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ANNUAL REPORT AND SHAREHOLDER LETTER
September 30, 2019
Franklin DynaTech Fund
Franklin Growth Fund
Franklin Income Fund
Franklin U.S. Government Securities Fund
Franklin Utilities Fund
Sign up for electronic delivery at franklintempleton.com/edelivery
Internet Delivery of Fund Reports Unless You Request Paper Copies: Effective January 1,
2021, as permitted by the SEC, paper copies of the Fund’s shareholder reports will no longer be
sent by mail, unless you specifically request them from the Fund or your financial intermediary.
Instead, the reports will be made available on a website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this
change and you need not take any action. If you have not signed up for electronic delivery, we
would encourage you to join fellow shareholders who have. You may elect to receive shareholder
reports and other communications electronically from the Fund by calling (800) 632-2301 or by
contacting your financial intermediary.
You may elect to continue to receive paper copies of all your future shareholder reports free of
charge by contacting your financial intermediary or, if you invest directly with a Fund, calling
(800) 632-2301 to let the Fund know of your request. Your election to receive reports in paper will
apply to all funds held in your account.
During the 12 months ended September 30, 2019, the U.S.
economy continued to grow, but at a more moderate pace
due to concerns about trade and geopolitical stress. The U.S.
Federal Reserve (Fed) raised its federal funds rate by 0.25%
at its December 2018 meeting, bringing the rate from 2.25%
to 2.50%, but lowered it by 0.25% at both its July and
September 2019 meetings, resulting in a rate of 2.00% by
period-end. The Fed cited muted inflation pressures and the
potential effects of global trade tensions on econ