Equity

FNRAX Franklin Natural Resources Fund

Participate in trends moving markets. Invest in innovative sectors—technology, medicine, natural resources—that you believe are poised for long-term growth.
Diversification. By adding investments from different sectors to your portfolio, you may take advantage of expanding and contracting economic cycles.
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 high total return by investing at least 80% of its net assets in equity and debt securities of companies that own, produce, refine, process, transport and market natural resources, as well as those that provide related services.

Benchmark: S&P North American Natural Resources Sector Index
Additional Benchmark ⁴: S&P Global Natural Resources Index
Fund Inception Date: 06/05/1995
Dividend Frequency, if any: Annually
Portfolio Turnover: 20%

Sales Charges, Expenses & Fees

As of 09/01/2025

Gross Expense Ratio⁵: 0.76%
Net Expense Ratio^5,6: 0.75%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: N/A

Identifiers

Ticker: FNRAX
Fund Number: 613
CUSIP Code: 354713851

Average Annual Total Returns As of 09/30/2025

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

Advisor Class

With Sales Charge (POP)

Without Sales Charge (NAV)

15.38%1 Year
15.42%3 Years
23.80%5 Years
6.91%10 Years
6.86%Since Inception
06/05/1995

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 Equity as a % of Total (Updated Monthly)

Oil, Gas & Consumable Fuels41.13%

Metals & Mining34.12%

Chemicals9.54%

Energy Equipment & Services6.95%

Construction Materials2.02%

Additional Fund Info

Share Class Inception Date: 12/31/1996
Investment Style: Sector
Lipper Classification: Global Natural Resources Funds
Morningstar Category: Natural Resources

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

Global Commodities Market and Natural Resources Equities: The global commodities market reflected a complex interplay of supply-demand dynamics, war and geopolitical shifts, and macroeconomic factors, with the Refinitiv CoreCommodity CRB Index (CRB) falling 3.9% during the second quarter of 2025 (2Q25) despite a 2.4% June gain. While many precious and industrial metals showed strength, energy and agricultural commodities were pressured by concerns about oversupply and weakening demand. Similar to equities’ bumpy ride, commodities were jostled by US President Donald Trump’s unpredictable shifts in trade and tariff policies, and were also vulnerable to perceived macro shocks. Unlike equities, the CRB and other major commodity indexes never fully recovered from the selloff that followed the president’s flurry of tariff announcements on April 2—much of which remained unsettled at the end of June. Following volatile and downbeat stock market results in early April, commodity-linked natural resources equities saw notable improvement in May and June. Energy companies still declined in 2Q25 and underperformed all 10 other sectors. Materials sector stocks topped their energy counterparts with modest overall gains.
Contributors: Favorable overweighting and stock selection among copper-focused mining companies, underweighting and stock selection in the poor-performing integrated oil and gas industry, a significant overweighting in diversified metals and mining, and overall gains in several off-benchmark industry allocations.
Detractors: Stock selection and underweighting among gold miners, an underweighted exposure to rallying uranium producers (in the coal and consumable fuels industry), and underweighting and stock selection in oil and gas refiners.
Outlook: Although we believe the fundamental backdrop has improved, a myriad of uncertainties remain that may continue to pressure certain natural resources industries, and we are taking a somewhat cautious stance by focusing portfolio holdings on operational and financial resilience.

For complete information, please see the full commentary

Franklin Equity Group

Managed Fund Since 2003

Managed Fund Since 2008

Managed Fund Since 1999

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

^8,9

As of 09/30/2025

Month End

Quarter End

As of

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

Month End

As of 09/30/2025

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

Month End

As of 09/30/2025

S&P North American Natural Resources Sector Index (%)

Month End

As of 09/30/2025

S&P Global Natural Resources Index (%) ⁴

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

3 Years: 3 Years: 4 out of 5 stars
113 Funds in category

5 Years: 5 Years: 5 out of 5 stars
105 Funds in category

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

Rating Category: Natural Resources

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: $359.33 Million

Positions

As of 09/30/2025 (Updated Monthly)

Number of Issuers

Fund: 85
Benchmark: 127

Portfolio Statistics

As of 09/30/2025 (Updated Monthly)

Weighted Average Market Capitalization (USD)

Fund: $85.45 Billion
Benchmark: $113.38 Billion

Price to Cash Flow

Fund: 8.07x
Benchmark: 8.56x

Price to Earnings (12-Month Forward)

Fund: 16.59x
Benchmark: 17.81x

Price to Book

Fund: 2.10x
Benchmark: 2.22x

Asset Allocation

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

Asset Allocation
Holdings	Fund
Equity	98.78%
Cash & Cash Equivalents	1.22%

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

Exxon Mobil Corp COM NPV

NEWMONT CORP COM USD1.6

ConocoPhillips COM USD.01

Chevron Corp COM USD.75

Barrick Mining Corp ORD USD NPV

BHP GROUP LTD SPONSORED ADR

Agnico Eagle Mines Ltd ORD NPV

COTERRA ENERGY INC COM A USD.1

Linde PLC ORD USD 1

Corteva Inc COM USD 0.01

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): $37.12
NAV Change ¹: $0.00
NAV Change (%) ¹: 0.00%
POP ⁷(Public Offering Price): $37.12

52-Week Range

Highest NAV As of 10/08/2025: $38.08
Lowest NAV As of 04/08/2025: $27.43

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin Natural Resources Fund	Download Document
Checkbox	Product Commentary - Franklin Natural Resources Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Natural Resources Fund Advisor Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Strategic Series	Download Document
Checkbox	Semi-Annual Report - Franklin Natural Resources Fund - Advisor Class	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Strategic Series 2	Download Document
Checkbox	Prospectus - Franklin Strategic Series 2	Download Document
Checkbox	Summary Prospectus - Franklin Natural Resources Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Strategic Series 2Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Strategic SeriesMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Strategic SeriesMailed 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. The investment style may become out of favor, which may have a negative impact on performance. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. 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.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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 S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining.
Source: © S&P Dow Jones Indices LLC.

The S&P North American Natural Resources Index provides investors with a benchmark that represents U.S. traded securities that are classified under the GICS energy and materials sector excluding the chemicals industry; and steel sub-industry.
Source: © S&P Dow Jones Indices LLC. All rights reserved.

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.
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.
Effective September 1, 2024 the fund changed its benchmark to the S&P Global Natural Resources 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.
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.
Effective 12/31/96, 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.

FNRAX Franklin Natural Resources Fund

Popular Documents

Overview

Fund Facts

Fund description

Sales Charges, Expenses & Fees

Identifiers

Average Annual Total Returns As of 09/30/2025

Advisor Class

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Commentary Highlights

Latest Insights

Performance

Average Annual Total Returns

Ratings ³

Portfolio

Assets

Positions

Portfolio Statistics

Asset 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

FNRAX Franklin Natural Resources 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 3

Portfolio

Asset Allocation

Distributions & Tax

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³