Equity

FSGRX Franklin Small Cap Growth Fund

Higher growth rate potential of smaller companies compared to larger, more established companies.
Tenured and experienced portfolio management team.
Distinct research structure. Investment professionals organized into collaborative sector teams.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks long-term capital growth by investing at least 80% of its net assets in the equity securities of companies with market capitalizations not exceeding the highest month-end market capitalization value of any stock in the Russell 2000® Index for the previous 36 months.

Benchmark: Russell 2000 Growth Index
Additional Benchmark: S&P 500 Index
Fund Inception Date: 05/01/2000
Dividend Frequency, if any: Annually
Portfolio Turnover: 48%

Sales Charges, Expenses & Fees

As of 09/01/2026

Gross Expense Ratio: 1.07%
Net Expense Ratio⁴: 1.07%
Maximum Initial Charge: 5.50%
CDSC⁵: 1.00%
12b-1 Fee: 0.25%

Identifiers

Ticker: FSGRX
Fund Number: 465
CUSIP Code: 354713620

Average Annual Total Returns As of 08/31/2026

View performance section for additional info As of 08/31/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

15.57%1 Year
12.63%3 Years
1.53%5 Years
10.19%10 Years
7.98%Since Inception
05/01/2000

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

Top Sectors

View portfolio section for additional info

As of 08/31/2026 % of Total (Updated Monthly)

Top Sectors
Pharmaceuticals, Biotechnology & Life Sciences21.19%
Capital Goods13.92%
Software & Services12.08%
Health Care Equipment & Services10.64%
Financial Services7.16%

Additional Fund Info

Share Class Inception Date: 05/01/2000
Investment Style: Growth
Lipper Classification: Small-Cap Growth Funds
Morningstar Category⁶: Small Growth

Manager and Commentary

About the Team

Franklin Equity

Franklin Equity understands innovation from every angle—our decades of experience investing in complex change fuels a differentiated perspective on how public and private companies accelerate growth and unlock value. Leveraging fundamental depth and quantitative precision, we identify catalysts for transformation that reshape companies and industries. Our expertise, spanning from growth to value, brings together diverse perspectives that help us spot opportunities ahead of the market.

Commentary Highlights

July 31, 2026

Markets: US equities delivered mixed returns in July as investors balanced a constructive earnings season against renewed pressure on technology shares, higher bond yields and geopolitical uncertainty. Value investing surpassed growth in each market cap segment, while large- and mid-cap stocks generally performed better than their small-cap peers.
Contributors: Stock selection in the information technology, health care and financials sectors benefited relative results.
Detractors: An overweight to the industrials sector, as well as stock selection among industrials companies, weighed on relative performance.
Outlook: We have a constructive outlook on US small‑cap stocks and believe the environment may become more supportive as earnings growth accelerates, interest-rate cuts ease financing pressures and economic activity broadens beyond mega‑cap companies.

For complete information, please see the full commentary:

Product Commentary - Franklin Small Cap Growth Fund (Monthly)

Product Commentary - Franklin Small Cap Growth Fund

Franklin Equity

Managed Fund Since 2004

Managed Fund Since 2025

Managed Fund Since 2026

Latest Insights

September 17, 2026

Pacing the Frontier

September 15, 2026

The Limit Does Not Exist

August 3, 2026

The Model is not the Moat

July 28, 2026

From AI to Space: Five Forces Reshaping Next-Generation Tech

Performance

Average Annual Total Returns

⁷

As of 08/31/2026

Month End

Quarter End

As of

Class A - With Sales Charge (POP) (%)

Month End

As of 08/31/2026

1 Year: 15.57

3 Years: 12.63

5 Years: 1.53

10 Years: 10.19

Since Inception(05/01/2000): 7.98

Class A - Without Sales Charge (NAV) (%)

Month End

As of 08/31/2026

1 Year: 22.30

3 Years: 14.77

5 Years: 2.68

10 Years: 10.81

Since Inception(05/01/2000): 8.21

Russell 2000 Growth Index (%)

Month End

As of 08/31/2026

1 Year: 23.25

3 Years: 17.01

5 Years: 5.04

10 Years: 10.66

Since Inception(05/01/2000): 6.59

S&P 500 Index (%)

Month End

As of 08/31/2026

1 Year: 20.38

3 Years: 21.04

5 Years: 12.79

10 Years: 15.38

Since Inception(05/01/2000): 8.46

See the risks and other important information.

Overall Morningstar Rating: Overall Morningstar Rating: 3 out of 5 stars
As of 08/31/2026

3 Years: 3 Years: 3 out of 5 stars
521 Funds in category

5 Years: 5 Years: 3 out of 5 stars
499 Funds in category

10 Years: 10 Years: 3 out of 5 stars
405 Funds in category

Rating Category: Small Growth

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box

As of 08/31/2026

Current Historical
			Large
			Medium
			Small
Value	Blend	Growth
Style

Size

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Period

Currency Attribution

Sector/Industry

Region/Country

Attribution
As of 06/30/2026	Franklin Small Cap Growth Fund (%)			Russell 2000 Growth Index (%)			Variation (%)			Attribution (%)
	Average Weight	Total Return	Contribution to Return	Average Weight	Total Return	Contribution to Return	Average Weight	Total Return	Contribution to Return	Allocation Effect	Selection Effect	Interaction Effect	Total Effect
Sector/Industry	100.00	21.61	21.61	100.00	25.71	25.70686	—	-4.10	-4.10	0.89	-3.63	-1.36	-4.10
Communication Services	1.65	-13.84	-0.26	2.22	21.55	0.48440	-0.57	-35.39	-0.74	0.02	-0.90	0.20	-0.69
Diversified Telecommunication Services	—	—	—	0.80	30.26	0.20449	-0.80	-30.26	-0.20	-0.01	—	—	-0.01
Entertainment	—	—	—	0.63	18.92	0.10798	-0.63	-18.92	-0.11	0.06	—	—	0.06
Interactive Media & Services	—	—	—	0.43	12.81	0.05805	-0.43	-12.81	-0.06	0.06	—	—	0.06
Media	1.40	-16.20	-0.26	0.35	35.91	0.11729	1.05	-52.11	-0.37	0.04	-0.20	-0.58	-0.74
Wireless Telecommunication Services	0.25	—	—	0.02	-22.89	-0.00342	0.23	22.89	0.00	-0.12	0.00	0.05	-0.06
Consumer Discretionary	7.67	13.18	1.12	7.13	16.06	1.19150	0.54	-2.88	-0.07	-0.02	-0.22	-0.01	-0.26
Automobile Components	0.87	-14.91	-0.14	0.47	3.05	0.01220	0.39	-17.96	-0.16	-0.09	-0.11	-0.09	-0.29
Automobiles	—	—	—	0.00	-6.64	0.00563	0.00	6.64	-0.01	-0.01	—	—	-0.01
Broadline Retail	—	—	—	0.04	63.80	0.02293	-0.04	-63.80	-0.02	-0.01	—	—	-0.01
Distributors	—	—	—	0.00	-1.23	-0.00074	0.00	1.23	0.00	0.00	—	—	0.00
Diversified Consumer Services	0.05	9.17	0.01	1.42	13.51	0.20109	-1.37	-4.34	-0.19	0.18	0.09	-0.09	0.18
Hotels Restaurants & Leisure	3.37	15.31	0.56	2.30	26.45	0.62257	1.07	-11.14	-0.06	-0.02	-0.23	-0.13	-0.38
Household Durables	1.21	32.45	0.31	0.97	7.35	0.08456	0.24	25.09	0.23	-0.05	0.24	-0.03	0.16
Leisure Products	—	—	—	0.24	22.86	0.04739	-0.24	-22.86	-0.05	0.02	—	—	0.02
Specialty Retail	1.59	12.93	0.23	1.27	13.72	0.17427	0.33	-0.80	0.05	0.00	-0.02	-0.01	-0.03
Textiles Apparel & Luxury Goods	0.58	24.53	0.15	0.42	6.39	0.02161	0.16	18.14	0.13	0.00	0.08	0.02	0.10
Consumer Staples	2.41	6.38	0.11	1.85	13.51	0.27228	0.57	-7.12	-0.17	-0.11	-0.12	-0.12	-0.35
Beverages	—	—	—	0.24	26.36	0.05611	-0.24	-26.36	-0.06	0.01	—	—	0.01
Consumer Staples Distribution & Retail	1.40	30.49	0.40	0.44	39.69	0.15980	0.96	-9.21	0.24	0.12	-0.03	-0.09	0.00
Food Products	0.66	0.32	0.02	0.62	-5.35	-0.02111	0.04	5.67	0.04	-0.05	0.06	0.01	0.02
Household Products	—	—	—	0.26	27.23	0.06991	-0.26	-27.23	-0.07	0.00	—	—	0.00
Personal Care Products	0.35	-49.58	-0.31	0.20	6.35	0.01339	0.15	-55.93	-0.32	-0.08	-0.12	-0.21	-0.41
Tobacco	—	—	—	0.08	-2.63	-0.00580	-0.08	2.63	0.01	0.03	—	—	0.03
Energy	4.59	-13.13	-0.66	3.41	-2.40	-0.08516	1.18	-10.73	-0.57	-0.33	-0.41	-0.18	-0.91
Energy Equipment & Services	2.36	-1.56	0.00	1.79	14.02	0.25367	0.57	-15.58	-0.26	-0.04	-0.29	-0.09	-0.42
Oil Gas & Consumable Fuels	2.23	-23.53	-0.65	1.62	-17.80	-0.33882	0.60	-5.74	-0.31	-0.31	-0.10	-0.09	-0.50
Financials	8.48	4.54	0.43	9.25	20.66	1.99943	-0.77	-16.11	-1.57	0.05	-1.55	0.09	-1.40
Banks	2.07	11.92	0.26	2.39	15.37	0.40316	-0.32	-3.45	-0.14	0.04	-0.08	0.00	-0.04
Capital Markets	3.83	0.01	0.00	2.79	13.32	0.43895	1.04	-13.32	-0.44	-0.13	-0.40	-0.19	-0.73
Consumer Finance	—	—	—	1.14	40.68	0.43478	-1.14	-40.68	-0.43	-0.16	—	—	-0.16
Financial Services	2.59	6.70	0.17	1.26	22.34	0.28655	1.33	-15.64	-0.12	-0.06	-0.19	-0.22	-0.47
Insurance	—	—	—	1.58	27.28	0.42876	-1.58	-27.28	-0.43	-0.02	—	—	-0.02
Mortgage Real Estate Investment Trusts (Reits)	—	—	—	0.08	9.66	0.00723	-0.08	-9.66	-0.01	0.02	—	—	0.02
Health Care	25.62	24.67	6.41	22.75	25.53	5.66095	2.87	-0.86	0.75	0.29	-0.06	-0.03	0.20
Biotechnology	11.66	26.20	3.18	11.42	25.81	2.83799	0.24	0.40	0.34	0.22	0.20	-0.04	0.38
Health Care Equipment & Supplies	2.83	16.99	0.48	3.23	14.24	0.49488	-0.40	2.75	-0.02	0.05	0.11	-0.04	0.13
Health Care Providers & Services	5.62	27.45	1.53	4.60	30.33	1.33831	1.03	-2.88	0.19	0.12	-0.11	-0.01	-0.01
Health Care Technology	0.01	2.33	0.00	0.30	3.58	0.01476	-0.29	-1.25	-0.01	0.07	0.00	0.00	0.07
Life Sciences Tools & Services	1.87	24.46	0.49	0.30	54.90	0.15050	1.57	-30.44	0.34	0.42	-0.09	-0.41	-0.08
Pharmaceuticals	3.63	18.57	0.73	2.90	28.59	0.82451	0.73	-10.02	-0.10	0.03	-0.22	-0.09	-0.28
Industrials	23.39	24.77	5.73	24.52	25.64	6.26757	-1.13	-0.87	-0.54	0.14	-0.11	-0.25	-0.23
Aerospace & Defense	5.81	-1.02	0.05	2.78	3.71	0.16586	3.03	-4.73	-0.11	-0.68	-0.12	-0.25	-1.05
Air Freight & Logistics	—	—	—	0.01	-19.26	-0.00265	-0.01	19.26	0.00	0.01	—	—	0.01
Building Products	3.56	40.69	1.31	2.02	16.37	0.36627	1.54	24.32	0.94	-0.15	0.51	0.34	0.70
Commercial Services & Supplies	0.00	0.00	0.00	1.05	28.63	0.29437	-1.05	-28.63	-0.29	-0.03	-0.32	0.32	-0.03
Construction & Engineering	5.38	29.69	1.52	4.61	43.72	1.73339	0.77	-14.03	-0.21	0.39	-0.49	-0.45	-0.55
Electrical Equipment	1.60	85.33	0.92	5.51	55.07	2.39428	-3.91	30.26	-1.47	-0.96	1.90	-1.48	-0.54
Ground Transportation	—	—	—	0.12	2.38	0.00840	-0.12	-2.38	-0.01	0.03	—	—	0.03
Industrial Conglomerates	—	—	—	0.02	-5.48	-0.00198	-0.02	5.48	0.00	0.01	—	—	0.01
Machinery	2.81	23.70	0.64	4.89	15.41	0.80780	-2.08	8.29	-0.16	0.20	0.46	-0.22	0.44
Marine Transportation	—	—	—	0.00	13.44	0.00021	0.00	-13.44	0.00	0.00	—	—	0.00
Passenger Airlines	1.46	30.12	0.39	0.38	14.22	0.05801	1.07	15.89	0.33	-0.01	0.06	-0.01	0.04
Professional Services	1.74	29.73	0.50	2.18	-0.71	0.11557	-0.44	30.44	0.38	0.10	0.69	-0.17	0.62
Trading Companies & Distributors	1.03	44.62	0.40	0.95	38.75	0.32749	0.09	5.87	0.08	0.03	0.05	0.01	0.08
Transportation Infrastructure	—	—	—	0.01	2.18	0.00056	-0.01	-2.18	0.00	0.00	—	—	0.00
Information Technology	23.21	38.75	8.22	22.52	46.74	9.25969	0.69	-7.99	-1.04	0.35	-1.47	-0.16	-1.29
Communications Equipment	1.46	22.37	0.53	1.67	46.56	0.70329	-0.20	-24.19	-0.17	0.20	-0.33	-0.06	-0.18
Electronic Equipment Instruments & Components	4.79	-2.81	-0.13	4.72	20.09	0.97356	0.07	-22.90	-1.10	0.04	-1.17	-0.03	-1.16
It Services	1.45	47.77	0.52	1.12	69.46	0.54951	0.33	-21.68	-0.03	0.05	-0.15	0.00	-0.09
Semiconductors & Semiconductor Equipment	8.44	101.43	6.19	6.71	97.67	4.57496	1.73	3.76	1.62	1.19	0.19	-0.08	1.30
Software	7.08	16.55	1.10	6.98	28.43	1.91329	0.10	-11.88	-0.81	-0.07	-0.66	-0.16	-0.89
Technology Hardware Storage & Peripherals	—	—	—	1.33	51.27	0.54509	-1.33	-51.27	-0.55	-0.26	—	—	-0.26
Materials	0.34	23.05	0.09	3.91	1.43	0.12502	-3.57	21.62	-0.03	0.91	0.83	-0.73	1.01
Chemicals	—	—	—	1.49	13.04	0.19980	-1.49	-13.04	-0.20	0.20	—	—	0.20
Construction Materials	0.31	25.37	0.08	0.38	-1.31	-0.00806	-0.07	26.68	0.09	0.03	0.11	-0.02	0.12
Containers & Packaging	—	—	—	0.04	14.77	0.00403	-0.04	-14.77	0.00	0.01	—	—	0.01
Metals & Mining	0.02	10.58	0.01	1.99	-7.04	-0.06956	-1.96	17.61	0.08	0.66	0.28	-0.27	0.67
Paper & Forest Products	—	—	—	0.02	-5.85	-0.00119	-0.02	5.85	0.00	0.01	—	—	0.01
Real Estate	0.94	43.41	0.39	2.00	25.91	0.51180	-1.07	17.50	-0.12	0.07	0.32	-0.17	0.22
Diversified Reits	—	—	—	0.01	10.22	0.00083	-0.01	-10.22	0.00	0.00	—	—	0.00
Health Care Reits	0.24	12.74	0.06	0.30	8.94	0.02572	-0.06	3.80	0.03	0.07	0.03	-0.01	0.09
Hotel & Resort Reits	0.69	53.70	0.33	0.50	38.65	0.17671	0.19	15.06	0.15	0.03	0.07	0.02	0.13
Real Estate Management & Development	—	—	—	0.45	34.81	0.15625	-0.45	-34.81	-0.16	-0.05	—	—	-0.05
Residential Reits	—	—	—	0.08	7.52	0.00956	-0.08	-7.52	-0.01	0.01	—	—	0.01
Retail Reits	—	—	—	0.39	18.39	0.07553	-0.39	-18.39	-0.08	0.03	—	—	0.03
Specialized Reits	—	—	—	0.27	24.81	0.06720	-0.27	-24.81	-0.07	0.00	—	—	0.00
Utilities	0.35	4.94	0.02	0.45	2.94	0.01937	-0.10	2.01	0.00	0.01	0.07	0.01	0.08
Electric Utilities	—	—	—	0.20	2.46	0.01127	-0.20	-2.46	-0.01	0.04	—	—	0.04
Gas Utilities	—	—	—	0.06	0.31	0.00051	-0.06	-0.31	0.00	0.02	—	—	0.02
Independent Power And Renewable Electricity Producers	0.04	8.26	0.01	0.03	4.79	-0.00036	0.01	3.46	0.01	-0.01	0.01	0.01	0.01
Multi-Utilities	0.30	1.90	0.01	—	—	—	0.30	1.90	0.01	-0.03	—	—	-0.03
Water Utilities	—	—	—	0.16	5.32	0.00794	-0.16	-5.32	-0.01	0.04	—	—	0.04
Cash & Other Net Assets	1.36	0.80	0.01	—	—	—	1.36	0.80	0.01	-0.48	—	—	-0.48
Cash & Other Net Assets	1.36	0.80	0.01	—	—	—	1.36	0.80	0.01	-0.48	—	—	-0.48

Attribution

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Portfolio

Assets

As of08/31/2026 (Updated Monthly)

Total Net Assets: $2.47 Billion

Positions

As of 08/31/2026 (Updated Monthly)

Number of Issuers

Fund: 131
Benchmark: 1,099

Portfolio Statistics

As of 08/31/2026 (Updated Monthly)

Price to Earnings (12-Month Forward)

Fund: 22.49x
Benchmark: 20.63x

Price to Cash Flow

Fund: 10.87x
Benchmark: 14.19x

Price to Book

Fund: 1.65x
Benchmark: 4.75x

Weighted Average Market Capitalization (USD)

Fund: $7.51 Billion
Benchmark: $4.62 Billion

Asset Allocation

As of 08/31/2026 % of Total (Updated Monthly)

Asset Allocation
Holdings	Fund
Equity	99.52%
Cash & Cash Equivalents	0.48%

Holdings
As of 08/31/2026 (Updated Monthly)

As of

JFrog Ltd

Servicetitan Inc

Cactus Inc

SiTime Corp

Lattice Semiconductor Corp

Matador Resources Co

BWX Technologies Inc

Repligen Corp

Jazz Pharmaceuticals PLC

Onto Innovation Inc

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Distribution Frequency
Ex-Dividend Fund: This type of fund declares periodic dividends, which are paid to shareholders who own the fund as of a certain date - known as the "record date". After the record date, the fund is said to be trading "ex-dividend"(literally, without the dividend). An investor who buys shares during the interval between the record date and the payment of the dividend does not receive the dividend. A fund that's in the ex-dividend period is marked with an "x" in newspaper listings.

Daily Accrual Fund: This type of fund typically declares income dividends each day that its net asset value is calculated. These dividends remain in the fund until the designated reinvestment or payment date and are distributed to the shareholders, generally once a month, as additional shares or cash, respectively.: AnnuallyThis fund is an ex-Dividend fund
Capital Gain Distributions: December

Proposed 2026 distribution dates for Franklin, Templeton and Mutual Series funds (excluding ETFs).

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/19/2025

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report or statement of additional information for specific information regarding distributions.

Pricing

Pricing History

As of 09/18/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices and Breakpoints

As of 09/18/2026

Share Prices

As of 09/18/2026

NAV ¹(Net Asset Value): $24.80
NAV Change ¹: $-0.17
NAV Change (%) ¹: -0.68%

POP and Sales Charge at Breakpoints

Less than $25,000

$25,000 - $49,999

$50,000 - $99,999

$100,000 - $249,999

$250,000 - $499,999

$500,000 - $749,999

$750,000 - $999,999

Click here for funds sales charge and breakpoint information.

52-Week Range

Highest NAV As of 08/14/2026: $27.51
Lowest NAV As of 03/30/2026: $21.19

Documents

Fund Literature

Factsheet - Franklin Small Cap Growth Fund

Product Commentary - Franklin Small Cap Growth Fund

Product Commentary - Franklin Small Cap Growth Fund (Annual)

Product Commentary - Franklin Small Cap Growth Fund (Monthly)

Brochure - fi360 Fiduciary Score Strategy Snapshot

Regulatory Documents

Prospectus - Franklin Strategic Series 1

Summary Prospectus - Franklin Small Cap Growth Fund

Annual Report - Franklin Small Cap Growth Fund - Class A

Annual Financial Statements and Other Information - Franklin Strategic Series

Semi-Annual Report - Franklin Small Cap Growth Fund - Class A

Semiannual Financial Statements And Other Information - Franklin Strategic Series

Statement of Additional Information - Franklin Strategic Series 1

Mailed hardcopies unavailable.

Fiscal Q1 Holdings - Franklin Strategic Series

Mailed hardcopies unavailable.

Fiscal Q3 Holdings - Franklin Strategic Series

Mailed hardcopies unavailable.

View Proxy Voting Records and Proxy Voting Policies

Risks

All investments involve risks, including possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The investment style may become out of favor, which may have a negative impact on performance. To the extent the portfolio invests in a concentration of certain securities, regions or industries, it is subject to increased volatility. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund’s prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

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

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe.
Source: FTSE.

Click here for funds sales charge and breakpoint information.

FINANCIAL ADVISORS: Please note that not all share classes may be available for sale at your firm. Please call Franklin Templeton at (800) DIAL BEN/342-5236 for more information.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Net Expense Ratio represents the expense ratio applicable to investors.
For net asset value (NAV) purchases, a 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 18 months.
©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Prior to 3/1/19, these shares were offered at a higher initial sales charge of 4.25%; thus actual returns would have differed. Total returns with sales charges have been restated to reflect the current maximum initial sales charge of 3.75%. Effective 9/10/18 Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available. Class A performance shown has been calculated as follows: (a) for periods prior to 9/10/18, a restated figure is used based on the fund's Class A1 performance and including any Rule 12b-1 rate differential as exists between Class A1 and Class A; and (b) for periods after 9/10/18, actual Class A performance is used, reflecting all charges and fees applicable to that class.
Capitalization Rate is calculated without the deduction of fees and expenses.

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