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Managed Fund Since 1998
Equity
FKUTX Franklin Utilities Fund
- Income component. Due to the nature of the utilities industry, our fund has historically paid an attractive quarterly dividend.
- Diversification. By adding investments from different sectors to your portfolio, you may take advantage of rotating economic cycles.
- Increasing Demand. Investors may capitalize on an increasing demand for basic utilities.
Popular Documents
Total Net Assets
$7.36B
As of 10/31/2025 (Updated Monthly)
Limited Offering of Class A1 Shares
Class A1 shares of this fund are only open to existing Class A1 shareholders. New investors may purchase Class A shares of the fund: FKUQX.
Overview
Fund Facts
Fund description
The fund seeks capital appreciation and current income by investing predominantly in the securities of public utility companies, with a focus on companies operating in the U.S. electricity and gas sectors.
- Benchmark
- S&P 500 Utilities Index
- Additional Benchmark
- S&P 500 Index
- Dividend Frequency, if any
- Quarterly
- Fund Inception Date
- 09/30/1948
Identifiers
- Ticker
- FKUTX
- Fund Number
- 107
- CUSIP Code
- 353496409
Average Annual Total Returns As of 10/31/2025
Class A1
- 11.63%1 Year
- 13.43%3 Years
- 11.03%5 Years
- 10.44%10 Years
- 9.86%Since Inception
09/30/1948
Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.
Top Sectors
As of 10/31/2025 % of Total (Updated Monthly)
Electric Utilities60.60% | |
Multi-Utilities26.46% | |
Independent Power Producers & Energy Traders5.66% | |
Oil & Gas Storage & Transportation2.80% | |
Renewable Electricity2.15% |
Additional Fund Info
- Share Class Inception Date
- 09/30/1948
- Investment Style
- Sector
- Lipper Classification
- Utility Funds
- Morningstar Category
3 - Utilities
Manager and Commentary
About the Team
Franklin Equity Group
Growth equity managers with a focus on in-depth fundamental research, we offer expertise in managing global, U.S. and sector-specific strategies across the market capitalization spectrum. Our center of gravity in Silicon Valley allows us to follow companies across their private to public life cycles, developing deeper insights into future industry trends and identifying potential disruptors.
Commentary Highlights
June 30, 2025- Markets: US stocks advanced during the second quarter of 2025. After rebounding from April’s lows, equity markets continued to rally through June despite bouts of volatility. The S&P 500 Index and Nasdaq Composite Index closed the period with solid gains after hitting new record highs at the end of June, while the Dow Jones Industrial Average hovered near its all-time high. Temporary delays in tariff hikes, reduced fears of a recession, growing expectations of interest-rate cuts later in the year and easing geopolitical tensions helped drive US stocks higher. Large-capitalization equities gained the most, followed by mid- and small-cap stocks, and growth stocks outperformed value by a wide margin in all three market-cap tiers.
- Detractors: Stock selection decisions worked against us, resulting in the fund’s underperformance of its S&P 500 Utilities Index benchmark. In terms of industries, stock selection in electric utilities detracted most from relative returns.
- Contributors: Helping relative returns was an overweight in the independent power and renewable electricity producers industry. Stock selection in the multi-utilities industry was also supportive of relative performance, as well as stock selection and an underweight in the water utilities industry.
- Outlook: We believe that power demand across the United States is likely to improve significantly, along with industry capital spending, due to data center development. In addition, other industrial development activities such as domestic semiconductor manufacturing are helping drive demand.
Franklin Equity Group
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Managed Fund Since 2009
Latest Insights
November 27, 2025
October 13, 2025
October 1, 2025
Performance
Average Annual Total Returns
As of 10/31/2025
Selected Month October 2025
Class A1 - With Sales Charge (POP) (%)
Month End
As of 10/31/2025
Class A1 - Without Sales Charge (NAV) (%)
Month End
As of 10/31/2025
S&P 500 Utilities Index (%)
Month End
As of 10/31/2025
S&P 500 Index (%)
Month End
As of 10/31/2025
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.
Ratings 3
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Portfolio
Assets
As of10/31/2025 (Updated Monthly)
- Total Net Assets
- $7.36 Billion
Positions
As of 10/31/2025 (Updated Monthly)
Number of Issuers
- Fund
- 45
- Benchmark
- 31
Portfolio Statistics
As of 10/31/2025 (Updated Monthly)
Price to Earnings (12-Month Forward)
- Fund
- 19.13x
- Benchmark
- 20.39x
- Fund
- 9.25x
- Benchmark
- 10.17x
- Fund
- 2.30x
- Benchmark
- 2.45x
- Fund
- $55.97 Billion
- Benchmark
- $70.94 Billion
Sector Allocation
As of 10/31/2025 % of Total (Updated Monthly)
| Sector | % of Total | Benchmark |
|---|---|---|
Electric Utilities | 60.60% | 62.37% |
Multi-Utilities | 26.46% | 28.67% |
Independent Power Producers & Energy Traders | 5.66% | 5.11% |
Oil & Gas Storage & Transportation | 2.80% | — |
Renewable Electricity | 2.15% | — |
Water Utilities | 1.31% | 1.83% |
Gas Utilities | 0.76% | 2.02% |
Cash & Cash Equivalents | 0.26% | — |
Holdings
As of 10/31/2025 (Updated Monthly)
NextEra Energy Inc COM USD.01
Entergy Corp COM USD0.01
Vistra Corp COM USD.01
Southern Co/The COM USD5
Sempra COM USD NPV
EVERGY INC COM USD NPV
Duke Energy Corp COM USD.001
Constellation Energy Corp COM USD 1
PPL Corp COM USD.01
NiSource Inc COM USD.01
Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.
Distributions & Tax
- Distribution Frequency
- QuarterlyThis fund is an ex-Dividend fund
- Capital Gain Distributions
- December
Rates and Yields
Distribution Rate & Breakpoints
Less than $100,000 1.74%
$100,000 - $249,999 1.75%
$250,000 - $499,999 1.77%
Distribution Rate
At Net Asset Value (NAV)
Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.
Distributions Per Share
12/19/2025
09/19/2025
06/18/2025
03/19/2025
Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.
The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.
Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.
Pricing
Pricing History
As of 11/26/2025 (Updated Daily)
Daily Fund Prices and Breakpoints
As of 11/26/2025
Share Prices
As of 11/26/2025
POP and Sales Charge at Breakpoints
Less than $100,000
$100,000 - $249,999
$250,000 - $499,999
52-Week Range
- Highest NAV
As of 10/15/2025 - $27.06
- Lowest NAV
As of 04/08/2025 - $21.63
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin Utilities Fund | |||
| Product Commentary - Franklin Utilities Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin Utilities Fund - Class A1 | |||
| Annual Financial Statements and Other Information - Franklin Custodian Funds | |||
| Semi-Annual Report - Franklin Utilities Fund - Class A1 | |||
| Semi-Annual Financial Statements and Other Information - Franklin Custodian Funds | |||
| Prospectus - Franklin Custodian Funds | |||
| Summary Prospectus - Franklin Utilities Fund | |||
| Statement of Additional Information - Franklin Custodian Funds | |||
| Fiscal Q1 Holdings - Franklin Custodian Funds | |||
| Fiscal Q3 Holdings - Franklin Custodian Funds |
Risks
All investments involve risks, including possible loss of principal. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Equity securities are subject to price fluctuation and possible loss of principal. Securities issued by utility companies have been historically sensitive to interest rate changes. When interest rates fall, utility securities prices, and thus a utilities fund’s share price, tend to rise; when interest rates rise, their prices generally fall. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.
Important Information
Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.
Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.
Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.
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Important data provider notices and terms available at www.franklintempletondatasources.com.
Performance data quoted represents past performance, which does not guarantee future results.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
The S&P 500 Index features 500 leading U.S. publicly traded companies, with a primary emphasis on market capitalization.
Source: © S&P Dow Jones Indices LLC. All rights reserved.
The S&P 500 Utilities Index comprises those companies included in the S&P 500 that are classified as members of the GICS utilities sector.
Source: © S&P Dow Jones Indices LLC. All rights reserved.
Effective 9/10/18 Class A shares closed to new investors and were renamed Class A1 shares. This share class is only available for shareholders who purchased prior to the close of market on 9/7/18.
Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.