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Franklin Global Plus Equity Composite Equity June 30, 2021

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Franklin Global Plus Equity Composite Equity June 30, 2021 Growth Franklin Global Plus Equity Composite Equity June 30, 2021 Product Profile Product Details Overview Composite Assets $3,608,419,519.97 We focus on fundamental bottom-up stock analysis to identify and select quality growth companies with sustainable business models and proven management teams that are focused on the creation of Inception Date 12/31/2003 shareholder value. We utilize the recommendations from this analysis to build a concentrated, best- Base Currency USD ideas portfolio of 35–40stocks that is benchmark indifferent, yet diversified, due to the limited overlap Investment Style Growth of economic exposures between companies. Our in-depth research supports our longer-term perspective, seeking to hold companies for three to five years. Performance Data1​ Average Annual Total Returns (USD%)2 Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (12/31/2003) Franklin Global Plus 7.45 8.31 43.17 22.37 22.11 13.74 11.74 Equity Composite - GROSS Franklin Global Plus 7.27 7.94 42.20 21.53 21.27 12.96 10.96 Equity Composite - NET MSCI World Index- 7.74 13.05 39.04 14.99 14.83 10.65 8.40 NR MSCI World Growth 10.87 11.14 39.71 21.19 19.56 13.48 10.06 Index-NR ​ Calendar Year Returns (USD %) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Franklin Global 44.53 38.47 -11.54 36.02 1.98 2.51 4.53 21.61 23.62 -9.19 Plus Equity Composite - GROSS Franklin Global 43.55 37.53 -12.16 35.10 1.27 1.80 3.81 20.79 22.77 -9.83 Plus Equity Composite - NET MSCI World 15.90 27.67 -8.71 22.40 7.51 -0.87 4.94 26.68 15.83 -5.54 Index-NR Portfolio Manager Insight Market Review International equity markets, as measured by the MSCI EAFE Index, rose in the second quarter of 2021 in US dollar terms. Economic data have continued to improve around the world, particularly as vaccination rates in Europe and the United States rise and lockdown restrictions are eased. However, investors have closely monitored whether recent inflationary and wage pressures are likely to be transitory or more prolonged and how quickly supply chain disruptions can be resolved. The pace of the economic rebound and potential inflationary pressures may also dictate how soon central banks begin tightening monetary policy. Growth stocks outperformed value stocks over the quarter. Performance Review • Stock selection, the core of our investment process, contributed to performance during the quarter relative to the strategy’s benchmark, the MSCI World Index. • Security selection in the Health Care, Financials and Industrials sectors contributed to performance relative to the MSCI World Index. • Stock selection in the Consumer Discretionary sector weighed on relative performance. ​1. Net Returns (NR) include income net of tax withholding when dividends are paid. ​2. Periods of more than one year are annualized. For Institutional / Professional Investors Only. Not For Distribution To Retail Investors. Franklin Global Plus Equity Composite June 30, 2021 • Sector and regional weightings are a result of our stock-selection process and our search for what we believe are attractive, high-quality, sustainable- growth companies. Sector allocations contributed to relative performance during the quarter. A lack of exposure to Utilities and an overweight in Information Technology contributed to relative returns. An overweight in Industrials and lack of exposure to Communication Services curbed relative performance. • Regionally, stock selection in the United States and Europe supported relative returns, while exposure to emerging markets curbed relative performance. Outlook & Strategy The fight against the pandemic is likely to continue to sway global equity markets over the second half of the year, as investors watch how quickly people can be vaccinated and whether new variants affecting the unvaccinated can be better contained. Much of the recent economic data have been encouraging, and higher vaccination rates in the United States, Canada and parts of Europe are allowing governments to ease restrictions to varying degrees, which we expect should further support global growth over the rest of the year. Getting more people vaccinated will be crucial in eventually ending the pandemic. Overwhelming evidence has emerged that the vaccines developed for COVID-19 are highly effective, even against the emerging variants, like the Delta variant, and should offer protection for long enough to help overcome the virus as more people become vaccinated globally. Furthermore, vaccine manufacturing looks to us like it can be ramped up to produce enough doses to vaccinate the world’s population over the course of 2021 and into 2022. In the developed world, after a slower start, we are seeing vaccination rates begin to ramp up sharply in Europe and Canada, following the United States, United Kingdom, and Israel which up to now have done a better job getting their populations vaccinated. Parts of Asia have lagged, after having done an admirable job containing the spread of the coronavirus in 2020. How quickly vaccination rates ramp up will be a key determinant, in our view, of how quickly these countries’ economies—and as a result, the global economy—can return to normal. Even as the economic trends have improved in recent months, it is still unclear to us as to when the global economy can get back to pre-pandemic levels. Recent global fiscal stimulus efforts and a potential US infrastructure bill should provide greater support over time. Additionally, we are keeping an eye on potential inflationary pressures and the recent rise in bond yields as potential headwinds for stock markets. We believe our strategy of investing in high-quality companies tied to long-term secular growth trends should continue to perform well over an entire market cycle. We have seen the acceleration of trends such as e-commerce adoption and cloud computing during the pandemic, and we expect these trends to continue long after the pandemic is over. Furthermore, those companies in areas like autonomous driving, cybersecurity and clean technology should remain a bright spot over the longer term. We continue to advocate that a focused yet highly diversified portfolio, with an emphasis on well-managed companies that have solid competitive advantages and good growth prospects, can provide investors with excellent outcomes over the longer term—during both uncertain and certain times. Portfolio Characteristicsa Portfolio MSCI World Index-NR Market Capitalization (Millions in USD) 65,635 323,951 Number of Issuers* 39 1563 Return on Equity 17.07% 18.12% Price to Earnings Growth Ratio 2.35x 1.31x Estimated 3-5 Yr EPS Growth 20.20% 16.77% Price to Earnings (12 Month Forward) 39.51x 20.15x Number of issuers based on a representative portfolio in the composite. Securities will vary among individual accounts in the composite *Based on a representative portfolio in the composite. Securities will vary among individual accounts in the composite. For Institutional / Professional Investors Only. Not For Distribution To Retail Investors. ftinstitutional.com 2 Franklin Global Plus Equity Composite June 30, 2021 Portfolio Diversification Geographic Weightings vs. MSCI World Index-NRb Sector Weightings vs. MSCI World Index-NRb Percent of Total Percent of Total Information Technology 26.42 22.11 74.21 NORTH AMERICA Health Care 18.52 70.73 12.54 Consumer Discretionary 17.78 12.03 14.17 Financials 15.16 EUROPE 13.55 14.83 Industrials 14.49 10.60 Materials 2.73 7.75 4.40 EMERGING MARKETS Real Estate 2.30 0.00 2.71 Energy 0.00 3.15 1.27 ASIA/PACIFIC EX JAPAN Communication Services 0.00 9.12 3.44 Consumer Staples 0.00 7.05 2.60 Utilities 0.00 CASH & CASH EQUIVALENTS 2.74 0.00 Cash & Cash Equivalents 2.60 0.00 0% 25% 50% 75% 100% 0% 5% 10% 15% 20% 25% 30% Franklin Global Plus Equity Composite Franklin Global Plus Equity Composite MSCI World Index-NR MSCI World Index-NR Top Ten Holdingsc Percent of Total Top Holdings Sector Country % SVB FINANCIAL GROUP Banks United States 3.49 CHARLES RIVER LABORATORIES Pharmaceuticals, Biotechnology & Life United States 3.44 INTERNATIONAL INC Sciences APTIV PLC Automobiles & Components United States 3.30 SYNOPSYS INC Software & Services United States 3.28 MERCADOLIBRE INC Retailing Argentina 3.21 INTUITIVE SURGICAL INC Health Care Equipment & Services United States 3.19 HUMANA INC Health Care Equipment & Services United States 3.17 PARTNERS GROUP HOLDING AG Diversified Financials Switzerland 3.03 MOODY’S CORP Diversified Financials United States 3.02 ZEBRA TECHNOLOGIES CORP Technology Hardware & Equipment United States 2.97 For Institutional / Professional Investors Only. Not For Distribution To Retail Investors. ftinstitutional.com 3 Franklin Global Plus Equity Composite June 30, 2021 Performance Statistics Performance Statistics (USD)3,4,5 3 Yrs 5 Yrs 10 Yrs Since Inception Standard Deviation (%) Franklin Global Plus Equity Composite 20.48 16.94 16.32 17.57 MSCI World Index-NR 17.96 14.55 13.87 15.02 Tracking Error (%) 7.73 6.58 5.75 5.70 Information Ratio6 0.96 1.11 0.54 0.58 Sharpe Ratio Franklin Global Plus Equity Composite 1.03 1.24 0.81 0.60 MSCI World Index-NR 0.77 0.94 0.73 0.48 ​ Investment Philosophy Research-Driven Portfolio • Concentrated portfolio with approximately 35–40 holdings • Benchmark Indifferent Longer-Term Investment Horizon • Investment Horizon of 3 to 5 years • Typical holding period of 4+ years Seek to Manage Risk by Limiting Economic Overlap among Holdings • Select companies whose earnings streams are not highly correlated • Has typically resulted in a diversified portfolio across MSCI Global
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