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      <regLei>549300ABVE9PHQM3RW65</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Franklin Rising Dividends Fund</seriesName>
      <seriesId>S000006858</seriesId>
      <seriesLei>549300RLL39D0QDRZ160</seriesLei>
      <repPdEnd>2020-09-30</repPdEnd>
      <repPdDate>2019-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LOWE'S COMPANIES INC COM USD.5</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>LOWE'S COMPANIES INC COM USD.5</title>
        <cusip>548661107</cusip>
        <identifiers>
          <ticker value="LOW"/>
          <other otherDesc="Internal Identifier" value="34083"/>
        </identifiers>
        <balance>1336800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>160095168.00000000</valUSD>
        <pctVal>0.726317704176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AFLAC INC COM USD0.1</name>
        <lei>549300N0B7DOGLXWPP39</lei>
        <title>AFLAC INC COM USD0.1</title>
        <cusip>001055102</cusip>
        <identifiers>
          <ticker value="AFL"/>
          <other otherDesc="Internal Identifier" value="132"/>
        </identifiers>
        <balance>3129420.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>165546318.00000000</valUSD>
        <pctVal>0.751048411558</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BECTON DICKINSON AND CO COM USD1</name>
        <lei>ICE2EP6D98PQUILVRZ91</lei>
        <title>BECTON DICKINSON AND CO COM USD1</title>
        <cusip>075887109</cusip>
        <identifiers>
          <ticker value="BDX"/>
          <other otherDesc="Internal Identifier" value="7116"/>
        </identifiers>
        <balance>2808756.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>763897369.32000000</valUSD>
        <pctVal>3.465639784399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ABBVIE INC COM USD NPV</name>
        <lei>FR5LCKFTG8054YNNRU85</lei>
        <title>ABBVIE INC COM USD NPV</title>
        <cusip>00287Y109</cusip>
        <identifiers>
          <ticker value="ABBV"/>
          <other otherDesc="Internal Identifier" value="537642"/>
        </identifiers>
        <balance>1918900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>169899406.00000000</valUSD>
        <pctVal>0.770797445347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOVER CORP COM USD1</name>
        <lei>549300FMC2ALGA7N9E80</lei>
        <title>DOVER CORP COM USD1</title>
        <cusip>260003108</cusip>
        <identifiers>
          <ticker value="DOV"/>
          <other otherDesc="Internal Identifier" value="29689"/>
        </identifiers>
        <balance>3291800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>379412868.00000000</valUSD>
        <pctVal>1.721315431710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WW GRAINGER INC COM USD.5</name>
        <lei>549300TWZSP6O1IH2V34</lei>
        <title>WW GRAINGER INC COM USD.5</title>
        <cusip>384802104</cusip>
        <identifiers>
          <ticker value="GWW"/>
          <other otherDesc="Internal Identifier" value="7124"/>
        </identifiers>
        <balance>539100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>182496132.00000000</valUSD>
        <pctVal>0.827946110249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TEXAS INSTRUMENTS INC COM USD1</name>
        <lei>WDJNR2L6D8RWOEB8T652</lei>
        <title>TEXAS INSTRUMENTS INC COM USD1</title>
        <cusip>882508104</cusip>
        <identifiers>
          <ticker value="TXN"/>
          <other otherDesc="Internal Identifier" value="5041"/>
        </identifiers>
        <balance>5536700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>710303243.00000000</valUSD>
        <pctVal>3.222494639718</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
