<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 N
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 Y
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
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071 B000300 184651
071 C000300 2913679
071 D000300 6
072 A000300 12
072 B000300 39102
072 C000300 158222
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<PAGE> PAGE 20
072 F000300 13931
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072 H000300 0
072 I000300 1613
072 J000300 332
072 K000300 1436
072 L000300 348
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072 N000300 468
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072AA000300 12514
072BB000300 10599
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072CC020300 812037
072DD010300 170879
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072EE000300 13408
073 A010300 0.5240
073 A020300 0.0000
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073 C000300 0.0000
074 A000300 4
074 B000300 44351
074 C000300 19959
074 D000300 319706
074 E000300 0
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074 G000300 0
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074 M000300 0
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074 O000300 0
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074 Q000300 0
074 R010300 0
074 R020300 0
<PAGE> PAGE 21
074 R030300 0
074 R040300 40011
074 S000300 0
074 T000300 2572508
074 U010300 308870
074 U020300 0
074 V010300 8.33
074 V020300 0.00
074 W000300 0.0000
074 X000300 238258
074 Y000300 0
075 A000300 0
075 B000300 3085121
076 000300 0.00
024 000400 Y
025 A000401 BANKAMERICA CORP.
025 B000401 94-1687665
025 C000401 E
025 D000401 28153
025 A000402 CITICORP
025 B000402 13-3187336
025 C000402 E
025 D000402 56169
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 159637
028 A020400 14863
028 A030400 0
028 A040400 81870
028 B010400 137761
028 B020400 16056
028 B030400 0
028 B040400 60262
028 C010400 174894
028 C020400 16643
028 C030400 0
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028 D010400 120830
028 D020400 18038
028 D030400 0
028 D040400 55909
028 E010400 147250
028 E020400 18384
028 E030400 0
028 E040400 54090
028 F010400 114999
028 F020400 18896
<PAGE> PAGE 22
028 F030400 0
028 F040400 70623
028 G010400 855371
028 G020400 102880
028 G030400 0
028 G040400 395133
028 H000400 870234
029 000400 Y
030 A000400 53164
030 B000400 4.25
030 C000400 1.00
031 A000400 1717
031 B000400 0
032 000400 51447
033 000400 0
042 A000400 20
042 B000400 8
042 C000400 8
042 D000400 64
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 2421
044 000400 0
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 5.5
062 E000400 0.0
062 F000400 0.9
062 G000400 0.0
062 H000400 0.6
062 I000400 8.2
062 J000400 0.0
062 K000400 0.0
062 L000400 4.5
062 M000400 10.4
062 N000400 0.0
062 O000400 0.0
062 P000400 24.2
062 Q000400 8.1
062 R000400 36.5
063 A000400 0
063 B000400 9.1
064 A000400 N
064 B000400 N
<PAGE> PAGE 23
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 N
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 Y
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 1524055
071 B000400 952018
071 C000400 4074510
071 D000400 23
072 A000400 12
072 B000400 254561
072 C000400 104977
072 D000400 0
072 E000400 0
072 F000400 20628
<PAGE> PAGE 24
072 G000400 0
072 H000400 0
072 I000400 1546
072 J000400 1632
072 K000400 1350
072 L000400 407
072 M000400 20
072 N000400 594
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072 P000400 0
072 Q000400 0
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072 S000400 29
072 T000400 2421
072 U000400 0
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072 X000400 28852
072 Y000400 0
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072AA000400 128224
072BB000400 50783
072CC010400 0
072CC020400 449635
072DD010400 343424
072DD020400 0
072EE000400 48229
073 A010400 0.1800
073 A020400 0.0000
073 B000400 0.0290
073 C000400 0.0000
074 A000400 3635
074 B000400 271228
074 C000400 689189
074 D000400 2090268
074 E000400 712138
074 F000400 1057105
074 G000400 0
074 H000400 0
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074 J000400 80260
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074 M000400 850
074 N000400 4999139
074 O000400 76795
074 P000400 3282
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
<PAGE> PAGE 25
074 R040400 27557
074 S000400 0
074 T000400 4891505
074 U010400 2203316
074 U020400 0
074 V010400 2.22
074 V020400 0.00
074 W000400 0.0000
074 X000400 284687
074 Y000400 123700
075 A000400 0
075 B000400 4485257
076 000400 0.00
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 122842
028 A020500 32470
028 A030500 0
028 A040500 219498
028 B010500 69733
028 B020500 33705
028 B030500 0
028 B040500 220349
028 C010500 57482
028 C020500 31538
028 C030500 0
028 C040500 249897
028 D010500 47077
028 D020500 31335
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028 E040500 237934
028 F010500 37890
028 F020500 31214
028 F030500 0
028 F040500 201883
028 G010500 387746
028 G020500 191707
028 G030500 0
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028 H000500 420216
<PAGE> PAGE 26
029 000500 Y
030 A000500 35631
030 B000500 4.25
030 C000500 1.00
031 A000500 4227
031 B000500 0
032 000500 31404
033 000500 0
042 A000500 27
042 B000500 10
042 C000500 3
042 D000500 60
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 3746
044 000500 0
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 Y
062 B000500 2.7
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 96.9
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 27.5
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 N
070 A020500 N
<PAGE> PAGE 27
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 2360124
071 B000500 4211743
071 C000500 12910680
071 D000500 18
072 A000500 12
072 B000500 1039039
072 C000500 0
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072 J000500 1413
072 K000500 2881
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<PAGE> PAGE 28
072 N000500 360
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072 S000500 126
072 T000500 3746
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072AA000500 11679
072BB000500 123044
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072DD010500 983277
072DD020500 0
072EE000500 0
073 A010500 0.5120
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
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074 B000500 0
074 C000500 313893
074 D000500 11303435
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 82010
074 M000500 0
074 N000500 11699347
074 O000500 0
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074 R030500 0
074 R040500 23681
074 S000500 0
074 T000500 11668747
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074 U020500 0
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<PAGE> PAGE 29
074 W000500 0.0000
074 X000500 529673
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075 A000500 0
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076 000500 0.00
SIGNATURE KENNETH V. DOMINGUES
TITLE VP, TREASURER & CAO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. SEPTEMBER 30, 1994 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> FRANKLIN GROWTH SERIES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 393,027,729
<INVESTMENTS-AT-VALUE> 521,548,933
<RECEIVABLES> 8,470,730
<ASSETS-OTHER> 23,457
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 530,043,120
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,423,599
<TOTAL-LIABILITIES> 13,423,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 381,886,535
<SHARES-COMMON-STOCK> 34,527,726
<SHARES-COMMON-PRIOR> 39,365,517
<ACCUMULATED-NII-CURRENT> 4,733,342
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,478,440
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 128,521,204
<NET-ASSETS> 516,619,521
<DIVIDEND-INCOME> 10,058,434
<INTEREST-INCOME> 750,964
<OTHER-INCOME> 0
<EXPENSES-NET> (4,169,098)
<NET-INVESTMENT-INCOME> 6,640,300
<REALIZED-GAINS-CURRENT> 1,478,440
<APPREC-INCREASE-CURRENT> 32,965,685
<NET-CHANGE-FROM-OPS> 41,084,425
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,372,383)
<DISTRIBUTIONS-OF-GAINS> (3,114,515)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,797,430
<NUMBER-OF-SHARES-REDEEMED> (13,447,243)
<SHARES-REINVESTED> 812,022
<NET-CHANGE-IN-ASSETS> (44,204,213)
<ACCUMULATED-NII-PRIOR> 9,465,425
<ACCUMULATED-GAINS-PRIOR> 3,116,897
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,681,332)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,169,098)
<AVERAGE-NET-ASSETS> 541,898,944
<PER-SHARE-NAV-BEGIN> 14.250
<PER-SHARE-NII> .190
<PER-SHARE-GAIN-APPREC> .899
<PER-SHARE-DIVIDEND> (.297)
<PER-SHARE-DISTRIBUTIONS> (.082)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.960
<EXPENSE-RATIO> .770
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
CUSTODIAN FUNDS,INC. SEPTEMBER 30, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> FRANKLIN DYNATECH SERIES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 30,917,946
<INVESTMENTS-AT-VALUE> 56,362,804
<RECEIVABLES> 11,170,519
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,533,323
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 120,739
<TOTAL-LIABILITIES> 120,739
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,744,535
<SHARES-COMMON-STOCK> 6,846,728
<SHARES-COMMON-PRIOR> 6,942,945
<ACCUMULATED-NII-CURRENT> 326,789
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 896,402
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25,444,858
<NET-ASSETS> 67,412,584
<DIVIDEND-INCOME> 310,083
<INTEREST-INCOME> 843,654
<OTHER-INCOME> 0
<EXPENSES-NET> (684,484)
<NET-INVESTMENT-INCOME> 469,253
<REALIZED-GAINS-CURRENT> 896,402
<APPREC-INCREASE-CURRENT> 522,124
<NET-CHANGE-FROM-OPS> 1,887,779
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (858,495)
<DISTRIBUTIONS-OF-GAINS> (4,124,934)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,251,986
<NUMBER-OF-SHARES-REDEEMED> (2,798,093)
<SHARES-REINVESTED> 449,890
<NET-CHANGE-IN-ASSETS> (4,056,440)
<ACCUMULATED-NII-PRIOR> 716,031
<ACCUMULATED-GAINS-PRIOR> 4,124,934
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (424,859)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (684,484)
<AVERAGE-NET-ASSETS> 68,252,746
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> .070
<PER-SHARE-GAIN-APPREC> .210
<PER-SHARE-DIVIDEND> (.124)
<PER-SHARE-DISTRIBUTIONS> (.596)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.85
<EXPENSE-RATIO> 1.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
CUSTODIAN FUNDS, INC SEPTEMBER 30, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> FRANKLIN UTILITIES SERIES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 2,751,954,078
<INVESTMENTS-AT-VALUE> 2,531,779,192
<RECEIVABLES> 82,561,647
<ASSETS-OTHER> 4,184
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,614,345,023
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41,836,739
<TOTAL-LIABILITIES> 41,836,739
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,784,018,852
<SHARES-COMMON-STOCK> 308,870,219
<SHARES-COMMON-PRIOR> 336,426,191
<ACCUMULATED-NII-CURRENT> 6,749,793
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,914,525
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (220,174,886)
<NET-ASSETS> 2,572,508,284
<DIVIDEND-INCOME> 158,221,839
<INTEREST-INCOME> 39,102,464
<OTHER-INCOME> 0
<EXPENSES-NET> (19,712,439)
<NET-INVESTMENT-INCOME> 177,611,864
<REALIZED-GAINS-CURRENT> 1,914,525
<APPREC-INCREASE-CURRENT> (812,037,414)
<NET-CHANGE-FROM-OPS> (632,513,333)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (170,878,877)
<DISTRIBUTIONS-OF-GAINS> (13,407,885)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 82,334,108
<NUMBER-OF-SHARES-REDEEMED> (123,623,871)
<SHARES-REINVESTED> 13,733,791
<NET-CHANGE-IN-ASSETS> (1,054,265,994)
<ACCUMULATED-NII-PRIOR> 16,806
<ACCUMULATED-GAINS-PRIOR> 13,407,885
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (13,930,637)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (19,712,439)
<AVERAGE-NET-ASSETS> 3,085,120,709
<PER-SHARE-NAV-BEGIN> 10.780
<PER-SHARE-NII> .550
<PER-SHARE-GAIN-APPREC> (2.436)
<PER-SHARE-DIVIDEND> (.524)
<PER-SHARE-DISTRIBUTIONS> (.040)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.330
<EXPENSE-RATIO> .640
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FRANKLIN CUSTODIAN FUNDS INC.,
SEPTEMBER 30, 1994 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> FRANKLIN INCOME SERIES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 4,606,476,966
<INVESTMENTS-AT-VALUE> 4,564,954,332
<RECEIVABLES> 429,699,411
<ASSETS-OTHER> 4,485,206
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,999,138,949
<PAYABLE-FOR-SECURITIES> 76,795,485
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,838,920
<TOTAL-LIABILITIES> 107,634,405
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,846,533,263
<SHARES-COMMON-STOCK> 2,203,316,304
<SHARES-COMMON-PRIOR> 1,602,639,181
<ACCUMULATED-NII-CURRENT> 8,679,566
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 55,974,567
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (41,149,578)
<NET-ASSETS> 4,891,504,544
<DIVIDEND-INCOME> 104,977,000
<INTEREST-INCOME> 254,561,262
<OTHER-INCOME> 0
<EXPENSES-NET> (28,852,114)
<NET-INVESTMENT-INCOME> 330,686,148
<REALIZED-GAINS-CURRENT> 55,974,567
<APPREC-INCREASE-CURRENT> (449,635,348)
<NET-CHANGE-FROM-OPS> (62,974,633)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (343,424,035)
<DISTRIBUTIONS-OF-GAINS> (48,228,616)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 849,780,644
<NUMBER-OF-SHARES-REDEEMED> (340,914,189)
<SHARES-REINVESTED> (129,965,665)
<NET-CHANGE-IN-ASSETS> 956,060,659
<ACCUMULATED-NII-PRIOR> 42,309,475
<ACCUMULATED-GAINS-PRIOR> 49,010,422
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (20,628,160)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (28,852,114)
<AVERAGE-NET-ASSETS> 4,485,257,136
<PER-SHARE-NAV-BEGIN> 2.460
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> (0.201)
<PER-SHARE-DIVIDEND> (0.180)
<PER-SHARE-DISTRIBUTIONS> (0.029)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.220
<EXPENSE-RATIO> 0.640
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. SEPTEMBER 30, 1994 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES SERIES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1994
<PERIOD-END> SEP-30-1994
<INVESTMENTS-AT-COST> 12,175,653,797
<INVESTMENTS-AT-VALUE> 11,617,328,301
<RECEIVABLES> 82,010,291
<ASSETS-OTHER> 8,643
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,699,347,235
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,599,796
<TOTAL-LIABILITIES> 30,599,796
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,894,965,971
<SHARES-COMMON-STOCK> 1,793,328,472
<SHARES-COMMON-PRIOR> 1,982,369,755
<ACCUMULATED-NII-CURRENT> 6,172,385
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (674,065,421)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (558,325,496)
<NET-ASSETS> 11,668,747,439
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,039,039,044
<OTHER-INCOME> 0
<EXPENSES-NET> (72,619,977)
<NET-INVESTMENT-INCOME> 966,419,067
<REALIZED-GAINS-CURRENT> (111,364,839)
<APPREC-INCREASE-CURRENT> (1,196,683,846)
<NET-CHANGE-FROM-OPS> (341,629,618)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (983,276,666)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 157,320,331
<NUMBER-OF-SHARES-REDEEMED> (403,651,889)
<SHARES-REINVESTED> 57,290,275
<NET-CHANGE-IN-ASSETS> (2,599,768,321)
<ACCUMULATED-NII-PRIOR> 22,809,371
<ACCUMULATED-GAINS-PRIOR> (562,699,839)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (58,414,490)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (72,619,977)
<AVERAGE-NET-ASSETS> 13,118,374,548
<PER-SHARE-NAV-BEGIN> 7.200
<PER-SHARE-NII> .500
<PER-SHARE-GAIN-APPREC> (.678)
<PER-SHARE-DIVIDEND> (.512)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 6.510
<EXPENSE-RATIO> .550
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors
of Franklin Custodian Funds, Inc.:
In planning and performing our audit of the financial statements
and financial highlights of the Franklin Custodian Funds, Inc
for the year ended September 30, 1994, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and
financial highlights and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of Franklin Custodian Funds, Inc. is responsible
for establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two
of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of
financial statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods
is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements
and financial highlights being audited may occur and not be detected
within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses,
as defined above, as of September 30, 1994.
This report is intended solely for the information and use of
management of Franklin Custodian Funds, Inc. and the Securities
and Exchange Commission.
S\COOPERS AND LYBRAND L.L.P.
Coopers and Lybrand L.L.P.
San Francisco, California
October 28, 1994
FORM N-SAR
REGISTRANT:
FRANKLIN CUSTODIAN FUNDS, INC.
File No. 811-537
EXHIBIT - Item 77M: Mergers
Pursuant to an Agreement and Plan of Reorganization between the
registrant on behalf of the Utilities Series and Hampton
Utilities Trust, the Utilities Series of the registrant acquired
all of the assets of Hampton Utilities Trust on August 5, 1994,
in exchange solely for shares of stock of the Utilities Series of
the registrant and the distribution, pursuant to the Agreement
and Plan of Reorganization, of the Utilities Series shares of
stock to the shareholders of the Hampton Utilities Trust.
nsar\cust\exm.doc October 27, 1994
NAME OF REGISTRANT:
Franklin Custodian Funds, Inc.
File No. 811-537
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
At a special meeting of shareholders of the registrant
held on April 18, 1994 the following items were voted
upon:
GROWTH SERIES
(1) Election of directors.
For Withhold
Authority
Harris J. Ashton 20,041,749 1,054,174
S. Joseph Fortunato 20,041,543 1,054,380
Charles B. Johnson 20,043,092 1,052,831
Rupert H. Johnson, Jr. 20,040,627
1,055,294
Gordon S. Macklin 20,027,335 1,068,588
(2) To ratify the selection of Coopers & Lybrand,
Certified Public Accountants, as the independent
auditors for the registrant for the fiscal year ending
July 31, 1994.
Vote For Vote Against
19,802,305 138,584
(3) To approve the adoption of a Distribution Plan pursuant
to Rule 12b-1 under the Investment Company Act of 1940.
Vote For Vote Against
14,673,404 848,877
(4) In the event that proposal 3 is approved, to approve or
disapprove the adoption of a new investment management
agreement between Franklin Advisers, Inc. and the registrant
on behalf of the Fund.
Vote For Vote Against
15,916,644 553,126
(5) To approve an amendment to the Fund's fundamental
investment policies to permit the Fund to invest its
uninvested daily cash balances in shares of Franklin Money
Fund or other money market funds in the Franklin Group of
Funds.
Vote For Vote Against
15,539,439 248,970
(6) To approve a proposal to change the Fund's existing
investment policy which limits investments to no more than
10% of any class of securities of an issuer to one which
limits investments to no more than 10% of the voting
securities of an issuer.
Vote For Vote Against
15,003,067 402,604
UTILITIES SERIES
(1) Election of directors.
For Withhold
Authority
Harris J. Ashton 190,611,814
5,933,585
S. Joseph Fortunato 190,608,536
5,936,863
Charles B. Johnson 190,623,813
5,921,586
Rupert H. Johnson, Jr.
190,624,323 5,921,076
Gordon S. Macklin 190,619,350
5,926,049
(2) To ratify the selection of Coopers & Lybrand,
Certified Public Accountants, as the independent
auditors for the registrant for the fiscal year ending
July 31, 1994.
Vote For Vote Against
187,207,864 1,029,672
(3) To approve the adoption of a Distribution Plan
pursuant to Rule 12b-1 under the Investment Company Act of
1940.
Vote For Vote Against
142,991,498 6,113,621
(4) In the event that proposal 3 is approved, to approve
the adoption of a new investment management agreement
between Franklin Advisers, Inc. and the registrant on behalf
of the Fund.
Vote For Vote Against
143,968,705 4,248,399
(5) To approve an amendment to the Fund's fundamental
investment policies to permit the Fund to invest its
uninvested daily cash balances in shares of Franklin Money
Fund or other money market funds in the Franklin Group of
Funds.
Vote For Vote Against
149,516,523 3,527,372
(6) To approve a proposal to change the Fund's existing
investment policy which limits investments to no more than
10% of any class of securities of an issuer to one which
limits investments to no more than 10% of the voting
securities of an issuer.
Vote For Vote Against
143,695,324 4,351,265
DYNATECH SERIES
(1) Election of directors.
For Withhold
Authority Harris J. Ashton
3,724,509 228,479
S. Joseph Fortunato 3,723,533
229,455
Charles B. Johnson 3,724,426
228,562
Rupert H. Johnson, Jr.
3,725,209 227,779
Gordon S. Macklin 3,715,025
237,963
(2) To ratify the selection of Coopers & Lybrand,
Certified Public Accountants, as the independent
auditors for the registrant for the fiscal year ending
July 31, 1994.
Vote For Vote Against
3,615,060 24,573
(3) To approve the adoption of a Distribution Plan pursuant
to Rule 12b-1 under the Investment Company Act of 1940.
Vote For Vote Against
3,027,727 159,919
(4) In the event that proposal 3 is approved, to approve
the adoption of a new investment management agreement
between Franklin Advisers, Inc. and the registrant on behalf
of the Fund.
Vote For Vote Against
3,219,523 129,127
(5) To approve an amendment to the Fund's fundamental
investment policies to permit the Fund to invest its
uninvested daily cash balances in shares of Franklin Money
Fund or other money market funds in the Franklin Group of
Funds.
Vote For Vote Against
3,190,809 43,776
(6) To approve a proposal to change the Fund's existing
investment policy which limits investments to no more than
10% of any class of securities of an issuer to one which
limits investments to no more than 10% of the voting
securities of an issuer.
Vote For Vote Against
3,092,949 86,363
INCOME SERIES
(1) Election of directors.
For Withhold Authority
Harris J. Ashton 878,799,447 46,271,561
S. Joseph Fortunato 878,813,308 46,257,700
Charles B. Johnson 878,821,541 46,249,467
Rupert H. Johnson, Jr.
878,821,011 46,249,977
Gordon S. Macklin 878,735,338 46,335,670
(2) To ratify the selection of Coopers & Lybrand,
Certified Public Accountants, as the independent
auditors for the registrant for the fiscal year ending
July 31, 1994.
Vote For Vote Against
876,396,764 5,522,765
(3) To approve the adoption of a Distribution Plan
pursuant to Rule 12b-1 under the Investment Company Act of
1940.
Vote For Vote Against
802,399,656 31,582,151
(4) In the event that proposal 3 is approved, to approve
the adoption of a new investment management agreement
between Franklin Advisers, Inc. and the registrant on behalf
of the Fund.
Vote For Vote Against
807,554,089 25,250,885
(5) To approve an amendment to the Fund's fundamental
investment
policies to permit the Fund to invest its uninvested daily
cash balances in shares of Franklin Money Fund or other
money market funds in the Franklin Group of Funds.
Vote For Vote Against
834,991,448 14,735,575
(6) To approve a proposal to permit the Fund to
purchase corporate securities in default.
Vote For Vote Against
754,527,700 56,432,661
(7) To approve a proposal to permit the Fund to purchase
loan participations.
Vote For Vote Against
762,928,332 64,392,127
U.S. GOVERNMENT SECURITIES SERIES
(1) Election of directors.
For Withhold
Authority Harris J. Ashton
1,049,880,792 38,770,087
S. Joseph Fortunato 1,049,554,673
39,096,206
Charles B. Johnson 1,049,247,463
39,403,416
Rupert H. Johnson, Jr.
1,049,019,790 39,631,089
Gordon S. Macklin 1,049,678,467
38,972,412
(2) To ratify the selection of Coopers & Lybrand,
Certified Public Accountants, as the independent
auditors for the registrant for the fiscal year ending
July 31, 1994.
Vote For Vote Against
1,045,191,157 39,806,795
(3) To approve the adoption of a Distribution Plan
pursuant to Rule 12b-1 under the Investment Company Act of
1940.
Vote For Vote Against
835,148,510 32,738,421
(4) In the event that proposal 3 is approved, to approve
the adoption of a new investment management agreement
between Franklin Advisers, Inc. and the registrant on behalf
of the Fund.
Vote For Vote Against
839,644,160 25,172,071
(5) To approve an amendment to the Fund's fundamental
investment policies to permit the Fund to invest its
uninvested daily cash balances in shares of Franklin Money
Fund or other money market funds in the Franklin Group of
Funds.
Vote For Vote Against
868,019,192 12,637,450
