# EDGAR Filing Document

**Accession Number:** 0000038721
**File Stem:** 0001741773-23-000121
**Filing Date:** 2023-2
**Character Count:** 22517
**Document Hash:** fa82d078f08bfb26e59ffcae5cbac286
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-23-000121.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0001741773-23-000121

**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:** 23574765

**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 U.S. GOVERNMENT SECURITIES FUND (Series ID: S000006757)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018335 | Class A1      | FKUSX           |
| C000018337 | Class C       | FRUGX           |
| C000018338 | Advisor Class | FUSAX           |
| C000018339 | Class R       | FUSRX           |
| C000128788 | Class R6      | FGORX           |
| C000199720 | Class A       | FKFSX           |

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| |
|:---|
| **SUMMARY PROSPECTUS** |
| **FRANKLIN U.S.**<br>**GOVERNMENT**<br>**SECURITIES FUND** |
| **Franklin Custodian Funds** |
| February 1, 2023 |
| ![](img_5886535bf4ed4f1.jpg) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Class A1** | **Class C** | **Class R** | **Class R6** | **Advisor Class** |
| FKFSX | FKUSX | FRUGX | FUSRX | FGORX | FUSAX |

---

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 U.S. GOVERNMENT SECURITIES FUND<br>SUMMARY PROSPECTUS

Investment Goal

Income.

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 $100,000 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)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Class A** | **Class A1** | **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) | 3.75% | 3.75% |  |  |  |  |
| 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>  | None<br><sup>1</sup>  | 1.00% |  |  |  |
| <sup>1.</sup> | There is a 1% contingent deferred sales charge that applies to investments of $500,000 or more (see "Investment of $500,000 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 $500,000 or more (see "Investment of $500,000 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 $500,000 or more (see "Investment of $500,000 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 $500,000 or more (see "Investment of $500,000 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 $500,000 or more (see "Investment of $500,000 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 $500,000 or more (see "Investment of $500,000 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 $500,000 or more (see "Investment of $500,000 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 U.S. GOVERNMENT SECURITIES 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 A1** | **Class C** | **Class R** | **Class R6** | **Advisor <br>Class** |
| Management fees | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
| Distribution and service (12b-1) fees | 0.25% | 0.15% | 0.65% | 0.50% |  |  |
| Other expenses | 0.17% | 0.16% | 0.17% | 0.17% | 0.05% | 0.17% |
| **Total annual Fund operating expenses** | **0.87%** | **0.76%** | **1.27%** | **1.12%** | **0.50%** | **0.62%** |

---

#### 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** | $460 | $642 | $838 | $1406 |
| **Class A1** | $450 | $609 | $782 | $1283 |
| **Class C** | $229 | $402 | $696 | $1422 |
| **Class R** | $114 | $356 | $617 | $1363 |
| **Class R6** | $51 | $160 | $279 | $629 |
| **Advisor Class** | $63 | $198 | $345 | $774 |
| If you do not sell your shares: |  |  |  |  |
| **Class C** | $129 | $402 | $696 | $1422 |

---

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 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 53.63% of the average value of its portfolio.

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

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FRANKLIN U.S. GOVERNMENT SECURITIES FUND<br>SUMMARY PROSPECTUS

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets in U.S. government securities. The Fund presently invests substantially all of its assets in Government National Mortgage Association obligations (Ginnie Maes). Ginnie Maes represent an ownership interest in mortgage loans pooled together for sale to investors to finance purchases of homes. The mortgage loans may have either fixed or adjustable interest rates. As the underlying mortgage loans are paid off, Ginnie Maes provide investors with monthly payments of interest and principal as well as any unscheduled prepayments on the underlying mortgage loans.

Ginnie Maes carry a guarantee as to the timely repayment of principal and interest that is backed by the full faith and credit of the U.S. government. The full faith and credit guarantee does not apply to the market prices and yields of the Ginnie Maes or to the net asset value or performance of the Fund, which will vary with changes in interest rates and other market conditions.

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.

**Interest Rate** When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

**Prepayment** Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.

**Extension** The market value of some debt securities (such as certain asset-backed and mortgage-backed securities) will be adversely affected when bond calls or prepayments on underlying mortgages or other assets are less or slower than anticipated. When that occurs, the effective maturity date of the Fund's investment is extended, resulting in an increase in interest rate sensitivity to that of a longer-term instrument.

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

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FRANKLIN U.S. GOVERNMENT SECURITIES FUND<br>SUMMARY PROSPECTUS

**Ginnie Maes** Ginnie Maes differ from conventional corporate debt securities because principal is paid back monthly over the life of the security rather than at maturity. The Fund may receive unscheduled payments of principal due to voluntary prepayments, refinancing or foreclosure on the underlying mortgage loans. Because of prepayments, Ginnie Maes may be less effective than some other types of securities as a means of "locking in" long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. A reduction in the anticipated rate of principal prepayments, especially during periods of rising interest rates, may increase the effective maturity of Ginnie Maes, making them more susceptible than some other debt securities to a decline in market value when interest rates rise.

**Income** The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security.

**Credit** U.S. government investments generally have the least credit risk but are not completely free of credit risk. Any downgrade of securities issued by the U.S. government may result in a downgrade of securities issued by its agencies or instrumentalities, including securities issued by Ginnie Mae. While securities issued by Ginnie Mae are backed by the full faith and credit of the U.S. government, guarantees of principal and interest do not apply to market prices, yields or the Fund's share price.

**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.

**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 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

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

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FRANKLIN U.S. GOVERNMENT SECURITIES FUND<br>SUMMARY PROSPECTUS

risks, locally or globally. The full impact of the COVID-19 pandemic is unpredictable and may adversely affect the Fund's performance.

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.

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:-1.68, 2014:4.3, 2015:0.93, 2016:0.67, 2017:0.74, 2018:0.29, 2019:5.34, 2020:3.38, 2021:-2.16, 2022:-10.42)](img_5df3ab08f1074f1.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter:  | 2020, Q1 | 2.69% |
| Worst Quarter:  | 2022, Q3 | -5.00% |

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

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FRANKLIN U.S. GOVERNMENT SECURITIES FUND<br>SUMMARY PROSPECTUS

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

For periods ended December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **1 Year** | **5 Years** | **10 Years** | **Since Inception** |
| **Franklin U.S. Government Securities Fund - Class A** | **Franklin U.S. Government Securities Fund - Class A** |  |  |  |  |
|  | Return before taxes | -13.78% | -1.63% | -0.33% |  |
|  | Return after taxes on distributions | -14.69% | -2.68% | -1.57% |  |
|  | Return after taxes on distributions and sale of Fund shares | -8.14% | -1.63% | -0.76% |  |
| **Franklin U.S. Government Securities Fund - Class A1** | **Franklin U.S. Government Securities Fund - Class A1** | -13.73% | -1.57% | -0.29% |  |
| **Franklin U.S. Government Securities Fund - Class C** | **Franklin U.S. Government Securities Fund - Class C** | -11.73% | -1.31% | -0.42% |  |
| **Franklin U.S. Government Securities Fund - Class R** | **Franklin U.S. Government Securities Fund - Class R** | -10.64% | -1.15% | -0.27% |  |
| **Franklin U.S. Government Securities Fund - Class R6** | **Franklin U.S. Government Securities Fund - Class R6** | -10.20% | -0.54% |  | 0.33%<br><sup>1</sup> |
| **Franklin U.S. Government Securities Fund - Advisor Class**  | **Franklin U.S. Government Securities Fund - Advisor Class**  | -10.16% | -0.65% | 0.23% |  |
| Bloomberg US Government - Intermediate Index (index reflects no deduction for fees, expenses or taxes) | Bloomberg US Government - Intermediate Index (index reflects no deduction for fees, expenses or taxes) | -7.73% | 0.46% | 0.69% |  |
| <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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Historical performance for Class A shares in the bar chart and table above prior to their inception is based on the performance of Class A1 shares and has been adjusted to reflect differences in Rule 12b-1 fees between classes.

The figures in the average annual total returns table above reflect the Class A and Class A1 shares maximum front-end sales charge of 3.75%. Prior to March 1, 2019, Class A and Class A1 shares were subject to a maximum front-end sales charge of 4.25%. If the prior maximum front-end sales charge of 4.25% was reflected, performance for Class A and Class A1 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)

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

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FRANKLIN U.S. GOVERNMENT SECURITIES FUND<br>SUMMARY PROSPECTUS

Portfolio Managers

**Paul Varunok**<br>Senior Vice President of Advisers and portfolio manager of the Fund since 2003.

**Neil Dhruv**<br>Vice President of Advisers and portfolio manager of the Fund since 2019.

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 ordinary income, 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> 8 Summary Prospectus franklintempleton.com

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FRANKLIN U.S. GOVERNMENT SECURITIES FUND<br>SUMMARY PROSPECTUS

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

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

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

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|:---|:---|
| ![](img_b23b11cabace4f1.jpg) |  |
|  | Franklin Distributors, LLC<br>One Franklin Parkway<br>San Mateo, CA 94403-1906<br>franklintempleton.com<br>**Franklin U.S. Government Securities Fund** |

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|:---|:---|
| Investment Company Act file #811-00537<br>© 2023 Franklin Templeton. All rights reserved.<br>![](img_344907161d804f1.jpg) 10% Total Recycled Fiber 00070363 | 1110 PSUM 02/23 |

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