,484,681

Sales

....................................................................

$253,237,244

$386,088,131

a

Sales

of

investments

excludes

in-kind

transactions

of

$346,727,200.

b

Sales

of

investments

excludes

in-kind

transactions

of

$991,675,794.

#### Franklin

#### Income

#### Fund

#### Securities

#### lending

#### transactions

#### a

#### :
Equity

investments

b

...........................................................................

$3,172,000

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.

4. #### Income

#### Taxes
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

March

31,

2026,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Growth

#### Fund
1,150,134

Anduril

Industries,

Inc.,

F

......................

7/17/24

$

25,000,003

$

79,301,739

2,353

Canva

Australia

Holdings

Pty.

Ltd.,

A

.............

11/08/21

4,011,298

3,873,367

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

9,547,368

822,494

Gusto,

Inc.,

E

...............................

7/13/21

24,999,977

13,307,754

849,894

OneTrust

LLC,

C

............................

4/01/21

16,666,676

9,201,592

17,336

OpenAI

Foundation

..........................

10/03/25

7,454,480

11,921,794

98,050

Plaid,

Inc.,

A

................................

3/31/25

19,999,906

24,621,603

540,043

Stripe,

Inc.,

B

...............................

5/18/21

21,671,052

34,489,846

1,759,545

Stripe,

Inc.,

I

...............................

3/15/23

-

5/08/23

35,426,925

112,373,342

#### Total

#### Restricted

#### Securities
(Value

is

2.1%

of

Net

Assets)

#### ...............
$228,735,828

$340,647,898

#### Principal

#### Amount

#### \*

#### /

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Income

#### Fund
84,626,155

BX

Frontier

Member

II

LLC,

6.1%,

12/31/60

........

3/17/26

$

84,626,155

$

84,626,155

16,000

QXO,

Inc.,

C

...............................

3/23/26

160,000,000

160,000,000

#### Total

#### Restricted

#### Securities
(Value

is

0.3%

of

Net

Assets)

#### ...............
$244,626,155

$244,626,155

\*

In

U.S.

dollars

unless

otherwise

indicated.

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

8. #### Other

#### Derivative

#### Information
At

March

31,

2026,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

For

the

period

ended

March

31,

2026

,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

For

the

period

ended

March

31,

2026,

the

average

month

end

notional

amount

of

options

represented

$45,612,871.

See

Note

1(d) regarding

derivative

financial

instruments.

9. #### Holdings

#### of

#### 5%

#### Voting

#### Securities

#### of

#### Portfolio

#### Companies
The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies'

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

March

31,

2026,

investments

in

"affiliated

companies"

were

as

follows:

#### 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

$

34,885,000

Total

....................

$—

$34,885,000

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Franklin

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Equity

contracts

..............

Written

options

$(24,055,873)

Written

options

$(8,173,569)

Total

.......................

$(24,055,873)

$(8,173,569)

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares/Warrants/

#### Principal

#### Amount\*

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### Franklin

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Ardagh

Holdings

SA,

144A

$

—

$

89,274,785

$

(50,769,771)

$

11,220,376

$

11,774,730

$

61,500,120

7,800,000

$

—

Ardagh

Holdings

SA,

11/12/35

..........

—

91,187,300

(59,312,050)

—

7,547,904

39,423,154

5,000,000

—

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

10. #### 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

29,

2027. 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.

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

period ended

March

31,

2026,

the

Funds

did

not

use

the

Global

Credit

Facility.

11. #### Redemption

#### In-Kind
During

the

period

ended

March

31,

2026,

Franklin

DynaTech

Fund

realized

$302,686,861

of

net

gains

resulting

from

non-pro

rata

redemptions

in-kind

in

which

shareholders

redeemed

fund

shares

for

cash

and

selected

portfolio

securities

held

by

the

Fund,

whereby

portfolio

securities

selected

by

the

investment

manager

were

distributed

to

the

redeeming

shareholders

of

the

Fund.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gain

to

paid-in

capital.

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares/Warrants/

#### Principal

#### Amount\*

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### Franklin

#### Income

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Interest

Ardagh

Group

SA,

Secured

Note,

144A,

PIK,

12%,

12/01/30

...

$

250,887,000

$

239,890,011

$

(249,047,985)

$

—

$

(28,835,248)

$

212,893,778

260,000,000

$

6,742,848

Ardagh

Group

SA,

Senior

Secured

Note,

144A,

9.5%,

12/01/30

......

—

162,445,491

—

—

15,180,284

177,625,775

169,278,000

6,477,235

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc,

Senior

Note,

144A,

4%,

9/01/29

115,118,624

1,000,245

(96,571,250)

6,516,258

(6,819,658)

19,244,219

21,000,000

1,316,111

#### Total

#### Affiliated

#### Securities
(Value

at

End

of

Period

is

0.7%

of

Net

Assets)

#### .
$366,005,624

$583,797,832

$(455,701,056)

$17,736,634

$(1,151,988)

$510,687,046

$14,536,194

\*In

U.S.

dollars

unless

otherwise

indicated.

9. #### Holdings

#### of

#### 5%

#### Voting

#### Securities

#### of

#### Portfolio

#### Companies
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

During

the

period

ended

March

31,

2026,

Franklin

Growth

Fund

realized

$706,119,325

of

net

gains

resulting

from

non-pro

rata

redemptions

in-kind

in

which

shareholders

redeemed

fund

shares

for

cash

and

selected

portfolio

securities

held

by

the

Fund,

whereby

portfolio

securities

selected

by

the

investment

manager

were

distributed

to

the

redeeming

shareholders

of

the

Fund.

As

such

gains

are

not

taxable

to

the

Fund

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gain

to

paid-in

capital.

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

March

31,

2026,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### DynaTech

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

$

710,456,900

$

—

$

—

$

710,456,900

Air

Freight

&

Logistics

...................

4,151,750

—

—

4,151,750

Automobiles

..........................

669,150,000

—

—

669,150,000

Biotechnology

.........................

966,657,500

151,939,000

—

1,118,596,500

Broadline

Retail

.......................

2,368,445,200

—

—

2,368,445,200

Capital

Markets

........................

103,950,000

—

—

103,950,000

Communications

Equipment

..............

315,836,000

—

—

315,836,000

Construction

&

Engineering

...............

235,592,600

—

—

235,592,600

Electrical

Equipment

....................

591,785,500

—

—

591,785,500

Electronic

Equipment,

Instruments

&

Components

........................

1,002,555,000

—

—

1,002,555,000

Energy

Equipment

&

Services

.............

180,909,500

—

—

180,909,500

Entertainment

.........................

384,600,000

—

—

384,600,000

Financial

Services

......................

676,985,000

—

—

676,985,000

Ground

Transportation

..................

35,965,000

—

—

35,965,000

Health

Care

Equipment

&

Supplies

.........

308,006,000

—

—

308,006,000

Health

Care

Providers

&

Services

..........

188,639,500

—

—

188,639,500

Health

Care

Technology

.................

18,247,500

—

—

18,247,500

Hotels,

Restaurants

&

Leisure

.............

225,378,000

—

—

225,378,000

Interactive

Media

&

Services

..............

2,869,620,000

—

—

2,869,620,000

IT

Services

...........................

958,109,361

—

—

958,109,361

Life

Sciences

Tools

&

Services

............

45,220,000

15,372,992

—

60,592,992

Machinery

............................

26,600,000

—

—

26,600,000

Pharmaceuticals

.......................

489,644,500

—

—

489,644,500

Semiconductors

&

Semiconductor

Equipment

.

6,745,009,700

204,711,205

—

6,949,720,905

Software

.............................

2,712,462,500

—

—

2,712,462,500

11. #### Redemption

#### In-Kind
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### DynaTech

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Specialty

Retail

........................

$

78,595,000

$

—

$

—

$

78,595,000

Technology

Hardware,

Storage

&

Peripherals

.

1,224,753,000

—

—

1,224,753,000

Warrants

...............................

—

—

—

b

—

Short

Term

Investments

...................

272,993,493

—

—

272,993,493

Total

Investments

in

Securities

...........

$24,410,318,504

$372,023,197

c

$—

$24,782,341,701

#### Franklin

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

806,618,643

—

—

806,618,643

Beverages

...........................

220,376,873

—

—

220,376,873

Biotechnology

.........................

89,646,986

—

—

89,646,986

Broadline

Retail

.......................

794,347,586

—

—

794,347,586

Building

Products

......................

469,830,389

—

—

469,830,389

Capital

Markets

........................

801,354,152

—

—

801,354,152

Chemicals

...........................

439,624,415

—

—

439,624,415

Commercial

Services

&

Supplies

...........

127,776,487

—

—

127,776,487

Communications

Equipment

..............

83,315,296

—

—

83,315,296

Construction

Materials

..................

186,194,775

—

—

186,194,775

Consumer

Staples

Distribution

&

Retail

......

219,348,122

—

—

219,348,122

Electric

Utilities

........................

248,381,714

—

—

248,381,714

Electrical

Equipment

....................

226,990,290

—

—

226,990,290

Electronic

Equipment,

Instruments

&

Components

........................

518,855,877

—

—

518,855,877

Entertainment

.........................

278,670,259

—

—

278,670,259

Financial

Services

......................

593,025,574

—

—

593,025,574

Ground

Transportation

..................

388,102,332

—

—

388,102,332

Health

Care

Equipment

&

Supplies

.........

470,602,842

—

—

470,602,842

Health

Care

Providers

&

Services

..........

83,924,841

—

—

83,924,841

Hotels,

Restaurants

&

Leisure

.............

112,200,818

—

—

112,200,818

Interactive

Media

&

Services

..............

1,257,001,516

—

—

1,257,001,516

IT

Services

...........................

148,942,272

—

41,833,356

190,775,628

Life

Sciences

Tools

&

Services

............

623,070,495

—

—

623,070,495

Machinery

............................

663,428,888

—

—

663,428,888

Pharmaceuticals

.......................

465,697,716

—

—

465,697,716

Professional

Services

...................

31,986,347

—

—

31,986,347

Semiconductors

&

Semiconductor

Equipment

.

2,675,707,721

—

—

2,675,707,721

Software

.............................

1,613,654,280

—

80,580,611

1,694,234,891

Specialty

Retail

........................

42,549,761

—

—

42,549,761

Technology

Hardware,

Storage

&

Peripherals

.

549,958,108

—

—

549,958,108

Trading

Companies

&

Distributors

..........

212,499,704

—

—

212,499,704

Convertible

Preferred

Stocks

................

—

—

218,233,931

218,233,931

Preferred

Stocks

.........................

—

113,595,891

—

113,595,891

Short

Term

Investments

...................

298,392,261

—

—

298,392,261

Total

Investments

in

Securities

...........

$15,742,077,340

$113,595,891

d

$340,647,898

$16,196,321,129

#### Franklin

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Aerospace

&

Defense

...................

533,194,000

—

—

533,194,000

Air

Freight

&

Logistics

...................

49,190,000

—

—

49,190,000

Automobiles

..........................

—

153,657,236

—

153,657,236

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Common

Stocks:

(continued)

Banks

...............................

$

1,156,391,500

$

—

$

—

$

1,156,391,500

Beverages

...........................

1,004,600,000

—

—

1,004,600,000

Biotechnology

.........................

652,470,000

—

—

652,470,000

Broadline

Retail

.......................

238,682,835

—

—

238,682,835

Capital

Markets

........................

351,415,200

—

—

351,415,200

Chemicals

...........................

726,225,000

153,976,028

—

880,201,028

Communications

Equipment

..............

465,540,000

—

—

465,540,000

Consumer

Staples

Distribution

&

Retail

......

181,800,000

—

—

181,800,000

Containers

&

Packaging

.................

139,230,000

61,500,120

—

200,730,120

Diversified

Telecommunication

Services

.....

606,180,000

—

—

606,180,000

Electric

Utilities

........................

1,853,103,208

—

—

1,853,103,208

Energy

Equipment

&

Services

.............

33,403,500

—

—

33,403,500

Food

Products

........................

396,400,000

—

—

396,400,000

Ground

Transportation

..................

485,240,000

—

—

485,240,000

Health

Care

Equipment

&

Supplies

.........

801,844,000

—

—

801,844,000

Health

Care

Providers

&

Services

..........

133,375,000

—

—

133,375,000

Hotels,

Restaurants

&

Leisure

.............

310,696,763

—

—

310,696,763

Household

Products

....................

1,227,740,000

—

—

1,227,740,000

Industrial

Conglomerates

................

452,060,000

—

—

452,060,000

Insurance

............................

—

45,951,563

—

45,951,563

IT

Services

...........................

484,780,000

—

—

484,780,000

Metals

&

Mining

.......................

220,425,000

—

—

220,425,000

Multi-Utilities

..........................

560,905,000

—

—

560,905,000

Oil,

Gas

&

Consumable

Fuels

.............

4,162,770,000

—

—

4,162,770,000

Pharmaceuticals

.......................

1,143,320,000

101,614,656

—

1,244,934,656

Semiconductors

&

Semiconductor

Equipment

.

155,312,000

—

—

155,312,000

Software

.............................

86,989,950

—

—

86,989,950

Specialty

Retail

........................

611,475,000

—

—

611,475,000

Technology

Hardware,

Storage

&

Peripherals

.

65,652,000

—

—

65,652,000

Tobacco

.............................

165,340,000

—

—

165,340,000

Management

Investment

Companies

.........

89,221,224

—

—

89,221,224

Equity-Linked

Securities

...................

—

16,804,496,274

—

16,804,496,274

Convertible

Preferred

Stocks

:

Aerospace

&

Defense

...................

324,400,000

—

—

324,400,000

Capital

Markets

........................

233,195,000

—

—

233,195,000

Chemicals

...........................

287,400,000

—

—

287,400,000

Electric

Utilities

........................

663,550,000

—

—

663,550,000

Financial

Services

......................

—

168,800,000

—

168,800,000

Software

.............................

270,060,000

—

—

270,060,000

Trading

Companies

&

Distributors

..........

—

—

160,000,000

160,000,000

Preferred

Stocks

.........................

35,700,000

—

—

35,700,000

Warrants

...............................

—

39,423,154

—

39,423,154

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

1,059,081,742

—

1,059,081,742

Automobile

Components

.................

—

110,397,067

—

110,397,067

Automobiles

..........................

—

510,903,878

—

510,903,878

Banks

...............................

—

2,187,946,893

—

2,187,946,893

Biotechnology

.........................

—

103,029,480

—

103,029,480

Building

Products

......................

—

101,686,340

—

101,686,340

Capital

Markets

........................

—

1,219,570,471

—

1,219,570,471

Chemicals

...........................

—

1,036,448,436

—

1,036,448,436

Commercial

Services

&

Supplies

...........

—

50,650,700

84,626,155

135,276,855

Consumer

Finance

.....................

—

999,176,132

—

999,176,132

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Corporate

Bonds:

(continued)

Containers

&

Packaging

.................

$

—

$

951,171,656

$

—

$

951,171,656

Diversified

REITs

......................

—

149,040,068

—

149,040,068

Diversified

Telecommunication

Services

.....

—

835,117,477

—

835,117,477

Electric

Utilities

........................

—

1,848,474,493

—

1,848,474,493

Electrical

Equipment

....................

—

89,652,630

—

89,652,630

Energy

Equipment

&

Services

.............

—

188,771,545

—

188,771,545

Entertainment

.........................

—

135,824,589

—

135,824,589

Food

Products

........................

—

247,840,815

—

247,840,815

Ground

Transportation

..................

—

91,649,978

—

91,649,978

Health

Care

Equipment

&

Supplies

.........

—

383,055,517

—

383,055,517

Health

Care

Providers

&

Services

..........

—

4,617,462,993

—

4,617,462,993

Health

Care

Technology

.................

—

17,628,430

—

17,628,430

Hotels,

Restaurants

&

Leisure

.............

—

1,473,284,969

—

1,473,284,969

Household

Durables

....................

—

150,884,965

—

150,884,965

Independent

Power

and

Renewable

Electricity

Producers

..........................

—

107,963,556

—

107,963,556

Insurance

............................

—

250,982,492

—

250,982,492

IT

Services

...........................

—

94,602,170

—

94,602,170

Media

...............................

—

224,499,864

—

224,499,864

Metals

&

Mining

.......................

—

837,410,902

—

837,410,902

Multi-Utilities

..........................

—

20,604,056

—

20,604,056

Oil,

Gas

&

Consumable

Fuels

.............

—

2,542,349,964

—

2,542,349,964

Passenger

Airlines

.....................

—

848,978,383

—

848,978,383

Personal

Care

Products

.................

—

95,131,835

—

95,131,835

Pharmaceuticals

.......................

—

549,108,424

—

549,108,424

Semiconductors

&

Semiconductor

Equipment

.

—

207,598,564

—

207,598,564

Software

.............................

—

752,691,188

—

752,691,188

Specialized

REITs

......................

—

191,912,960

—

191,912,960

Specialty

Retail

........................

—

98,896,795

—

98,896,795

Technology

Hardware,

Storage

&

Peripherals

.

—

133,187,427

—

133,187,427

Textiles,

Apparel

&

Luxury

Goods

..........

—

241,873,093

—

241,873,093

Tobacco

.............................

—

186,108,094

—

186,108,094

Trading

Companies

&

Distributors

..........

—

337,919,089

—

337,919,089

Senior

Floating

Rate

Interests

...............

—

823,653,320

—

823,653,320

U.S.

Government

and

Agency

Securities

.......

—

6,317,156,657

—

6,317,156,657

Asset-Backed

Securities

...................

—

80,149,771

—

80,149,771

Mortgage-Backed

Securities

................

—

4,328,543,643

—

4,328,543,643

Short

Term

Investments

...................

130,040,579

1,745,246,128

—

1,875,286,707

Total

Investments

in

Securities

...........

$21,489,316,759

$57,104,738,670

e

$244,626,155

$78,838,681,584

#### Liabilities:
Other

Financial

Instruments:

Options

Written

..........................

$34,885,000

$—

$—

$34,885,000

Total

Other

Financial

Instruments

.........

$34,885,000

$—

$—

$34,885,000

#### Franklin

#### U.S.

#### Government

#### Securities

#### Fund

#### Assets:
Investments

in

Securities:

a

U.S.

Government

and

Agency

Securities

.......

—

51,663,797

—

51,663,797

Mortgage-Backed

Securities

................

—

1,923,023,622

—

1,923,023,622

Short

Term

Investments

...................

51,781,958

—

—

51,781,958

Total

Investments

in

Securities

...........

$51,781,958

$1,974,687,419

$—

$2,026,469,377

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Custodian

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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 period.

At

March

31,

2026,

the

reconciliation

is

as

follows:

Level

financial

instruments,

for

Franklin

Growth

Fund,

include

the

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs

as

well

as

the

fair

value

of

assets

and/or

liabilities

derived

from

recent

transactions,

private

transaction

prices,

or

non-public

third-party

pricing

information

that

is

unobservable.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Utilities

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

:

Electric

Utilities

........................

$

4,693,709,204

$

—

$

—

$

4,693,709,204

Gas

Utilities

..........................

60,291,000

—

—

60,291,000

Independent

Power

and

Renewable

Electricity

Producers

..........................

332,775,000

118,177,685

—

450,952,685

Multi-Utilities

..........................

1,959,656,043

177,027,720

—

2,136,683,763

Oil,

Gas

&

Consumable

Fuels

.............

240,793,000

—

—

240,793,000

Water

Utilities

.........................

50,337,500

69,744,660

—

120,082,160

Short

Term

Investments

...................

37,121,052

—

—

37,121,052

Total

Investments

in

Securities

...........

$7,374,682,799

$364,950,065

f

$—

$7,739,632,864

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

c

Includes

foreign

securities

valued

at

$372,023,197,

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

$113,595,891,

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

Includes

foreign

securities

valued

at

$353,584,827,

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.

f

Includes

foreign

securities

valued

at

$364,950,065,

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.

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### a

#### Sales

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

IT

Services

........

$

41,833,356

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

41,833,356

$

—

Software

..........

48,961,336

7,454,480

—

—

—

—

—

24,164,795

80,580,611

24,164,795

Convertible

Preferred

Stocks

:

Aerospace

&

Defense

.

53,092,601

—

—

—

—

—

—

26,209,138

79,301,739

26,209,138

IT

Services

........

4,049,504

—

—

—

—

—

—

—

4,049,504

—

Software

..........

101,900,085

—

—

—

—

—

—

32,982,603

134,882,688

32,982,603

Total

Investments

in

Securities

............

$249,836,882

$7,454,480

$—

$—

$—

$—

$—

$83,356,536

$340,647,898

$83,356,536

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

(unaudited)

franklintempleton.com

Semiannual

Report

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. #### 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.

#### Abbreviations

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CME
Chicago

Mercantile

Exchange

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

Franklin

Custodian

Funds

franklintempleton.com

Semiannual

Report

#### 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

Not

applicable.

FCF-SFSOI

05/26©

2026

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;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&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;(a) Not applicable.

&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) Not applicable

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-efp24624_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-efp24624_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** | **Franklin Custodian Funds** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | May 29, 2026 |

---

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: | May 29, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | May 29, 2026 |

---

## 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: May 29, 2026 <br>

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer - Finance and<br> 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: May 29, 2026 <br>

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting <br>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 **March 31, 2026** (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 - Finance and Administration** | **Chief Financial Officer, Chief Accounting Officer and Treasurer** |
| Franklin Custodian Funds | Franklin Custodian Funds |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |

---

Date: May 29, 2026 Date: May 29, 2026

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.