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Franklin International Growth Fund–Advisor Class June 30, 2021

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Franklin International Growth Fund–Advisor Class June 30, 2021 Growth Franklin International Growth Fund– Equity Advisor Class June 30, 2021 Product Profile Product Details1,2 Fund Description ​ Fund Assets $3,212,554,511.78 The fund seeks capital appreciation by investing predominantly in the equity securities of mid- and large-capitalization companies outside the United States with long-term growth potential. Fund Inception Date 06/03/2008 Number of Issuers 33 4 NASDAQ Symbol FNGZX Performance Data ​ Maximum Sales Charge 0.00 Average Annual Total Returns5 (%) Investment Style Growth Since Inception Benchmark MSCI EAFE Index-NR 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (06/03/2008) Advisor Class 8.19 5.19 31.83 16.14 18.40 9.70 7.68 Lipper Classification International Multi-Cap Growth MSCI EAFE Index- 5.17 8.83 32.35 8.27 10.28 5.89 3.42 NR Morningstar Category™ Foreign Large Growth ​ Dividend Frequency Annually in December 40% Asset Allocation3 30% Percent of Total 20% 10% 0% Equity 97.28 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception Advisor Class MSCI EAFE Index-NR Cash & Cash 2.72 Equivalents Total Annual Operating Expenses—With Waiver: 0.87% Without Waiver: 0.93% 0% 50% 100% 150% Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund’s investment return and principal value will change with market conditions, and you may have a gain or a loss when you sell your shares. Please Third-Party Fund Data call Franklin Templeton at (800) DIAL BEN/(800) 342-5236 or visit franklintempleton.com for the most Overall Morningstar RatingTM a recent month-end performance. Advisor Class shares are offered only to certain eligible investors as stated in the prospectus. They are offered without sales charges or Rule 12b-1 fees. The fund offers other share classes subject to As of 06/30/2021 the fund’s Advisor Class different fees and expenses, which will affect their performance. Please see the prospectus for shares received a 4 star overall Morningstar details. Rating™, measuring risk-adjusted returns The fund has an expense reduction and a fee waiver associated with any investments it makes in a against 384, 323 and 225 U.S.-domiciled Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed Foreign Large Growth mutual funds and through 11/30/2021. Fund investment results reflect the expense reduction and fee waiver; without exchange traded funds over the 3-, 5- and 10- these reductions, the results would have been lower. year periods, respectively. A fund’s overall rating is derived from a weighted average of the Calendar Year Returns (%) performance figures associated with its 3-, 5- 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 and 10-year (if applicable) rating metrics. Advisor Class 32.86 37.18 -14.28 37.03 1.47 0.36 -4.44 11.75 22.93 -11.84 MSCI EAFE 7.82 22.01 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14 Index-NR ​1. All holdings are subject to change. Holdings of the same issuers have been combined. ​2. Net Returns (NR) include income net of tax withholding when dividends are paid. ​3. Percentage may not equal 100% due to rounding. All holdings are subject to change. ​4. Source for Index: FactSet. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. ​5. Periods shorter than one year are shown as cumulative total returns. Not FDIC Insured | May Lose Value | No Bank Guarantee Franklin International Growth Fund–Advisor Class June 30, 2021 Portfolio Manager Insight* Performance Review QUARTERLY KEY PERFORMANCE DRIVERS Stocks Sectors Countries Shopify, Inc. Class A Communication Services (Stock Selection) Japan (Stock Selection) HELPED DSV Panalpina A/S Industrials (Stock Selection) United Kingdom (Stock Selection) Genmab A/S Materials (Stock Selection) Denmark (Overweight) TAL Education Group Sponsored ADR Class Consumer Discretionary (Stock Selection) China (Off-benchmark Exposure) A HURT boohoo group Plc Consumer Staples (Lack of Exposure) Switzerland (Stock Selection) Keywords Studios plc — France (Lack of Exposure) • Canada-based Shopify, an e-commerce solutions provider, aided relative performance amid sustained demand for its services, given the growth in e- commerce over the past year. Although e-commerce growth may decelerate somewhat as people start shopping at physical stores again, Shopify has continued to expand deeper into payments and fulfillment to further drive growth over the longer term. • In the industrials sector, shares of DSV Panalpina boosted relative performance following a strong set of financial results from the company for the first quarter. The Denmark-based logistics services provider saw robust revenue growth across its sea and airfreight businesses, as freight rates rose strongly. Profitability also improved after the full integration of recent acquisition Panalpina. The company announced another acquisition that we expect should further enhance its exposure to Asia. • China-based tutoring services provider TAL Education Group detracted from relative performance as regulatory uncertainty continued. Chinese policymakers have reportedly been looking at ways to reduce the burden on students through limits on after-school tutoring. We remain comfortable with the company’s position in the tutoring market and expect that any potential industry consolidation that comes from stricter rules would benefit the larger industry players like TAL Education. 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. *The information provided is not a complete analysis of every material fact regarding any country, market, industry, security or fund. Because market and economic conditions are subject to change, comments, opinions and analyses are rendered as of the date of this material and may change without notice. A portfolio manager’s assessment of a particular security, investment or strategy is not intended as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy; it is intended only to provide insight into the fund’s portfolio selection process. Holdings are subject to change. franklintempleton.com 2 Franklin International Growth Fund–Advisor Class June 30, 2021 Portfolio Characteristics6,7​ Portfolio MSCI EAFE Index-NRb Market Capitalization (Millions in USD) 39,720 65,949 Return on Equity 10.16% 11.85% Historical 3-Year EPS Growth -11.52% -3.23% Estimated 3-5 Yr EPS Growth 20.90% 15.84% Operating Margin 13.06% 16.40% Net Margin 5.60% 10.41% Price to Earnings (12 Month Forward) 38.02x 16.50x Portfolio Diversification Top Ten Holdings8 Percent of Total Top Holdings Sector Country % ASML HOLDING NV Semiconductors & Semiconductor Netherlands 3.87 Equipment INTERMEDIATE CAPITAL GROUP Diversified Financials United Kingdom 3.48 PLC FERGUSON PLC Capital Goods United Kingdom 3.46 ADYEN NV Software & Services Netherlands 3.44 DSV PANALPINA A/S Transportation Denmark 3.42 MTU AERO ENGINES AG Capital Goods Germany 3.40 KONINKLIJKE DSM NV Materials Netherlands 3.38 UMICORE SA Materials Belgium 3.31 CYBERAGENT INC Media & Entertainment Japan 3.21 COCHLEAR LTD Health Care Equipment & Services Australia 3.17 ​ ​6.
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