Franklin Biotechnology Discovery A (FBDIX)

The investment seeks capital appreciation. The fund normally invests at least 80% of net assets in securities of biotechnology companies and discovery research firms. It may invest a substantial portion of assets in equity securities of smaller capitalization companies with a market capitalization of less than $1.5 billion, and may invest a small portion of assets in private or illiquid securities, such as late stage venture capital financings. The fund may also invest up to 20% of net assets in equity or debt securities of any type of foreign or U.S. issuer. It is nondiversified.