Equity

FRDTX Franklin Rising Dividends Fund

Diversification. We invest in companies across the entire market-cap spectrum, with a variety of industries and sectors.
High-quality companies. A portfolio of select dividend growth companies that are financially sound, primarily US-based and generate consistent dividend increases.
Tenured investment team. Actively managed by a seasoned portfolio management team that leverages the research resources of Franklin Equity Group and focused on dividend growth investing.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks long-term capital appreciation by investing at least 80% of its net assets in companies of any size that have paid consistently rising dividends.

Benchmark³: Linked NASDAQ US Broad Dividend Achievers Index
Additional Benchmark: S&P 500 Index
Fund Inception Date: 01/14/1987
Dividend Frequency, if any: Quarterly
Portfolio Turnover: 11%

Sales Charges, Expenses & Fees

As of 02/01/2026

Gross Expense Ratio⁴: 1.59%
Net Expense Ratio^4,5: 1.58%
Maximum Initial Charge: —
CDSC⁶: 1.00%
12b-1 Fee: 1.00%

Identifiers

Ticker: FRDTX
Fund Number: 258
CUSIP Code: 353825409

Average Annual Total Returns As of 04/30/2026

View performance section for additional info As of 04/30/2026

Class C

With Sales Charge (POP)

Without Sales Charge (NAV)

16.63%1 Year
9.89%3 Years
7.35%5 Years
10.81%10 Years
9.49%Since Inception
05/01/1995

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.

Top Sectors

View portfolio section for additional info

As of 05/31/2026 % of Total (Updated Monthly)

Top Sectors
Financial Services12.38%
Semiconductors & Semiconductor Equipment12.16%
Capital Goods10.60%
Software & Services10.24%
Pharmaceuticals, Biotechnology & Life Sciences10.23%

Additional Fund Info

Share Class Inception Date: 05/01/1995
Investment Style: Blend
Lipper Classification: Large-Cap Core Funds
Morningstar Category⁷: Large Blend

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

March 31, 2026

Markets: US equities broadly declined during the first quarter of 2026 as the escalating conflict in the Middle East weighed heavily on markets. Oil prices surged, renewing concerns about inflation and raising further uncertainty over the path of monetary policy. Many technology-focused stocks declined during the quarter, especially software names, as investors reassessed the durability of the artificial intelligence (AI) trade amid a rotation away from mega-capitalization technology stocks and toward more cyclical and defensive areas of the market. The energy sector advanced sharply, while materials and utilities also outperformed. Information technology, financials and consumer discretionary were among the largest declining sectors.
Contributors: Consumer discretionary.
Detractors: Health care and financials.
Outlook: While macro uncertainty—including the path of interest rates, geopolitics and technological disruption—may contribute to bouts of volatility, we believe that well-managed businesses with the ability to grow free cash flow can remain well positioned to sustain and raise dividends over time.

For complete information, please see the full commentary:

Franklin Equity

Managed Fund Since 2019

Latest Insights

June 4, 2026

The IPO market reset

June 1, 2026

How innovation is transforming biotechnology

May 18, 2026

Software in the “Age of Intelligence”

April 16, 2026

Innovation Insights Quarterly: Q2 2026

Performance

Risk Measures

As of 05/31/2026

Class C - Without Sales Charge (NAV)

Measured against: Linked NASDAQ US Broad Dividend Achievers Index

Statistics

Beta

Bull Bear Capture Ratio

Beta Bear

Beta Bull

Historical Tracking Error

Information Ratio

Standard Deviation (%)

Class C

Linked NASDAQ US Broad Dividend Achievers Index

Sharpe Ratio (%)

Class C

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 1 out of 5 stars
As of 05/31/2026

3 Years: 3 Years: 1 out of 5 stars
1201 Funds in category

5 Years: 5 Years: 1 out of 5 stars
1117 Funds in category

10 Years: 10 Years: 1 out of 5 stars
886 Funds in category

Rating Category: Large Blend

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.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box

As of 05/31/2026

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.

©2026 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 of05/31/2026 (Updated Monthly)

Total Net Assets: $27.27 Billion

Positions

Download All Holdings

Portfolio Statistics

As of 05/31/2026 (Updated Monthly)

Price to Earnings (12-Month Trailing)

Fund: 29.10x
Benchmark: 26.40x

Price to Cash Flow

Fund: 18.70x
Benchmark: 17.14x

Price to Book

Fund: 5.83x
Benchmark: 4.99x

Dividend Yield ⁸

Fund: 1.46%
Benchmark: 1.79%

Weighted Average Market Capitalization (USD)

Fund: $824.97 Billion
Benchmark: $744.62 Billion

Sector Allocation

As of 05/31/2026 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total	Benchmark
Financial Services	12.38%	9.39%
Semiconductors & Semiconductor Equipment	12.16%	10.67%
Capital Goods	10.60%	8.29%
Software & Services	10.24%	8.65%
Pharmaceuticals, Biotechnology & Life Sciences	10.23%	11.08%
Technology Hardware & Equipment	5.31%	7.68%
Materials	4.88%	2.88%
Consumer Staples Distribution & Retail	4.11%	5.40%
Health Care Equipment & Services	4.06%	3.98%
Energy	3.73%	4.30%
Banks	3.57%	5.71%
Utilities	3.53%	3.90%
Consumer Discretionary Distribution & Retail	3.42%	1.94%
Household & Personal Products	1.89%	1.70%
Food, Beverage & Tobacco	1.89%	4.09%
Consumer Services	1.69%	1.23%
Commercial & Professional Services	1.15%	1.42%
Transportation	1.04%	1.46%
Consumer Durables & Apparel	0.87%	0.38%
Insurance	0.71%	2.81%
Equity Real Estate Investment Trusts (REITs)	—	1.96%
Telecommunication Services	—	1.04%
Media & Entertainment	—	0.03%
Automobiles & Components	—	0.01%
Cash & Cash Equivalents	2.54%	—

Holdings
As of 04/30/2026 (Updated Monthly)

Microsoft Corp COM USD0.001

Broadcom Inc COM USD 1

Apple Inc COM USD.00001

JPMorgan Chase & Co COM USD1

WALMART INC COM USD0.1

Visa Inc COM USD NPV CL A

Eli Lilly & Co COM NPV

Linde PLC ORD USD 1

Morgan Stanley COM USD.01

Analog Devices Inc COM USD.167

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 13-3392039

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
Apr 17	0.0178	0.0178	—	—	—	—	—	—	—
Jul 18	0.026	0.026	—	—	—	—	—	—	—
Oct 17	—	—	—	—	—	—	—	—	—
Dec 19	—	—	8.5096	—	—	—	—	—	—
	0.0438	0.0438	8.5096	—	—	—	—	—	—

Apr 17

Jul 18

Oct 17

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: 100.00%
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 06/05/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 06/05/2026

Share Prices

As of 06/05/2026

NAV ¹(Net Asset Value): $91.74
NAV Change ¹: $-1.29
NAV Change (%) ¹: -1.39%
POP ⁹(Public Offering Price): $91.74

52-Week Range

Highest NAV As of 12/11/2025: $97.83
Lowest NAV As of 03/30/2026: $83.72

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download
Checkbox	Factsheet - Franklin Rising Dividends Fund	Download Document
Checkbox	Portfolio Holdings - Franklin Rising Dividends Fund - 05-6-26Mailed hardcopies unavailable.	Download Document
Checkbox	Product Commentary - Franklin Rising Dividends Fund	Download Document
Checkbox	Brochure - Franklin Rising Dividends Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Rising Dividends Fund - Class C	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Rising Dividends Fund	Download Document
Checkbox	Semi-Annual Report - Franklin Rising Dividends Fund - Class C	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Rising Dividends Fund	Download Document
Checkbox	Prospectus - Franklin Rising Dividends Fund	Download Document
Checkbox	Summary Prospectus - Franklin Rising Dividends Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Rising Dividends FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Rising Dividends FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Rising Dividends FundMailed hardcopies unavailable.	Download Document

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. The investment style may become out of favor, which may have a negative impact on performance. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Dividends may fluctuate and are not guaranteed, and a company may reduce or eliminate its dividend at any time. 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

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.

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.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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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.

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 Linked NASDAQ US Broad Dividend Achievers® Index reflects performance of the S&P 500 Index from the fund's inception through 12/05/2003 and NASDAQ US Broad Dividend Achievers® Index thereafter.

The NASDAQ US Broad Dividend Achievers® Index includes US companies with at least ten consecutive years of increasing annual dividend payments.

Click here for funds sales charge and breakpoint information.

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, 2026, the fund changed its primary benchmark to the Linked NASDAQ US Broad Dividend Achievers® Index.
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.
©2026 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.
Dividend yield is calculated without the deduction of fees and expenses.
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.
Capitalization Rate is calculated without the deduction of fees and expenses.

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FRDTX Franklin Rising Dividends 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

Risk Measures

Ratings 10

Portfolio

Sector Allocation

Distributions & Tax

Federal ID Number 13-3392039

Pricing

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ¹⁰