# EDGAR Filing Document

**Accession Number:** 0000038721
**File Stem:** 0001741773-23-000118
**Filing Date:** 2023-2
**Character Count:** 23905
**Document Hash:** 2ba75432d8031ffcd5bf18166490b508
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-23-000118.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001741773-23-000118

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**EFFECTIVENESS DATE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Custodian Funds
- **CENTRAL INDEX KEY:** 0000038721
- **IRS NUMBER:** 132573775
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-11346
- **FILM NUMBER:** 23574761

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CUSTODIAN FUNDS
- **DATE OF NAME CHANGE:** 20080128

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CUSTODIAN FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN DYNATECH FUND (Series ID: S000006754)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018321 | Class A       | FKDNX           |
| C000018323 | Class C       | FDYNX           |
| C000066417 | Advisor Class | FDYZX           |
| C000068977 | Class R       | FDNRX           |
| C000128785 | Class R6      | FDTRX           |

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| |
|:---|
| **SUMMARY PROSPECTUS** |
| **FRANKLIN DYNATECH FUND** |
| **Franklin Custodian Funds** |
| February 1, 2023 |
| ![](img_e6f9ed01fc554f1.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class R** | **Class R6** | **Advisor Class** |
| FKDNX | FDYNX | FDNRX | FDTRX | FDYZX |

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Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, statement of additional information, reports to shareholders and other information about the Fund online at www.franklintempleton.com/prospectus. You can also get this information at no cost by calling (800) DIAL BEN/342-5236 or by sending an e-mail request to prospectus@franklintempleton.com. The Fund's prospectus and statement of additional information, both dated February 1, 2023, as may be supplemented, are all incorporated by reference into this Summary Prospectus.

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

Investment Goal

Capital appreciation.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $25,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund's distributor. More information about these and other discounts is available from your financial professional and under "Your Account" on page 166 in the Fund's Prospectus and under "Buying and Selling Shares" on page 88 of the Fund's Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

#### Shareholder Fees
(fees paid directly from your investment)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Class A** | **Class C** | **Class R** | **Class R6** | **Advisor <br>Class** |
| Maximum Sales Charge (Load) <br>Imposed on Purchases (as percentage of offering price) | Maximum Sales Charge (Load) <br>Imposed on Purchases (as percentage of offering price) | 5.50% |  |  |  |  |
| Maximum Deferred Sales Charge <br>(Load) (as percentage of the lower of original purchase price or sale proceeds) | Maximum Deferred Sales Charge <br>(Load) (as percentage of the lower of original purchase price or sale proceeds) | None<br><sup>1</sup>  | 1.00% |  |  |  |
| <sup>1.</sup> | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investment of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investment of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investment of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investment of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investment of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investment of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. |

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<br>  <br> 2 Summary Prospectus franklintempleton.com

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

#### Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R** | **Class R6** | **Advisor <br>Class** |
| Management fees | 0.41% | 0.41% | 0.41% | 0.41% | 0.41% |
| Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.50% |  |  |
| Other expenses | 0.16% | 0.16% | 0.16% | 0.05% | 0.16% |
| Total annual Fund operating expenses | 0.82% | 1.57% | 1.07% | 0.46% | 0.57% |
| Fee waiver and/or expense reimbursement<sup>1</sup> |  |  |  | -0.01% |  |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement<sup>1</sup>** | **0.82%** | **1.57%** | **1.07%** | **0.45%** | **0.57%** |

---

<sup>1.</sup> The transfer agent has contractually agreed to cap transfer agency fees for Class R6 shares of the Fund so that the transfer agency fees for that class do not exceed 0.03% until January 31, 2024. During the term, this fee waiver and expense reimbursement agreement may not be terminated or amended without approval of the board of trustees except to add series and classes, to reflect the extension of termination dates or to lower the cap on Fund's fees and expenses (which would result in lower fees for shareholders).

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $629 | $797 | $979 | $1506 |
| **Class C** | $260 | $496 | $856 | $1667 |
| **Class R** | $109 | $340 | $589 | $1304 |
| **Class R6** | $46 | $146 | $256 | $577 |
| **Advisor Class** | $58 | $183 | $318 | $713 |
| If you do not sell your shares: |  |  |  |  |
| **Class C** | $160 | $496 | $856 | $1667 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held

<br>  <br> franklintempleton.com Summary Prospectus 3

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40.72% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund seeks investments primarily in equity securities of companies that the investment manager believes are leaders in innovation, take advantage of new technologies, have superior management, and benefit from new industry conditions in the dynamically changing global economy. The Fund invests predominantly in common stock.

In pursuing these objectives, the investment manager may invest in companies in any economic sector or of any market capitalization and may invest in companies both inside and outside of the United States. Although the investment manager searches for investments across a large number of sectors, it expects to have significant positions in particular sectors including, for example, technology and health care.

The investment manager uses fundamental, "bottom-up" research to seek companies meeting its criteria of growth potential, quality and valuation. In seeking sustainable growth characteristics, the investment manager looks for companies it believes can produce sustainable earnings and cash flow growth, evaluating the long-term market opportunity and competitive structure of an industry to target leaders and emerging leaders.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

**Market** The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

The global outbreak of the novel strain of coronavirus, COVID-19, has resulted in market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in global travel restrictions and disruptions of healthcare systems, business

<br>  <br> 4 Summary Prospectus franklintempleton.com

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

operations and supply chains, layoffs, volatility in consumer demand for certain products, defaults and credit ratings downgrades, and other significant economic impacts. The effects of COVID-19 have impacted global economic activity across many industries and may heighten other pre-existing political, social and economic risks, locally or globally. The full impact of the COVID-19 pandemic is unpredictable and may adversely affect the Fund's performance.

Stock prices tend to go up and down more dramatically than those of debt securities. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.

**Management** The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

**Growth Style Investing** Growth stock prices reflect projections of future earnings or revenues, and can, therefore, fall dramatically if the company fails to meet those projections. Prices of these companies' securities may be more volatile than other securities, particularly over the short term. In addition, investment styles can go in and out of favor, which could cause additional volatility in the prices of the Fund's portfolio holdings.

**Focus** The technology sector has historically been volatile due to the rapid pace of product change and development within the sector. Companies in the technology sector may be affected by worldwide technological developments, the success of their products and services (which may be outdated quickly), anticipated products or services that are delayed or cancelled, and investor perception of the company and/or its products or services. The activities of health care companies may be funded or subsidized by federal and state governments and changes in funding may adversely affect the profitability of these companies. Technology and health care companies may also be affected by legislation or changes in government regulation and policies.

**Small and Mid Capitalization Companies** Securities issued by small and mid capitalization companies may be more volatile in price than those of larger companies and may involve additional risks. Such risks may include greater sensitivity to economic conditions, less certain growth prospects, lack of depth of management and funds for growth and development, and limited or less developed product lines and markets. In addition, small and mid capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans.

<br>  <br> franklintempleton.com Summary Prospectus 5

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

**Foreign Securities (non-U.S.)** Investing in foreign securities typically involves more risks than investing in U.S. securities, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulation and greater price volatility. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations. The risks of investing in foreign securities are typically greater in less developed or emerging market countries.

**Cybersecurity** Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager and their service providers are subject to the risk of cyber incidents occurring from time to time.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

<br>  <br> 6 Summary Prospectus franklintempleton.com

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

The secondary index in the table below shows how the Fund's performance compares to another group of securities that reflects the broader equity markets universe.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

#### Class A Annual Total Returns
![PerformanceBarChartData(2013:39.67, 2014:7.2, 2015:8.46, 2016:1.27, 2017:39.31, 2018:2.8, 2019:36.38, 2020:57.68, 2021:12.58, 2022:-40.3)](img_0f67369564984f1.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter:  | 2020, Q2 | 35.05% |
| Worst Quarter:  | 2022, Q2 | -24.01% |

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<br>  <br> franklintempleton.com Summary Prospectus 7

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

#### Average Annual Total Returns
(figures reflect sales charges)

For periods ended December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **1 Year** | **5 Years** | **10 Years** | **Since Inception** |
| **Franklin DynaTech Fund - Class A** | **Franklin DynaTech Fund - Class A** |  |  |  |  |
|  | Return before taxes | -43.59% | 7.02% | 12.39% |  |
|  | Return after taxes on distributions | -43.59% | 6.78% | 11.87% |  |
|  | Return after taxes on distributions and sale of Fund shares | -25.80% | 5.52% | 10.22% |  |
| **Franklin DynaTech Fund - Class C** | **Franklin DynaTech Fund - Class C** | -41.35% | 7.43% | 12.19% |  |
| **Franklin DynaTech Fund - Class R** | **Franklin DynaTech Fund - Class R** | -40.45% | 7.97% | 12.75% |  |
| **Franklin DynaTech Fund - Class R6** | **Franklin DynaTech Fund - Class R6** | -40.07% | 8.62% |  | 12.97%<br><sup>1</sup> |
| **Franklin DynaTech Fund - Advisor Class**  | **Franklin DynaTech Fund - Advisor Class**  | -40.16% | 8.51% | 13.31% |  |
| Russell 1000 Growth Index (index reflects no deduction for fees, expenses or taxes) | Russell 1000 Growth Index (index reflects no deduction for fees, expenses or taxes) | -29.14% | 10.96% | 14.10% |  |
| S&P 500 Index (index reflects no deduction for fees, expenses or taxes) | S&P 500 Index (index reflects no deduction for fees, expenses or taxes) | -18.11% | 9.43% | 12.56% |  |
| <sup>1.</sup> | Since inception May 1, 2013. | Since inception May 1, 2013. | Since inception May 1, 2013. | Since inception May 1, 2013. |  |

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No one index is representative of the Fund's portfolio.

The figures in the average annual total returns table above reflect the Class A shares maximum front-end sales charge of 5.50%. Prior to September 10, 2018, Class A shares were subject to a maximum front-end sales charge of 5.75%. If the prior maximum front-end sales charge of 5.75% was reflected, performance for Class A shares in the average annual total returns table would be lower.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Investment Manager

Franklin Advisers, Inc. (Advisers)

Portfolio Managers

**Matthew J. Moberg, CPA**<br>Senior Vice President of Advisers and portfolio manager of the Fund since 2004.

<br>  <br> 8 Summary Prospectus franklintempleton.com

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

**Rupert H. Johnson, Jr.**<br>Director of Advisers and portfolio manager of the Fund since its inception (1968).

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund on any business day online through our website at franklintempleton.com, by mail (Franklin Templeton Investor Services, P.O. Box 997151, Sacramento, CA 95899-7151), or by telephone at (800) 632-2301. For Class A, C and R, the minimum initial purchase for most accounts is $1,000 (or $25 under an automatic investment plan). Class R6 and Advisor Class are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor, as described under "Your Account — Choosing a Share Class — Qualified Investors — Class R6" and "— Advisor Class" in the Fund's prospectus. There is no minimum investment for subsequent purchases.

Taxes

The Fund's distributions are generally taxable to you as capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions would generally be taxed when withdrawn from the tax-advantaged account.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

<br>  <br> franklintempleton.com Summary Prospectus 9

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

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<br>  <br> 10 Summary Prospectus franklintempleton.com

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FRANKLIN DYNATECH FUND<br>SUMMARY PROSPECTUS

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<br>  <br> franklintempleton.com Summary Prospectus 11

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| | |
|:---|:---|
| ![](img_5396bb7b211d4f1.jpg) |  |
|  | Franklin Distributors, LLC<br>One Franklin Parkway<br>San Mateo, CA 94403-1906<br>franklintempleton.com<br>**Franklin DynaTech Fund** |

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|:---|:---|
| Investment Company Act file #811-00537<br>© 2023 Franklin Templeton. All rights reserved.<br>![](img_5be3abbc67584f1.jpg) 10% Total Recycled Fiber 00070361 | 108 PSUM 02/23 |

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