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Why This Fund?

The Fund holds many leading U.S. companies that are well-positioned to benefit from powerful consumer and business trends including those driven by innovative technologies. These technology solutions will impact how people live their lives and how businesses grow.

A Focus On Growth Companies In The U.S

The fund focuses on larger U.S.-based companies that are positioning their businesses for growth. Companies include leaders in areas such as online retailing, digital commerce and healthcare.

A High Conviction, Diversified Approach

Each stock in the fund is selected using rigorous fundamental research. This diversified portfolio of 70-90 holdings has broad sector exposures emphasizing technology, healthcare and consumer segments.

A Focused & Experienced Investment Team

Located in Silicon Valley, our expert team is well situated to identify powerful secular growth trends. They have a finger on the pulse of companies at the forefront of innovation.

We seek to invest in the best opportunities among fast-growing businesses regardless of sector or market capitalization size.

Grant Bowers

Senior Vice President, Portfolio Manager, Research Analyst

High Conviction Portfolio of Leading Companies

Top Equity Issuers

As of 10/31/2025 Updated Monthly

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The chart has 1 Y axis displaying values. Data ranges from 2.5988 to 10.4672.
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Fund
NVIDIA CORP 10.47%
MICROSOFT CORP 7.46%
AMAZON.COM INC 5.92%
BROADCOM INC 5.84%
META PLATFORMS INC 5.62%
APPLE INC 5.16%
ALPHABET INC 3.71%
MASTERCARD INC 2.70%
TESLA INC 2.64%
NETFLIX INC 2.60%

These securities do not represent all of the securities purchased, sold or recommended for clients, and the reader should not assume that investment in the securities listed was or will be profitable. The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top 10 holdings list.

Investment Themes for the Next Decade

Cloud Computing Services
 

Storing and accessing data and applications over the Internet instead of on local compute resources

Digital Payments, E-Commerce
 

The buying and selling of products via electronic means such as the Internet

Health Care Innovation
 

A data-driven approach to meet the changing needs of an aging global population

Diversified Across Multiple Sectors

Sector Allocation

As of 10/31/2025 % of Total Updated Monthly

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Fund Benchmark
Semiconductors & Semiconductor Equipment 20.88% 19.67%
Software & Services 17.15% 18.57%
Media & Entertainment 14.91% 11.43%
Technology Hardware & Equipment 8.63% 11.83%
Consumer Discretionary Distribution & Retail 7.29% 6.76%
Capital Goods 6.76% 4.61%
Financial Services 5.35% 5.27%
Health Care Equipment & Services 4.35% 2.32%
Pharmaceuticals, Biotechnology & Life Sciences 3.57% 5.61%
Automobiles & Components 2.64% 3.98%
Materials 1.78% 0.45%
Consumer Services 1.75% 2.59%
Commercial & Professional Services 1.37% 1.36%
Transportation 1.00% 0.69%
Household & Personal Products 0.67% 0.15%
Telecommunication Services 0.55% 0.09%
Food, Beverage & Tobacco 0.51% 0.73%
Real Estate Management & Development 0.51% 0.06%
Cash & Cash Equivalents 0.32% —

Strategically-Located, Focused, Experienced Team

Investment team is located near the heart of Silicon Valley, home to many of the world's most innovative companies.

63

dedicated investment professionals

36

of which are CFA©1 charterholders

Co-lead managers:

Grant Bowers

Senior Vice President, Portfolio Manager, Research Analyst

Sara Araghi, CFA

Senior Vice President, Co-Director of Equity Research, Portfolio Manager, Research Analyst

Anthony Hardy, CFA

Vice President, Portfolio Manager/Research Analyst

Impressive Results—Even During the Recent Downturn

Annualised Performance

As of 10/31/2025

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Month End   As of 10/31/2025
Series F (%)
Currency  
CAD
1 Year  
14.00
3 Years  
24.62
5 Years  
10.86
10 Years  
12.97
15 Years  
14.04
Performance Inception   11/24/2000
6.15
Month End   As of 10/31/2025
Series A (%)
Currency  
USD
1 Year  
11.92
3 Years  
22.05
5 Years  
8.51
10 Years  
10.93
15 Years  
10.40
Performance Inception  
7.77
Fund Overview  
View
Month End   As of 10/31/2025
Series A (%)
Currency  
CAD
1 Year  
12.74
3 Years  
23.24
5 Years  
9.63
10 Years  
11.71
15 Years  
12.77
Performance Inception  
7.78
Fund Overview  
View
Month End   As of 10/31/2025
Series F (%)
Currency  
USD
1 Year  
13.17
3 Years  
23.41
5 Years  
9.72
10 Years  
12.18
15 Years  
11.64
Performance Inception  
6.55
Fund Overview  
View
Month End   As of 10/31/2025
Series O (%)
Currency  
CAD
1 Year  
15.14
3 Years  
25.86
5 Years  
12.09
10 Years  
14.39
15 Years  
15.55
Performance Inception  
7.73
Fund Overview  
View
Month End   As of 10/31/2025
Series O (%)
Currency  
USD
1 Year  
14.30
3 Years  
24.64
5 Years  
10.94
10 Years  
13.59
15 Years  
13.12
Performance Inception  
8.13
Fund Overview  
View

Key Resources

Monthly Snapshot

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Quarterly Commentary

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Learn more about Franklin U.S. Opportunities Fund

Fund Details

NOVEMBER 12, 2025

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

© 2024 Morningstar. 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. Past performance is no guarantee of future results. Morningstar percentile rankings measure risk-adjusted returns. The Morningstar ranking for funds is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. 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. Please refer to www.morningstar.ca for more details on the calculation of Morningstar Risk-Adjusted Ratings.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or fund facts document before investing. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. The portfolio manager for a Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top 10 holdings list. Fund AUM reported may include fund-on-fund holdings, and assets are therefore reflected in both the top fund and underlying fund AUM.