FRANKLIN GROWTH FUND ADVISOR CLASS (TCGAX) …...contributors to relative outperformance during Global Financial Crisis (January 1, 2008 –June 30, 2009) Sustainable Growth Strategy

SUSTAINABLE GROWTH STRATEGY BUILT FOR LONG-TERM INVESTORS As of March 31, 2019

FRANKLIN GROWTH FUND ADVISOR CLASS (TCGAX)

For Financial Professional Use Only | Not for Distribution to the Public

Franklin Retirement Payout Funds March 31, 2016

For Financial Professional Use Only / Not for Distribution to the Public

FRANKLIN GROWTH FUNDSustainable Growth Strategy Built For Long-Term Investors

Topics Covered

Our Investment Approach

Outcomes of Our Investment Expertise

Strategy in Action

Active Investment Selection

Risk and Reward

Market Scenario

Allocating to Core Growth U.S. Equity

Management Team

Growth stocks have historically provided meaningful upside but can be accompanied by bouts of extreme volatility. While many traditional large cap growth funds aggressively allocate to classic high-growth names, Franklin Growth Fund (FCGAX) offers a risk-aware, diversified approach that has provided strong risk-adjusted returns over the long-term.

Provided Protection Against Market Volatility,

Downside Capture Ratio: 92.36% Over 20 Years1

Our strategy seeks to provide long-term capital appreciation by investing

in companies with sustainable growth histories and trajectories. Our

core-oriented growth fund aims to maintain relatively low volatility and

captured only 92.36% of the S&P 500 Index’s negative performance over

the last 20 years to March 31, 2019.

Idiosyncratic Sector Exposure Leads To Broad Diversification

While the bulk of the strategy is invested in well-known household names,

we also invest prudently in emerging leaders and new growth companies,

with our categorization being generally more qualitative than quantitative2.

Investing across sectors, industries, end markets, and business cycles,

FCGAX, in our view, offers a broadly diversified portfolio positioned for an

array of compelling growth opportunities.

High Conviction Approach

Our team employs a consistent, patient, long-term approach across

various market conditions, evidenced by ten-year average annual

turnover of 4.1%3 as of March 31, 2019, among the lowest in the

Morningstar Large Cap Growth peer group.

1. Source: Morningstar Direct. Important data provider notices and terms available at www.franklintempletondatasources.com. FCGAX had Upside Capture Ratio of 100.72% over 20 Years as of March 31, 2019.2. Fund may invest up to 25% in small-cap companies.3. Source: Morningstar Direct. The Morningstar Large Cap Growth peer group has 1256 US-domiciled mutual funds and exchange traded funds as of March 31, 2019.

Not FDIC Insured May Lose Value No Bank Guarantee

1 Sustainable Growth Strategy Built For Long-Term Investors



OUR INVESTMENT APPROACH

Distinct Approach to Investing in Growth Stocks

Identifying Growth Opportunities

Our industry analysts identify sustainable growth opportunities from their primary research and knowledge of their industries. Portfolio managers also generate ideas from their own fundamental research and analysis, including the use of proprietary growth ranking tools to identify sectors, industries, or companies where growth is occurring.

The investment team collaborates together and with analysts to model and evaluate investments with promising long-term sustainable growth opportunities based on our growth, quality and valuation investment criteria. Key variables we examine include market opportunity, competitive position, management and execution, financial strength and profitability, and valuation.

While consideration is given to current economic and market conditions, portfolio managers primarily apply a bottom-up investment process, assessing the market price of a company’s securities relative to their evaluation of the company’s long-term earnings, asset value and cash flow potential. Key valuation metrics include discounted cash flow, private market value, sum of the parts, net asset value, and a wide range of absolute and relative-valuation metrics, including price-to-earnings, price-to-book value, enterprise value, and dividend yield, among others.

During this initial stage of our investment process, the investment team narrows down a global universe of more than 10,000 stocks to 1,000 potential investment ideas. Quantitative screening, qualitative

assessment, and the deep experience of our analysts determine the group of securities that merits closer analysis. This process is ongoing and dynamic, as analysts continually monitor their industries for potential investment ideas. Through rigorous fundamental research, the investment team narrows down 1,000 potential investment ideas to a group of viable “Bargain List” candidates. Approximately 75–150 stocks are included on the “Bargain List” at any given time and the fund typically holds 100-150 stocks.

Portfolio Construction

Collaborating with analysts to model and evaluate investments with promising long-term sustainable growth opportunities, the investment team employs a disciplined portfolio construction process. Buy decisions are based on an assessment of a stock’s growth capability, as well as its upside potential against the business and financial risk inherent in the security. The investment team approaches this evaluation with the requirement that any added downside risk for a security must be outweighed by growth potential for a buy or hold decision to be warranted.

The fund is constructed around blue-chip, household names, emerging leaders, and in companies that may grow exponentially. Our categorization of companies does not necessarily reflect a large, mid, or small cap allocation but rather a view of each companies business model resiliency, industry position, and niche product opportunity.

The graphic below conveys how we conceptualize this framework.

Sustainable Growth Strategy Built For Long-Term Investors 2

Geared for GrowthTypical Portfolio Allocation (%)

For illustrative and discussion purposes only. Percentages represent a typical historical average and are not intended to represent the current portfolio allocation. The investment team does not manage or make investment decisions to these allocations.

Blue Chip, Household Names

Emerging Leaders

High Growth Potential

15%

25%

60%

Categories reflect market opportunity rather than market capitalization



This is an example of an investment purchased pursuant to investment advice of the investment team; the investment may or may not be currently held by the fund. This is not a complete analysis of every material fact regarding an industry, security or investment and should not be viewed as an investment recommendation. It is, however, intended to provide insight into the fund’s portfolio selection process. The actions taken with respect to this investment, and its performance, may not be representative of other advice or investments. Factual statements are taken from sources considered reliable, but have not been independently verified for completeness or accuracy by the fund’s manager or its affiliates. These opinions may not be relied upon as investment advice or an offer for a particular security or as an indication of trading intent for any Franklin Templeton fund. In addition, it should not be assumed that any securities transactions discussed were or will prove to be profitable. As of March 31, 2019, Apple, Inc. represented 4.92% of the total net assets of the Franklin Growth Fund. All portfolio holdings are subject to change.

Portfolio Monitoring and Risk ManagementRisk analysis is integrated into every aspect of the investment process. The analysis includes developing an understanding of the potential risk inherent in the models constructed by the team, with the team’s degree of conviction in the forecasted financial models playing a significant role in the analysis. Additionally, strategy peer review meetings ensure that the portfolio reflects Franklin’s best investment practices. All portfolio managers work with our independent risk team to analyze portfolio risk, tracking error, and performance attribution.

Our sell methodology helps reduce stock specific risk. Sell decisions are based on valuations, fundamental changes and stock performance. The team constantly monitors the portfolio for stocks

that exhibit deteriorating fundamentals or could potentially see less attractive risk/return characteristics going forward. A stock will be considered for sale for any of the following reasons:

• Deterioration in long-term competitive position or growth prospects.

• Valuation appears to fully reflect the future potential of the company’s growth prospects.

• Opportunity to invest in another company that appears to offer better growth potential.

• Poor performance relative to the benchmark or industry.

Our categorization of our portfolio holdings or prospective investment is generally more qualitative than quantitative and the catalyst for movement between categories can vary depending on company and industry fundamentals. For example, our long-term high conviction holding, Apple, Inc., illustrates how a company in our portfolio can move from a high growth potential prospect to a household blue chip name.

Example High Growth Potential Emerging Leader Blue Chip, Household Name

Apple, Inc. • For more than three decades,

Apple Computer was predominately a manufacturer of personal computers, but faced rocky sales and low market share, particularly during the 90’s

• In 1997, Steve Jobs returned to Apple and begun a critical restructuring of the company’s product line

• The team established a position in Apple during the third quarter of 1998

• The iPod is introduced in October 2001 and though its Mac-only compatibility caused relatively slow sales initially, it quickly burgeons into a top selling product with its innovative interface and quick download capability

• In relatively quick succession, Apple releases new generations of the iPod and the iTunes store, swiftly garnering increasingly more market share in the consumer electronics and personal computer space

• The iPhone and iPad debut between 2007 and 2010 - and its revenues surpass that of Microsoft - solidifying the iOS product lines dominance across the personal computer industry, helping make Apple a blue chip stock




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12/31/2008 8/31/2009 4/30/2010 12/31/2010 8/31/2011 4/30/2012 12/31/2012 8/30/2013 4/30/2014 12/31/2014 8/31/2015 4/29/2016 12/30/2016 8/31/2017 4/30/2018 12/31/2018

Industrials Health Care Information Technology MaterialsConsumer Discretionary Real Estate Communication Services UtilitiesConsumer Staples Energy Financials

OUTCOMES OF OUR INVESTMENT EXPERTISE

Strategic Sector Positioning, Emphasis on Blue Chip Stocks

Our fund’s relatively steady active sector positioning is a distinguishing feature and helped cushion the fund from greater losses during periods of recent market turbulence relative to the S&P 500 Index, the fund’s benchmark. Two recent examples include:

• Our steady underweight to Financials was one of the biggest contributors to relative outperformance during Global Financial Crisis (January 1, 2008 – June 30, 2009)


Source: Factset. The portfolio characteristics listed are based on the fund’s underlying holdings, and do not necessarily reflect the fund’s characteristics. Due to data limitations all equity holdings are assumed to be the primary equity issue (usually the ordinary or common shares) of each security’s issuing company. This methodology may cause small differences between the portfolio’s reported characteristics and the portfolio’s actual characteristics. In practice, Franklin Templeton’s portfolio managers invest in the class or type of security which they believe is most appropriate at the time of purchase. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.4. Cash holdings are excluded from the active sector positioning chart.

Fund’s Active Sector Positioning vs S&P 500 Index4

As of March 31, 2019

Focus on High Quality Companies: Stronger Return on Assets December 31, 2008 – December 31, 2018

A History of Growth: Return on Equity Consistently Higher December 31, 2008 – December 31, 2018

Source: FactSet.

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

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FCGAX S&P 500 Index

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2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

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FCGAX S&P 500 Index

Source: FactSet. Source: FactSet.

• Our long-standing underweight to Energy names drove performance as the sector struggled in 2014–2015

While this approach to sector positioning can lead to lagging performance in periods where underweight sectors outperform, our preference for companies with sustainable earnings and strong cash flow growth generally results in a portfolio with higher return on assets and return on equity.

03/31/2019



HEALTHCARE INDUSTRIALS

Mettler Toledo (MTD) is a leading supplier of precision instruments and services for laboratory, industrial, and food markets. With a customer base that increasingly demands more precision in measurement, MTD has benefited from the globalization of quality standards and faced minimal competition from top competitors Sartorius and ThermoFisher. MTD’s significant market share has provided numerous economies of scale advantages including what we view as best-in-class products and a high touch service and sales experience for its diverse global customer base. MTD has consistently grown revenues organically by 5% per year and earnings per share (EPS) by 15% a year which has been enabled in part by its investment in a new Enterprise Resourcing Planning system, an enhanced service program, and the methodical expansion of its sales force.

TE Connectivity (TEL) is a global technology company that designs and manufactures connectivity and sensor products for harsh environments for a variety of industries, such as automotive, industrial equipment, data communication systems, aerospace, defense, medical, oil and gas, consumer electronics, energy and subsea communication. TEL has been the beneficiary of a long-termsecular trend towards more electrification, particularly in the automobile industry, which comprises ~47% of sales. And while highly correlated to semiconductor sales, though far less volatile, TEL has been a more defensive way to gain exposure to the “technology sector”.

A highly cash-generative business, TEL has provided sustainable earnings and historically used cash flows for acquisitions. Part of a very large $170billion+ industry that rewards scale, with a less than 10% market share, we think TEL is one of the few players that should benefit as they continue to increase their share.

STRATEGY IN ACTION

Mettler Toledo Consistently strong earnings per share and sales growthDecember 31, 2007–December 31, 2018

TE ConnectivityStrong cash flows December 31, 2007–December 31, 2018

A Deeper Dive into our Emerging Leaders

As patient long-term investors, we believe short-term market views create buying opportunities for underappreciated high-quality sustainable growth companies. The long-term investments below illustrate our commitment to companies with sustainable earnings and cash flow growth, and how we are uncovering companies with resilient business models in less traditional growth sectors.

0

500

1,000

1,500

2,000

2,500

3,000

3,500

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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

EPS

US D

ollars (Millions)

EPS (diluted) Sales (mln USD)

EPS CAGR5 14.01%

0

500

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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

US

Dol

lars

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Free Cash Flow (FCF)

FCF CAGR5 9.18%


Source: FactSet. As of December 31, 2018. Latest available data.5. Compounded Annual Growth Rate (CAGR) is the mean annual growth rate of an investment over a specified period of time. This is an example of an investment purchased pursuant to investment advice of the investment team; the investment may or may not be currently held by the fund. This is not a complete analysis of every material fact regarding an industry, security or investment and should not be viewed as an investment recommendation. It is, however, intended to provide insight into the fund’s portfolio selection process. The actions taken with respect to this investment, and its performance, may not be representative of other advice or investments. Factual statements are taken from sources considered reliable, but have not been independently verified for completeness or accuracy by the fund’s manager or its affiliates. These opinions may not be relied upon as investment advice or an offer for a particular security or as an indication of trading intent for any Franklin Templeton fund. In addition, it should not be assumed that any securities transactions discussed were or will prove to be profitable. As of March 31, 2019, MTD represented 1.95% of the total net assets of the Franklin Growth Fund. As of March 31, 2019, TE Connectivity represented 0.84% of total net assets of the Franklin Growth Fund. All portfolio holdings are subject to change.


For Financial Professional Use Only / Not for Distribution to the Public6 Sustainable Growth Strategy Built For Long-Term Investors

Franklin Growth Fund’s Relatively Conservative Positioning has Rewarded Investors over the Longer-Term

Despite its growth bias, our fund has provided investors with a steadier ride than many peers, balancing attractive returns with lower volatility over the long-term. The fund posted a competitive track record, outperforming the benchmark and peer group, represented by the Morningstar Large Cap Growth universe, over the trailing 3-, 5- and 10-year periods below.

As patient long-term investors, the fund’s more defensive positioning has helped increase outperformance versus the benchmark. On a ten-year annualized rolling basis, the fund outperformed the benchmark, represented by the S&P 500 Index, 96% of the time.

Notably, the fund’s higher Sharpe Ratio over rolling ten-year periods also highlights the team’s historical tendency to deliver superior risk-adjusted returns over time.

Average Annual Total Returns (%)

Standard Deviation (%) Sharpe Ratio

1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years

FCGAX – Advisor Class 9.5 15.4 12.1 16.5 17.2 13.3 13.3 15.2 0.59 1.26 1.05 1.27

S&P 500 Index 9.5 13.5 10.9 15.9 15.5 12.5 13.3 15.5 0.63 1.17 0.95 1.21

Morningstar US Fund Large Growth Peer Group

10.6 15.2 11.1 15.4 17.9 14.0 14.6 16.4 0.64 1.20 0.89 1.12

Returns and Key Risk Statistics Periods Ending March 31, 2019

Upside Capture (%) Downside Capture (%)

1 Year 3 Year 5 Year 10 Year 1 Year 3 Year 5 Year 10 Year

FCGAX – Advisor Class 109.34 110.36 104.40 101.19 113.49 105.37 97.80 98.37

S&P 500 Index 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Morningstar US Fund Large Growth Peer Group 111.04 109.02 104.88 102.17 110.20 104.15 107.91 109.13

RISK AND REWARD

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S&P 500 Index (%)

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12/31/2006 4/30/2010 8/31/2013 12/31/2016

FCGAX S&P 500 Index

10-Year Rolling Returns: Fund vs. BenchmarkOutperformed the Benchmark 96% of the timeDecember 31, 2006 to March 31, 20196

10-Year Rolling Sharpe Ratio December 31, 2006 to March 31, 20196

Total Annual Operating Expenses: With waiver: 0.62% | Without waiver: 0.63%

Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. The fund’s investment returns and principal values will change with market conditions, and you may have a gain or a loss when you sell your shares. Please call Franklin Templeton at (800) DIAL BEN/(800) 342-5236 or visit franklintempleton.com for the most recent month-end performance.

Advisor Class shares do not have sales charges or 12b-1 fees and are offered only to certain eligible investors as stated in the prospectus.The fund has a fee waiver associated with any investment it makes in a Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed through January 31, 2019. Fund investment results reflect the fee waiver; without this waiver, the results would have been lower.6. Source: Morningstar Direct. © 2019 Morningstar, Inc. All Rights Reserved. Effective 12/31/1996, the fund began offering Advisor Class Shares. For periods prior to the fund’s Advisor Class inception date, a restated figure is used based on the fund’s oldest share class, Class A performance, excluding the effect of Class A’s maximum initial sales charge but reflecting the effect of the Class A Rule 12b-1 fees; and b) for periods after the fund’s Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.

03/31/2019



RECESSION EXPANSION RECESSION EXPANSION RECESSION EXPANSION

Comparatively Strong Risk-Adjusted Performance during Recessionary and Expansionary Periods

During periods of market turbulence, a diversified portfolio of companies with resilient business models may benefit investors looking for downside protection. The fund’s higher Sharpe ratio in

all six periods emphasizes the fund’s ability to generate better risk-adjusted performance than its benchmark and peer group. Additionally, our fund’s relative outperformance in five out of six recessionary and expansionary periods further demonstrates our core growth style.

RECESSION EXPANSION RECESSION EXPANSION RECESSION EXPANSION

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2001–2007 12/01–12/31

2008–2009 1/01–6/30

2009–2019 7/01–03/31

%

FCGAX Morningstar US Fund Large Growth Category S&P 500 Index

Performance During Recession and Expansion PeriodsSharpe Ratio (Annualized if one year or more & Cumulative if the period is less than one year)8/1/1990–03/31/2019


Source: Morningstar and S&P.Performance data represents past performance, which does not guarantee future results.

MARKET SCENARIO

Performance During Recession and Expansion PeriodsReturns (Annualized if one year or more & Cumulative if the period is less than one year)8/1/1990–03/31/2019

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2009–2019 7/01–03/31

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FCGAX Morningstar US Fund Large Growth Category S&P 500 Index



Portfolios with FCGAX Show Incremental Returns and Lower Volatility

To illustrate how our fund may potentially benefit your clients’ portfolios, we created a 60% equity/40% fixed income hypothetical portfolio, where the initial portfolio had a 35% allocation to core U.S equity represented by the S&P 500 Index.

In portfolio 2, we replace 10% of the core U.S. equity allocation with FCGAX. In portfolio 3, we replace the entire core U.S. equity allocation with FCGAX.

Figures 1 and 2 highlight the increased performance and lower volatility over the trailing three-and five-year periods to March 31, 2019, suggesting that FCGAX could have played a critical role for more risk-aware investors during those time periods.

Figure 1: Hypothetical 3-Year AllocationAs of March 31, 2019

Asset Class Portfolio 1 Portfolio 2 Portfolio 3

EQUITY

US Core 35.0% 25.0% 0.0%

US Small Cap 5.0% 5.0% 5.0%

International 10% 10% 10%

Emerging Markets 10% 10% 10%

FCGAX 0.0% 10.0% 35.0%

FIXED INCOME

US 30.0% 30.0% 30.0%

High Yield Corporate Bonds

5.0% 5.0% 5.0%

US TIPS 5.0% 5.0% 5.0%

Performance data represents past performance, which does not guarantee future results.Source: FactSet. All data as March 31, 2019. Fund data is based Franklin Growth Fund Advisor Class (FCGAX).7. For the fixed income allocations, high yield corporate bonds are represented by the Bloomberg Barclays High Yield Corporate Index, US fixed income is represented by the Bloomberg Barclays US Aggregate Index, and US TIPS are represented by the Bloomberg Barclays US Treasury TIPS 0-5 Year Index. For the equity allocations, emerging markets equity is represented by the MSCI Emerging Markets Index, international equity is represented by the MSCI ACWI ex-US, U.S. core equity is represented by the S&P 500 Index and U.S. small cap equity is represented by the Russell 2000 Index. All hypothetical portfolios are rebalanced monthly with the reinvestment of all dividends and capital gains.Each asset class is represented by an index with the longest performance history within that asset class. If these hypothetical portfolios included other indexes and/or asset classes not shown here, they may have provided outcomes more or less favorable than those shown within these illustrations. These hypothetical portfolios are for informational and illustrative purposes only.There is no guarantee that any particular asset allocation or investment in a Franklin Templeton fund or mix of funds will meet one’s investment goal.This communication is general in nature and provided for educational and informational purposes only. It should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel. Any investment products or services named herein are for illustrative purposes only, and should not be considered an offer to buy or sell, or an investment recommendation for, any specific security, strategy or investment product or service. As a financial professional, only you can provide your customers with personalized advice and investment recommendations tailored to their specific goals, individual situation, and risk tolerance.Franklin Templeton does not provide legal or tax advice. Federal and state laws and regulations are complex and subject to change, which can materially impact results. Franklin Templeton Distributors, Inc. (FTDI) cannot guarantee that such information is accurate, complete or timely; and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.

Hypothetical Portfolios (60% Equity/ 40% Fixed Income)7

ALLOCATING TO CORE GROWTH U.S. EQUITY

Figure 2: Hypothetical 5-Year AllocationAs of March 31, 2019

7.00%

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Portfolio 3 35% FCGAX

Portfolio 1

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Portfolio 1







FRANKLIN GROWTH TEAM

Expertise in High Quality Growth Opportunities

Investors benefit from our veteran management team and deep research capabilities

Lead portfolio manager Serena Perin Vinton has managed the fund since 2008, through various market cycles including the Global Financial Crisis. Serena is supported by two dedicated research analysts and draws on the deep knowledge of the 58-member Franklin Equity team.

The close collaboration between our Portfolio Managers and Analysts is a key differentiator

Our industry specialists conduct fundamental research, in a collaborative environment, balancing autonomy with rigorous debate and

accountability. Equity and Fixed Income analysts work together, ensuring insights across a company’s capital spectrum.

Global reach provides access to sophisticated risk management and trading resources

Portfolio managers collaborate with our independent risk team, who regularly examine risk analytics to help identify and address areas of excessive risk exposure within our portfolios. Franklin Templeton’s 11 trading desks worldwide allow uninterrupted trading of stocks that trade in multiple time zones.

Serena Perin Vinton, CFA27 years in the industry

John Anderson, MBA12 years in the industry


17Years onaverage ofindustryexperience

15Years on average With Franklin Templeton

3Portfolio Managers & Research Analysts

Management Team

Robert Rendler, CFA14 years in the industry

43RESEARCH OFFICES

12GLOBAL TRADING OFFICES

A truly global organization, Franklin Templeton's global footprint offers local market knowledge and around-the-clock trading.8

8. Joint venture partners with Franklin Templeton Investments.9. Majority ownership interest.

Americas

Bogota8

Boston

Buenos Aires

Calgary

Coral Gables

Ft. Lauderdale

Los Angeles

Mexico City

Montreal

Nassau

New York City

Rio de Janeiro

Rancho Cordova

Short Hills

San Mateo

São Paulo

Stamford9

Toronto

Washington, D.C.

Europe, Middle East, Africa

Bucharest

Budapest

Cape Town

Dubai

Edinburgh

Frankfurt

Asia Pacific

Bangkok

Chennai

Ho Chi Minh City8

Hong Kong

Hyderabad

Kuala Lumpur

Melbourne

Mumbai

Seoul

Shanghai8

Singapore

Sydney

Istanbul

Leeds

London

Milan

Vienna

Warsaw



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Franklin Templeton Distributors, Inc.One Franklin ParkwaySan Mateo, CA 94403-1906(800) DIAL BEN®/342-5236franklintempleton.com

For Financial Professional Use Only / Not For Distribution to the Public.© 2019 Franklin Templeton Investments. All rights reserved.

WHAT ARE THE RISKS

All investments involve risks, including possible loss of principal. Historically, the fund has focused on larger companies. The fund may also invest in small, relatively new and/or unseasoned companies, which involves additional risks, as the price of these securities can be volatile, particularly over the short term. The fund may focus on particular sectors of the market from time to time, which can carry greater risks of adverse developments in such sectors. In addition, the fund may invest up to 40% of its net assets in stocks of foreign companies, which involve special risks, including currency fluctuations and economic as well as political uncertainty. These and other risks are described more fully in the fund’s prospectus.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute

Your clients should carefully consider a fund’s investment goals, risks, charges and expenses before investing. They should read the summary prospectus and/or prospectus carefully before they invest or send money. To obtain a prospectus, which contains this and other information, please call Franklin Templeton Investments at (800) DIAL BEN/342-5236.

Documents

FRANKLIN GROWTH FUND ADVISOR CLASS (TCGAX) …...contributors to relative outperformance during Global Financial Crisis (January 1, 2008 –June 30, 2009) Sustainable Growth Strategy