FRANKLIN As at March 31, 2021 INTERNATIONAL CORE EQUITY FUND

Summary of Investment Portfolio

REGIONAL WEIGHTINGS (%)* ASSET CLASS WEIGHTINGS (%) Europe 57.39 Common Stocks 96.53 Asia 31.20 Preferred Stocks 0.72 Australia & New Zealand 6.66 Short-term securities and all other assets, net 2.75 North America 1.47 Middle East & Africa 0.53 TOP 25 HOLDINGS (%) Roche Holding AG 2.94 SECTOR WEIGHTINGS (%)* Partners Group Holding AG 2.08 Koninklijke Ahold Delhaize NV 2.06 Financials 18.71 Cash and cash equivalents** 2.06 Industrials 17.00 Novo Nordisk A/S, B 2.02 Health Care 13.26 BNP Paribas SA 1.85 Consumer Discretionary 9.68 KDDI Corp. 1.80 Information Technology 7.51 Electron Ltd. 1.79 Communication Services 6.83 ING Groep NV 1.75 Consumer Staples 6.76 Sumitomo Financial Group, Inc. 1.65 Materials 5.74 plc, B 1.53 Real Estate 4.51 UBS Group AG 1.49 Energy 4.06 Geberit AG 1.46 Utilities 3.19 Corp. 1.42 Hong Kong Exchanges & Clearing Ltd. 1.36 3i Group plc 1.35 Atlas Copco AB, A 1.33 Deutsche Post AG 1.32 Ltd. 1.29 TOTAL SE 1.28 LVMH Moet Hennessy Louis Vuitton SE 1.28 Unilever plc 1.27 Co. Ltd. 1.22 Hoya Corp. 1.22 Corp. 1.17

TOTAL NET ASSET VALUE: $515,655,000

* Excluding short-term securities and all other assets, net. ** Cash and cash equivalents may include bonds that have a remaining term to maturity of 365 days or less that are issued by certain governments, supranational agencies or financial institutions and have a "designated rating" (as defined in Canadian securities law).

Above is an outline of the investments held in the Fund as a percentage of the Fund's net assets. Due to ongoing portfolio transactions, the investments and percentages may have changed by the time you purchase units of the Fund. The top 25 holdings are made available quarterly, 60 days after the quarter-end. To obtain a copy, please contact a member of our client services team at 1.800.387.0830 or visit www.franklintempleton.ca.