<PAGE> PAGE 1
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<PAGE> PAGE 7
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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 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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015 A000262 DELETE
015 A000263 DELETE
015 A000264 DELETE
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015 A000270 DELETE
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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008 A000301 FRANKLIN ADVISERS, INC.
008 B000301 A
008 C000301 801-26292
008 D010301 SAN MATEO
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015 A000301 THE BANK OF NEW YORK
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015 C030301 10286
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015 C010302 BUENOS AIRES
<PAGE> PAGE 23
015 D010302 ARGENTINA
015 E040302 X
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015 B000303 S
015 C010303 MELBOURNE
015 D010303 AUSTRALIA
015 E040303 X
015 A000304 CREDITANSTALT AG
015 B000304 S
015 C010304 VIENNA
015 D010304 AUSTRIA
015 E040304 X
015 A000305 BANQUE BRUXELLES LAMBERT
015 B000305 S
015 C010305 BRUSSELS
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015 E040305 X
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015 C010306 BRUSSELS
015 D010306 BELGIUM
015 E040306 X
015 A000307 ROYAL BANK OF CANADA
015 B000307 S
015 C010307 TORONTO
015 D010307 CANADA
015 E040307 X
015 A000308 STANDARD CHARTERED BANK (SHANGHAI)
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015 D010308 CHINA
015 E040308 X
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015 B000309 S
015 C010309 SHENZHEN
015 D010309 CHINA
015 E040309 X
015 A000310 DEN DANSKE BANK
015 B000310 S
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015 E040310 X
015 A000311 MERITA BANK LTD.
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015 E040311 X
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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008 A000401 FRANKLIN ADVISERS, INC.
008 B000401 A
008 C000401 801-26292
008 D010401 SAN MATEO
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015 A000401 THE BANK OF NEW YORK
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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015 A000463 DELETE
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<PAGE> PAGE 35
015 A000470 DELETE
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015 A000474 DELETE
015 A000475 DELETE
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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070 I020400 N
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070 L020400 Y
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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008 A000501 FRANKLIN ADVISERS, INC.
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 43
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SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS MARCH 31, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN GROWTH SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> MAR-31-1998
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<FN>
<F1>ANNUALIZED
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<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS MARCH 31, 1998 SEMI-ANNUAL REPORTS AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN GROWTH SERIES - CLASS II
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<PERIOD-END> MAR-31-1998
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<FN>
<F1>ANNUALIZED
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS MARCH 31, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN GROWTH SERIES - ADVISOR CLASS
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<GROSS-ADVISORY-FEES> (3,970,053)
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<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI-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>
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<PERIOD-END> MAR-31-1998
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (564,612)
<ACCUM-APPREC-OR-DEPREC> 87,543,355
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<NUMBER-OF-SHARES-REDEEMED> (2,877,690)
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<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI-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>
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<ACCUMULATED-NII-CURRENT> 733,301
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<OVERDISTRIBUTION-GAINS> (564,612)
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<NET-CHANGE-IN-ASSETS> 21,197,432
<ACCUMULATED-NII-PRIOR> 1,031,642
<ACCUMULATED-GAINS-PRIOR> 6,947,409
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (553,381)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,001,303)
<AVERAGE-NET-ASSETS> 193,924,832
<PER-SHARE-NAV-BEGIN> 18.300
<PER-SHARE-NII> .090
<PER-SHARE-GAIN-APPREC> .190
<PER-SHARE-DIVIDEND> (.120)
<PER-SHARE-DISTRIBUTIONS> (.970)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 17.490
<EXPENSE-RATIO> 1.800<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN UTILITIES SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1,643,988,246
<INVESTMENTS-AT-VALUE> 2,156,495,296
<RECEIVABLES> 42,976,129
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,199,471,425
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,434,182
<TOTAL-LIABILITIES> 6,434,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,652,623,596
<SHARES-COMMON-STOCK> 188,116,146
<SHARES-COMMON-PRIOR> 194,534,988
<ACCUMULATED-NII-CURRENT> 8,473,162
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,433,435
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 512,507,050
<NET-ASSETS> 2,193,037,243
<DIVIDEND-INCOME> 45,630,847
<INTEREST-INCOME> 12,424,920
<OTHER-INCOME> 0
<EXPENSES-NET> (8,142,670)
<NET-INVESTMENT-INCOME> 49,913,097
<REALIZED-GAINS-CURRENT> 20,347,170
<APPREC-INCREASE-CURRENT> 298,382,478
<NET-CHANGE-FROM-OPS> 368,642,745
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (49,593,123)
<DISTRIBUTIONS-OF-GAINS> (49,823,439)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,347,188
<NUMBER-OF-SHARES-REDEEMED> (25,104,536)
<SHARES-REINVESTED> 7,338,506
<NET-CHANGE-IN-ASSETS> 209,138,582
<ACCUMULATED-NII-PRIOR> 8,991,193
<ACCUMULATED-GAINS-PRIOR> 49,733,605
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,891,986)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8,142,670)
<AVERAGE-NET-ASSETS> 2,091,449,455
<PER-SHARE-NAV-BEGIN> 10.040
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> 1.630
<PER-SHARE-DIVIDEND> (.260)
<PER-SHARE-DISTRIBUTIONS> (.260)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.410
<EXPENSE-RATIO> .770<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN UTILITIES SERIES - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1,643,988,246
<INVESTMENTS-AT-VALUE> 2,156,495,296
<RECEIVABLES> 42,976,129
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,199,471,425
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,434,182
<TOTAL-LIABILITIES> 6,434,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,652,623,596
<SHARES-COMMON-STOCK> 2,854,010
<SHARES-COMMON-PRIOR> 2,185,554
<ACCUMULATED-NII-CURRENT> 8,473,162
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,433,435
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 512,507,050
<NET-ASSETS> 2,193,037,243
<DIVIDEND-INCOME> 45,630,847
<INTEREST-INCOME> 12,424,920
<OTHER-INCOME> 0
<EXPENSES-NET> (8,142,670)
<NET-INVESTMENT-INCOME> 49,913,097
<REALIZED-GAINS-CURRENT> 20,347,170
<APPREC-INCREASE-CURRENT> 298,382,478
<NET-CHANGE-FROM-OPS> 368,642,745
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (557,666)
<DISTRIBUTIONS-OF-GAINS> (579,398)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 847,136
<NUMBER-OF-SHARES-REDEEMED> (264,935)
<SHARES-REINVESTED> 86,255
<NET-CHANGE-IN-ASSETS> 209,138,582
<ACCUMULATED-NII-PRIOR> 8,991,193
<ACCUMULATED-GAINS-PRIOR> 49,733,605
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,891,986)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8,142,670)
<AVERAGE-NET-ASSETS> 2,091,449,455
<PER-SHARE-NAV-BEGIN> 10.020
<PER-SHARE-NII> .230
<PER-SHARE-GAIN-APPREC> 1.640
<PER-SHARE-DIVIDEND> (.230)
<PER-SHARE-DISTRIBUTIONS> (.260)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.400
<EXPENSE-RATIO> 1.290<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> FRANKLIN UTILITIES SERIES - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 1,643,988,246
<INVESTMENTS-AT-VALUE> 2,156,495,296
<RECEIVABLES> 42,976,129
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,199,471,425
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,434,182
<TOTAL-LIABILITIES> 6,434,182
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,652,623,596
<SHARES-COMMON-STOCK> 1,278,003
<SHARES-COMMON-PRIOR> 868,767
<ACCUMULATED-NII-CURRENT> 8,473,162
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,433,435
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 512,507,050
<NET-ASSETS> 2,193,037,243
<DIVIDEND-INCOME> 45,630,847
<INTEREST-INCOME> 12,424,920
<OTHER-INCOME> 0
<EXPENSES-NET> (8,142,670)
<NET-INVESTMENT-INCOME> 49,913,097
<REALIZED-GAINS-CURRENT> 20,347,170
<APPREC-INCREASE-CURRENT> 298,382,478
<NET-CHANGE-FROM-OPS> 368,642,745
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (280,339)
<DISTRIBUTIONS-OF-GAINS> (244,503)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 884,002
<NUMBER-OF-SHARES-REDEEMED> (513,883)
<SHARES-REINVESTED> 39,117
<NET-CHANGE-IN-ASSETS> 209,138,582
<ACCUMULATED-NII-PRIOR> 8,991,193
<ACCUMULATED-GAINS-PRIOR> 49,733,605
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (4,891,986)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8,142,670)
<AVERAGE-NET-ASSETS> 2,091,449,455
<PER-SHARE-NAV-BEGIN> 10.040
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> 1.610
<PER-SHARE-DIVIDEND> (.270)
<PER-SHARE-DISTRIBUTIONS> (.260)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.410
<EXPENSE-RATIO> .640<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI-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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 7,617,923,896
<INVESTMENTS-AT-VALUE> 8,696,012,670
<RECEIVABLES> 618,755,291
<ASSETS-OTHER> 915,125
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,315,683,086
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,223,956
<TOTAL-LIABILITIES> 34,223,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,106,602,506
<SHARES-COMMON-STOCK> 3,242,113,375
<SHARES-COMMON-PRIOR> 3,106,620,788
<ACCUMULATED-NII-CURRENT> 58,776,130
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38,169,671
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,077,910,823
<NET-ASSETS> 9,281,459,130
<DIVIDEND-INCOME> 96,089,000
<INTEREST-INCOME> 233,454,480
<OTHER-INCOME> 0
<EXPENSES-NET> (33,004,476)
<NET-INVESTMENT-INCOME> 296,539,004
<REALIZED-GAINS-CURRENT> 46,365,664
<APPREC-INCREASE-CURRENT> 334,611,168
<NET-CHANGE-FROM-OPS> 677,515,836
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (284,364,358)
<DISTRIBUTIONS-OF-GAINS> (87,788,867)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 321,213,252
<NUMBER-OF-SHARES-REDEEMED> (280,112,946)
<SHARES-REINVESTED> 94,392,281
<NET-CHANGE-IN-ASSETS> 834,039,893
<ACCUMULATED-NII-PRIOR> 69,436,365
<ACCUMULATED-GAINS-PRIOR> 92,009,348
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (19,965,641)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (33,004,476)
<AVERAGE-NET-ASSETS> 8,738,866,068
<PER-SHARE-NAV-BEGIN> 2.490
<PER-SHARE-NII> .090
<PER-SHARE-GAIN-APPREC> .110
<PER-SHARE-DIVIDEND> (.090)
<PER-SHARE-DISTRIBUTIONS> (.030)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.570
<EXPENSE-RATIO> .710<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI-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> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 7,617,923,896
<INVESTMENTS-AT-VALUE> 8,696,012,670
<RECEIVABLES> 618,755,291
<ASSETS-OTHER> 915,125
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,315,683,086
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,223,956
<TOTAL-LIABILITIES> 34,223,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,106,602,506
<SHARES-COMMON-STOCK> 369,682,707
<SHARES-COMMON-PRIOR> 278,951,410
<ACCUMULATED-NII-CURRENT> 58,776,130
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38,169,671
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,077,910,823
<NET-ASSETS> 9,281,459,130
<DIVIDEND-INCOME> 96,089,000
<INTEREST-INCOME> 233,454,480
<OTHER-INCOME> 0
<EXPENSES-NET> (33,004,476)
<NET-INVESTMENT-INCOME> 296,539,004
<REALIZED-GAINS-CURRENT> 46,365,664
<APPREC-INCREASE-CURRENT> 334,611,168
<NET-CHANGE-FROM-OPS> 677,515,836
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (26,130,962)
<DISTRIBUTIONS-OF-GAINS> (8,459,447)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 101,897,906
<NUMBER-OF-SHARES-REDEEMED> (20,535,735)
<SHARES-REINVESTED> 9,369,126
<NET-CHANGE-IN-ASSETS> 834,039,893
<ACCUMULATED-NII-PRIOR> 69,436,365
<ACCUMULATED-GAINS-PRIOR> 92,009,348
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (19,965,641)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (33,004,476)
<AVERAGE-NET-ASSETS> 8,738,866,068
<PER-SHARE-NAV-BEGIN> 2.490
<PER-SHARE-NII> .080
<PER-SHARE-GAIN-APPREC> .110
<PER-SHARE-DIVIDEND> (.080)
<PER-SHARE-DISTRIBUTIONS> (.030)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.570
<EXPENSE-RATIO> 1.220<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 043
<NAME> FRANKLIN INCOME SERIES - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 7,617,923,896
<INVESTMENTS-AT-VALUE> 8,696,012,670
<RECEIVABLES> 618,755,291
<ASSETS-OTHER> 915,125
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,315,683,086
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,223,956
<TOTAL-LIABILITIES> 34,223,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,106,602,506
<SHARES-COMMON-STOCK> 6,041,255
<SHARES-COMMON-PRIOR> 5,366,210
<ACCUMULATED-NII-CURRENT> 58,776,130
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38,169,671
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,077,910,823
<NET-ASSETS> 9,281,459,130
<DIVIDEND-INCOME> 96,089,000
<INTEREST-INCOME> 233,454,480
<OTHER-INCOME> 0
<EXPENSES-NET> (33,004,476)
<NET-INVESTMENT-INCOME> 296,539,004
<REALIZED-GAINS-CURRENT> 46,365,664
<APPREC-INCREASE-CURRENT> 334,611,168
<NET-CHANGE-FROM-OPS> 677,515,836
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (508,305)
<DISTRIBUTIONS-OF-GAINS> (152,641)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 865,105
<NUMBER-OF-SHARES-REDEEMED> (435,518)
<SHARES-REINVESTED> 245,458
<NET-CHANGE-IN-ASSETS> 834,039,893
<ACCUMULATED-NII-PRIOR> 69,436,365
<ACCUMULATED-GAINS-PRIOR> 92,009,348
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (19,965,641)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (33,004,476)
<AVERAGE-NET-ASSETS> 8,738,866,068
<PER-SHARE-NAV-BEGIN> 2.480
<PER-SHARE-NII> .090
<PER-SHARE-GAIN-APPREC> .110
<PER-SHARE-DIVIDEND> (.090)
<PER-SHARE-DISTRIBUTIONS> (.030)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 2.560
<EXPENSE-RATIO> .560<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 9,178,116,960
<INVESTMENTS-AT-VALUE> 9,388,016,925
<RECEIVABLES> 67,295,951
<ASSETS-OTHER> 22,730
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,455,335,606
<PAYABLE-FOR-SECURITIES> 107,404,299
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,920,860
<TOTAL-LIABILITIES> 136,325,159
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,505,832,993
<SHARES-COMMON-STOCK> 1,322,087,035
<SHARES-COMMON-PRIOR> 1,357,281,977
<ACCUMULATED-NII-CURRENT> 4,986,327
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (401,708,838)
<ACCUM-APPREC-OR-DEPREC> 209,899,965
<NET-ASSETS> 9,319,010,447
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 348,485,528
<OTHER-INCOME> 0
<EXPENSES-NET> (31,059,706)
<NET-INVESTMENT-INCOME> 317,425,822
<REALIZED-GAINS-CURRENT> (10,013,189)
<APPREC-INCREASE-CURRENT> 29,964,515
<NET-CHANGE-FROM-OPS> 337,377,148
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (314,527,975)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 61,254,213
<NUMBER-OF-SHARES-REDEEMED> (118,398,603)
<SHARES-REINVESTED> 21,949,448
<NET-CHANGE-IN-ASSETS> (167,028,108)
<ACCUMULATED-NII-PRIOR> 7,036,041
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (391,695,649)
<GROSS-ADVISORY-FEES> (21,328,002)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (31,059,706)
<AVERAGE-NET-ASSETS> 9,428,702,696
<PER-SHARE-NAV-BEGIN> 6.890
<PER-SHARE-NII> .230
<PER-SHARE-GAIN-APPREC> .010
<PER-SHARE-DIVIDEND> (.230)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 6.900
<EXPENSE-RATIO> .660<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 052
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES SERIES - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 9,178,116,960
<INVESTMENTS-AT-VALUE> 9,388,016,925
<RECEIVABLES> 67,295,951
<ASSETS-OTHER> 22,730
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,455,335,606
<PAYABLE-FOR-SECURITIES> 107,404,299
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,920,860
<TOTAL-LIABILITIES> 136,325,159
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,505,832,993
<SHARES-COMMON-STOCK> 24,918,794
<SHARES-COMMON-PRIOR> 17,586,866
<ACCUMULATED-NII-CURRENT> 4,986,327
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (401,708,838)
<ACCUM-APPREC-OR-DEPREC> 209,899,965
<NET-ASSETS> 9,319,010,447
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 348,485,528
<OTHER-INCOME> 0
<EXPENSES-NET> (31,059,706)
<NET-INVESTMENT-INCOME> 317,425,822
<REALIZED-GAINS-CURRENT> (10,013,189)
<APPREC-INCREASE-CURRENT> 29,964,515
<NET-CHANGE-FROM-OPS> 337,377,148
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,355,006)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,324,260
<NUMBER-OF-SHARES-REDEEMED> (3,418,759)
<SHARES-REINVESTED> 426,427
<NET-CHANGE-IN-ASSETS> (167,028,108)
<ACCUMULATED-NII-PRIOR> 7,036,041
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (391,695,649)
<GROSS-ADVISORY-FEES> (21,328,002)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (31,059,706)
<AVERAGE-NET-ASSETS> 9,428,702,696
<PER-SHARE-NAV-BEGIN> 6.870
<PER-SHARE-NII> .210
<PER-SHARE-GAIN-APPREC> .010
<PER-SHARE-DIVIDEND> (.210)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 6.880
<EXPENSE-RATIO> 1.200<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1998 SEMI ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 053
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES SERIES - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 9,178,116,960
<INVESTMENTS-AT-VALUE> 9,388,016,925
<RECEIVABLES> 67,295,951
<ASSETS-OTHER> 22,730
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,455,335,606
<PAYABLE-FOR-SECURITIES> 107,404,299
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,920,860
<TOTAL-LIABILITIES> 136,325,159
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,505,832,993
<SHARES-COMMON-STOCK> 3,045,278
<SHARES-COMMON-PRIOR> 2,097,990
<ACCUMULATED-NII-CURRENT> 4,986,327
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (401,708,838)
<ACCUM-APPREC-OR-DEPREC> 209,899,965
<NET-ASSETS> 9,319,010,447
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 348,485,528
<OTHER-INCOME> 0
<EXPENSES-NET> (31,059,706)
<NET-INVESTMENT-INCOME> 317,425,822
<REALIZED-GAINS-CURRENT> (10,013,189)
<APPREC-INCREASE-CURRENT> 29,964,515
<NET-CHANGE-FROM-OPS> 337,377,148
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (592,555)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,852,448
<NUMBER-OF-SHARES-REDEEMED> (972,473)
<SHARES-REINVESTED> 67,313
<NET-CHANGE-IN-ASSETS> (167,028,108)
<ACCUMULATED-NII-PRIOR> 7,036,041
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (391,695,649)
<GROSS-ADVISORY-FEES> (21,328,002)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (31,059,706)
<AVERAGE-NET-ASSETS> 9,428,702,696
<PER-SHARE-NAV-BEGIN> 6.900
<PER-SHARE-NII> .240
<PER-SHARE-GAIN-APPREC> .010
<PER-SHARE-DIVIDEND> (.240)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 6.910
<EXPENSE-RATIO> .560<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
