The fund invests in securities of the Franklin Innovation Fund, which invests in companies that are perceived to have sustainable growth driven by innovation. As such, while investing in the broad spectrum of sectors and industries, the fund may make substantial investments in information technology, communications services, and health care companies. Companies could be of any size from anywhere in the world. The fund manager uses fundamental, bottom-up research in selecting companies for inclusion. As an actively managed fund, the fund manager can analyze market and financial data to make buy, sell, and hold decisions. The fund could invest in convertible securities of no more than 10%. A portion of assets may also be invested in affiliated mutual funds or ETFs.