Franklin Focused Growth Fund being reorganized into an ETF

https://www.sec.gov/Archives/edgar/data/38721/000174177323002301/c497.htm

497 1 c497.htm FCF P2 SA1 0723
FCF P2 07/23


SUPPLEMENT DATED JULY 6, 2023

TO THE PROSPECTUS DATED FEBRUARY 1, 2023

OF FRANKLIN FOCUSED GROWTH FUND

(a series of Franklin Custodian Funds)

At a meeting held on June 30, 2023, shareholders approved the reorganization of the Franklin Focused Growth Fund (the “Mutual Fund”) into the Franklin Focused Growth ETF (the “ETF”), a newly-organized series of the Franklin Templeton ETF Trust, pursuant to an Agreement and Plan of Reorganization. The reorganization of the Mutual Fund will consist of (1) the transfer of the Mutual Fund’s assets, subject to its liabilities, to the ETF in exchange for shares of the ETF; and (2) the distribution of the ETF shares to the Mutual Fund shareholders in complete liquidation of the Mutual Fund. The reorganization for the Mutual Fund is scheduled to occur on or about November 3, 2023. Shareholders of the Mutual Fund will become shareholders of the ETF on or about November 3, 2023, and will no longer be shareholders of the Mutual Fund.

Now that the Agreement and Plan of Reorganization has been approved by shareholders, this communication provides important information about the timeline for the reorganization and actions that shareholders may need to take in advance of the reorganization....

(see above link for table)