Franklin MV European Equity Growth and Income Fund Class A Euro Distributing (A)

The Fund seeks to provide long-term capital appreciation. The Fund invests at all times at least two-thirds of its Net Asset Value in equity securities of companies that are listed or traded on Regulated Markets and that are domiciled in or are conducting a predominant portion of their economic activities in Europe, including but not limited to Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, The Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom, subject to applicable limitations on investments by foreigners. The Fund will invest up to 20% of its Net Asset Value in equity securities of companies domiciled in or having their principal activities in emerging markets in Europe.