Equity

FRDAX 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: 0.59%
Net Expense Ratio^4,5: 0.58%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: N/A

Identifiers

Ticker: FRDAX
Fund Number: 658
CUSIP Code: 353825805

Average Annual Total Returns As of 06/30/2026

View performance section for additional info As of 06/30/2026

Advisor Class

With Sales Charge (POP)

Without Sales Charge (NAV)

11.28%1 Year
10.74%3 Years
8.27%5 Years
11.85%10 Years
9.91%Since Inception
01/14/1987

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 06/30/2026 % of Total (Updated Monthly)

Top Sectors
Semiconductors & Semiconductor Equipment12.18%
Financial Services11.48%
Pharmaceuticals, Biotechnology & Life Sciences11.32%
Capital Goods11.26%
Software & Services7.81%

Additional Fund Info

Share Class Inception Date: 10/03/2005
Investment Style: Blend
Lipper Classification: Large-Cap Core Funds
Morningstar Category⁶: 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

June 30, 2026

Markets: US equities rebounded strongly during the second quarter of 2026, recovering from a weak start to the year as investor confidence improved despite ongoing geopolitical uncertainty. Sentiment was supported by robust corporate earnings, particularly from companies exposed to AI infrastructure, with continued increases in capital expenditure reinforcing confidence that the AI investment cycle remained intact. The easing of Middle East tensions and a decline in oil prices helped alleviate inflation concerns, encouraging a broad recovery in risk assets. By June, however, the rally had become more selective as investors began to question the scale, financing and return profile of the next phase of AI-related capital expenditure. By investment style, growth investing broadly surpassed value.
Contributors: Consumer staples, communication services and energy.
Detractors: Information technology, consumer discretionary and health care.
Outlook: While macro uncertainty may contribute to bouts of volatility, we believe that well-managed businesses with the ability to grow free cash flow and reinvest can improve their competitive positioning and pursue opportunities for capital appreciation, while increasing their dividends over time.

For complete information, please see the full commentary:

Franklin Equity

Managed Fund Since 2019

Latest Insights

July 22, 2026

Innovation Insights Quarterly: Q3 2026

June 4, 2026

The IPO market reset

June 1, 2026

How innovation is transforming biotechnology

May 18, 2026

Software in the “Age of Intelligence”

Performance

Average Annual Total Returns

^8,9

As of 06/30/2026

Month End

Quarter End

As of

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

Month End

As of 06/30/2026

1 Year: 11.28

3 Years: 10.74

5 Years: 8.27

10 Years: 11.85

Since Inception(01/14/1987): 9.91

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

Month End

As of 06/30/2026

1 Year: 11.28

3 Years: 10.74

5 Years: 8.27

10 Years: 11.85

Since Inception(01/14/1987): 9.91

Linked NASDAQ US Broad Dividend Achievers Index (%) ³

Month End

As of 06/30/2026

1 Year: 17.42

3 Years: 15.66

5 Years: 11.39

10 Years: 12.11

Since Inception(01/14/1987): 10.15

S&P 500 Index (%)

Month End

As of 06/30/2026

1 Year: 22.32

3 Years: 20.61

5 Years: 13.41

10 Years: 15.51

Since Inception(01/14/1987): 11.19

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 06/30/2026

3 Years: 3 Years: 1 out of 5 stars
1203 Funds in category

5 Years: 5 Years: 2 out of 5 stars
1123 Funds in category

10 Years: 10 Years: 2 out of 5 stars
889 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 06/30/2026

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 of06/30/2026 (Updated Monthly)

Total Net Assets: $27.36 Billion

Positions

As of 06/30/2026 (Updated Monthly)

Number of Issuers

Fund: 55
Benchmark: 431

Download All Holdings

Portfolio Statistics

As of 06/30/2026 (Updated Monthly)

Price to Earnings (12-Month Trailing)

Fund: 29.01x
Benchmark: 25.25x

Price to Cash Flow

Fund: 18.59x
Benchmark: 16.25x

Price to Book

Fund: 5.87x
Benchmark: 4.88x

Dividend Yield ⁷

Fund: 1.48%
Benchmark: 1.86%

Weighted Average Market Capitalization (USD)

Fund: $714.11 Billion
Benchmark: $602.35 Billion

Asset Allocation

As of 06/30/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	96.87%
Cash & Cash Equivalents	3.13%

Holdings
As of 06/30/2026 (Updated Monthly)

Microsoft Corp COM USD0.001

Broadcom Inc COM USD 1

Eli Lilly & Co COM NPV

Apple Inc COM USD.00001

JPMorgan Chase & Co COM USD1

Visa Inc COM USD NPV CL A

Applied Materials Inc COM USD.01

Linde PLC ORD USD 1

WALMART INC COM USD0.1

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

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.: QuarterlyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2026 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
Distributions with future dates are estimates and those figures are not final

07/17/2026

04/17/2026

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 07/23/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 07/23/2026

Share Prices

As of 07/23/2026

NAV ¹(Net Asset Value): $95.86
NAV Change ¹: $0.05
NAV Change (%) ¹: 0.05%

52-Week Range

Highest NAV As of 12/11/2025: $100.37
Lowest NAV As of 03/30/2026: $86.13

Documents

Fund Literature

Factsheet - Franklin Rising Dividends Fund

Portfolio Holdings - Franklin Rising Dividends Fund -07-01-26

Mailed hardcopies unavailable.

Product Commentary - Franklin Rising Dividends Fund

Brochure - Franklin Rising Dividends Fund

Regulatory Documents

Annual Report - Franklin Rising Dividends Fund - Advisor Class

Annual Financial Statements and Other Information - Franklin Rising Dividends Fund

Semi-Annual Report - Franklin Rising Dividends Fund - Advisor Class

Semi-Annual Financial Statements and Other Information - Franklin Rising Dividends Fund

Prospectus - Franklin Rising Dividends Fund

Summary Prospectus - Franklin Rising Dividends Fund

Statement of Additional Information - Franklin Rising Dividends Fund

Mailed hardcopies unavailable.

Fiscal Q1 Holdings - Franklin Rising Dividends Fund

Mailed hardcopies unavailable.

Fiscal Q3 Holdings - Franklin Rising Dividends Fund

Mailed hardcopies unavailable.

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.
©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.
Effective 10/3/05, the fund began offering Advisor Class shares. For periods prior to the fund's Advisor Class inception date, a restated figure is used based on the fund's oldest share class, Class A performance, excluding the effect of Class A's maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and for periods after the fund's Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.
Performance quotations for this class reflect the following methods of calculation: a) For periods prior to the fund's Advisor Class inception date, a restated figure is used based on the fund's oldest share class, Class A performance, excluding the effect of Class A's maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and b) for periods after the fund's Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.
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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FRDAX Franklin Rising Dividends Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Advisor Class

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 10

Portfolio

Asset Allocation

Distributions & Tax

Pricing

Daily Fund Prices

Documents

Fund Literature

Regulatory Documents

Risks

Important Information

Footnotes

Ratings ¹⁰