<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000038721
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007 C010400 4
007 C020400 FRANKLIN INCOME SERIES
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007 C020500 FRANKLIN U.S. GOVERNMENT SECURITIES SERIES
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008 D02AA01 CA
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011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
<PAGE> PAGE 2
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94403
011 C04AA01 7777
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
056 00AA00 N
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015 C020101 CA
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015 C040101 1502
015 E010101 X
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015 B000102 C
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<PAGE> PAGE 6
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015 C010103 BUENOS AIRES
015 D010103 ARGENTINA
015 E040103 X
015 A000104 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000104 S
015 C010104 MELBOURNE
015 D010104 AUSTRALIA
015 E040104 X
015 A000105 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000105 S
015 C010105 VIENNA
015 D010105 AUSTRIA
015 E040105 X
015 A000106 STANDARD CHARTERED BANK PLC (SCB)
015 B000106 S
015 C010106 DHAKA
015 D010106 BANGLADESH
015 E040106 X
015 A000107 BANQUE BRUXELLES LAMBERT (BBL)
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015 C010107 BRUSSELS
015 D010107 BELGIUM
015 E040107 X
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015 B000108 S
015 C010108 SAO PAULO
015 D010108 BRAZIL
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015 E040109 X
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015 B000110 S
015 C010110 SANTIAGO
015 D010110 CHILE
015 E040110 X
015 A000111 BANCO DE CHILE
015 B000111 S
015 C010111 SANTIAGO
015 D010111 CHILE
015 E040111 X
015 A000112 STANDARD CHARTERED BANK
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015 C010112 SHANGHAI
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015 A000113 STANDARD CHARTERED BANK
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<PAGE> PAGE 7
015 C010113 SHENZHEN
015 D010113 CHINA
015 E040113 X
015 A000114 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 C010114 BOGOTA
015 D010114 COLOMBIA
015 E040114 X
015 A000115 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000115 S
015 C010115 PRAHA (PRAGUE)
015 D010115 CZECH REPUBLIC
015 E040115 X
015 A000116 DEN DANSKE BANK
015 B000116 S
015 C010116 COPENHAGEN
015 D010116 DENMARK
015 E040116 X
015 A000117 CEDEL
015 B000117 S
015 C010117 LUXEMBOURG CITY
015 D010117 LUXEMBOURG
015 E040117 X
015 A000118 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000118 S
015 C010118 LONDON
015 D010118 LUXEMBOURG
015 E040118 X
015 A000119 MERITA BANK (MB)
015 B000119 S
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015 D010119 FINLAND
015 E040119 X
015 A000120 BANQUE PARIBAS
015 B000120 S
015 C010120 PARIS
015 D010120 FRANCE
015 E040120 X
015 A000121 DRESDNER BANK AG
015 B000121 S
015 C010121 FRANKFURT
015 D010121 GERMANY
015 E040121 X
015 A000122 ALPHA CREDIT BANK A.E.
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015 C010122 ATHENS
015 D010122 GREECE
015 E040122 X
015 A000123 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
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<PAGE> PAGE 8
015 D010123 HONG KONG
015 E040123 X
015 A000124 CITIBANK, N.A.
015 B000124 S
015 C010124 BUDAPEST
015 D010124 HUNGARY
015 E040124 X
015 A000125 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000125 S
015 C010125 BOMBAY
015 D010125 INDIA
015 E040125 X
015 A000126 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000126 S
015 C010126 JAKARTA
015 D010126 INDONESIA
015 E040126 X
015 A000127 ALLIED IRISH BANK (ATB)
015 B000127 S
015 C010127 DUBLIN
015 D010127 IRELAND
015 E040127 X
015 A000128 ISRAEL DISCOUNT BANK
015 B000128 S
015 C010128 TEL AVIV
015 D010128 ISRAEL
015 E040128 X
015 A000129 BANCA COMMERCIALE ITALIANA (BCI)
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015 C010129 MILAN
015 D010129 ITALY
015 E040129 X
015 A000130 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000130 S
015 C010130 TOKYO
015 D010130 JAPAN
015 E040130 X
015 A000131 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000131 S
015 C010131 KUALA LUMPUR
015 D010131 MALAYSIA
015 E040131 X
015 A000132 BANCO NACIONAL DE MEXICO
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015 C010132 MEXICO CITY
015 D010132 MEXICO
015 E040132 X
015 A000133 BANQUE COMMERCIALE DU MAROC (BCM)
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015 C010133 CASABLANCA
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<PAGE> PAGE 9
015 E040133 X
015 A000134 MEESPIERSON
015 B000134 S
015 C010134 AMSTERDAM
015 D010134 NETHERLANDS
015 E040134 X
015 A000135 AUSTRALIA AND NEW ZEALAND BANKING GROUP
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015 C010135 WELLINGTON
015 D010135 NEW ZEALAND
015 E040135 X
015 A000136 DEN NORSKE BANK A.S.
015 B000136 S
015 C010136 BERGEN/OSLO
015 D010136 NORWAY
015 E040136 X
015 A000137 CITIBANK, N.A.
015 B000137 S
015 C010137 LIMA
015 D010137 PERU
015 E040137 X
015 A000138 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000138 S
015 C010138 MANILA
015 D010138 PHILIPPINES
015 E040138 X
015 A000139 BANK HANDLOWY W WARSZAWIE S.A.
015 B000139 S
015 C010139 WARSAW
015 D010139 POLAND
015 E040139 X
015 A000140 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000140 S
015 C010140 LISBON
015 D010140 PORTUGAL
015 E040140 X
015 A000141 UNITED OVERSEAS BANK (UOB)
015 B000141 S
015 C010141 SINGAPORE
015 D010141 SINGAPORE
015 E040141 X
015 A000142 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000142 S
015 C010142 JOHANNESBURG
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015 E040142 X
015 A000143 SEOUL BANK (SB)
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<PAGE> PAGE 10
015 A000144 BANCO BILBAO VIZCAYA (BBV)
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015 C010144 MADRID/BILBAO
015 D010144 SPAIN
015 E040144 X
015 A000145 STANDARD CHARTERED BANK (SCB)
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015 C010145 COLOMBO
015 D010145 SRI LANKA
015 E040145 X
015 A000146 SKANDINAVISKA ENSKILDA BANKEN (SEB)
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015 C010146 STOCKHOLM
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<PAGE> PAGE 11
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015 A000155 STANDARD CHARTERED BANK (SCB)
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015 D010155 PAKISTAN
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024 000100 N
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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
015 C010217 LUXEMBOURG CITY
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015 D010224 INDIA
015 E040224 X
015 A000225 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000225 S
015 C010225 JAKARTA
015 D010225 INDONESIA
015 E040225 X
015 A000226 ALLIED IRISH BANK (ATB)
015 B000226 S
015 C010226 DUBLIN
015 D010226 IRELAND
015 E040226 X
015 A000227 ISRAEL DISCOUNT BANK
015 B000227 S
015 C010227 TEL AVIV
<PAGE> PAGE 18
015 D010227 ISRAEL
015 E040227 X
015 A000228 BANCA COMMERCIALE ITALIANA (BCI)
015 B000228 S
015 C010228 MILAN
015 D010228 ITALY
015 E040228 X
015 A000229 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000229 S
015 C010229 TOKYO
015 D010229 JAPAN
015 E040229 X
015 A000230 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000230 S
015 C010230 KUALA LUMPUR
015 D010230 MALAYSIA
015 E040230 X
015 A000231 BANCO NACIONAL DE MEXICO
015 B000231 S
015 C010231 MEXICO CITY
015 D010231 MEXICO
015 E040231 X
015 A000232 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000232 S
015 C010232 CASABLANCA
015 D010232 MOROCCO
015 E040232 X
015 A000233 MEESPIERSON
015 B000233 S
015 C010233 AMSTERDAM
015 D010233 NETHERLANDS
015 E040233 X
015 A000234 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000234 S
015 C010234 WELLINGTON
015 D010234 NEW ZEALAND
015 E040234 X
015 A000235 DEN NORSKE BANK A.S.
015 B000235 S
015 C010235 BERGEN/OSLO
015 D010235 NORWAY
015 E040235 X
015 A000236 STANDARD CHARTERED BANK (SCB)
015 B000236 S
015 C010236 KARACHI
015 D010236 PAKISTAN
015 E040236 X
015 A000237 CITIBANK, N.A.
015 B000237 S
015 C010237 LIMA
015 D010237 PERU
<PAGE> PAGE 19
015 E040237 X
015 A000238 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000238 S
015 C010238 MANILA
015 D010238 PHILIPPINES
015 E040238 X
015 A000239 BANK HANDLOWY W WARSZAWIE S.A.
015 B000239 S
015 C010239 WARSAW
015 D010239 POLAND
015 E040239 X
015 A000240 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000240 S
015 C010240 LISBON
015 D010240 PORTUGAL
015 E040240 X
015 A000241 UNITED OVERSEAS BANK (UOB)
015 B000241 S
015 C010241 SINGAPORE
015 D010241 SINGAPORE
015 E040241 X
015 A000242 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000242 S
015 C010242 JOHANNESBURG
015 D010242 SOUTH AFRICA
015 E040242 X
015 A000243 SEOULBANK (SB)
015 B000243 S
015 C010243 SEOUL
015 D010243 SOUTH KOREA
015 E040243 X
015 A000244 BANCO BILBAO VIZCAYA (BBV)
015 B000244 S
015 C010244 MADRID/BILBAO
015 D010244 SPAIN
015 E040244 X
015 A000245 STANDARD CHARTERED BANK (SCB)
015 B000245 S
015 C010245 COLOMBO
015 D010245 SRI LANKA
015 E040245 X
015 A000246 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000246 S
015 C010246 STOCKHOLM
015 D010246 SWEDEN
015 E040246 X
015 A000247 UNION BANK OF SWITZERLAND (UBS)
015 B000247 S
015 C010247 ZURICH
015 D010247 SWITZERLAND
015 E040247 X
<PAGE> PAGE 20
015 A000248 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000248 S
015 C010248 TAIPEI
015 D010248 TAIWAN (ROC)
015 E040248 X
015 A000249 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000249 S
015 C010249 BANGKOK
015 D010249 THAILAND
015 E040249 X
015 A000250 CITIBANK, N.A.
015 B000250 S
015 C010250 ISTANBUL
015 D010250 TURKEY
015 E040250 X
015 A000251 THE BANK OF NEW YORK
015 B000251 S
015 C010251 LONDON
015 D010251 UNITED KINGDOM
015 E040251 X
015 A000252 THE BANK OF BOSTON
015 B000252 S
015 C010252 MONTEVIDEO
015 D010252 URUGUAY
015 E040252 X
015 A000253 CITIBANK, N.A.
015 B000253 S
015 C010253 CARACAS
015 D010253 VENEZUELA
015 E040253 X
015 A000254 CITIBANK DELAWARE
015 B000254 C
015 C010254 NEW CASTLE
015 C020254 DE
015 C030254 19720
015 C040254 2409
015 E010254 X
015 A000255 CITIBANK, N.A.
015 B000255 S
015 C010255 BUDAPEST
015 D010255 HUNGARY
015 E040255 X
024 000200 N
025 A000201 DELETE
025 D000201 0
025 A000202 DELETE
025 D000202 0
025 A000203 DELETE
025 D000203 0
025 A000204 DELETE
025 D000204 0
<PAGE> PAGE 21
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 3311
028 A020200 0
028 A030200 0
028 A040200 3988
028 B010200 3892
028 B020200 0
028 B030200 0
028 B040200 4248
028 C010200 2797
028 C020200 0
028 C030200 0
028 C040200 2675
028 D010200 5361
028 D020200 0
028 D030200 0
028 D040200 4374
028 E010200 5061
028 E020200 0
028 E030200 0
028 E040200 4943
028 F010200 2516
028 F020200 0
028 F030200 0
028 F040200 3371
028 G010200 22938
028 G020200 0
028 G030200 0
028 G040200 23599
028 H000200 22938
029 000200 Y
030 A000200 285
030 B000200 4.50
030 C000200 0.00
031 A000200 32
031 B000200 0
032 000200 253
033 000200 0
034 000200 Y
035 000200 0
036 A000200 N
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
<PAGE> PAGE 22
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 188
044 000200 62
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
<PAGE> PAGE 23
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 14778
071 B000200 9304
071 C000200 77952
071 D000200 12
072 A000200 12
072 B000200 993
072 C000200 430
072 D000200 0
072 E000200 0
072 F000200 602
072 G000200 0
072 H000200 0
072 I000200 133
072 J000200 3
072 K000200 28
072 L000200 18
072 M000200 1
072 N000200 23
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 3
072 S000200 0
072 T000200 192
072 U000200 0
072 V000200 0
<PAGE> PAGE 24
072 W000200 7
072 X000200 1010
072 Y000200 0
072 Z000200 413
072AA000200 3706
072BB000200 693
072CC010200 8557
072CC020200 0
072DD010200 855
072DD020200 0
072EE000200 1652
073 A010200 0.1180
073 A020200 0.0000
073 B000200 0.2283
073 C000200 0.0000
074 A000200 0
074 B000200 17610
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 87111
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 141
074 M000200 0
074 N000200 104862
074 O000200 38
074 P000200 99
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 217
074 S000200 0
074 T000200 104508
074 U010200 7447
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074 V020200 14.03
074 W000200 0.0000
074 X000200 13114
074 Y000200 0
075 A000200 0
075 B000200 95947
076 000200 0.00
015 A000301 BANK OF AMERICA NT & SA
015 B000301 C
015 C010301 SAN FRANCISCO
<PAGE> PAGE 25
015 C020301 CA
015 C030301 94104
015 C040301 1502
015 E010301 X
015 A000302 THE BANK OF NEW YORK
015 B000302 C
015 C010302 NEW YORK
015 C020302 NY
015 C030302 10286
015 E010302 X
015 A000303 THE BANK OF BOSTON
015 B000303 S
015 C010303 BUENOS AIRES
015 D010303 ARGENTINA
015 E040303 X
015 A000304 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000304 S
015 C010304 MELBOURNE
015 D010304 AUSTRALIA
015 E040304 X
015 A000305 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000305 S
015 C010305 VIENNA
015 D010305 AUSTRIA
015 E040305 X
015 A000306 STANDARD CHARTERED BANK PLC (SCB)
015 B000306 S
015 C010306 DHAKA
015 D010306 BANGLADESH
015 E040306 X
015 A000307 BANQUE BRUXELLES LAMBERT (BBL)
015 B000307 S
015 C010307 BRUSSELS
015 D010307 BELGIUM
015 E040307 X
015 A000308 THE BANK OF BOSTON
015 B000308 S
015 C010308 SAO PAULO
015 D010308 BRAZIL
015 E040308 X
015 A000309 THE ROYAL TRUST CORPORATION OF CANADA
015 B000309 S
015 C010309 MONTREAL
015 D010309 CANADA
015 E040309 X
015 A000310 THE BANK OF BOSTON
015 B000310 S
015 C010310 SANTIAGO
015 D010310 CHILE
015 E040310 X
015 A000311 BANCO DE CHILE
<PAGE> PAGE 26
015 B000311 S
015 C010311 SANTIAGO
015 D010311 CHILE
015 E040311 X
015 A000312 STANDARD CHARTERED BANK
015 B000312 S
015 C010312 SHANGHAI
015 D010312 CHINA
015 E040312 X
015 A000313 STANDARD CHARTERED BANK
015 B000313 S
015 C010313 SHENZHEN
015 D010313 CHINA
015 E040313 X
015 A000314 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000314 S
015 C010314 BOGOTA
015 D010314 COLOMBIA
015 E040314 X
015 A000315 DEN DANSKE BANK
015 B000315 S
015 C010315 COPENHAGEN
015 D010315 DENMARK
015 E040315 X
015 A000316 CEDEL
015 B000316 S
015 C010316 LUXEMBOURG CITY
015 D010316 LUXEMBOURG
015 E040316 X
015 A000317 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000317 S
015 C010317 LONDON
015 D010317 LUXEMBOURG
015 E040317 X
015 A000318 MERITA BANK (MB)
015 B000318 S
015 C010318 HELSINKI
015 D010318 FINLAND
015 E040318 X
015 A000319 BANQUE PARIBAS
015 B000319 S
015 C010319 PARIS
015 D010319 FRANCE
015 E040319 X
015 A000320 DRESDNER BANK AG
015 B000320 S
015 C010320 FRANKFURT
015 D010320 GERMANY
015 E040320 X
015 A000321 ALPHA CREDIT BANK A.E.
015 B000321 S
<PAGE> PAGE 27
015 C010321 ATHENS
015 D010321 GREECE
015 E040321 X
015 A000322 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000322 S
015 C010322 HONG KONG
015 D010322 HONG KONG
015 E040322 X
015 A000323 CITIBANK, N.A.
015 B000323 S
015 C010323 BUDAPEST
015 D010323 HUNGARY
015 E040323 X
015 A000324 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000324 S
015 C010324 BOMBAY
015 D010324 INDIA
015 E040324 X
015 A000325 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000325 S
015 C010325 JAKARTA
015 D010325 INDONESIA
015 E040325 X
015 A000326 ALLIED IRISH BANK (ATB)
015 B000326 S
015 C010326 DUBLIN
015 D010326 IRELAND
015 E040326 X
015 A000327 ISRAEL DISCOUNT BANK
015 B000327 S
015 C010327 TEL AVIV
015 D010327 ISRAEL
015 E040327 X
015 A000328 BANCA COMMERCIALE ITALIANA (BCI)
015 B000328 S
015 C010328 MILAN
015 D010328 ITALY
015 E040328 X
015 A000329 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000329 S
015 C010329 TOKYO
015 D010329 JAPAN
015 E040329 X
015 A000330 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000330 S
015 C010330 KUALA LUMPUR
015 D010330 MALAYSIA
015 E040330 X
015 A000331 BANCO NACIONAL DE MEXICO
015 B000331 S
015 C010331 MEXICO CITY
<PAGE> PAGE 28
015 D010331 MEXICO
015 E040331 X
015 A000332 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000332 S
015 C010332 CASABLANCA
015 D010332 MOROCCO
015 E040332 X
015 A000333 MEESPIERSON
015 B000333 S
015 C010333 AMSTERDAM
015 D010333 NETHERLANDS
015 E040333 X
015 A000334 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000334 S
015 C010334 WELLINGTON
015 D010334 NEW ZEALAND
015 E040334 X
015 A000335 DEN NORSKE BANK A.S.
015 B000335 S
015 C010335 BERGEN/OSLO
015 D010335 NORWAY
015 E040335 X
015 A000336 STANDARD CHARTERED BANK (SCB)
015 B000336 S
015 C010336 KARACHI
015 D010336 PAKISTAN
015 E040336 X
015 A000337 CITIBANK, N.A.
015 B000337 S
015 C010337 LIMA
015 D010337 PERU
015 E040337 X
015 A000338 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000338 S
015 C010338 MANILA
015 D010338 PHILIPPINES
015 E040338 X
015 A000339 BANK HANDLOWY W WARSZAWIE S.A.
015 B000339 S
015 C010339 WARSAW
015 D010339 POLAND
015 E040339 X
015 A000340 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000340 S
015 C010340 LISBON
015 D010340 PORTUGAL
015 E040340 X
015 A000341 UNITED OVERSEAS BANK (UOB)
015 B000341 S
015 C010341 SINGAPORE
015 D010341 SINGAPORE
<PAGE> PAGE 29
015 E040341 X
015 A000342 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000342 S
015 C010342 JOHANNESBURG
015 D010342 SOUTH AFRICA
015 E040342 X
015 A000343 SEOUL BANK (SB)
015 B000343 S
015 C010343 SEOUL
015 D010343 SOUTH KOREA
015 E040343 X
015 A000344 BANCO BILBAO VIZCAYA (BBV)
015 B000344 S
015 C010344 MADRID/BILBAO
015 D010344 SPAIN
015 E040344 X
015 A000345 STANDARD CHARTERED BANK (SCB)
015 B000345 S
015 C010345 COLOMBO
015 D010345 SRI LANKA
015 E040345 X
015 A000346 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000346 S
015 C010346 STOCKHOLM
015 D010346 SWEDEN
015 E040346 X
015 A000347 UNION BANK OF SWITZERLAND (UBS)
015 B000347 S
015 C010347 ZURICH
015 D010347 SWITZERLAND
015 E040347 X
015 A000348 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000348 S
015 C010348 TAIPEI
015 D010348 TAIWAN
015 E040348 X
015 A000349 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000349 S
015 C010349 BANGKOK
015 D010349 THAILAND
015 E040349 X
015 A000350 CITIBANK, N.A.
015 B000350 S
015 C010350 ISTANBUL
015 D010350 TURKEY
015 E040350 X
015 A000351 THE BANK OF NEW YORK
015 B000351 S
015 C010351 LONDON
015 D010351 UNITED KINGDOM
015 E040351 X
<PAGE> PAGE 30
015 A000352 THE BANK OF BOSTON
015 B000352 S
015 C010352 MONTEVIDEO
015 D010352 URUGUAY
015 E040352 X
015 A000353 CITIBANK, N.A.
015 B000353 S
015 C010353 CARACAS
015 D010353 VENEZUELA
015 E040353 X
015 A000354 CITIBANK DELAWARE
015 B000354 C
015 C010354 NEW CASTLE
015 C020354 DE
015 C030354 19720
015 C040354 2409
015 E010354 X
015 A000355 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000355 S
015 C010355 PRAHA (PRAGUE)
015 D010355 CZECH REPUBLIC
015 E040355 X
024 000300 N
025 A000301 DELETE
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025 D000302 0
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025 A000304 DELETE
025 D000304 0
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<PAGE> PAGE 31
028 C010300 16877
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035 000300 11
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037 000300 N
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040 000300 Y
041 000300 Y
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<PAGE> PAGE 32
062 D000300 0.0
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066 D000300 N
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067 000300 N
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068 B000300 N
069 000300 N
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070 I010300 N
070 I020300 N
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<PAGE> PAGE 33
070 L020300 Y
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070 N020300 N
070 O010300 N
070 O020300 N
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070 P020300 Y
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070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 435055
071 B000300 628087
071 C000300 2552335
071 D000300 17
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072DD020300 747
072EE000300 19982
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<PAGE> PAGE 34
073 A020300 0.4814
073 B000300 0.0719
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074 A000300 0
074 B000300 31979
074 C000300 0
074 D000300 277854
074 E000300 26244
074 F000300 2019953
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074 R030300 0
074 R040300 4585
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076 000300 0.00
015 A000401 BANK OF AMERICA NT & SA
015 B000401 C
015 C010401 SAN FRANCISCO
015 C020401 CA
015 C030401 94104
015 C040401 1502
015 E010401 X
015 A000402 CITIBANK DELAWARE
015 B000402 C
015 C010402 NEW CASTLE
015 C020402 DE
015 C030402 19720
015 C040402 2409
015 E010402 X
015 A000403 THE BANK OF NEW YORK
<PAGE> PAGE 35
015 B000403 C
015 C010403 NEW YORK
015 C020403 NY
015 C030403 10286
015 E010403 X
015 A000404 THE BANK OF BOSTON
015 B000404 S
015 C010404 BUENOS AIRES
015 D010404 ARGENTINA
015 E040404 X
015 A000405 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
015 B000405 S
015 C010405 MELBOURNE
015 D010405 AUSTRALIA
015 E040405 X
015 A000406 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000406 S
015 C010406 VIENNA
015 D010406 AUSTRIA
015 E040406 X
015 A000407 STANDARD CHARTERED BANK PLC (SCB)
015 B000407 S
015 C010407 DHAKA
015 D010407 BANGLADESH
015 E040407 X
015 A000408 BANQUE BRUXELLES LAMBERT (BBL)
015 B000408 S
015 C010408 BRUSSELS
015 D010408 BELGIUM
015 E040408 X
015 A000409 THE BANK OF BOSTON
015 B000409 S
015 C010409 SAO PAULO
015 D010409 BRAZIL
015 E040409 X
015 A000410 THE ROYAL TRUST CORPORATION OF CANADA
015 B000410 S
015 C010410 MONTREAL
015 D010410 CANADA
015 E040410 X
015 A000411 THE BANK OF BOSTON
015 B000411 S
015 C010411 SANTIAGO
015 D010411 CHILE
015 E040411 X
015 A000412 BANCO DE CHILE
015 B000412 S
015 C010412 SANTIAGO
015 D010412 CHILE
015 E040412 X
015 A000413 STANDARD CHARTERED BANK
<PAGE> PAGE 36
015 B000413 S
015 C010413 SHANGHAI
015 D010413 CHINA
015 E040413 X
015 A000414 STANDARD CHARTERED BANK
015 B000414 S
015 C010414 SHENZHEN
015 D010414 CHINA
015 E040414 X
015 A000415 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000415 S
015 C010415 BOGOTA
015 D010415 COLOMBIA
015 E040415 X
015 A000416 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000416 S
015 C010416 PRAHA (PRAGUE)
015 D010416 CZECH REPUBLIC
015 E040416 X
015 A000417 DEN DANSKE BANK
015 B000417 S
015 C010417 COPENHAGEN
015 D010417 DENMARK
015 E040417 X
015 A000418 MERITA BANK (MB)
015 B000418 S
015 C010418 HELSINKI
015 D010418 FINLAND
015 E040418 X
015 A000419 BANQUE PARIBAS
015 B000419 S
015 C010419 PARIS
015 D010419 FRANCE
015 E040419 X
015 A000420 DRESDNER BANK AG
015 B000420 S
015 C010420 FRANKFURT
015 D010420 GERMANY
015 E040420 X
015 A000421 ALPHA CREDIT BANK A.E.
015 B000421 S
015 C010421 ATHENS
015 D010421 GREECE
015 E040421 X
015 A000422 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000422 S
015 C010422 HONG KONG
015 D010422 HONG KONG
015 E040422 X
015 A000423 CITIBANK, N.A.
015 B000423 S
<PAGE> PAGE 37
015 C010423 BUDAPEST
015 D010423 HUNGARY
015 E040423 X
015 A000424 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000424 S
015 C010424 BOMBAY
015 D010424 INDIA
015 E040424 X
015 A000425 THE HONGKONG AND SHANGHAI BANKING CORP. LTD.
015 B000425 S
015 C010425 JAKARTA
015 D010425 INDONESIA
015 E040425 X
015 A000426 ALLIED IRISH BANK (AIB)
015 B000426 S
015 C010426 DUBLIN
015 D010426 IRELAND
015 E040426 X
015 A000427 ISRAEL DISCOUNT BANK
015 B000427 S
015 C010427 TEL AVIV
015 D010427 ISRAEL
015 E040427 X
015 A000428 BANCA COMMERCIALE ITALIANA (BCI)
015 B000428 S
015 C010428 MILAN
015 D010428 ITALY
015 E040428 X
015 A000429 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000429 S
015 C010429 TOKYO
015 D010429 JAPAN
015 E040429 X
015 A000430 CEDEL
015 B000430 S
015 C010430 LUXEMBOURG CITY
015 D010430 LUXEMBOURG
015 E040430 X
015 A000431 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000431 S
015 C010431 LONDON
015 D010431 LUXEMBOURG
015 E040431 X
015 A000432 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000432 S
015 C010432 KUALA LUMPUR
015 D010432 MALAYSIA
015 E040432 X
015 A000433 BANCO NACIONAL DE MEXICO
015 B000433 S
015 C010433 MEXICO CITY
<PAGE> PAGE 38
015 D010433 MEXICO
015 E040433 X
015 A000434 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000434 S
015 C010434 CASABLANCA
015 D010434 MOROCCO
015 E040434 X
015 A000435 MEESPIERSON
015 B000435 S
015 C010435 AMSTERDAM
015 D010435 NETHERLANDS
015 E040435 X
015 A000436 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000436 S
015 C010436 WELLINGTON
015 D010436 NEW ZEALAND
015 E040436 X
015 A000437 DEN NORSKE BANK A.S.
015 B000437 S
015 C010437 BERGEN/OSLO
015 D010437 NORWAY
015 E040437 X
015 A000438 STANDARD CHARTERED BANK (SCB)
015 B000438 S
015 C010438 KARACHI
015 D010438 PAKISTAN
015 E040438 X
015 A000439 CITIBANK, N.A.
015 B000439 S
015 C010439 LIMA
015 D010439 PERU
015 E040439 X
015 A000440 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000440 S
015 C010440 MANILA
015 D010440 PHILIPPINES
015 E040440 X
015 A000441 BANK HANDLOWY W WARSZAWIE S.A.
015 B000441 S
015 C010441 WARSAW
015 D010441 POLAND
015 E040441 X
015 A000442 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000442 S
015 C010442 LISBON
015 D010442 PORTUGAL
015 E040442 X
015 A000443 UNITED OVERSEAS BANK (UOB)
015 B000443 S
015 C010443 SINGAPORE
015 D010443 SINGAPORE
<PAGE> PAGE 39
015 E040443 X
015 A000444 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000444 S
015 C010444 JOHANNESBURG
015 D010444 SOUTH AFRICA
015 E040444 X
015 A000445 SEOUL BANK (SB)
015 B000445 S
015 C010445 SEOUL
015 D010445 SOUTH KOREA
015 E040445 X
015 A000446 BANCO BILBAO VIZCAYA (BBV)
015 B000446 S
015 C010446 MADRID/BILBAO
015 D010446 SPAIN
015 E040446 X
015 A000447 STANDARD CHARTERED BANK (SCB)
015 B000447 S
015 C010447 COLOMBO
015 D010447 SRI LANKA
015 E040447 X
015 A000448 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000448 S
015 C010448 STOCKHOLM
015 D010448 SWEDEN
015 E040448 X
015 A000449 UNION BANK OF SWITZERLAND (UBS)
015 B000449 S
015 C010449 ZURICH
015 D010449 SWITZERLAND
015 E040449 X
015 A000450 THE HONGKONG AND SHANGHAI BANKING CORP., LTD
015 B000450 S
015 C010450 TAIPEI
015 D010450 TAIWAN
015 E040450 X
015 A000451 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000451 S
015 C010451 BANGKOK
015 D010451 THAILAND
015 E040451 X
015 A000452 CITIBANK, N.A.
015 B000452 S
015 C010452 ISTANBUL
015 D010452 TURKEY
015 E040452 X
015 A000453 THE BANK OF NEW YORK
015 B000453 S
015 C010453 LONDON
015 D010453 UNITED KINGDOM
015 E040453 X
<PAGE> PAGE 40
015 A000454 THE BANK OF BOSTON
015 B000454 S
015 C010454 MONTEVIDEO
015 D010454 URUGUAY
015 E040454 X
015 A000455 CITIBANK, N.A.
015 B000455 S
015 C010455 CARACAS
015 D010455 VENEZUELA
015 E040455 X
024 000400 N
025 A000401 DELETE
025 D000401 0
025 A000402 DELETE
025 D000402 0
025 A000403 DELETE
025 D000403 0
025 A000404 DELETE
025 D000404 0
025 A000405 DELETE
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
025 D000409 0
025 D000410 0
025 D000411 0
025 D000412 0
025 D000413 0
025 D000414 0
025 D000415 0
025 D000416 0
028 A010400 175628
028 A020400 25399
028 A030400 0
028 A040400 98367
028 B010400 139564
028 B020400 25831
028 B030400 0
028 B040400 93862
028 C010400 124756
028 C020400 26115
028 C030400 0
028 C040400 83128
028 D010400 128348
028 D020400 26342
028 D030400 0
028 D040400 81251
028 E010400 133333
028 E020400 26673
028 E030400 0
<PAGE> PAGE 41
028 E040400 73981
028 F010400 118586
028 F020400 27006
028 F030400 0
028 F040400 79907
028 G010400 820215
028 G020400 157366
028 G030400 0
028 G040400 510496
028 H000400 820215
029 000400 Y
030 A000400 46670
030 B000400 4.25
030 C000400 0.00
031 A000400 0
031 B000400 1125
032 000400 47795
033 000400 0
034 000400 Y
035 000400 137
036 A000400 N
036 B000400 0
037 000400 N
038 000400 0
039 000400 Y
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 9645
044 000400 3899
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 7.1
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 7.4
062 N000400 0.0
<PAGE> PAGE 42
062 O000400 0.0
062 P000400 36.3
062 Q000400 10.5
062 R000400 37.1
063 A000400 0
063 B000400 10.0
064 A000400 N
064 B000400 Y
065 000400 N
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 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 3696322
<PAGE> PAGE 43
071 B000400 1456345
071 C000400 5759152
071 D000400 25
072 A000400 12
072 B000400 421912
072 C000400 146872
072 D000400 0
072 E000400 0
072 F000400 30076
072 G000400 0
072 H000400 0
072 I000400 3922
072 J000400 784
072 K000400 1102
072 L000400 591
072 M000400 36
072 N000400 198
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 88
072 S000400 -6
072 T000400 10201
072 U000400 0
072 V000400 0
072 W000400 167
072 X000400 47159
072 Y000400 0
072 Z000400 521625
072AA000400 180320
072BB000400 125869
072CC010400 12739
072CC020400 0
072DD010400 496461
072DD020400 14091
072EE000400 72034
073 A010400 0.1800
073 A020400 0.1679
073 B000400 0.0270
073 C000400 0.0000
074 A000400 0
074 B000400 504957
074 C000400 0
074 D000400 3857386
074 E000400 644967
074 F000400 1982388
074 G000400 0
074 H000400 0
074 I000400 17711
074 J000400 11866
074 K000400 0
<PAGE> PAGE 44
074 L000400 122233
074 M000400 0
074 N000400 7141508
074 O000400 6471
074 P000400 4920
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 6650
074 S000400 0
074 T000400 7123467
074 U010400 2943971
074 U020400 148996
074 V010400 2.30
074 V020400 2.30
074 W000400 0.0000
074 X000400 344372
074 Y000400 127294
075 A000400 0
075 B000400 6575669
076 000400 0.00
015 A000501 BANK OF AMERICA NT & SA
015 B000501 C
015 C010501 SAN FRANCISCO
015 C020501 CA
015 C030501 94104
015 C040501 1502
015 E010501 X
015 A000502 THE BANK OF NEW YORK
015 B000502 C
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10286
015 E010502 X
015 A000503 CITIBANK DELAWARE
015 B000503 C
015 C010503 NEW CASTLE
015 C020503 DE
015 C030503 19720
015 C040503 2409
015 E010503 X
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
<PAGE> PAGE 45
028 A010500 63605
028 A020500 29509
028 A030500 0
028 A040500 149202
028 B010500 63562
028 B020500 29399
028 B030500 0
028 B040500 157822
028 C010500 39972
028 C020500 29333
028 C030500 0
028 C040500 143526
028 D010500 48258
028 D020500 29106
028 D030500 0
028 D040500 136504
028 E010500 41106
028 E020500 29008
028 E030500 0
028 E040500 131180
028 F010500 36510
028 F020500 28901
028 F030500 0
028 F040500 127117
028 G010500 293013
028 G020500 175256
028 G030500 0
028 G040500 845351
028 H000500 293013
029 000500 Y
030 A000500 13137
030 B000500 4.25
030 C000500 0.00
031 A000500 323
031 B000500 0
032 000500 12814
033 000500 0
034 000500 Y
035 000500 23
036 A000500 N
036 B000500 0
037 000500 N
038 000500 0
039 000500 Y
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
<PAGE> PAGE 46
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 8758
044 000500 567
062 A000500 Y
062 B000500 2.1
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 97.4
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 25.8
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
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
<PAGE> PAGE 47
070 J020500 N
070 K010500 Y
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 835541
071 B000500 1479074
071 C000500 10425537
071 D000500 8
072 A000500 12
072 B000500 832970
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 48139
072 G000500 0
072 H000500 0
072 I000500 5540
072 J000500 426
072 K000500 1207
072 L000500 939
072 M000500 56
072 N000500 73
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 145
072 S000500 119
072 T000500 8775
072 U000500 0
072 V000500 0
072 W000500 239
072 X000500 65658
072 Y000500 0
072 Z000500 767312
072AA000500 372
072BB000500 51259
072CC010500 0
072CC020500 183394
<PAGE> PAGE 48
072DD010500 772347
072DD020500 2259
072EE000500 0
073 A010500 0.4920
073 A020500 0.4518
073 B000500 0.0000
073 C000500 0.0000
074 A000500 3
074 B000500 0
074 C000500 219538
074 D000500 9922150
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 71226
074 M000500 0
074 N000500 10212917
074 O000500 9980
074 P000500 5728
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 10069
074 S000500 0
074 T000500 10187140
074 U010500 1507741
074 U020500 8606
074 V010500 6.72
074 V020500 6.70
074 W000500 0.0000
074 X000500 433459
074 Y000500 551358
075 A000500 0
075 B000500 10695736
076 000500 0.00
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS SEPTEMBER 30, 1996 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN CUSTODIAN FUND GROWTH SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 443,510,006
<INVESTMENTS-AT-VALUE> 859,789,776
<RECEIVABLES> 204,630,019
<ASSETS-OTHER> 551,219
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,064,971,014
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,067,794
<TOTAL-LIABILITIES> 1,067,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 627,615,731
<SHARES-COMMON-STOCK> 44,715,467
<SHARES-COMMON-PRIOR> 36,788,747
<ACCUMULATED-NII-CURRENT> 10,212,504
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,795,215
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 416,279,770
<NET-ASSETS> 1,063,903,220
<DIVIDEND-INCOME> 11,629,101
<INTEREST-INCOME> 6,475,631
<OTHER-INCOME> 0
<EXPENSES-NET> (7,891,181)
<NET-INVESTMENT-INCOME> 10,213,551
<REALIZED-GAINS-CURRENT> 13,376,673
<APPREC-INCREASE-CURRENT> 131,354,444
<NET-CHANGE-FROM-OPS> 154,944,668
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,279,423)
<DISTRIBUTIONS-OF-GAINS> (5,915,536)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,573,392
<NUMBER-OF-SHARES-REDEEMED> (7,187,477)
<SHARES-REINVESTED> 540,805
<NET-CHANGE-IN-ASSETS> 346,877,126
<ACCUMULATED-NII-PRIOR> 6,336,281
<ACCUMULATED-GAINS-PRIOR> 2,390,493
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,329,460
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,891,181
<AVERAGE-NET-ASSETS> 891,984,622
<PER-SHARE-NAV-BEGIN> 19.380
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 3.538
<PER-SHARE-DIVIDEND> (0.164)
<PER-SHARE-DISTRIBUTIONS> (0.154)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 22.820
<EXPENSE-RATIO> 0.870
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS SEPTEMBER 30, 1996 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN CUSTODIAN FUND GROWTH SERIES - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 443,510,006
<INVESTMENTS-AT-VALUE> 859,789,776
<RECEIVABLES> 204,630,019
<ASSETS-OTHER> 551,219
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,064,971,014
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,067,794
<TOTAL-LIABILITIES> 1,067,794
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 627,615,731
<SHARES-COMMON-STOCK> 1,921,082
<SHARES-COMMON-PRIOR> 215,274
<ACCUMULATED-NII-CURRENT> 10,212,504
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,795,215
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 416,279,770
<NET-ASSETS> 1,063,903,220
<DIVIDEND-INCOME> 11,629,101
<INTEREST-INCOME> 6,475,631
<OTHER-INCOME> 0
<EXPENSES-NET> (7,891,181)
<NET-INVESTMENT-INCOME> 10,213,551
<REALIZED-GAINS-CURRENT> 13,376,673
<APPREC-INCREASE-CURRENT> 131,354,444
<NET-CHANGE-FROM-OPS> 154,944,668
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (57,905)
<DISTRIBUTIONS-OF-GAINS> (56,415)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,925,516
<NUMBER-OF-SHARES-REDEEMED> (224,665)
<SHARES-REINVESTED> 4,957
<NET-CHANGE-IN-ASSETS> 346,877,126
<ACCUMULATED-NII-PRIOR> 6,336,281
<ACCUMULATED-GAINS-PRIOR> 2,390,493
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,329,460
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,891,181
<AVERAGE-NET-ASSETS> 891,984,622
<PER-SHARE-NAV-BEGIN> 19.330
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 3.463
<PER-SHARE-DIVIDEND> (0.159)
<PER-SHARE-DISTRIBUTIONS> (0.154)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 22.600
<EXPENSE-RATIO> 1.630
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. SEPTEMBER 30, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN DYNATECH SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 33,742,838
<INVESTMENTS-AT-VALUE> 87,110,878
<RECEIVABLES> 17,750,736
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,861,614
<PAYABLE-FOR-SECURITIES> 37,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 315,952
<TOTAL-LIABILITIES> 353,452
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,723,455
<SHARES-COMMON-STOCK> 7,446,627
<SHARES-COMMON-PRIOR> 7,274,083
<ACCUMULATED-NII-CURRENT> 403,922
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,012,745
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,368,040
<NET-ASSETS> 104,508,162
<DIVIDEND-INCOME> 429,838
<INTEREST-INCOME> 992,708
<OTHER-INCOME> 0
<EXPENSES-NET> (1,009,502)
<NET-INVESTMENT-INCOME> 413,044
<REALIZED-GAINS-CURRENT> 3,012,745
<APPREC-INCREASE-CURRENT> 8,557,033
<NET-CHANGE-FROM-OPS> 11,982,822
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (854,965)
<DISTRIBUTIONS-OF-GAINS> (1,652,070)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,079,877
<NUMBER-OF-SHARES-REDEEMED> (3,085,060)
<SHARES-REINVESTED> 177,727
<NET-CHANGE-IN-ASSETS> 11,521,524
<ACCUMULATED-NII-PRIOR> 845,843
<ACCUMULATED-GAINS-PRIOR> 1,652,070
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 601,568
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,009,502
<AVERAGE-NET-ASSETS> 95,946,728
<PER-SHARE-NAV-BEGIN> 12.780
<PER-SHARE-NII> .060
<PER-SHARE-GAIN-APPREC> 1.536
<PER-SHARE-DIVIDEND> (.118)
<PER-SHARE-DISTRIBUTIONS> (.228)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.030
<EXPENSE-RATIO> 1.050
<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, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN DYNATECH SERIES - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 33,742,838
<INVESTMENTS-AT-VALUE> 87,110,878
<RECEIVABLES> 17,750,736
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,861,614
<PAYABLE-FOR-SECURITIES> 37,500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 315,952
<TOTAL-LIABILITIES> 353,452
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47,723,455
<SHARES-COMMON-STOCK> 14
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 403,922
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,012,745
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,368,040
<NET-ASSETS> 104,508,162
<DIVIDEND-INCOME> 429,838
<INTEREST-INCOME> 992,708
<OTHER-INCOME> 0
<EXPENSES-NET> (1,009,502)
<NET-INVESTMENT-INCOME> 413,044
<REALIZED-GAINS-CURRENT> 3,012,745
<APPREC-INCREASE-CURRENT> 8,557,033
<NET-CHANGE-FROM-OPS> 11,982,822
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,521,524
<ACCUMULATED-NII-PRIOR> 845,843
<ACCUMULATED-GAINS-PRIOR> 1,652,070
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 601,568
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,009,502
<AVERAGE-NET-ASSETS> 95,946,728
<PER-SHARE-NAV-BEGIN> 13.570
<PER-SHARE-NII> .004
<PER-SHARE-GAIN-APPREC> .460
<PER-SHARE-DIVIDEND> .000
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.030
<EXPENSE-RATIO> 1.850
<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 SEPTEMBER 30, 1996 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN CUSTODIAN FUND UTILITIES SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 2,222,777,326
<INVESTMENTS-AT-VALUE> 2,324,051,093
<RECEIVABLES> 102,412,449
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,426,463,542
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,247,598
<TOTAL-LIABILITIES> 6,247,598
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,208,233,542
<SHARES-COMMON-STOCK> 246,652,238
<SHARES-COMMON-PRIOR> 283,663,463
<ACCUMULATED-NII-CURRENT> 9,384,835
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 101,323,800
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 101,273,767
<NET-ASSETS> 2,420,215,944
<DIVIDEND-INCOME> 131,680,612
<INTEREST-INCOME> 28,843,573
<OTHER-INCOME> 0
<EXPENSES-NET> (19,365,001)
<NET-INVESTMENT-INCOME> 141,159,184
<REALIZED-GAINS-CURRENT> 101,323,796
<APPREC-INCREASE-CURRENT> (76,822,756)
<NET-CHANGE-FROM-OPS> 165,660,224
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (138,119,821)
<DISTRIBUTIONS-OF-GAINS> (19,902,855)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,426,300
<NUMBER-OF-SHARES-REDEEMED> (70,389,767)
<SHARES-REINVESTED> 11,952,242
<NET-CHANGE-IN-ASSETS> (354,128,479)
<ACCUMULATED-NII-PRIOR> 7,091,302
<ACCUMULATED-GAINS-PRIOR> 19,981,831
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,335,820
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,365,001
<AVERAGE-NET-ASSETS> 2,692,633,421
<PER-SHARE-NAV-BEGIN> 9.750
<PER-SHARE-NII> 0.537
<PER-SHARE-GAIN-APPREC> 0.039
<PER-SHARE-DIVIDEND> (0.524)
<PER-SHARE-DISTRIBUTIONS> (0.072)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.730
<EXPENSE-RATIO> 0.710
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS SEPTEMBER 30, 1996 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN CUSTODIAN FUND UTILITIES SERIES - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 2,222,777,326
<INVESTMENTS-AT-VALUE> 2,324,051,093
<RECEIVABLES> 102,412,449
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,426,463,542
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,247,598
<TOTAL-LIABILITIES> 6,247,598
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,208,233,542
<SHARES-COMMON-STOCK> 2,021,886
<SHARES-COMMON-PRIOR> 858,757
<ACCUMULATED-NII-CURRENT> 9,384,835
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 101,323,800
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 101,273,767
<NET-ASSETS> 2,420,215,944
<DIVIDEND-INCOME> 131,680,612
<INTEREST-INCOME> 28,843,573
<OTHER-INCOME> 0
<EXPENSES-NET> (19,365,001)
<NET-INVESTMENT-INCOME> 141,159,184
<REALIZED-GAINS-CURRENT> 101,323,796
<APPREC-INCREASE-CURRENT> (76,822,756)
<NET-CHANGE-FROM-OPS> 165,660,224
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (747,247)
<DISTRIBUTIONS-OF-GAINS> (78,972)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,459,417
<NUMBER-OF-SHARES-REDEEMED> (363,584)
<SHARES-REINVESTED> 67,296
<NET-CHANGE-IN-ASSETS> (354,128,479)
<ACCUMULATED-NII-PRIOR> 7,091,302
<ACCUMULATED-GAINS-PRIOR> 19,981,831
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,335,820
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,365,001
<AVERAGE-NET-ASSETS> 2,692,633,421
<PER-SHARE-NAV-BEGIN> 9.750
<PER-SHARE-NII> 0.462
<PER-SHARE-GAIN-APPREC> 0.061
<PER-SHARE-DIVIDEND> (0.481)
<PER-SHARE-DISTRIBUTIONS> (0.072)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.720
<EXPENSE-RATIO> 1.230
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. SEPTEMBER 30, 1996 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN INCOME SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 6,282,997,695
<INVESTMENTS-AT-VALUE> 6,502,451,634
<RECEIVABLES> 639,056,998
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,141,508,632
<PAYABLE-FOR-SECURITIES> 6,471,347
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,570,031
<TOTAL-LIABILITIES> 18,041,378
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,838,917,478
<SHARES-COMMON-STOCK> 2,943,970,959
<SHARES-COMMON-PRIOR> 2,556,652,794
<ACCUMULATED-NII-CURRENT> 34,315,598
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,949,499
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 219,284,679
<NET-ASSETS> 7,123,467,254
<DIVIDEND-INCOME> 146,871,610
<INTEREST-INCOME> 421,912,949
<OTHER-INCOME> 0
<EXPENSES-NET> (47,159,072)
<NET-INVESTMENT-INCOME> 521,625,487
<REALIZED-GAINS-CURRENT> 54,450,898
<APPREC-INCREASE-CURRENT> 12,739,334
<NET-CHANGE-FROM-OPS> 588,815,719
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (496,461,082)
<DISTRIBUTIONS-OF-GAINS> (70,836,803)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 642,104,925
<NUMBER-OF-SHARES-REDEEMED> (405,681,073)
<SHARES-REINVESTED> 150,894,313
<NET-CHANGE-IN-ASSETS> 1,171,856,897
<ACCUMULATED-NII-PRIOR> 1,820,982
<ACCUMULATED-GAINS-PRIOR> 69,953,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30,075,761
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 47,159,072
<AVERAGE-NET-ASSETS> 6,575,669,026
<PER-SHARE-NAV-BEGIN> 2.300
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 0.017
<PER-SHARE-DIVIDEND> (0.180)
<PER-SHARE-DISTRIBUTIONS> (0.027)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 2.300
<EXPENSE-RATIO> 0.700
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. SEPTEMBER 30, 1996 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN INCOME SERIES - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 6,282,997,695
<INVESTMENTS-AT-VALUE> 6,502,451,634
<RECEIVABLES> 639,056,998
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,141,508,632
<PAYABLE-FOR-SECURITIES> 6,471,347
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 11,570,031
<TOTAL-LIABILITIES> 18,041,378
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,838,917,478
<SHARES-COMMON-STOCK> 148,995,814
<SHARES-COMMON-PRIOR> 28,581,175
<ACCUMULATED-NII-CURRENT> 34,315,598
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 30,949,499
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 219,284,679
<NET-ASSETS> 7,123,467,254
<DIVIDEND-INCOME> 146,871,610
<INTEREST-INCOME> ,421,912,949
<OTHER-INCOME> 0
<EXPENSES-NET> (47,159,072)
<NET-INVESTMENT-INCOME> 521,625,487
<REALIZED-GAINS-CURRENT> 54,450,898
<APPREC-INCREASE-CURRENT> 12,739,334
<NET-CHANGE-FROM-OPS> 588,815,719
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,090,940)
<DISTRIBUTIONS-OF-GAINS> (1,197,351)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126,159,539
<NUMBER-OF-SHARES-REDEEMED> (9,852,944)
<SHARES-REINVESTED> 4,108,044
<NET-CHANGE-IN-ASSETS> 1,171,856,897
<ACCUMULATED-NII-PRIOR> 1,820,982
<ACCUMULATED-GAINS-PRIOR> 69,953,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30,075,761
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 47,159,072
<AVERAGE-NET-ASSETS> 6,575,669,026
<PER-SHARE-NAV-BEGIN> 2.300
<PER-SHARE-NII> 0.170
<PER-SHARE-GAIN-APPREC> 0.025
<PER-SHARE-DIVIDEND> (0.168)
<PER-SHARE-DISTRIBUTIONS> (0.027)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.300
<EXPENSE-RATIO> 1.210
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. SEPTEMBER 30, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 10,247,043,188
<INVESTMENTS-AT-VALUE> 10,141,688,831
<RECEIVABLES> 71,225,661
<ASSETS-OTHER> 2,839
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,212,917,331
<PAYABLE-FOR-SECURITIES> 9,979,554
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,797,522
<TOTAL-LIABILITIES> 25,777,076
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,730,367,991
<SHARES-COMMON-STOCK> 1,507,740,610
<SHARES-COMMON-PRIOR> 1,615,683,903
<ACCUMULATED-NII-CURRENT> 17,291,457
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (455,164,836)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (105,354,357)
<NET-ASSETS> 10,187,140,255
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 832,970,491
<OTHER-INCOME> 0
<EXPENSES-NET> (65,658,410)
<NET-INVESTMENT-INCOME> 767,312,081
<REALIZED-GAINS-CURRENT> (50,886,927)
<APPREC-INCREASE-CURRENT> (183,394,082)
<NET-CHANGE-FROM-OPS> 533,031,072
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (772,347,077)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 85,184,579
<NUMBER-OF-SHARES-REDEEMED> (245,065,339)
<SHARES-REINVESTED> 51,937,467
<NET-CHANGE-IN-ASSETS> (926,159,617)
<ACCUMULATED-NII-PRIOR> 24,585,885
<ACCUMULATED-GAINS-PRIOR> (670,588,875)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48,138,799
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65,658,410
<AVERAGE-NET-ASSETS> 10,695,735,796
<PER-SHARE-NAV-BEGIN> 6.870
<PER-SHARE-NII> .488
<PER-SHARE-GAIN-APPREC> (.146)
<PER-SHARE-DIVIDEND> (.492)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 6.720
<EXPENSE-RATIO> .610
<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, 1996 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 052
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 10,247,043,188
<INVESTMENTS-AT-VALUE> 10,141,688,831
<RECEIVABLES> 71,225,661
<ASSETS-OTHER> 2,839
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,212,917,331
<PAYABLE-FOR-SECURITIES> 9,979,554
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,797,522
<TOTAL-LIABILITIES> 25,777,076
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,730,367,991
<SHARES-COMMON-STOCK> 8,605,785
<SHARES-COMMON-PRIOR> 1,707,173
<ACCUMULATED-NII-CURRENT> 17,291,457
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (455,164,836)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (105,354,357)
<NET-ASSETS> 10,187,140,255
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 832,970,491
<OTHER-INCOME> 0
<EXPENSES-NET> (65,658,410)
<NET-INVESTMENT-INCOME> 767,312,081
<REALIZED-GAINS-CURRENT> (50,886,927)
<APPREC-INCREASE-CURRENT> (183,394,082)
<NET-CHANGE-FROM-OPS> 533,031,072
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,259,432)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,668,930
<NUMBER-OF-SHARES-REDEEMED> (982,730)
<SHARES-REINVESTED> 212,412
<NET-CHANGE-IN-ASSETS> (926,159,617)
<ACCUMULATED-NII-PRIOR> 24,585,885
<ACCUMULATED-GAINS-PRIOR> (670,588,875)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48,138,799
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65,658,410
<AVERAGE-NET-ASSETS> 10,695,735,796
<PER-SHARE-NAV-BEGIN> 6.850
<PER-SHARE-NII> .454
<PER-SHARE-GAIN-APPREC> (.152)
<PER-SHARE-DIVIDEND> (.452)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 6.700
<EXPENSE-RATIO> 1.170
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors
of the Franklin Custodian Funds, Inc.:
In planning and performing our audit of the financial
statements and financial highlights of the funds comprising
the Franklin Custodian Funds, Inc. for the year ended
September 30, 1996, 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 the Franklin Custodian Funds, Inc. is
responsible for establishing and maintaining an internal
control structure. In fulfilling this responsibility,
estimates and judgments 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, 1996.
This report is intended solely for the information and use
of management of the Franklin Custodian Funds, Inc. and the
Securities and Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
November 4, 1996
nsar\1996\0108-77c.doc 11/7/96
NAME OF REGISTRANT:
Franklin Custodian Funds, Inc.
File No. 811-537
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
FRANKLIN
RESOURCES, INC.
777 Mariners Island Blvd.
P.O. Box 7777
San Mateo, CA 94403-7777
415/312-3000
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the Class II
shares of the Dynatech Series (the "Fund"), a series of Franklin
Custodian Funds, Inc., does hereby take the following actions and
does hereby consent to the following resolution:
RESOLVED: That the Class II Distribution Plan pursuant to Rule
12b-1 (under the Investment Company Act of 1940), as agreed to
and accepted by Franklin/Templeton Distributors, Inc. and the
Trust prior to the date below, be and it hereby is, approved for
the Fund.
By execution hereof, the undersigned shareholder waives prior
notice of the foregoing action by written consent.
FRANKLIN RESOURCES, INC.
/s/ H.E. Burns
By: Harmon E. Burns
Executive Vice President
Dated as of: September 13, 1996
wpdoc2\nsar\1996\0108-77I.doc 11/7/96
NAME OF REGISTRANT:
Franklin Custodian Funds, Inc.
File No. 811-537
EXHIBIT ITEM No. 77I(b):
Each Fund, except the DynaTech Series, began offering two
classes of shares on May 1, 1995: Income Series - Class I,
Utilities Series - Class I, Growth Series - Class I and U.S.
Government Securities Series - Class I, and Income Series -
Class II, Utilities Series - Class II, Growth Series- Class
II and U.S. Government Securities Series - Class II. The
DynaTech Series began offering two classes of shares on
September 16, 1996: DynaTech Series - Class I and DynaTech
Series - Class II. All shares purchased before those times
are considered Class I shares. Additional classes of shares
may be offered in the future.
Shares of each class represent proportionate interests in
the assets of the Fund and have the same voting and other
rights and preferences as the other class of the Fund for
matters that affect the Fund as a whole. For matters that
only affect one class, however, only shareholders of that
class may vote. Each class will vote separately on matters
(1) affecting only that class, (2) expressly required to be
voted on separately by state corporation law, or (3)
required to be voted on separately by the 1940 Act. Shares
of each class of a series have the same voting and other
rights and preferences as the other classes and series of
Custodian Funds for matters that affect Custodian Funds as a
whole. In the future, additional series may be offered.
