The following portfolio data for the Franklin Templeton funds is made

Portfolio Holdings for Franklin Income Fund as of September 30, 2014
The following portfolio data for the Franklin Templeton funds is made available to the public under our Portfolio
Holdings Release Policy and is "as of" the date indicated. This portfolio data should not be relied upon as a complete
listing of a fund's holdings (or of a fund's top holdings) as information on particular holdings may be withheld if it is in the
fund's interest to do so. Additionally, foreign currency forwards are not included in the portfolio data. Instead, the net
market value of all currency forward contracts is included in cash and other net assets of the fund. Further, portfolio
holdings data of over-the-counter derivative investments such as Credit Default Swaps, Interest Rate Swaps or other
Swap contracts list only the name of counterparty to the derivative contract, not the details of the derivative. Complete
portfolio data can be found in the semi- and annual financial statements of the fund.
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
68245XAA7
1011778 BC ULC/NEW RED FINANCE
70,000,000
$69,912,500
0.07%
6%
04/01/22
DDD577018
24 HOUR FITNESS WORLDWIDE INC
29,925,000
$29,887,414
0.03%
FLOATER
05/30/21
90132BAA5
24 HOUR HOLDINGS III LLC
46,000,000
$42,780,000
0.05%
8%
06/01/22
48127F103
AAPL 7.00% ELN ISSUED BY JPMOR
303,000
$179,284,191
0.19%
N/A
03/24/15
06053G552
AAPL 8.00% ELN ISSUED BY BANK
195,000
$122,756,790
0.13%
N/A
01/22/15
00289VAB9
ABENGOA FINANCE SAU
36,600,000
$39,299,250
0.04%
7.75%
02/01/20
00289RAA0
ABENGOA FINANCE SAU
100,000,000
$109,000,000
0.12%
8.875%
11/01/17
00289WAA9
ABENGOA GREENFIELD SA
40,000,000
$39,850,000
0.04%
6.5%
10/01/19
48124B287
ABX 10.00% ELN ISSUED BY JPMOR
5,123,000
$80,010,501
0.08%
N/A
01/20/15
06742W422
ABX 8.00% ELN ISSUED BY BARCLA
8,265,000
$131,212,660
0.14%
N/A
07/21/15
004010AA2
ACADEMY LTD/FINANCE CORP
67,900,000
$72,143,750
0.08%
9.25%
08/01/19
00434NAA3
ACCESS MIDSTREAM PARTNER LP/AC
76,000,000
$78,375,000
0.08%
4.875%
05/15/23
00101JAF3
ADT CORP/THE
58,500,000
$50,748,750
0.05%
3.5%
07/15/22
00101JAH9
ADT CORP/THE
105,000,000
$93,712,500
0.10%
4.125%
06/15/23
00130HBU8
AES CORP
50,000,000
$48,875,000
0.05%
5.5%
03/15/24
00130HBT1
AES CORP
110,000,000
$105,050,000
0.11%
4.875%
05/15/23
001204106
AGL RESOURCES INC
2,000,000
$102,680,000
0.11%
N/A
N/A
008916108
AGRIUM INC
7,500,000
$667,500,000
0.71%
N/A
N/A
008674AF0
AHERN RENTALS INC
40,000,000
$42,900,000
0.05%
9.5%
06/15/18
01377RAB9
ALCATEL-LUCENT USA INC
55,900,000
$57,157,750
0.06%
6.75%
11/15/20
BQVP7H1
ALCOA INC
2,716,375
$135,547,112
0.14%
N/A
10/01/17
01449JAH8
ALERE INC
20,800,000
$21,892,000
0.02%
7.25%
07/01/18
B8FLMV8
ALGECO SCOTSMAN GLOBAL FINANCE
40,000,000
$38,600,000
0.04%
10.75%
10/15/19
01551UAA2
ALGECO SCOTSMAN GLOBAL FINANCE
98,500,000
$101,270,312
0.11%
8.5%
10/15/18
018772AS2
ALLIANCE ONE INTERNATIONAL INC
60,000,000
$58,800,000
0.06%
9.875%
07/15/21
Page 1 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
02005NAD2
ALLY FINANCIAL INC
36,600,000
$39,345,000
0.04%
6.25%
12/01/17
02005N605
ALLY FINANCIAL INC
125,000
$125,937,500
0.13%
N/A
N/A
02076XAG7
ALPHA NATURAL RESOURCES INC
21,600,000
$19,386,000
0.02%
7.5%
08/01/20
02076XAF9
ALPHA NATURAL RESOURCES INC
40,000,000
$23,775,000
0.03%
4.875%
12/15/20
02076XAB8
ALPHA NATURAL RESOURCES INC
43,000,000
$26,230,000
0.03%
6%
06/01/19
02076XAE2
ALPHA NATURAL RESOURCES INC
40,000,000
$28,625,000
0.03%
3.75%
12/15/17
02076XAC6
ALPHA NATURAL RESOURCES INC
110,000,000
$64,487,500
0.07%
6.25%
06/01/21
02154CAC7
ALTICE FINANCING SA
24,100,000
$24,762,750
0.03%
6.5%
01/15/22
DDD54262
ALTICE FINANCING SA
49,625,000
$50,183,281
0.05%
FLOATER
06/24/19
02154VAA9
ALTICE SA
25,000,000
$25,843,750
0.03%
7.75%
05/15/22
00164VAC7
AMC NETWORKS INC
40,000,000
$39,700,000
0.04%
4.75%
12/15/22
023608102
AMEREN CORP
8,000,000
$306,640,000
0.33%
N/A
N/A
025537101
AMERICAN ELECTRIC POWER CO INC
6,500,000
$339,365,000
0.36%
N/A
N/A
DDD570745
AMERICAN ENERGY - UTICA LLC
35,488,862
$37,263,305
0.04%
FLOATER
09/30/18
02563LAB4
AMERICAN ENERGY-PERMIAN BASIN
5,000,000
$4,600,000
0.00%
7.125%
11/01/20
02563LAC2
AMERICAN ENERGY-PERMIAN BASIN
20,000,000
$18,400,000
0.02%
7.375%
11/01/21
02564PAA6
AMERICAN ENERGY-WOODFORD LLC/F
50,000,000
$46,750,000
0.05%
9%
09/15/22
03232PAC2
AMSURG CORP
27,700,000
$27,561,500
0.03%
5.625%
07/15/22
03512TAD3
ANGLOGOLD ASHANTI HOLDINGS PLC
35,000,000
$38,653,125
0.04%
8.5%
07/30/20
035659AA9
ANNA MERGER SUB INC
50,000,000
$50,375,000
0.05%
7.75%
10/01/22
03674PAL7
ANTERO RESOURCES FINANCE CORP
33,000,000
$32,958,750
0.03%
5.375%
11/01/21
22547C537
APC 6.50% ELN ISSUED BY CREDIT
2,410,000
$219,334,823
0.23%
N/A
03/13/15
17322H438
APC 8.00% ELN ISSUED BY CITIGR
300,000
$31,105,800
0.03%
N/A
01/30/15
17322H446
APC 8.00% ELN ISSUED BY CITIGR
L0302D178
ARCELORMITTAL
039380AK6
039380AE0
905,000
$93,538,085
0.10%
N/A
01/30/15
1,200,000
$25,356,000
0.03%
N/A
01/15/16
ARCH COAL INC
20,000,000
$17,250,000
0.02%
8%
01/15/19
ARCH COAL INC
111,000,000
$59,523,750
0.06%
7%
06/15/19
039380AG5
ARCH COAL INC
130,000,000
$63,375,000
0.07%
7.25%
06/15/21
DDD569552
ARDAGH HOLDINGS USA INC
19,900,000
$19,626,375
0.02%
FLOATER
12/17/19
03969AAA8
ARDAGH PACKAGING FINANCE PLC/M
10,588,235
$10,601,470
0.01%
7%
11/15/20
03969AAD2
ARDAGH PACKAGING FINANCE PLC/M
20,700,000
$20,544,750
0.02%
6.25%
01/31/19
03969AAE0
ARDAGH PACKAGING FINANCE PLC/M
22,600,000
$22,741,250
0.02%
6.75%
01/31/21
03969AAF7
ARDAGH PACKAGING FINANCE PLC/M
25,000,000
$24,281,250
0.03%
3.2341%
12/15/19
Page 2 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
03969AAG5
ARDAGH PACKAGING FINANCE PLC/M
40,000,000
$38,675,000
0.04%
6%
06/30/21
045054AC7
ASHTEAD CAPITAL INC
40,000,000
$40,250,000
0.04%
5.625%
10/01/24
0989529
ASTRAZENECA PLC
1,000,000
$72,010,039
0.08%
N/A
N/A
00206R102
AT&T INC
30,000,000
$1,057,200,000
1.12%
N/A
N/A
049296AE6
ATLAS ENERGY HOLDINGS OPERATIN
35,000,000
$35,875,000
0.04%
9.25%
08/15/21
00208JAE8
ATP OIL & GAS CORP
50,000,000
$675,000
0.00%
11.875%
05/01/15
25155Q508
AU 10.00% ELN ISSUED BY DEUTSC
6,000,000
$80,217,000
0.09%
N/A
04/01/15
38148C817
AU 9.00% ELN ISSUED BY GOLDMAN
05367AAD5
AVIATION CAPITAL GROUP CORP
06742K345
06740D855
38148A332
BAC 7.00% ELN ISSUED GOLDMAN S
058498AS5
BALL CORPORATION
5705946
BANCO SANTANDER SA
060505ED2
BANK OF AMERICA CORP
060505EH3
2,318,000
$28,692,667
0.03%
N/A
11/10/14
28,520,000
$32,584,100
0.03%
6.75%
04/06/21
BAC 5.50% ELN ISSUED BY BARCLA
6,565,000
$108,466,930
0.12%
N/A
05/15/15
BAC 6.00% ELN ISSUED BY BARCLA
6,135,000
$104,623,222
0.11%
N/A
09/22/15
7,900,000
$137,057,100
0.15%
N/A
03/19/15
95,000,000
$88,825,000
0.09%
4%
11/15/23
20,777,624
$199,713,114
0.21%
N/A
N/A
52,000,000
$49,140,000
0.05%
5.2%
12/29/49
BANK OF AMERICA CORP
85,000,000
$84,893,750
0.09%
6.25%
09/29/49
060505DT8
BANK OF AMERICA CORP
100,000,000
$108,759,300
0.12%
8.125%
05/15/18
060505682
BANK OF AMERICA CORP
714,118
$818,736,287
0.87%
N/A
12/31/49
06738EAA3
BARCLAYS PLC
75,000,000
$77,280,375
0.08%
8.25%
12/29/49
067901108
BARRICK GOLD CORP
12,000,000
$175,920,000
0.19%
N/A
N/A
B188TH2
BCE INC
4,250,000
$181,790,371
0.19%
N/A
N/A
077454AF3
BELDEN INC
40,000,000
$40,700,000
0.04%
5.5%
09/01/22
085789AF2
BERRY PETROLEUM CO
28,000,000
$27,580,000
0.03%
6.375%
09/15/22
086516AL5
BEST BUY COMPANY INC
25,000,000
$25,937,500
0.03%
5.5%
03/15/21
08783AAA1
BEVERAGE PACKAGING HOLDINGS LU
33,000,000
$32,835,000
0.03%
5.625%
12/15/16
0056650
BHP BILLITON PLC
37,500,000
$1,042,698,556
1.11%
N/A
N/A
06846NAD6
BILL BARRETT CORP
37,000,000
$36,907,500
0.04%
7%
10/15/22
09627HAA4
BLUELINE RENTAL FINANCE CORP
10,800,000
$11,124,000
0.01%
7%
02/01/19
05578MAA0
BMC SOFTWARE FINANCE INC
97,500,000
$94,087,500
0.10%
8.125%
07/15/21
38148C494
BMY 6.00% ELN ISSUED BY GOLDMA
2,049,000
$103,077,813
0.11%
N/A
07/28/15
097023105
BOEING CO
2,000,000
$254,760,000
0.27%
N/A
N/A
097751BJ9
BOMBARDIER INC
35,000,000
$34,868,750
0.04%
6%
10/15/22
097751BF7
BOMBARDIER INC
81,300,000
$81,808,125
0.09%
6.125%
01/15/23
Page 3 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
097793AC7
BONANZA CREEK ENERGY INC
25,000,000
$24,062,500
0.03%
5.75%
02/01/23
103186AA0
BOXER PARENT CO INC
50,000,000
$46,250,000
0.05%
9%
10/15/19
055622104
BP PLC
33,000,000
$1,450,350,000
1.54%
N/A
N/A
22547C628
BRCM 6.00% ELN ISSUED BY CREDI
4,000,000
$158,670,800
0.17%
N/A
07/08/15
06742K105
BRCM 6.50% ELN ISSUED BY BARCL
106777AD7
BREITBURN ENERGY PARTNERS LP/B
110122108
3,035,000
$105,668,684
0.11%
N/A
03/06/15
28,800,000
$29,304,000
0.03%
7.875%
04/15/22
BRISTOL-MYERS SQUIBB CO
2,510,000
$128,461,800
0.14%
N/A
N/A
25155Q102
BTU 10.00% ELN ISSUED BY DEUTS
5,500,000
$74,500,250
0.08%
N/A
04/01/15
22547C552
BTU 9.00% ELN ISSUED BY CREDIT
6,773,000
$84,653,695
0.09%
N/A
10/24/14
12429TAC8
BWAY HOLDING COMPANY
55,000,000
$55,550,000
0.06%
9.125%
08/15/21
38148C866
C 5.00% ELN ISSUED BY GOLDMAN
2,900,000
$145,918,720
0.15%
N/A
06/09/15
61760S605
C 6.50% ELN ISSUED BY MORGAN S
3,300,000
$171,425,760
0.18%
N/A
03/16/15
12686CAY5
CABLEVISION SYSTEMS CORP
70,000,000
$77,962,500
0.08%
8.625%
09/15/17
12686CAZ2
CABLEVISION SYSTEMS CORP
120,000,000
$130,500,000
0.14%
7.75%
04/15/18
DDD582933
CAESARS ENTERTAINMENT OPERATIN
42,782,450
$41,146,021
0.04%
FLOATER
10/31/16
413627BL3
CAESARS ENTERTAINMENT OPERATIN
82,500,000
$64,040,625
0.07%
11.25%
06/01/17
13057QAC1
CALIFORNIA RESOURCES CORP
63,300,000
$64,328,625
0.07%
5.5%
09/15/21
13057QAE7
CALIFORNIA RESOURCES CORP
63,000,000
$64,890,000
0.07%
6%
11/15/24
131347CA2
CALPINE CORP
28,200,000
$29,821,500
0.03%
6%
01/15/22
131347CC8
CALPINE CORP
58,700,000
$61,048,000
0.06%
5.875%
01/15/24
131347BY1
CALPINE CORP
60,920,000
$66,859,700
0.07%
7.875%
01/15/23
131347CE4
CALPINE CORP
200,000,000
$194,250,000
0.21%
5.375%
01/15/23
131347CF1
CALPINE CORP
250,000,000
$242,812,500
0.26%
5.75%
01/15/25
131477AL5
CALUMET SPECIALTY PRODUCTS PAR
20,000,000
$20,400,000
0.02%
7.625%
01/15/22
131477AM3
CALUMET SPECIALTY PRODUCTS PAR
50,000,000
$47,750,000
0.05%
6.5%
04/15/21
13643E105
CANADIAN OIL SANDS LTD
20,000,000
$369,060,378
0.39%
N/A
N/A
144577AF0
CARRIZO OIL & GAS INC
21,300,000
$22,258,500
0.02%
7.5%
09/15/20
144577AC7
CARRIZO OIL & GAS INC
44,800,000
$46,676,000
0.05%
8.625%
10/15/18
12505FAC5
CBS OUTDOOR AMERICAS CAPITAL L
22,700,000
$22,813,500
0.02%
5.625%
02/15/24
12505FAA9
CBS OUTDOOR AMERICAS CAPITAL L
23,000,000
$23,028,750
0.02%
5.25%
02/15/22
12505FAE1
CBS OUTDOOR AMERICAS CAPITAL L
30,000,000
$30,225,000
0.03%
5.875%
03/15/25
14987J106
CBS OUTDOOR AMERICAS INC
5,000,000
$149,700,000
0.16%
N/A
N/A
1248EPBB8
CCO HOLDINGS LLC/CAPITAL CORP
31,000,000
$30,496,250
0.03%
5.25%
03/15/21
Page 4 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
1248EPAY9
CCO HOLDINGS LLC/CAPITAL CORP
50,000,000
$49,125,000
0.05%
5.25%
09/30/22
1248EPAW3
CCO HOLDINGS LLC/CAPITAL CORP
60,000,000
$63,600,000
0.07%
7.375%
06/01/20
1248EPBD4
CCO HOLDINGS LLC/CAPITAL CORP
67,000,000
$66,916,250
0.07%
5.75%
09/01/23
1248EPAU7
CCO HOLDINGS LLC/CAPITAL CORP
94,500,000
$98,870,625
0.10%
6.5%
04/30/21
1248EPAZ6
CCO HOLDINGS LLC/CAPITAL CORP
170,000,000
$163,837,500
0.17%
5.125%
02/15/23
1248EPBE2
CCO HOLDINGS LLC/CAPITAL CORP
185,000,000
$184,768,750
0.20%
5.75%
01/15/24
12513GAX7
CDW LLC/FINANCE CORP
101,874,000
$108,495,810
0.12%
8.5%
04/01/19
12516UAC9
CEMEX FINANCE LLC
56,300,000
$63,759,750
0.07%
9.375%
10/12/22
12516UAD7
CEMEX FINANCE LLC
88,400,000
$88,068,500
0.09%
6%
04/01/24
151290BH5
CEMEX SAB DE CV
18,800,000
$19,023,250
0.02%
5.875%
03/25/19
151290BB8
CEMEX SAB DE CV
23,610,000
$33,219,506
0.04%
3.25%
03/15/16
151290BJ1
CEMEX SAB DE CV
40,000,000
$41,350,000
0.04%
6.5%
12/10/19
151290BC6
CEMEX SAB DE CV
37,300,000
$54,952,411
0.06%
3.75%
03/15/18
151290BM4
CEMEX SAB DE CV
75,000,000
$72,515,625
0.08%
5.7%
01/11/25
151290AW3
CEMEX SAB DE CV
79,163,000
$83,912,780
0.09%
9%
01/11/18
151290BF9
CEMEX SAB DE CV
105,000,000
$116,943,750
0.12%
9.5%
06/15/18
151290BK8
CEMEX SAB DE CV
111,000,000
$117,729,375
0.12%
7.25%
01/15/21
156700AX4
CENTURYLINK INC
47,600,000
$51,110,500
0.05%
6.75%
12/01/23
156700AS5
CENTURYLINK INC
63,000,000
$64,890,000
0.07%
5.8%
03/15/22
156700106
CENTURYLINK INC
6,500,000
$265,785,000
0.28%
N/A
N/A
156779AK6
CERIDIAN CORP
36,100,000
$40,116,125
0.04%
8.875%
07/15/19
15678AAA4
CERIDIAN LLC/COMDATA INC
35,000,000
$35,131,250
0.04%
8.125%
11/15/17
125182AH8
CEVA GROUP PLC
15,000,000
$15,075,000
0.02%
7%
03/01/21
DDD573018
CEVA GROUP PLC
20,320,197
$19,744,464
0.02%
FLOATER
03/19/21
125182AJ4
CEVA GROUP PLC
20,000,000
$20,187,500
0.02%
9%
09/01/21
125182AF2
CEVA GROUP PLC
186,778,982
$172,303,610
0.18%
4%
05/01/18
DDD548645
CEVA HOLDINGS LLC
2,897
$4,490,737
0.00%
N/A
02/20/49
DDD550072
CEVA HOLDINGS LLC
91,371
$100,508,166
0.11%
N/A
N/A
DDD549002
CEVA HOLDINGS LLC
110,565
$121,621,588
0.13%
N/A
02/20/49
DDD573021
CEVA INTERCOMPANY B.V.
21,321,428
$20,717,328
0.02%
FLOATER
03/19/21
DDD573020
CEVA LOGISTICS CANADA ULC
3,676,108
$3,571,953
0.00%
FLOATER
03/19/21
DDD573900
CEVA LOGISTICS U.S. HOLDINGS I
29,408,866
$28,575,625
0.03%
FLOATER
03/19/21
12531TAA7
CGG SA
65,800,000
$58,726,500
0.06%
6.875%
01/15/22
Page 5 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
B764RC5
CGG SA
15942RAD1
CHAPARRAL ENERGY INC
12545DAF5
CHC HELICOPTER SA
12545DAB4
CHC HELICOPTER SA
165167BU0
CHESAPEAKE ENERGY CORP
165167CK1
CHESAPEAKE ENERGY CORP
165167CN5
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
120,000,000
$106,200,000
0.11%
6.5%
06/01/21
35,400,000
$36,462,000
0.04%
7.625%
11/15/22
52,400,000
$55,544,000
0.06%
9.375%
06/01/21
130,500,000
$139,064,062
0.15%
9.25%
10/15/20
30,500,000
$34,160,000
0.04%
6.875%
11/15/20
50,000,000
$51,437,500
0.05%
5.375%
06/15/21
CHESAPEAKE ENERGY CORP
100,000,000
$101,000,000
0.11%
4.875%
04/15/22
165167BS5
CHESAPEAKE ENERGY CORP
100,000,000
$109,000,000
0.12%
6.5%
08/15/17
165167776
CHESAPEAKE ENERGY CORP
110,000
$122,306,250
0.13%
N/A
12/31/49
165167784
CHESAPEAKE ENERGY CORP
165,500
$184,015,312
0.20%
N/A
05/17/15
165167CC9
CHESAPEAKE ENERGY CORP
178,065,000
$203,884,425
0.22%
7.25%
12/15/18
165167CL9
CHESAPEAKE ENERGY CORP
203,150,000
$217,431,445
0.23%
5.75%
03/15/23
166764100
CHEVRON CORPORATION
9,000,000
$1,073,880,000
1.14%
N/A
N/A
6073556
CHINA MOBILE LTD
10,000,000
$115,459,164
0.12%
N/A
N/A
17121EAD9
CHRYSLER GROUP LLC/CG CO-ISSUE
145,000,000
$158,775,000
0.17%
8.25%
06/15/21
17121EAB3
CHRYSLER GROUP LLC/CG CO-ISSUE
200,000,000
$213,250,000
0.23%
8%
06/15/19
12543DAS9
CHS/COMMUNITY HEALTH SYSTEMS I
48,750,000
$48,871,875
0.05%
5.125%
08/01/21
12543DAT7
CHS/COMMUNITY HEALTH SYSTEMS I
89,000,000
$93,227,500
0.10%
6.875%
02/01/22
12543DAL4
CHS/COMMUNITY HEALTH SYSTEMS I
129,100,000
$138,162,820
0.15%
8%
11/15/19
172441AZ0
CINEMARK USA INC
23,000,000
$22,022,500
0.02%
4.875%
06/01/23
172441AX5
CINEMARK USA INC
50,000,000
$49,375,000
0.05%
5.125%
12/15/22
17275R102
CISCO SYSTEMS INC
20,994,425
$528,429,677
0.56%
N/A
N/A
125581GR3
CIT GROUP INC
60,000,000
$59,700,000
0.06%
5%
08/01/23
172967GF2
CITIGROUP INC
33,000,000
$32,257,500
0.03%
5.9%
02/15/23
172967GD7
CITIGROUP INC
165,000,000
$165,154,770
0.18%
5.95%
12/29/49
172967GR6
CITIGROUP INC
179,195,000
$168,311,233
0.18%
5.35%
04/29/49
172967HQ7
CITIGROUP INC
270,000,000
$268,421,040
0.28%
6.3%
12/29/49
969490AE1
CLAYTON WILLIAMS ENERGY INC
18451QAH1
CLEAR CHANNEL WORLDWIDE HLDGS
06742K527
19075FAA4
75,000,000
$77,437,500
0.08%
7.75%
04/01/19
142,500,000
$148,556,250
0.16%
7.625%
03/15/20
CMCSA 5.50% ELN ISSUED BY BARC
2,255,000
$119,650,525
0.13%
N/A
05/06/15
COBALT INTERNATIONAL ENERGY IN
70,000,000
$58,056,250
0.06%
2.625%
12/01/19
19075FAB2
COBALT INTERNATIONAL ENERGY IN
300,000,000
$269,250,000
0.29%
3.125%
05/15/24
17322H537
COG 7.00% ELN ISSUED BY CITIGR
3,478,000
$115,827,486
0.12%
N/A
07/13/15
Page 6 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
38148C346
COG 7.00% ELN ISSUED BY GOLDMA
2,969,000
$98,775,067
0.10%
N/A
01/28/15
6215035
COMMONWEALTH BANK OF AUSTRALIA
3,500,000
$230,720,563
0.24%
N/A
N/A
20337XAA7
COMMSCOPE HOLDING CO INC
44,400,000
$45,954,000
0.05%
6.625%
06/01/20
203372AL1
COMMSCOPE INC
22,000,000
$21,670,000
0.02%
5%
06/15/21
203372AM9
COMMSCOPE INC
55,000,000
$54,312,500
0.06%
5.5%
06/15/24
DDD568976
COMMUNITY HEALTH SYSTEMS INC
49,625,000
$49,541,282
0.05%
FLOATER
01/27/21
20605PAE1
CONCHO RESOURCES INC
27,000,000
$28,215,000
0.03%
5.5%
04/01/23
20854PAF6
CONSOL ENERGY INC
55,850,000
$58,851,937
0.06%
8.25%
04/01/20
20854PAJ8
CONSOL ENERGY INC
214,400,000
$211,988,000
0.22%
5.875%
04/15/22
209504AB5
CONSOLIDATED MINERALS LTD
30,000,000
$25,500,000
0.03%
8%
05/15/20
228189AB2
CROWN AMERICAS LLC/CAPITAL COR
150,000,000
$142,500,000
0.15%
4.5%
01/15/23
228227BD5
CROWN CASTLE INTERNATIONAL COR
21,000,000
$20,895,000
0.02%
5.25%
01/15/23
126307AF4
CSC HOLDINGS LLC
12,800,000
$13,682,560
0.01%
6.75%
11/15/21
126307AG2
CSC HOLDINGS LLC
26,600,000
$25,602,500
0.03%
5.25%
06/01/24
22547C479
CSCO 6.50% ELN ISSUED BY CREDI
6,180,000
$150,177,708
0.16%
N/A
11/28/14
25155V515
CSCO 6.50% ELN ISSUED BY DEUTS
7,900,000
$202,217,090
0.21%
N/A
01/13/16
38148C791
CSCO 6.50% ELN ISSUED BY GOLDM
6,486,000
$159,508,252
0.17%
N/A
05/13/15
25155L285
CSCO 7.00% ELN ISSUED BY DEUTS
4,217,000
$107,648,624
0.11%
N/A
10/15/14
23109BAA5
CUMULUS MEDIA HOLDINGS INC
50,000,000
$51,437,500
0.05%
7.75%
05/01/19
23918KAQ1
DAVITA HEALTHCARE PARTNERS INC
76,000,000
$74,812,500
0.08%
5.125%
07/15/24
244199105
DEERE & CO
4,150,165
$340,272,028
0.36%
N/A
N/A
247916AD1
DENBURY RESOURCES INC
85,000,000
$84,468,750
0.09%
5.5%
05/01/22
24823UAH1
DENBURY RESOURCES INC
175,000,000
$162,750,000
0.17%
4.625%
07/15/23
5842359
DEUTSCHE TELEKOM AG
2,000,000
$30,309,601
0.03%
N/A
N/A
25213A107
DEX MEDIA INC
2,048,551
$19,584,147
0.02%
N/A
N/A
25212WAA8
DEX MEDIA INC
41,400,812
$26,910,527
0.03%
7%
01/29/17
DDD550195
DEX MEDIA WEST
1,482,106
$1,374,654
0.00%
FLOATER
12/30/16
25271C102
DIAMOND OFFSHORE DRILLING INC
25278XAA7
DIAMONDBACK ENERGY INC
253868103
DIGITAL REALTY TRUST INC
25470XAQ8
DISH DBS CORP
25470XAJ4
DISH DBS CORP
25470XAL9
DISH DBS CORP
4,000,000
$137,080,000
0.15%
N/A
N/A
30,000,000
$32,475,000
0.03%
7.625%
10/01/21
2,500,000
$155,950,000
0.17%
N/A
N/A
45,000,000
$45,225,000
0.05%
5.125%
05/01/20
158,000,000
$161,555,000
0.17%
5.875%
07/15/22
240,000,000
$230,850,000
0.24%
5%
03/15/23
Page 7 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
256677AB1
DOLLAR GENERAL CORP
10,323,000
$9,952,249
0.01%
1.875%
04/15/18
256677AC9
DOLLAR GENERAL CORP
150,000,000
$134,273,250
0.14%
3.25%
04/15/23
25746U703
DOMINION RESOURCES INC
1,490,000
$83,529,400
0.09%
N/A
04/01/16
25746U885
DOMINION RESOURCES INC
1,490,000
$83,812,500
0.09%
N/A
07/01/16
25746U869
DOMINION RESOURCES INC
2,220,000
$110,778,000
0.12%
N/A
07/01/17
25746U109
DOMINION RESOURCES INC
6,000,000
$414,540,000
0.44%
N/A
N/A
22547C529
DOW 7.50% ELN ISSUED BY CREDIT
5,810,000
$281,611,281
0.30%
N/A
01/28/15
260543103
DOW CHEMICAL CO
20,000,000
$1,048,800,000
1.11%
N/A
N/A
DDD554130
DRILLSHIPS FINANCING HOLDING I
248,246,231
$238,523,171
0.25%
FLOATER
03/31/21
DDD581726
DRILLSHIPS OCEAN VENTURES INC
50,000,000
$48,343,750
0.05%
FLOATER
07/25/21
233331107
DTE ENERGY COMPANY
1,250,000
$95,100,000
0.10%
N/A
N/A
26441C204
DUKE ENERGY CORP
14,000,000
$1,046,780,000
1.11%
N/A
N/A
48127F301
DVN 6.00% ELN ISSUED BY JPMORG
1,560,000
$103,824,396
0.11%
N/A
03/24/15
26779YAC3
DYNACAST INTERNATIONAL LLC/FIN
50,000,000
$53,750,000
0.06%
9.25%
07/15/19
268ESC7X2
DYNEGY HOLDINGS INC
211,500,000
$0
0.00%
N/A
N/A
268ESC8T0
DYNEGY HOLDINGS INC
355,235,000
$0
0.00%
N/A
N/A
268ESC8B9
DYNEGY HOLDINGS INC
150,000,000
$0
0.00%
N/A
N/A
268ESC9W2
DYNEGY HOLDINGS INC
307,500,000
$0
0.00%
N/A
N/A
26817R116
DYNEGY INC
1,143,273
$4,733,150
0.01%
N/A
10/02/17
26817RAB4
DYNEGY INC
105,000,000
$98,437,500
0.10%
5.875%
06/01/23
26817R108
DYNEGY INC
16,000,000
$461,760,000
0.49%
N/A
N/A
777ESC9F3
DYNEGY ROSETON DANSKAMMER PASS
40,000,000
$0
0.00%
N/A
N/A
269246BJ2
E*TRADE FINANCIAL CORP
49,900,000
$51,646,500
0.05%
6%
11/15/17
281020107
EDISON INTERNATIONAL
263534109
EI DU PONT DE NEMOURS & CO
28368EAE6
532457108
06742E828
38147V790
29273VAD2
ENERGY TRANSFER EQUITY LP
29273RAS8
ENERGY TRANSFER PARTNERS LP
29276KAP6
29276KAT8
8,000,000
$447,360,000
0.47%
N/A
N/A
15,000,000
$1,076,400,000
1.14%
N/A
N/A
EL PASO CORP
123,000,000
$151,597,500
0.16%
7.75%
01/15/32
ELI LILLY & CO
12,000,000
$778,200,000
0.83%
N/A
N/A
EMC 6.00% ELN ISSUED BY BARCLA
4,281,000
$123,952,074
0.13%
N/A
10/15/14
EMC 6.00% ELN ISSUED BY GOLDMA
4,000,000
$107,003,200
0.11%
N/A
11/28/14
108,300,000
$111,278,250
0.12%
5.875%
01/15/24
25,000,000
$24,384,600
0.03%
3.6%
02/01/23
ENERGY XXI GULF COAST INC
70,075,000
$73,053,187
0.08%
9.25%
12/15/17
ENERGY XXI GULF COAST INC
80,000,000
$75,400,000
0.08%
6.875%
03/15/24
Page 8 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
7145056
ENI SPA
15,000,000
$357,463,859
0.38%
N/A
N/A
29357JAA4
ENQUEST PLC
51,900,000
$49,110,375
0.05%
7%
04/15/22
B4VLR19
ENSCO PLC
2,000,000
$82,620,000
0.09%
N/A
N/A
29364G103
ENTERGY CORP
7,500,000
$579,975,000
0.61%
N/A
N/A
29977HAB6
EP ENERGY LLC/FINANCE INC
35,000,000
$38,325,000
0.04%
9.375%
05/01/20
29605YAA1
ESAL GMBH
50,000,000
$49,050,000
0.05%
6.25%
02/05/23
61761S356
EXC 6.00% ELN ISSUED BY MORGAN
2,790,000
$95,560,569
0.10%
N/A
06/09/15
269279AD7
EXCO RESOURCES INC
80,000,000
$76,800,000
0.08%
7.5%
09/15/18
30161N127
EXELON CORP
2,000,000
$101,600,000
0.11%
N/A
06/01/17
30161N101
EXELON CORP
33,750,000
$1,150,537,500
1.22%
N/A
N/A
30231G102
EXXON MOBIL CORP
5,000,000
$470,250,000
0.50%
N/A
N/A
17322H594
F 6.00% ELN ISSUED BY CITIGROU
9,063,000
$135,548,040
0.14%
N/A
12/08/14
61758S393
F 7.00% ELN ISSUED BY MORGAN S
10,000,000
$155,437,000
0.16%
N/A
08/20/15
17322H644
FCX 7.00% ELN ISSUED BY CITIGR
4,213,000
$139,610,394
0.15%
N/A
11/21/14
949746341
FCX 7.50% ELN ISSUED BY WELLS
4,500,000
$154,764,000
0.16%
N/A
07/28/15
25155P245
FCX 8.00% ELN ISSUED BY DEUTSC
6,150,000
$202,744,590
0.21%
N/A
03/13/15
313385J72
FEDERAL HOME LOAN BANK DISCOUN
100,000,000
$100,000,000
0.11%
N/A
10/08/14
313400624
FEDERAL HOME LOAN MORTGAGE COR
16,608,000
$171,062,400
0.18%
N/A
N/A
313586760
FEDERAL NATIONAL MORTGAGE ASSO
2,399,400
$18,835,290
0.02%
N/A
N/A
313586778
FEDERAL NATIONAL MORTGAGE ASSO
3,000,000
$23,040,000
0.02%
N/A
N/A
313586752
FEDERAL NATIONAL MORTGAGE ASSO
11,784,000
$108,412,800
0.11%
N/A
N/A
313586810
FEDERAL NATIONAL MORTGAGE ASSO
4,250
$131,750,000
0.14%
N/A
12/31/49
31430F200
FELCOR LODGING TRUST INC
2,800,000
$72,268,000
0.08%
N/A
12/31/49
DDD560499
FIELDWOOD ENERGY LLC
219,261,083
$220,448,821
0.23%
FLOATER
09/30/20
316773CM0
FIFTH THIRD BANCORP
54,000,000
$51,030,000
0.05%
5.1%
12/29/49
319963BJ2
FIRST DATA CORP
40,780,000
$46,591,150
0.05%
10.625%
06/15/21
319963BE3
FIRST DATA CORP
69,726,000
$74,083,875
0.08%
6.75%
11/01/20
DDD569859
FIRST DATA CORP
128,000,000
$126,064,000
0.13%
FLOATER
03/24/17
319963AZ7
FIRST DATA CORP
208,158,000
$221,688,270
0.24%
8.75%
01/15/22
DDD581897
FIRST DATA CORP
402,993,459
$395,857,251
0.42%
FLOATER
03/24/18
319963AY0
FIRST DATA CORP
425,000,000
$452,625,000
0.48%
8.25%
01/15/21
319963BB9
FIRST DATA CORP
580,000,000
$696,000,000
0.74%
12.625%
01/15/21
DDD580020
FIRST DATA HOLDINGS INC
21,666,666
$86,184,147
0.09%
N/A
N/A
Page 9 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
335934AH8
FIRST QUANTUM MINERALS LTD
28,000,000
$28,700,000
0.03%
7.25%
05/15/22
335934AD7
FIRST QUANTUM MINERALS LTD
41,630,000
$42,566,675
0.05%
6.75%
02/15/20
335934AF2
FIRST QUANTUM MINERALS LTD
63,630,000
$64,823,062
0.07%
7%
02/15/21
337932107
FIRSTENERGY CORP
6,500,000
$218,205,000
0.23%
N/A
N/A
30251GAN7
FMG RESOURCES AUGUST 2006 PTY
60,000,000
$61,275,000
0.06%
6.875%
04/01/22
30251GAC1
FMG RESOURCES AUGUST 2006 PTY
70,600,000
$72,718,000
0.08%
6.875%
02/01/18
30251GAH0
FMG RESOURCES AUGUST 2006 PTY
80,000,000
$83,000,000
0.09%
8.25%
11/01/19
345370860
FORD MOTOR CO
35,185,000
$520,386,150
0.55%
N/A
N/A
35671D857
FREEPORT-MCMORAN INC
9,000,000
$293,850,000
0.31%
N/A
N/A
35687MAZ0
FREESCALE SEMICONDUCTOR INC
41,850,000
$42,582,375
0.05%
6%
01/15/22
35687MAY3
FREESCALE SEMICONDUCTOR INC
59,450,000
$58,706,875
0.06%
5%
05/15/21
B4XY8V3
FREESCALE SEMICONDUCTOR INC
116,894,000
$124,492,110
0.13%
8.05%
02/01/20
B6QCFQ2
FREESCALE SEMICONDUCTOR INC
119,258,000
$132,674,525
0.14%
10.75%
08/01/20
35906AAK4
FRONTIER COMMUNICATIONS CORP
48,900,000
$55,257,000
0.06%
8.75%
04/15/22
35906AAH1
FRONTIER COMMUNICATIONS CORP
51,150,000
$57,032,250
0.06%
8.5%
04/15/20
35906AAL2
FRONTIER COMMUNICATIONS CORP
63,600,000
$72,901,500
0.08%
9.25%
07/01/21
35906AAN8
FRONTIER COMMUNICATIONS CORP
75,000,000
$78,187,500
0.08%
7.625%
04/15/24
35906AAM0
FRONTIER COMMUNICATIONS CORP
130,000,000
$133,250,000
0.14%
7.125%
01/15/23
22547C693
FSL 7.00% ELN ISSUED BY CREDIT
2,350,000
$46,822,105
0.05%
N/A
09/18/15
369622ST3
GENERAL ELECTRIC CAPITAL CORP
82,400,000
$82,709,000
0.09%
5.25%
06/15/23
369604103
GENERAL ELECTRIC CO
48,500,000
$1,242,570,000
1.32%
N/A
N/A
37045V100
GENERAL MOTORS CO
23,500,000
$750,590,000
0.80%
N/A
N/A
37045XAL0
GENERAL MOTORS FINANCIAL CO IN
65,209,000
$65,616,556
0.07%
4.25%
05/15/23
75952BAP0
GENON ENERGY INC
110,000,000
$112,475,000
0.12%
7.875%
06/15/17
25155Q490
GG 9.00% ELN ISSUED BY DEUTSCH
4,053,000
$94,767,246
0.10%
N/A
05/12/15
374825AA5
GIBSON ENERGY INC
35,000,000
$37,275,000
0.04%
6.75%
07/15/21
48127E726
GM 7.50% ELN ISSUED BY JPMORGA
3,055,000
$99,521,513
0.11%
N/A
03/24/15
17322H834
GM 8.00% ELN ISSUED BY CITIGRO
2,940,000
$94,401,342
0.10%
N/A
11/05/14
361860208
GMAC CAPITAL TRUST I
4,550,000
$121,075,500
0.13%
N/A
N/A
380956409
GOLDCORP INC
10,450,000
$240,663,500
0.26%
N/A
N/A
38148BAA6
GOLDMAN SACHS GROUP INC
30,000,000
$30,582,480
0.03%
5.7%
12/29/49
398435AA5
GRIFOLS WORLDWIDE OPERATIONS L
11,500,000
$11,385,000
0.01%
5.25%
04/01/22
40537Q209
HALCON RESOURCES CORP
301,159
$1,192,589
0.00%
N/A
N/A
Page 10 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
40537QAD2
HALCON RESOURCES CORP
28,000,000
$27,720,000
0.03%
8.875%
05/15/21
40537QAF7
HALCON RESOURCES CORP
63,100,000
$62,626,750
0.07%
9.25%
02/15/22
40537Q407
HALCON RESOURCES CORP
108,000
$87,507,000
0.09%
N/A
12/31/49
40537QAB6
HALCON RESOURCES CORP
100,000,000
$102,250,000
0.11%
9.75%
07/15/20
40412CAC5
HCA HOLDINGS INC
47,200,000
$49,560,000
0.05%
6.25%
02/15/21
404119AR0
HCA INC
25,550,000
$26,731,687
0.03%
6.5%
02/15/16
404119BL2
HCA INC
60,000,000
$68,400,000
0.07%
8%
10/01/18
404121AF2
HCA INC
85,000,000
$83,300,000
0.09%
4.75%
05/01/23
404121AG0
HCA INC
110,000,000
$112,750,000
0.12%
5.875%
05/01/23
404121AC9
HCA INC
114,300,000
$125,015,625
0.13%
6.5%
02/15/20
404119BN8U
HCA INC
148,900,000
$146,852,625
0.16%
5%
03/15/24
404121AD7
HCA INC
150,000,000
$169,125,000
0.18%
7.5%
02/15/22
40415RAP0
HD SUPPLY INC
60,000,000
$62,550,000
0.07%
7.5%
07/15/20
427093AH2
HERCULES OFFSHORE INC
29,000,000
$23,490,000
0.02%
7.5%
10/01/21
427093AJ8
HERCULES OFFSHORE INC
30,000,000
$23,512,500
0.02%
6.75%
04/01/22
427093AE9
HERCULES OFFSHORE INC
40,000,000
$38,300,000
0.04%
10.25%
04/01/19
427093AG4
HERCULES OFFSHORE INC
45,000,000
$39,375,000
0.04%
8.75%
07/15/21
428040CP2
HERTZ CORP
12,150,000
$12,393,000
0.01%
5.875%
10/15/20
428040CG2
HERTZ CORP
30,000,000
$31,800,000
0.03%
7.375%
01/15/21
428040CJ6
HERTZ CORP
125,775,000
$130,491,562
0.14%
6.75%
04/15/19
BJ3WDZ1
HK ELECTRIC INVESTMENTS AND HK
70,000,000
$46,067,755
0.05%
N/A
N/A
404280AS8
HSBC HOLDINGS PLC
40,000,000
$40,047,600
0.04%
6.375%
12/29/49
0540528
HSBC HOLDINGS PLC
40,000,000
$406,038,369
0.43%
N/A
N/A
443628AE2
HUDBAY MINERALS INC
15,000,000
$16,162,500
0.02%
9.5%
10/01/20
443628AB8
HUDBAY MINERALS INC
89,600,000
$96,544,000
0.10%
9.5%
10/01/20
44919PAC6
IAC/INTERACTIVECORP
45,000,000
$43,425,000
0.05%
4.75%
12/15/22
451102BF3
ICAHN ENTERPRISES LP/ICAHN ENT
40,000,000
$40,100,000
0.04%
5.875%
02/01/22
8611239C3
IFT MONEY MARKET PORTFOLIO
638,184,576
$638,184,576
0.68%
N/A
N/A
18450JAP0
IHEARTCOMMUNICATIONS INC
5,265,948
$5,227,396
0.01%
FLOATER
01/29/16
184502BT8
IHEARTCOMMUNICATIONS INC
50,000,000
$42,089,000
0.04%
10%
01/15/18
184502BN1
IHEARTCOMMUNICATIONS INC
50,000,000
$53,437,500
0.06%
11.25%
03/01/21
184502BU5
IHEARTCOMMUNICATIONS INC
109,400,000
$108,853,000
0.12%
9%
09/15/22
184502BQ4
IHEARTCOMMUNICATIONS INC
125,607,438
$115,244,824
0.12%
12%
02/01/21
Page 11 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
18450JAU9
IHEARTCOMMUNICATIONS INC
200,744,256
$196,729,371
0.21%
FLOATER
07/30/19
184502BL5
IHEARTCOMMUNICATIONS INC
225,000,000
$227,531,250
0.24%
9%
12/15/19
B5MC2T1
IHEARTCOMMUNICATIONS INC
339,775,000
$339,350,281
0.36%
9%
03/01/21
18450JAT2
IHEARTCOMMUNICATIONS INC
727,373,594
$695,778,667
0.74%
FLOATER
01/30/19
452892AA0
IMPERIAL METALS CORP
20,000,000
$18,900,000
0.02%
7%
03/15/19
44984WAC1
INEOS FINANCE PLC
42,800,000
$46,090,250
0.05%
8.375%
02/15/19
44986UAC3
INEOS GROUP HOLDINGS SA
25,700,000
$25,603,625
0.03%
5.875%
02/15/19
BJVWQ54
INEOS GROUP HOLDINGS SA
45,200,000
$57,404,174
0.06%
5.75%
02/15/19
BLF76H1
INFOR SOFTWARE PARENT LLC / IN
22,000,000
$21,890,000
0.02%
7.125%
05/01/21
45672NAB7
INFOR US INC
40,800,000
$44,217,000
0.05%
9.375%
04/01/19
45763PAE6
INMARSAT FINANCE PLC
40,000,000
$39,075,000
0.04%
4.875%
05/15/22
45779GAA6
INNOVATION VENTURES LLC/FINANC
16,250,000
$16,006,250
0.02%
9.5%
08/15/19
06053G578
INTC 7.00% ELN ISSUED BY BANK
9,942,000
$286,315,681
0.30%
N/A
01/22/15
458140100
INTEL CORP
45824TAP0
INTELSAT JACKSON HOLDINGS SA
DDD551513
INTERGEN NV
DDD551512
INTERGEN NV
45867XAG9
INTERGEN NV
459745GE9
INTERNATIONAL LEASE FINANCE CO
459745GG4
INTERNATIONAL LEASE FINANCE CO
46284PAP9
IRON MOUNTAIN INC
45031UBU4
ISTAR FINANCIAL INC
47009RAA0
JAGUAR HOLDING CO I
47009XAB5
B7SZGT6
25,000,000
$870,500,000
0.92%
N/A
N/A
170,000,000
$162,987,500
0.17%
5.5%
08/01/23
44,425,125
$44,619,485
0.05%
FLOATER
06/13/20
35,800,000
$59,457,326
0.06%
7.5%
06/30/21
143,700,000
$138,131,625
0.15%
7%
06/30/23
63,300,000
$72,003,750
0.08%
8.875%
09/01/17
130,000,000
$145,275,000
0.15%
8.75%
03/15/17
78,000,000
$76,927,500
0.08%
5.75%
08/15/24
88,500,000
$85,623,750
0.09%
5%
07/01/19
145,400,000
$147,217,500
0.16%
9.375%
10/15/17
JAGUAR LAND ROVER AUTOMOTIVE P
20,000,000
$21,975,000
0.02%
8.125%
05/15/21
JAGUAR LAND ROVER AUTOMOTIVE P
40,000,000
$72,026,252
0.08%
8.25%
03/15/20
466112AH2
JBS USA LLC/FINANCE INC
50,100,000
$53,607,000
0.06%
8.25%
02/01/20
466112AL3
JBS USA LLC/FINANCE INC
59,600,000
$62,878,000
0.07%
7.25%
06/01/21
466112AP4
JBS USA LLC/FINANCE INC
68,400,000
$66,476,250
0.07%
5.875%
07/15/24
466112AF6
JBS USA LLC/FINANCE INC
88,500,000
$93,367,500
0.10%
7.25%
06/01/21
478160104
JOHNSON & JOHNSON
5,000,000
$532,950,000
0.57%
N/A
N/A
46625HJW1
JPMORGAN CHASE & CO
60,000,000
$59,670,000
0.06%
6.125%
12/29/49
48126HAC4
JPMORGAN CHASE & CO
80,000,000
$79,439,440
0.08%
6.1%
10/29/49
48124BAC9
JPMORGAN CHASE & CO
100,000,000
$95,500,000
0.10%
5.15%
12/29/49
Page 12 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
48126HAA8
JPMORGAN CHASE & CO
105,000,000
$103,818,750
0.11%
6%
12/29/49
46625HJQ4
JPMORGAN CHASE & CO
100,000,000
$105,950,000
0.11%
6.75%
01/29/49
48127FAA1
JPMORGAN CHASE & CO
188,000,000
$183,978,868
0.20%
5%
12/29/49
46625H100
JPMORGAN CHASE & CO
8,000,000
$481,920,000
0.51%
N/A
N/A
46625HHA1
JPMORGAN CHASE & CO
815,000,000
$888,757,500
0.94%
7.9%
04/29/49
48666KAQ2
KB HOME
20,000,000
$22,100,000
0.02%
8%
03/15/20
48666KAR0
KB HOME
35,000,000
$37,625,000
0.04%
7.5%
09/15/22
48666KAT6
KB HOME
40,000,000
$41,800,000
0.04%
7%
12/15/21
48666KAP4
KB HOME
49,000,000
$55,615,000
0.06%
9.1%
09/15/17
48666KAN9
KB HOME
70,500,000
$75,787,500
0.08%
7.25%
06/15/18
B60CXQ4
KERLING PLC
53,700,000
$70,618,605
0.07%
10.625%
02/01/17
49456BAA9
KINDER MORGAN INC
36,500,000
$38,233,750
0.04%
5%
02/15/21
49456BAB7
KINDER MORGAN INC
130,300,000
$139,095,250
0.15%
5.625%
11/15/23
49461BAE4
KINETIC CONCEPTS INC/USA
32,000,000
$35,760,000
0.04%
12.5%
11/01/19
513075BE0
LAMAR MEDIA CORP
29,500,000
$28,541,250
0.03%
5%
05/01/23
516806AD8
LAREDO PETROLEUM INC
15,000,000
$14,775,000
0.02%
5.625%
01/15/22
518613AD6
LAUREATE EDUCATION INC
25,000,000
$25,250,000
0.03%
9.25%
09/01/19
71645AAA7
LIGHTSTREAM RESOURCES LTD
30,000,000
$29,850,000
0.03%
8.625%
02/01/20
536022AK2
LINN ENERGY LLC/FINANCE CORP
5,000,000
$4,925,000
0.01%
6.5%
05/15/19
536022AL0
LINN ENERGY LLC/FINANCE CORP
49,300,000
$48,314,000
0.05%
6.5%
09/15/21
536022AC0
LINN ENERGY LLC/FINANCE CORP
72,500,000
$75,309,375
0.08%
8.625%
04/15/20
536022AF3
LINN ENERGY LLC/FINANCE CORP
75,000,000
$75,937,500
0.08%
7.75%
02/01/21
536022AJ5
LINN ENERGY LLC/FINANCE CORP
130,000,000
$127,562,500
0.14%
6.25%
11/01/19
539830109
LOCKHEED MARTIN CORP
3,500,000
$639,730,000
0.68%
N/A
N/A
38148A407
LYB 6.00% ELN ISSUED BY GOLDMA
2,750,000
$274,460,725
0.29%
N/A
03/31/15
78008V562
LYB 7.00% ELN ISSUED BY ROYAL
1,282,000
$114,022,746
0.12%
N/A
01/12/15
B3SPXZ3
LYONDELLBASELL INDUSTRIES NV
6,000,000
$651,960,000
0.69%
N/A
N/A
55973BAB8
MAGNUM HUNTER RESOURCES CORP
60,000,000
$63,750,000
0.07%
9.75%
05/15/20
561233AA5
MALLINCKRODT INTERNATIONAL FIN
25,000,000
$25,281,250
0.03%
5.75%
08/01/22
552704AC2
MEG ENERGY CORP
100,000,000
$103,750,000
0.11%
7%
03/31/24
586049AD0
MEMORIAL PRODUCTION PARTNERS L
40,000,000
$38,400,000
0.04%
6.875%
08/01/22
58933Y105
MERCK & CO INC
18,000,000
$1,067,040,000
1.13%
N/A
N/A
59001KAC4
MERITOR INC
35,000,000
$50,771,875
0.05%
7.875%
03/01/26
Page 13 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
22547C651
MET 6.00% ELN ISSUED BY CREDIT
2,500,000
$136,591,750
0.14%
N/A
07/24/15
48127E494
MET 6.00% ELN ISSUED BY JPMORG
3,040,000
$163,139,472
0.17%
N/A
03/24/15
59156R116
METLIFE INC
3,750,000
$115,462,500
0.12%
N/A
10/08/14
59156R108
METLIFE INC
5,170,000
$277,732,400
0.29%
N/A
N/A
552953BY6
MGM RESORTS INTERNATIONAL
27,450,000
$29,302,875
0.03%
6.75%
10/01/20
552953BW0
MGM RESORTS INTERNATIONAL
44,800,000
$50,740,480
0.05%
8.625%
02/01/19
552953CB5
MGM RESORTS INTERNATIONAL
60,000,000
$60,150,000
0.06%
5.25%
03/31/20
552953BX8
MGM RESORTS INTERNATIONAL
80,000,000
$89,200,000
0.09%
7.75%
03/15/22
55303QAC4
MGM RESORTS INTERNATIONAL
90,000,000
$101,925,000
0.11%
10%
11/01/16
594918104
MICROSOFT CORP
8,383,900
$388,677,604
0.41%
N/A
N/A
59804VAD7
MIDSTATES PETROLEUM CO INC/LLC
38,100,000
$38,195,250
0.04%
9.25%
06/01/21
59804VAB1
MIDSTATES PETROLEUM CO INC/LLC
55,000,000
$57,612,500
0.06%
10.75%
10/01/20
600814AL1
MILLICOM INTERNATIONAL CELLULA
37,900,000
$39,510,750
0.04%
6.625%
10/15/21
608753AF6
MOLYCORP INC
60,000,000
$21,600,000
0.02%
6%
09/01/17
608753AG4
MOLYCORP INC
65,000,000
$45,500,000
0.05%
10%
06/01/20
61761JQK8
MORGAN STANLEY
25,000,000
$24,843,750
0.03%
5.45%
12/29/49
61747YCM5
MORGAN STANLEY
70,000,000
$78,597,120
0.08%
5.5%
01/26/20
61761J406
MORGAN STANLEY
4,500,000
$112,815,000
0.12%
N/A
N/A
06742B360
MOS 6.50% ELN ISSUED BY BARCLA
2,046,000
$92,894,128
0.10%
N/A
03/27/15
61945C103
MOSAIC CO
6,000,000
$266,460,000
0.28%
N/A
N/A
370ESCBT1
MOTORS LIQUIDATION CO
400,000,000
$40,000
0.00%
N/A
N/A
370ESC717
MOTORS LIQUIDATION CO
11,000,000
$110,000
0.00%
N/A
N/A
38148A399
MSFT 6.25% ISSUED BY GOLDMAN S
5,600,000
$239,384,320
0.25%
N/A
03/25/15
63860UAE0
NATIONSTAR MORTGAGE LLC/NATION
30,000,000
$32,925,000
0.03%
9.625%
05/01/19
DDD528796
NAVISTAR INC
36,555,232
$36,806,256
0.04%
FLOATER
08/17/17
63934EAM0
NAVISTAR INTERNATIONAL CORP
147,975,000
$152,229,281
0.16%
8.25%
11/01/21
62886EAH1
NCR CORP
35,000,000
$34,475,000
0.04%
4.625%
02/15/21
62886EAJ7
NCR CORP
50,000,000
$49,125,000
0.05%
5%
07/15/22
62886EAS7
NCR CORP
70,000,000
$73,675,000
0.08%
6.375%
12/15/23
25155V853
NE 8.50% ELN ISSUED BY DEUTSCH
1,528,000
$35,531,348
0.04%
N/A
06/25/15
61760S886
NEM 7% PERQS ISSUED BY MORGAN
4,000,000
$92,930,400
0.10%
N/A
11/11/14
25155V499
NEM 7.00% ELN ISSUED BY DEUTSC
6,060,000
$144,317,082
0.15%
N/A
07/27/15
25155Q607
NEM 7.50% ELN ISSUED BY DEUTSC
4,050,000
$98,059,410
0.10%
N/A
04/01/15
Page 14 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
64157EAA4
NEW ACADEMY FINANCE CO LLC/NEW
65339F861
NEXTERA ENERGY INC
65339F887
NEXTERA ENERGY INC
65339F705
NEXTERA ENERGY INC
65339F101
NEXTERA ENERGY INC
62913TAD4
NGL ENERGY PARTNERS LP/NGL ENE
62913TAA0
NGL ENERGY PARTNERS LP/NGL ENE
30,000,000
62912XAB0
NGPL PIPECO LLC
DDD569904
NGPL PIPECO LLC
65409QBA9
NIELSEN FINANCE LLC/CO
65409QBB7
NIELSEN FINANCE LLC/CO
62914QAA5
654677AA1
Market Value
% of
TNA
Coupon Maturity
Rate
Date
20,000,000
$20,000,000
0.02%
8%
06/15/18
1,000,000
$54,590,000
0.06%
N/A
09/01/16
956,500
$57,303,915
0.06%
N/A
09/01/15
2,000,000
$123,550,000
0.13%
N/A
06/01/15
4,000,000
$375,520,000
0.40%
N/A
N/A
23,200,000
$22,823,000
0.02%
5.125%
07/15/19
$31,350,000
0.03%
6.875%
10/15/21
75,000,000
$75,375,000
0.08%
7.119%
12/15/17
106,923,436
$106,745,194
0.11%
FLOATER
09/15/17
15,000,000
$14,587,500
0.02%
4.5%
10/01/20
73,000,000
$71,311,875
0.08%
5%
04/15/22
NII INTERNATIONAL TELECOM SCA
25,000,000
$16,937,500
0.02%
11.375%
08/15/19
NISKA GAS STORAGE CANADA ULC/F
75,000,000
$65,906,250
0.07%
6.5%
04/01/19
629377BU5
NRG ENERGY INC
20,000,000
$20,750,000
0.02%
6.625%
03/15/23
629377BV3
NRG ENERGY INC
25,000,000
$25,765,625
0.03%
6.25%
07/15/22
62943WAA7
NRG YIELD OPERATING LLC
39,900,000
$40,199,250
0.04%
5.375%
08/15/24
67054LAC1
NUMERICABLE GROUP SA
40,000,000
$39,950,000
0.04%
6.25%
05/15/24
67054LAA5
NUMERICABLE GROUP SA
50,000,000
$49,943,000
0.05%
4.875%
05/15/19
67054LAB3
NUMERICABLE GROUP SA
65,000,000
$65,384,150
0.07%
6%
05/15/22
DDD575399
NUMERICABLE US LLC
23,192,307
$23,032,860
0.02%
FLOATER
05/08/20
DDD575398
NUMERICABLE US LLC
26,807,692
$26,623,389
0.03%
FLOATER
05/08/20
67090FAF3
NUVEEN INVESTMENTS INC
50,000,000
$53,750,000
0.06%
9.125%
10/15/17
67090FAG1
NUVEEN INVESTMENTS INC
50,000,000
$58,250,000
0.06%
9.5%
10/15/20
674599105
OCCIDENTAL PETROLEUM CORP
2,750,000
$264,412,500
0.28%
N/A
N/A
67500PAA6
OCEAN RIG UDW INC
75,000,000
$68,578,125
0.07%
7.25%
04/01/19
676253AM9
OFFSHORE GROUP INVESTMENT LTD
48,950,000
$43,381,937
0.05%
7.125%
04/01/23
676253AJ6
OFFSHORE GROUP INVESTMENT LTD
110,000,000
$102,575,000
0.11%
7.5%
11/01/19
69913JAA7
PARAGON OFFSHORE PLC
20,000,000
$16,950,000
0.02%
6.75%
07/15/22
69913JAB5
PARAGON OFFSHORE PLC
20,000,000
$17,000,000
0.02%
7.25%
08/15/24
704549AG9
PEABODY ENERGY CORP
40,000,000
$27,600,000
0.03%
4.75%
12/15/2066
704549AK0
PEABODY ENERGY CORP
100,000,000
$98,500,000
0.10%
6%
11/15/18
704549AM6
PEABODY ENERGY CORP
165,000,000
$154,068,750
0.16%
6.25%
11/15/21
707882403
PENN VIRGINIA CORP
700,000
$69,566,000
0.07%
N/A
12/31/49
Page 15 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
BCZLXW4
PENN VIRGINIA CORP
747065AB6
PENN VIRGINIA RESOURCE PARTNER
713448108
PEPSICO INC
71647NAM1
PETROBRAS GLOBAL FINANCE BV
71647NAF6
PETROBRAS GLOBAL FINANCE BV
71645WAR2
PETROBRAS INTL FINANCE CO
716748AA6
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
150,700,000
$158,988,500
0.17%
8.5%
05/01/20
28,000,000
$29,470,000
0.03%
6.5%
05/15/21
6,500,000
$605,085,000
0.64%
N/A
N/A
50,000,000
$52,413,000
0.06%
6.25%
03/17/24
85,000,000
$79,519,200
0.08%
4.375%
05/20/23
65,000,000
$66,127,425
0.07%
5.375%
01/27/21
PETROQUEST ENERGY INC
60,000,000
$62,775,000
0.07%
10%
09/01/17
717081103
PFIZER INC
45,000,000
$1,330,650,000
1.41%
N/A
N/A
69331C108
PG&E CORP
23,000,000
$1,035,920,000
1.10%
N/A
N/A
723484101
PINNACLE WEST CAPITAL CORP
4,500,000
$245,880,000
0.26%
N/A
N/A
726505AN0
PLAINS EXPLORATION & PRODUCTIO
12,316,000
$13,518,287
0.01%
6.5%
11/15/20
726505AP5
PLAINS EXPLORATION & PRODUCTIO
14,084,000
$16,020,550
0.02%
6.875%
02/15/23
693475AM7
PNC FINANCIAL SERVICES GROUP I
54,000,000
$51,300,000
0.05%
4.85%
05/29/49
737446AE4
POST HOLDINGS INC
19,000,000
$18,050,000
0.02%
6.75%
12/01/21
69351T106
PPL CORP
18,000,000
$591,120,000
0.63%
N/A
N/A
744573106
PUBLIC SERVICE ENTERPRISE GROU
18,000,000
$670,320,000
0.71%
N/A
N/A
747525103
QUALCOMM INC
2,000,000
$149,540,000
0.16%
N/A
N/A
74819RAP1
QUEBECOR MEDIA INC
75,300,000
$75,111,750
0.08%
5.75%
01/15/23
74837RAG9
QUICKSILVER RESOURCES INC
90,000,000
$56,700,000
0.06%
9.125%
08/15/19
74837RAK0
QUICKSILVER RESOURCES INC
86,000,000
$57,190,000
0.06%
11%
07/01/21
DDD552121
QUICKSILVER RESOURCES INC
150,000,000
$136,125,000
0.14%
FLOATER
06/21/19
DDD550148
R H DONNELLEY INC
22,277,845
$16,429,911
0.02%
FLOATER
12/30/16
75281AAQ2
RANGE RESOURCES CORP
12,500,000
$12,937,500
0.01%
5%
03/15/23
755111507
RAYTHEON CO
2,500,000
$254,050,000
0.27%
N/A
N/A
758766AH2
REGAL ENTERTAINMENT GROUP
50,000,000
$50,375,000
0.05%
5.75%
03/15/22
75886AAL2
REGENCY ENERGY PARTNERS LP/REG
15,400,000
$16,131,500
0.02%
5.875%
03/01/22
75886AAG3
REGENCY ENERGY PARTNERS LP/REG
46,000,000
$46,920,000
0.05%
5.5%
04/15/23
75886AAJ7
REGENCY ENERGY PARTNERS LP/REG
62,000,000
$60,295,000
0.06%
4.5%
11/01/23
760759100
REPUBLIC SERVICES INC
9,500,000
$370,690,000
0.39%
N/A
N/A
761565209
REX ENERGY CORP
350,000
$33,915,560
0.04%
N/A
12/31/49
761565AC4
REX ENERGY CORP
50,000,000
$48,437,500
0.05%
6.25%
08/01/22
761735AD1
REYNOLDS GROUP ISSUER INC/LLC/
32,500,000
$34,450,000
0.04%
6.875%
02/15/21
B81BTQ6
REYNOLDS GROUP ISSUER INC/LLC/
45,000,000
$47,812,500
0.05%
8.25%
02/15/21
Page 16 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
761735AG4
REYNOLDS GROUP ISSUER INC/LLC/
65,000,000
$69,225,000
0.07%
7.875%
08/15/19
761735AP4
REYNOLDS GROUP ISSUER INC/LLC/
70,800,000
$72,393,000
0.08%
5.75%
10/15/20
761735AB5
REYNOLDS GROUP ISSUER INC/LLC/
99,900,000
$103,521,375
0.11%
8.5%
05/15/18
761735AL3
REYNOLDS GROUP ISSUER INC/LLC/
100,100,000
$104,729,625
0.11%
9%
04/15/19
761735AH2
REYNOLDS GROUP ISSUER INC/LLC/
127,000,000
$137,318,750
0.15%
9.875%
08/15/19
762760AA4
RICE ENERGY INC
35,900,000
$35,182,000
0.04%
6.25%
05/01/22
61761S257
RIO 7.50% ELN ISSUED BY MORGAN
2,400,000
$122,208,000
0.13%
N/A
05/27/15
25155P781
RIO 8.50% ELN ISSUED BY DEUTSC
3,800,000
$189,137,020
0.20%
N/A
12/31/14
767204100
RIO TINTO PLC
21,000,000
$1,032,780,000
1.09%
N/A
N/A
77340RAC1
ROCKIES EXPRESS PIPELINE LLC
25,000,000
$26,875,000
0.03%
6.85%
07/15/18
77340RAP2
ROCKIES EXPRESS PIPELINE LLC
32,200,000
$33,810,000
0.04%
6%
01/15/19
2754383
ROYAL BANK OF CANADA
4,000,000
$285,994,998
0.30%
N/A
N/A
780099CH8
ROYAL BANK OF SCOTLAND GROUP P
41,100,000
$40,509,187
0.04%
5.125%
05/28/24
B03MM62
ROYAL DUTCH SHELL
24,000,000
$1,827,120,000
1.94%
N/A
N/A
62910TAB1
SABINE OIL & GAS LLC / SABINE
25,000,000
$25,375,000
0.03%
9.75%
02/15/17
785592AG1
SABINE PASS LIQUEFACTION LLC
91,200,000
$92,568,000
0.10%
5.625%
04/15/23
785592AC0
SABINE PASS LIQUEFACTION LLC
90,000,000
$94,837,500
0.10%
6.25%
03/15/22
785592AD8
SABINE PASS LIQUEFACTION LLC
108,800,000
$110,432,000
0.12%
5.625%
04/15/23
785592AE6
SABINE PASS LIQUEFACTION LLC
126,200,000
$130,301,500
0.14%
5.625%
02/01/21
785592AF3
SABINE PASS LIQUEFACTION LLC
131,900,000
$134,373,125
0.14%
5.75%
05/15/24
785583AK1
SABINE PASS LNG LP
30,000,000
$31,050,000
0.03%
6.5%
11/01/20
785583AF2
SABINE PASS LNG LP
141,000,000
$150,179,100
0.16%
7.5%
11/30/16
796038AC1
SAMSON INVESTMENT CO
199,200,000
$181,770,000
0.19%
9.75%
02/15/20
79970YAC9
SANCHEZ ENERGY CORP
76,100,000
$75,635,790
0.08%
6.125%
01/15/23
79970YAB1
SANCHEZ ENERGY CORP
74,200,000
$79,765,000
0.08%
7.75%
06/15/21
79970Y600
SANCHEZ ENERGY CORP
1,200,000
$85,812,000
0.09%
N/A
12/31/49
80007PAQ2
SANDRIDGE ENERGY INC
46,250,000
$46,423,437
0.05%
8.125%
10/15/22
80007PAT6
SANDRIDGE ENERGY INC
50,000,000
$48,812,500
0.05%
7.5%
02/15/23
80007P877
SANDRIDGE ENERGY INC
800,000
$68,013,280
0.07%
N/A
12/31/49
80007PAL3
SANDRIDGE ENERGY INC
100,000,000
$103,000,000
0.11%
8.75%
01/15/20
80007PAN9
SANDRIDGE ENERGY INC
120,000,000
$117,600,000
0.12%
7.5%
03/15/21
80105N105
SANOFI
14,000,000
$790,020,000
0.84%
N/A
N/A
81211KAU4
SEALED AIR CORP
48,000,000
$47,280,000
0.05%
5.25%
04/01/23
Page 17 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
816851109
SEMPRA ENERGY
4,500,000
$474,210,000
0.50%
N/A
N/A
818097AA5
SEVENTY SEVEN ENERGY INC
15,000,000
$14,812,500
0.02%
6.5%
07/15/22
82088KAB4
SHEA HOMES LP/FUNDING CORP
93,200,000
$98,792,000
0.10%
8.625%
05/15/19
82967NAJ7
SIRIUS XM RADIO INC
18,000,000
$17,280,000
0.02%
4.25%
05/15/20
82967NAN8
SIRIUS XM RADIO INC
30,000,000
$30,300,000
0.03%
5.75%
08/01/21
82967NAQ1
SIRIUS XM RADIO INC
50,000,000
$50,750,000
0.05%
5.875%
10/01/20
82967NAL2
SIRIUS XM RADIO INC
94,400,000
$88,264,000
0.09%
4.625%
05/15/23
82967NAS7
SIRIUS XM RADIO INC
134,100,000
$136,446,750
0.14%
6%
07/15/24
78442FET1
SLM CORP
50,000,000
$48,875,000
0.05%
6.125%
03/25/24
83404DAA7
SOFTBANK CORP
70,000,000
$70,000,000
0.07%
4.5%
04/15/20
842587107
SOUTHERN CO
27,500,000
$1,200,375,000
1.27%
N/A
N/A
847560109
SPECTRA ENERGY CORPORATION
10,000,000
$392,600,000
0.42%
N/A
N/A
84762LAQ8
SPECTRUM BRANDS INC
15,000,000
$15,825,000
0.02%
6.625%
11/15/22
852060AD4
SPRINT CAPITAL CORP
126,000,000
$120,960,000
0.13%
6.875%
11/15/28
BDF27C2
SPRINT CORP
187,350,000
$199,527,750
0.21%
7.875%
09/15/23
85207UAG0
SPRINT CORP
245,650,000
$248,413,562
0.26%
7.125%
06/15/24
852061AR1
SPRINT NEXTEL CORP
30,000,000
$31,425,000
0.03%
7%
08/15/20
852061AP5
SPRINT NEXTEL CORP
80,000,000
$90,400,000
0.10%
9.125%
03/01/17
852061AS9
SPRINT NEXTEL CORP
158,000,000
$153,852,500
0.16%
6%
11/15/22
852061AD2
SPRINT NEXTEL CORP
164,000,000
$172,815,000
0.18%
6%
12/01/16
852061AF7
SPRINT NEXTEL CORP
182,700,000
$204,852,375
0.22%
8.375%
08/15/17
852061AK6
SPRINT NEXTEL CORP
180,000,000
$208,575,000
0.22%
9%
11/15/18
852061AM2
SPRINT NEXTEL CORP
200,000,000
$257,000,000
0.27%
11.5%
11/15/21
78464RAB1
SRA INTERNATIONAL INC
36,400,000
$38,948,000
0.04%
11%
10/01/19
DDD498266
SRA INTERNATIONAL INC
42,428,571
$42,481,607
0.05%
FLOATER
07/20/18
0790873
SSE PLC
6,000,000
$150,489,065
0.16%
N/A
N/A
858577AR0
STENA AB
51,600,000
$53,793,000
0.06%
7%
02/01/24
85858EAA1
STENA INTERNATIONAL SA
60,650,000
$60,877,437
0.06%
5.75%
03/01/24
DDD570827
STENA INTERNATIONAL SA
99,500,000
$97,945,312
0.10%
FLOATER
03/03/21
861642AM8
STONE ENERGY CORP
125,000,000
$129,412,500
0.14%
7.5%
11/15/22
DDD464307
SUPERMEDIA INC
30,326,100
$0
0.00%
N/A
N/A
DDD550221
SUPERMEDIA INC
6,969,107
$5,755,318
0.01%
FLOATER
12/31/16
868536AT0
SUPERVALU INC
32,500,000
$35,140,625
0.04%
8%
05/01/16
Page 18 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
87612E106
TARGET CORP
872375100
TECO ENERGY INC
87927YAA0
TELECOM ITALIA SPA
6087289
TELSTRA CORP LTD
2381093
TELUS CORP
88033GCF5
TENET HEALTHCARE CORP
88033GCH1
TENET HEALTHCARE CORP
88033GBY5
88033GBP4
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
20,000,000
$1,253,600,000
1.33%
N/A
N/A
7,000,000
$121,660,000
0.13%
N/A
N/A
70,000,000
$68,993,750
0.07%
5.303%
05/30/24
30,000,000
$139,212,453
0.15%
N/A
N/A
3,000,000
$102,465,166
0.11%
N/A
N/A
35,450,000
$35,095,500
0.04%
5%
03/01/19
35,800,000
$36,068,500
0.04%
5.5%
03/01/19
TENET HEALTHCARE CORP
85,000,000
$83,193,750
0.09%
4.5%
04/01/21
TENET HEALTHCARE CORP
88,211,775
$94,055,805
0.10%
6.25%
11/01/18
88033GCA6
TENET HEALTHCARE CORP
150,000,000
$144,375,000
0.15%
4.375%
10/01/21
88033GBM1
TENET HEALTHCARE CORP
190,000,000
$200,925,000
0.21%
8%
08/01/20
88033GCE8
TENET HEALTHCARE CORP
360,000,000
$396,000,000
0.42%
8.125%
04/01/22
382550BD2
THE GOODYEAR TIRE & RUBBER CO
62,900,000
$65,730,500
0.07%
6.5%
03/01/21
382550BB6
THE GOODYEAR TIRE & RUBBER CO
101,800,000
$109,435,000
0.12%
8.25%
08/15/20
969457BU3
THE WILLIAMS COS INC
65,000,000
$61,523,865
0.07%
3.7%
01/15/23
969457100
THE WILLIAMS COS INC
3,500,000
$193,725,000
0.21%
N/A
N/A
88732JBA5
TIME WARNER CABLE INC
20,000,000
$21,100,780
0.02%
4%
09/01/21
87264AAH8
T-MOBILE USA INC
18,300,000
$18,460,125
0.02%
6.125%
01/15/22
87264AAM7
T-MOBILE USA INC
30,000,000
$30,075,000
0.03%
6%
03/01/23
87264AAJ4
T-MOBILE USA INC
32,300,000
$32,784,500
0.03%
6.5%
01/15/24
87264AAN5
T-MOBILE USA INC
43,000,000
$43,000,000
0.05%
6.375%
03/01/25
87264AAF2
T-MOBILE USA INC
45,000,000
$46,293,750
0.05%
6.542%
04/28/20
87264AAG0
T-MOBILE USA INC
50,000,000
$51,312,500
0.05%
6.731%
04/28/22
87264AAL9
T-MOBILE USA INC
50,000,000
$51,375,000
0.05%
6.625%
04/01/23
87264AAD7
T-MOBILE USA INC
50,000,000
$51,437,500
0.05%
6.633%
04/28/21
87264AAE5
T-MOBILE USA INC
50,000,000
$51,562,500
0.05%
6.836%
04/28/23
87264AAK1
T-MOBILE USA INC
100,000,000
$101,375,000
0.11%
6.25%
04/01/21
87264AAC9
T-MOBILE USA INC
125,000,000
$130,156,250
0.14%
6.464%
04/28/19
89151E109
TOTAL SA
14,000,000
$902,300,000
0.96%
N/A
N/A
893647AV9
TRANSDIGM INC
26,500,000
$26,433,750
0.03%
6.5%
07/15/24
893647AU1
TRANSDIGM INC
26,800,000
$26,498,500
0.03%
6%
07/15/22
893647AR8
TRANSDIGM INC
59,500,000
$58,012,500
0.06%
5.5%
10/15/20
B3YNGY1
TRANSOCEAN INC
25,000,000
$26,604,425
0.03%
6.5%
11/15/20
Page 19 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
H8817H100
TRANSOCEAN LTD
7,000,000
$223,790,000
0.24%
N/A
N/A
DDD542307
TWCC HOLDING CORP
10,000,000
$9,860,940
0.01%
FLOATER
02/11/17
DDD552210
TWCC HOLDING CORP
50,000,000
$49,208,350
0.05%
FLOATER
06/26/20
N5646N517
TXN 6.00% ELN ISSUED BY BANK O
2,870,000
$135,813,853
0.14%
N/A
08/26/15
25155P484
TXN 6.00% ELN ISSUED BY DEUTSC
1,455,000
$67,567,726
0.07%
N/A
03/02/15
90290MAA9
U.S. FOODS INC
80,000,000
$84,900,000
0.09%
8.5%
06/30/19
DDD550658
U.S. FOODS INC
98,750,000
$98,472,315
0.10%
FLOATER
03/31/19
903914AC3
ULTRA PETROLEUM CORP
47,000,000
$45,120,000
0.05%
6.125%
10/01/24
910047AD1
UNITED CONTINENTAL HOLDINGS IN
40,000,000
$37,000,000
0.04%
6%
07/15/28
910047AC3
UNITED CONTINENTAL HOLDINGS IN
40,000,000
$37,500,000
0.04%
6%
07/15/26
911365AW4
UNITED RENTALS NORTH AMERICA I
45,000,000
$48,600,000
0.05%
8.375%
09/15/20
911365BB9
UNITED RENTALS NORTH AMERICA I
69,700,000
$70,787,320
0.08%
5.75%
11/15/24
912909AF5
UNITED STATES STEEL CORP
35,000,000
$39,068,750
0.04%
7.375%
04/01/20
913364AB1
UNITYMEDIA HESSEN GMBH & CO. K
20,000,000
$20,187,500
0.02%
5.5%
01/15/23
914906AK8
UNIVISION COMMUNICATIONS INC
65,000,000
$69,062,500
0.07%
8.5%
05/15/21
914906AM4
UNIVISION COMMUNICATIONS INC
80,000,000
$83,600,000
0.09%
6.875%
05/15/19
914906AR3
UNIVISION COMMUNICATIONS INC
84,500,000
$85,978,750
0.09%
5.125%
05/15/23
903202AA7
UPCB FINANCE III LTD
50,000,000
$52,505,000
0.06%
6.625%
07/01/20
91911KAD4
VALEANT PHARMACEUTICALS INTERN
25,650,000
$25,617,937
0.03%
5.625%
12/01/21
91829KAA1
VALEANT PHARMACEUTICALS INTERN
42,900,000
$44,240,625
0.05%
6.375%
10/15/20
92912EAA1
VALEANT PHARMACEUTICALS INTERN
53,900,000
$57,875,125
0.06%
7.5%
07/15/21
92912EAC7
VALEANT PHARMACEUTICALS INTERN
58,900,000
$62,286,750
0.07%
6.75%
08/15/18
92343VBT0
VERIZON COMMUNICATIONS INC
70,000,000
$87,584,420
0.09%
6.55%
09/15/43
92343VBR4
VERIZON COMMUNICATIONS INC
92,700,000
$102,605,643
0.11%
5.15%
09/15/23
2090571
VERIZON COMMUNICATIONS INC
15,000,000
$749,850,000
0.80%
N/A
N/A
92658TAQ1
VIDEOTRON LTD
10,000,000
$9,950,000
0.01%
5%
07/15/22
92769XAJ4
VIRGIN MEDIA SECURED FINANCE P
80,000,000
$80,050,000
0.08%
5.5%
01/15/25
92834UAB8
VISANT CORP (JOSTENS)
51,066,000
$45,831,735
0.05%
10%
10/01/17
DDD584301
VISANT CORP (JOSTENS)
100,000,000
$98,791,700
0.10%
FLOATER
09/23/21
BH4HKS3
VODAFONE GROUP PLC
62,727,271
$207,874,235
0.22%
N/A
N/A
B8KRT65
VOLKSWAGEN INTERNATIONAL FINAN
220,000,000
$288,441,698
0.31%
5.5%
11/09/15
92922PAC0
W&T OFFSHORE INC
128,400,000
$133,536,000
0.14%
8.5%
06/15/19
93317QAJ4
WALTER ENERGY INC
24,250,000
$11,155,000
0.01%
11%
04/01/20
Page 20 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
93317QAH8
WALTER ENERGY INC
45,000,000
$14,625,000
0.02%
9.875%
12/15/20
93317QAF2
WALTER ENERGY INC
66,725,000
$20,684,750
0.02%
8.5%
04/15/21
93317QAG0
WALTER ENERGY INC
110,000,000
$99,550,000
0.11%
9.5%
10/15/19
DDD489394
WALTER ENERGY INC
204,400,000
$181,149,500
0.19%
FLOATER
04/01/18
94106L109
WASTE MANAGEMENT INC
12,500,000
$594,125,000
0.63%
N/A
N/A
949746RG8
WELLS FARGO & CO
129,500,000
$132,251,875
0.14%
5.9%
12/29/49
949746101
WELLS FARGO & CO
10,000,000
$518,700,000
0.55%
N/A
N/A
949746804
WELLS FARGO & CO
520,000
$625,305,200
0.66%
N/A
12/31/49
962178AM1
WEYERHAEUSER REAL ESTATE CO
30,000,000
$29,962,500
0.03%
5.875%
06/15/24
25155Q136
WFM 7.00% ELN ISSUED BY DEUTSC
2,720,000
$104,111,536
0.11%
N/A
12/08/14
949746432
WFM 7.00% ELN ISSUED BY WELLS
2,825,000
$108,290,160
0.11%
N/A
05/28/15
97314XAM6
WIND ACQUISITION FINANCE SA
50,000,000
$48,031,250
0.05%
4.75%
07/15/20
97314XAK0
WIND ACQUISITION FINANCE SA
290,000,000
$291,812,500
0.31%
7.375%
04/23/21
977255AD0
WISE METALS GROUP LLC/WISE ALL
25,000,000
$26,812,500
0.03%
8.75%
12/15/18
48124B279
WMB 7.50% ELN II ISSUED BY JPM
4,420,000
$191,279,920
0.20%
N/A
01/20/15
48127F871
WMB 8.50% ELN ISSUED BY JPMORG
4,750,000
$217,146,250
0.23%
N/A
01/20/15
6979728
WOODSIDE PETROLEUM LTD
4,000,000
$142,189,323
0.15%
N/A
N/A
98212BAD5
WPX ENERGY INC
48,500,000
$50,076,250
0.05%
6%
01/15/22
383909AE8
WR GRACE & CO-CONN
30,000,000
$30,600,000
0.03%
5.125%
10/01/21
983130AU9
WYNN LAS VEGAS LLC/CAPITAL COR
28,300,000
$26,955,750
0.03%
4.25%
05/30/23
BFPK4N0
WYNN MACAU LTD
25,000,000
$24,109,375
0.03%
5.25%
10/15/21
98389B100
XCEL ENERGY INC
23,000,000
$699,200,000
0.74%
N/A
N/A
N5646N525
XLNX 6.00% ELN ISSUED BY BANK
3,425,000
$144,367,860
0.15%
N/A
08/26/15
983793AB6
XPO LOGISTICS INC
30,000,000
$31,125,000
0.03%
7.875%
09/01/19
Page 21 of 22
Portfolio Holdings for Franklin Income Fund as of September 30, 2014
Security
Identifier
Security Name
Shares/
Positions Held
Market Value
% of
TNA
Coupon Maturity
Rate
Date
Important Legal Information
•
•
Portfolio holdings are subject to change without notice and may not represent current or future portfolio
composition. The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information.
The net market value of all currency forward contracts is included in cash and other net assets, reflected in the base
currency of the fund. The net market value of any Credit Default, Interest Rate and/or other Swap contract positions
are displayed as exposure to the issuing counterparty (i.e. "Citibank").
•
Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to
conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC)
presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and
semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments
provided in the first and third quarter SEC Form N-Q filings for each fiscal year.
•
The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security
or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other
investments.
•
Investors should carefully consider a fund's investment goals, risks, charges and expenses before
investing. To obtain a prospectus, which contains this and other information, talk to your financial advisor,
call us at 1-800/DIAL BEN (1-800/342-5236) or visit our website at franklintempleton.com. Please read the
prospectus carefully before investing. Franklin Templeton Distributors Inc., One Franklin Parkway, San
Mateo, CA 94403.
Copyright. 2011-2012. Franklin Templeton Investments ©. All rights reserved.
Page 22 of 22

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