Equity

FDNRX Franklin DynaTech Fund

Participate in trends moving markets. Invest in companies across multiple sectors, including technology, health care and global communications, that managers believe are leaders in innovation.
Experienced portfolio management Team. Actively managed by a seasoned portfolio management team that is based in Silicon Valley and has history of investing in "Dynamic Technology" since 1968.
Complement your portfolio. Can be used as a core US equity holding or as a satellite position in your portfolio to help increase exposure to innovation themed companies.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks capital appreciation by investing primarily in companies which management 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.

Benchmark: Russell 1000 Growth Index
Additional Benchmark: S&P 500 Index
Fund Inception Date: 01/01/1968
Dividend Frequency, if any: Annually
Portfolio Turnover: 30%

Sales Charges, Expenses & Fees

As of 02/01/2026

Gross Expense Ratio⁴: 1.02%
Net Expense Ratio^4,5: 1.02%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: 0.50%

Identifiers

Ticker: FDNRX
Fund Number: 818
CUSIP Code: 353496672

Average Annual Total Returns As of 12/31/2025

View performance section for additional info As of 12/31/2025

Class R

With Sales Charge (POP)

Without Sales Charge (NAV)

18.16%1 Year
30.39%3 Years
8.19%5 Years
16.40%10 Years
9.73%Since Inception
01/01/1968

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

View portfolio section for additional info

As of 12/31/2025 % of Total (Updated Monthly)

Top Sectors
Information Technology51.39%
Consumer Discretionary15.42%
Communication Services14.40%
Health Care9.43%
Financials4.55%

Additional Fund Info

Share Class Inception Date: 12/01/2008
Investment Style: Growth
Lipper Classification: Large-Cap Growth Funds
Morningstar Category⁶: Large Growth

Manager and Commentary

About the Team

Franklin Equity

Franklin Equity understands innovation from every angle—our decades of experience investing in complex change fuels a differentiated perspective on how public and private companies accelerate growth and unlock value. Leveraging fundamental depth and quantitative precision, we identify catalysts for transformation that reshape companies and industries. Our expertise, spanning from growth to value, brings together diverse perspectives that help us spot opportunities ahead of the market.

Commentary Highlights

12/31/2025

Markets: Global equities made further gains in the fourth quarter of 2025 (4Q25), rounding off a year of strong returns. Despite some mixed economic signals and investor concerns about the stretched valuations of many technology-related stocks, investors remained broadly optimistic about artificial intelligence (AI) advancements and the potential for a continued easing of US monetary policy. A backdrop of generally robust corporate earnings and a constructive shift in US-China relations underpinned sentiment, as did two interest-rate reductions by the US Federal Reserve.
Detractors: Unfavorable stock selection in communication services, consumer discretionary and industrials.
Contributors: Industry-level outperformance in biotechnology (due to stock selection); specialty retail (stock selection); electronic equipment, instruments and components (aided foremost by overweighting); and semiconductors and semiconductor equipment (overweighting and stock selection).
Outlook: We expect continued technological transformation driven by core development themes around the byte, the atom and the gene. Gains across the economy from generative and agentic AI, robotics and genomics may even accelerate this rate of change. Our fundamental research gives us an edge in predicting when new technologies are likely to be adopted and monetized as the economic paradigm shifts.

For complete information, please see the full commentary:

Franklin Equity

Managed Fund Since 2004

Managed Fund Since 1968

Latest Insights

February 5, 2026

New world order: Security spending enters a super cycle

January 27, 2026

Innovation Insights Quarterly: Q1 2026

December 18, 2025

Global equity outlook 2026: Renewed tailwinds for quality growth

December 17, 2025

The Goldilocks risk: What if things go right in 2026?

Performance

Average Annual Total Returns

⁸

As of 12/31/2025

Month End

Quarter End

As of

Class R - With Sales Charge (POP) (%)

Month End

As of 12/31/2025

Class R - Without Sales Charge (NAV) (%)

Month End

As of 12/31/2025

Russell 1000 Growth Index (%)

Month End

As of 12/31/2025

S&P 500 Index (%)

Month End

As of 12/31/2025

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.

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 3 out of 5 stars
As of 01/31/2026

3 Years: 3 Years: 3 out of 5 stars
1002 Funds in category

5 Years: 5 Years: 2 out of 5 stars
935 Funds in category

10 Years: 10 Years: 3 out of 5 stars
757 Funds in category

Rating Category: Large Growth

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 01/31/2026

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©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 of12/31/2025 (Updated Monthly)

Total Net Assets: $28.41 Billion

Positions

As of 12/31/2025 (Updated Monthly)

Number of Issuers

Fund: 108
Benchmark: 391

Portfolio Statistics

As of 12/31/2025 (Updated Monthly)

Price to Earnings (12-Month Trailing)

Fund: 43.41x
Benchmark: 39.06x

Weighted Average Market Capitalization (USD)

Fund: $1,787.72 Billion
Benchmark: $2,026.72 Billion

Price to Cash Flow

Fund: 33.86x
Benchmark: 30.30x

Price to Book

Fund: 13.41x
Benchmark: 14.51x

Price to Earnings (12-Month Forward)

Fund: 39.31x
Benchmark: 33.13x

Asset Allocation

As of 12/31/2025 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	99.83%
Cash & Cash Equivalents	0.17%

Holdings
As of 12/31/2025 (Updated Monthly)

NVIDIA Corp COM USD.001

Amazon.com Inc COM USD.01

Microsoft Corp COM USD0.001

Alphabet Inc COM USD.001 CL A

Broadcom Inc COM USD 1

Meta Platforms Inc COM USD NPV CL A

Apple Inc COM USD.00001

Shopify Inc ORD CAD NPV CL A

TESLA INC COM USD.001

Applovin Corp COM USD 0.00003 CL A

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

Federal ID Number 94-3025606

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Dec 19	—	—	20.8014	—	—	—	—	—	—
	—	—	20.8014	—	—	—	—	—	—

Dec 19

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 02/06/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 02/06/2026

Share Prices

As of 02/06/2026

NAV ¹(Net Asset Value): $166.78
NAV Change ¹: $4.38
NAV Change (%) ¹: 2.70%
POP ⁷(Public Offering Price): $166.78

52-Week Range

Highest NAV As of 10/29/2025: $210.47
Lowest NAV As of 04/08/2025: $130.75

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Factsheet - Franklin DynaTech Fund	Download Document
Checkbox	Product Commentary - Franklin DynaTech Fund	Download Document
Checkbox	Brochure - Franklin DynaTech Fund - Public	Download Document
Checkbox	Flyer - Franklin DynaTech Investing in Innovation	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin DynaTech Fund - Class R	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Custodian Funds	Download Document
Checkbox	Semi-Annual Report - Franklin DynaTech Fund - Class R	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Custodian Funds	Download Document
Checkbox	Prospectus - Franklin Custodian Funds	Download Document
Checkbox	Summary Prospectus - Franklin Dynatech Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Custodian FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Custodian FundsMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Custodian FundsMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Equity securities are subject to price fluctuation and 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. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. 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

Click here for funds sales charge and breakpoint information.

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

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.

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.

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe.
Source: FTSE.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©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.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
©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.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Effective 05/01/1994, the fund implemented a Rule 12b-1 plan, which affects subsequent performance.
Capitalization Rate is calculated without the deduction of fees and expenses.

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FDNRX Franklin DynaTech Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class R

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Asset Allocation

Distributions & Tax

Federal ID Number 94-3025606

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³