Equity

FRGSX Franklin Growth Fund

Focus on capital appreciation. A portfolio of primarily U.S.-based companies with the potential for sustainable long-term growth earnings and cash flow growth.
Quality companies. The fund’s strategy emphasizes investing in quality companies with strong management teams and sustainable growth opportunities for multiple years.
Experienced portfolio management team. Actively managed by a seasoned portfolio management team that utilizes a distinct research structure with specialists organized into collaborative sector teams.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks long-term capital appreciation by investing substantially in the equity securities of companies that are leaders in their industries, and which the managers believe are suitable for a buy-and-hold strategy.

Benchmark: S&P 500 Index
Additional Benchmark ³: Russell 1000 Growth Index
Fund Inception Date: 03/31/1948
Dividend Frequency, if any: Annually
Portfolio Turnover: 7%

Sales Charges, Expenses & Fees

As of 02/01/2025

Gross Expense Ratio⁴: 1.54%
Net Expense Ratio^4,5: 1.54%
Maximum Initial Charge: N/A
CDSC⁶: 1.00%
12b-1 Fee: 1.00%

Identifiers

Ticker: FRGSX
Fund Number: 206
CUSIP Code: 353496888

Average Annual Total Returns As of 09/30/2025

View performance section for additional info As of 09/30/2025

Class C

With Sales Charge (POP)

Without Sales Charge (NAV)

10.69%1 Year
21.30%3 Years
11.11%5 Years
13.30%10 Years
9.54%Since Inception
05/01/1995

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 09/30/2025 % of Total (Updated Monthly)

Software & Services16.91%

Semiconductors & Semiconductor Equipment15.72%

Capital Goods14.28%

Financial Services9.65%

Technology Hardware & Equipment8.65%

Additional Fund Info

Share Class Inception Date: 05/01/1995
Investment Style: Growth
Lipper Classification: Large-Cap Growth Funds
Morningstar Category: Large Growth

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.
Contributors: The fund’s performance relative to the S&P 500 Index benchmark was strongest in the information technology (IT) sector, helped by stock selection and an overweighting. A lack of exposure to the energy sector helped relative returns as oil markets and related stocks were pressured by geopolitical uncertainty in the Middle East. Stock selection and an underweight in the consumer staples sector added to relative results as many investors favored growth and cyclical sectors amid optimism about easing trade tensions. The consumer discretionary, financials and real estate sectors also contributed to relative performance.
Detractors: An overweight in the health care sector, specifically in the life sciences tools and services industry, detracted significantly from the fund’s relative performance. An underweight in the communication services sector and an overweight in the materials sector also pressured relative returns.
Outlook: We are hopeful as we enter the second half of the year that financial markets can focus on the potential longterm structural benefits of a Trump 2.0 policy agenda that might include initiatives to rebalance global trade and stimulate growth through tax reform and deregulation.

For complete information, please see the full commentary

Franklin Equity Group

Managed Fund Since 2008

Managed Fund Since 2016

Managed Fund Since 2021

Latest Insights

October 13, 2025

Colossal Tech: How AI capex is shaping the economy

October 6, 2025

From fast follower to fast leader: My journey into China’s biotech boom

October 1, 2025

Innovation Insights Quarterly: Q4 2025

October 1, 2025

Physical AI is about to reshape our world

Performance

Average Annual Total Returns

As of 09/30/2025

Month End

Quarter End

As of

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

Month End

As of 09/30/2025

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

Month End

As of 09/30/2025

S&P 500 Index (%)

Month End

As of 09/30/2025

Russell 1000 Growth Index (%)

Month End

As of 09/30/2025

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: 2 out of 5 stars
As of 09/30/2025

3 Years: 3 Years: 2 out of 5 stars
1024 Funds in category

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

10 Years: 10 Years: 2 out of 5 stars
766 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 09/30/2025

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 of09/30/2025 (Updated Monthly)

Total Net Assets: $18.41 Billion

Positions

As of 09/30/2025 (Updated Monthly)

Number of Issuers

Fund: 87
Benchmark: 503

Portfolio Statistics

As of 09/30/2025 (Updated Monthly)

Price to Cash Flow

Fund: 26.63x
Benchmark: 19.44x

Price to Earnings (12-Month Forward)

Fund: 31.55x
Benchmark: 25.04x

Weighted Average Market Capitalization (USD)

Fund: $1,199.89 Billion
Benchmark: $1,367.65 Billion

Price to Book

Fund: 8.07x
Benchmark: 5.47x

Sector Allocation

As of 09/30/2025 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total	Benchmark
Software & Services	16.91%	12.33%
Semiconductors & Semiconductor Equipment	15.72%	13.78%
Capital Goods	14.28%	5.93%
Financial Services	9.65%	8.11%
Technology Hardware & Equipment	8.65%	8.68%
Pharmaceuticals, Biotechnology & Life Sciences	7.40%	5.16%
Media & Entertainment	6.26%	9.25%
Consumer Discretionary Distribution & Retail	4.67%	5.66%
Materials	4.24%	1.77%
Health Care Equipment & Services	3.89%	3.70%
Transportation	2.41%	1.30%
Consumer Services	1.29%	1.88%
Commercial & Professional Services	1.13%	1.05%
Food, Beverage & Tobacco	1.12%	2.14%
Consumer Staples Distribution & Retail	1.12%	1.80%
Utilities	1.00%	2.35%
Banks	—	3.57%
Energy	—	2.89%
Automobiles & Components	—	2.40%
Insurance	—	1.86%
Equity Real Estate Investment Trusts (REITs)	—	1.79%
Household & Personal Products	—	0.97%
Telecommunication Services	—	0.88%
Consumer Durables & Apparel	—	0.59%
Real Estate Management & Development	—	0.14%
Cash & Cash Equivalents	0.25%	—

Holdings
As of 09/30/2025 (Updated Monthly)

NVIDIA Corp COM USD.001

Microsoft Corp COM USD0.001

Amazon.com Inc COM USD.01

Amphenol Corp COM USD.001 CL A

Apple Inc COM USD.00001

Mastercard Inc COM USD.0001 CL A

Broadcom Inc COM USD 1

Alphabet Inc COM USD.001 CL C

ASML Holding NV NY REGD USD.09

TE Connectivity PLC ORD USD 1

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
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: AnnuallyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2025 distribution dates for Franklin, Templeton and Mutual Series funds (excluding ETFs).

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
Distribution amounts may be estimates

12/19/2024

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 10/31/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 10/31/2025

Share Prices

As of 10/31/2025

NAV ¹(Net Asset Value): $127.96
NAV Change ¹: $0.04
NAV Change (%) ¹: 0.03%
POP ⁷(Public Offering Price): $127.96

52-Week Range

Highest NAV As of 10/28/2025: $128.78
Lowest NAV As of 04/08/2025: $92.66

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Factsheet - Franklin Growth Fund	Download Document
Checkbox	Product Commentary - Franklin Growth Fund	Download Document
Checkbox	Investor Guide - Franklin Growth Fund - Advisor Class	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Growth Fund - Class C	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Custodian Funds	Download Document
Checkbox	Semi-Annual Report - Franklin Growth Fund - Class C	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 Growth 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. 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 investment style may become out of favor, which may have a negative impact on performance. International investments are subject to special risks, including currency fluctuations and social, economic and political uncertainties, which could increase volatility. These risks are magnified in emerging markets. 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.

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

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.

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.
Effective February 1, 2023, the Russell 1000 Growth Index was added as an additional benchmark.
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.
A 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 12 months.
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.
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.

FRGSX Franklin Growth Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 09/30/2025

Class C

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Commentary Highlights

Latest Insights

Performance

Average Annual Total Returns

Ratings ⁸

Portfolio

Assets

Positions

Portfolio Statistics

Sector Allocation

Holdings
As of 09/30/2025 (Updated Monthly)

Distributions & Tax

Distributions Per Share
Distribution amounts may be estimates

Pricing

Pricing History

November 2025

November 2025

Daily Fund Prices

Share Prices

52-Week Range

Documents

Risks

Important Information

Footnotes

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Sunday	Monday	Tuesday	Wednesday	Thursday	Friday	Saturday

Individual Investor

Financial Professional

Institutional Investor

FRGSX Franklin Growth Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class C

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 8

Portfolio

Sector Allocation

Distributions & Tax

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ⁸