Equity

FRAAX Franklin Growth Opportunities Fund

Tenured and experienced portfolio management team.
Distinct research structure. Investment professionals organized into collaborative sector teams.
Multi-cap strategy leads to a broadly diversified portfolio of fast-growing businesses.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks capital appreciation by investing predominantly in equity securities of companies demonstrating accelerating growth, increasing profitability, or above average growth or growth potential as compared with the overall economy.

Benchmark: Russell 3000 Growth Index
Additional Benchmark: S&P 500 Index
Fund Inception Date: 06/23/1999
Dividend Frequency, if any: Annually
Portfolio Turnover: 28%

Sales Charges, Expenses & Fees

As of 09/01/2025

Gross Expense Ratio³: 0.64%
Net Expense Ratio^3,4: 0.64%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: —

Identifiers

Ticker: FRAAX
Fund Number: 662
CUSIP Code: 354713729

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Advisor Class

With Sales Charge (POP)

Without Sales Charge (NAV)

5.69%1 Year
20.69%3 Years
6.80%5 Years
14.13%10 Years
10.31%Since Inception
06/23/1999

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 02/28/2026 % of Total (Updated Monthly)

Top Sectors
Semiconductors & Semiconductor Equipment21.33%
Technology Hardware & Equipment12.32%
Software & Services12.20%
Media & Entertainment11.09%
Capital Goods10.97%

Additional Fund Info

Share Class Inception Date: 06/23/1999
Investment Style: Growth
Lipper Classification: Multi-Cap Growth Funds
Morningstar Category⁵: Large Growth

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

December 31, 2025

Markets: US equities delivered solid gains over the fourth quarter of 2025, maintaining their upward trajectory against a backdrop of generally robust corporate earnings, despite some mixed economic signals and investor concerns about stretched valuations in technology-related stocks. Continued monetary easing by the US Federal Reserve, along with a constructive shift in US–China relations, also underpinned investor sentiment. The outperformance of the Magnificent Seven mega-capitalization technology stocks during the quarter boosted returns for the S&P 500 Index and the Nasdaq Composite Index, while the relatively strong performance of the Dow Jones Industrial Average reflected the enduring strength of blue-chip companies. By investment style, value investing surpassed growth in the large-, mid- and small-capitalization tiers, with large-cap stocks performing better than their mid- and small-cap counterparts.
Detractors: Stock selection and allocation effects dragged on the fund’s relative returns. Relative underperformance was pressured by stock selection in the communication services sector. Stock selection in the consumer staples, information technology (IT) and financials sectors also had an adverse impact on relative results.
Contributors: Stock selection in the industrials sector helped relative performance the most, with strength coming from the aerospace and defense industry. Other contributors were at the individual stock level.
Outlook: While headline risks continue to influence market sentiment, we think the bigger story for investors is technological innovations, particularly in artificial intelligence (AI). Advances in AI and related technologies are transforming industries and, in our view, are creating growth potential for long-term investors. Innovative companies in sectors across the economy are harnessing AI in their efforts to expand profit margins and drive revenue growth. We are seeing this in industries that deliver health care, manage logistics and more.

For complete information, please see the full commentary:

Franklin Equity

Managed Fund Since 2007

Managed Fund Since 2016

Managed Fund Since 2024

Latest Insights

March 2, 2026

Five catalysts for international value stocks in 2026 and beyond

February 18, 2026

Quick Thoughts: At the knee of the curve of disruption

February 16, 2026

Biotechnology in 2026: Innovation amid industry transformation

February 9, 2026

What's next for gold?

Performance

Calendar Year Returns

As of 02/28/2026

Month End

Quarter End

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

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

Russell 3000 Growth Index (%)

S&P 500 Index (%)

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: 2 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 2 out of 5 stars
1004 Funds in category

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

10 Years: 10 Years: 2 out of 5 stars
761 Funds in category

Rating Category: Large Growth

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 02/28/2026

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.

©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 of02/28/2026 (Updated Monthly)

Total Net Assets: $4.24 Billion

Positions

As of 02/28/2026 (Updated Monthly)

Number of Issuers

Fund: 83
Benchmark: 1,488

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 29.62x
Benchmark: 26.59x

Weighted Average Market Capitalization (USD)

Fund: $1,535.22 Billion
Benchmark: $1,853.26 Billion

Price to Book

Fund: 10.59x
Benchmark: 11.97x

Price to Cash Flow

Fund: 28.18x
Benchmark: 24.11x

Asset Allocation

As of 02/28/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	99.76%
Cash & Cash Equivalents	0.24%

Holdings
As of 02/28/2026 (Updated Monthly)

NVIDIA Corp COM USD.001

Apple Inc COM USD.00001

Alphabet Inc COM USD.001 CL C

Amazon.com Inc COM USD.01

Microsoft Corp COM USD0.001

Broadcom Inc COM USD 1

Meta Platforms Inc COM USD NPV CL A

TESLA INC COM USD.001

Eli Lilly & Co COM NPV

Amphenol Corp COM USD.001 CL A

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 94-3326307

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
Dec 19	—	—	8.6547	—	—	—	—	—	—
	—	—	8.6547	—	—	—	—	—	—

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: —
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 03/25/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/25/2026

Share Prices

As of 03/25/2026

NAV ¹(Net Asset Value): $48.94
NAV Change ¹: $0.42
NAV Change (%) ¹: 0.87%
POP ⁶(Public Offering Price): $48.94

52-Week Range

Highest NAV As of 10/29/2025: $63.86
Lowest NAV As of 04/08/2025: $45.66

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Franklin Growth Opportunities Fund	Download Document
Checkbox	Product Commentary - Franklin Growth Opportunities Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Growth Opportunities Fund Advisor Class	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Strategic Series	Download Document
Checkbox	Semi-Annual Report - Franklin Growth Opportunities Fund - Advisor Class	Download Document
Checkbox	Semiannual Financial Statements And Other Information - Franklin Strategic Series	Download Document
Checkbox	Prospectus - Franklin Strategic Series 1	Download Document
Checkbox	Summary Prospectus - Franklin Growth Opportunities Fund	Download Document
Checkbox	Statement of Additional Information - Franklin Strategic Series 1Mailed 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. 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. 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

Click here for funds sales charge and breakpoint 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.

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.

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

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.

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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 Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Source: FTSE.

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.
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.
©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.
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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