fi360 Fiduciary Score® Strategy SnapshotQ1 2022

For Financial Professional Use Only / Not for Distribution to the Public

fi360 Fiduciary Score® Strategy Snapshot For Financial Professional Use Only / Not for Distribution to the Public

A review of Franklin Templeton strategies available for use in retirement plansEvaluate the fi360 Fiduciary Score® on select Franklin Templeton strategies (scores for additional strategies available upon request). Also included, for each fund, is the expense ratio with and without waiver.*

fi360 Fiduciary Score® is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The fi360 Fiduciary Score should not be used as the sole source of information in an investment decision.

See “Important Disclosures” on page 3 for more information on the fi360 methodology.

*Class R6, Institutional and IS shares are only offered to qualified investors that meet certain eligibility criteria as stated in the prospectus.

This communication is general in nature and provided for educational and informational purposes only. It should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel. Any investment products, services, or strategies named herein are for illustrative purposes only, and should not be considered an offer to buy or sell, or an investment recommendation for, any specific security, strategy or investment product or service. As a financial professional, only you can provide your customers with personalized advice and investment recommendations tailored to their specific goals, individual situation, and risk tolerance.

Franklin Templeton does not provide legal or tax advice. Federal and state laws and regulations are complex and subject to change, which can materially impact results. Franklin Distributors, LLC (FD, LLC) cannot guarantee that such information is accurate, complete or timely; and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.

For additional information on the strategies available within certain platforms, please contact your Retirement Plan Strategist or call the Franklin Templeton Retirement & Workplace internal sales team at (800) 530-2432.

fi360 Fiduciary Score® Strategy Snapshot For Financial Professional Use Only / Not for Distribution to the Public

fi360 scores for select strategy share classes* (R6, Institutional, IS)

l = CIT strategy available.

As of March 31, 2022

Strategy name (Share Class: R6, Institutional, IS)

Symbol/ CUSIP

Expense ratiowithout waiver(with waiver)

Morningstar Category

fi360 Fiduciary Score® (# of Peers)

Score Avg 1yr Avg 3yr Avg 5yr Avg 10yr

Growth

ClearBridge Large Cap Growth Fund (IS)1 LSITX0.62% Large

Growth50 56 35 26 –

(0.62%) (1,178) (1,139) (1,063) (986) (700)

ClearBridge Mid Cap Growth (IS)2 LCMIX0.95% Mid-Cap

Growth0 0 26 40 –

(0.75%) (563) (548) (515) (485) (368)

ClearBridge Select (IS)3 LCSSX0.99% Mid-Cap

Growth 15 2 15 23 –

(0.99%) (563) (548) (515) (485) (368)

ClearBridge Small Cap Growth Fund (IS)4 LMOIX0.77% Small

Growth0 6 11 19 19

(0.77%) (607) (592) (554) (510) (376)

Franklin Dynatech Fund (R6) FDTRX0.46% Large

Growth41 15 10 6 –

(0.46%) (1,178) (1,139) (1,063) (986) (700)

Franklin Growth Fund (R6) FIFRX0.47% Large

Growth46 51 42 32 –

(0.47%) (1,178) (1,139) (1,063) (986) (700)

Franklin Small Cap Growth Fund (R6)5 FSMLX0.66% Small

Growth63 34 14 23 –

(0.65%) (607) (592) (554) (510) (376)

Franklin Small-Mid Cap Growth Fund (R6)5 FMGGX0.52% Mid-Cap

Growth15 8 17 31 –

(0.50%) (563) (548) (515) (485) (368)

Blend

ClearBridge Appreciation Fund (IS)4 LMESX0.56% Large

Blend24 34 21 23 22

(0.56%) (1,279) (1,248) (1,139) (1,016) (741)

ClearBridge Mid Cap Fund (IS)2 LSIRX0.76% Mid-Cap

Blend13 2 12 27 23

(0.75%) (370) (356) (314) (274) (192)

ClearBridge Small Cap Fund (IS)6 LISGX0.74% Small

Blend80 58 35 – –

(0.73%) (618) (605) (558) (484) (321)

ClearBridge Sustainability Leaders (IS)7 LCILX1.16% Large

Blend24 28 48 – –

(0.75%) (1,279) (1,248) (1,139) (1,016) (741)

Royce Pennsylvania Mutual Fund (Instl) RPMIX0.89% Small

Blend38 22 20 33 52

(0.89%) (618) (605) (558) (484) (321)

Value

BrandywineGLOBAL Dynamic US Large Cap Value Fund (IS)2 LMBGX0.67% Large

Value25 5 7 17 –

(0.65%) (1,192) (1,166) (1,084) (995) (713)

ClearBridge Large Cap Value Fund (IS)2 LMLSX0.52% Large

Value0 17 7 25 –

(0.52%) (1,192) (1,166) (1,084) (995) (713)

Franklin Equity Income Fund (R6)8 FEIQX0.52% Large

Value28 37 27 26 –

(0.51%) (1,192) (1,166) (1,084) (995) (713)

Franklin Small Cap Value Fund (R6)8 FRCSX0.63% Small

Value24 22 11 16 –

(0.60%) (432) (425) (408) (372) (268)

*Scores for additional strategies available upon request.Past performance does not guarantee future results. A fund’s investment return and principal value will change with market conditions, and an investor may have a gain or a loss when they sell their shares. Please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit franklintempleton.com for each fund’s standardized and most recent month-end performance.

continued on next page...

fi360 scores for select strategy share classes*(R6, Institutional, IS)

Effective May 27, 2021, the fund is closed to all new investors. Existing shareholders may continue to add additional money to their accounts.

*Scores for additional strategies available upon request.Past performance does not guarantee future results. A fund’s investment return and principal value will change with market conditions, and an investor may have a gain or a loss when they sell their shares. Please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit franklintempleton.com for each fund’s standardized and most recent month-end performance.

l = CIT strategy available.

As of March 31, 2022

Strategy name (Share Class: R6, Institutional, IS)

Symbol/ CUSIP

Expense ratiowithout waiver(with waiver)

MorningstarCategory

fi360 Fiduciary Score® (# of Peers)

Score Avg 1yr Avg 3yr Avg 5yr Avg 10yr

Value (continued)

Royce Opportunity Fund (Instl) ROFIX1.12% Small

Value50 39 30 23 35

(1.12%) (432) (425) (408) (372) (268)

Royce Special Equity Fund (Instl) RSEIX1.15% Small

Value65 58 42 45 51

(1.15%) (432) (425) (408) (372) (268)

International

ClearBridge International Growth Fund (IS)4 LMGPX0.69% Foreign Large

Growth19 22 8 – –

(0.69%) (426) (416) (365) (289) (202)

Franklin International Growth Fund (R6)9 FILRX0.78% Foreign Large

Growth19 20 20 19 -

(0.74%) (426) (416) (365) (289) (202)

Royce International Premier Fund (Instl)10 RIPIX1.20% Foreign Small/

Mid Growth29 25 12 – –

(1.04%) (134) (127) (117) (99) (71)

Fixed Income

BrandywineGLOBAL Corporate Credit (IS)11 BGISX 0.50% High Yield

Bond 18 13 5 5 24

(0.50%) (660) (642) (597) (528) (334)

BrandywineGLOBAL Flexible Bond (IS)12 LFLSX1.67% Multisector

Bond 22 6 25 – –

(0.66%) (307) (277) (253) (200) (121)

BrandywineGLOBAL – High Yield Fund (IS)11 BGHSX0.57% High Yield

Bond 18 2 1 – –

(0.56%) (660) (642) (597) (528) (334)

Western Asset Core Bond Fund (IS)13 WACSX0.43% Intermediate

Core Bond44 11 9 6 9

(0.43%) (416) (400) (360) (330) (232)

Western Asset Core Plus Bond Fund (IS)13 WAPSX0.42% Intermediate

Core-Plus Bond45 13 10 8 10

(0.42%) (591) (561) (522) (440) (317)

Global Bond

BrandywineGLOBAL Global Opportunities Bond Fund (IS)13 GOBSX0.59% World

Bond0 7 24 23 18

(0.59%) (198) (183) (176) (165) (112)

Western Asset Macro Opportunities Fund (IS)3 LAOSX1.21% Nontraditional

Bond85 25 15 14 –

(1.21%) (311) (293) (275) (201) (68)

Western Asset Total Return Unconstrained Fund (IS)13 WAASX0.67% Nontraditional

Bond78 37 22 18 9

(0.66%) (311) (293) (275) (201) (68)

Emerging Markets

Martin Currie Emerging Markets Fund (IS)3 MCEMX0.86% Diversified

Emerging Markets

13 7 5 – –(0.85%) (758) (714) (644) (523) (245)

For Financial Professional Use Only / Not for Distribution to the Public fi360 Fiduciary Score® Strategy Snapshot

FOOTNOTESPast performance does not guarantee future results. A fund’s investment return and principal value will change with market conditions, and an investor may have a gain or a loss when they sell their shares. Please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit franklintempleton.com for each fund’s standardized and most recent month-end performance. Franklin Templeton offers other mutual funds and share classes that are not listed here. Class R6 is only offered to certain eligible investors as stated in the prospectus.1. Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, I, IS, O & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2023 without Board consent.2. Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2023 without Board consent.3. Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2023 without Board consent.4. Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2023 without Board consent.5. The noted funds have a Class R6 transfer agency fee reduction and a fee waiver associated with any investments they make in a Franklin Templeton money fund and/or other Franklin Templeton fund, contractually guaranteed through the dates noted below. Fund investment results reflect the fee reductions; without these reductions, the results would have been lower. Franklin Small Cap Growth Fund (8/31/2022); Franklin Small-Mid Cap Growth Fund (8/31/2022). 6. Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2023 without Board consent. Net expenses for Class(es) C, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2023 without Board consent.7. Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, FI, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2023 without Board consent.8. The fund has a Class R6 transfer agency fee reduction contractually guaranteed through February 28, 2023. Fund investment results reflect the fee reduction; without this reduction, the results would have been lower.9. The fund has an expense reduction and a Class R6 transfer agency fee reduction contractually guaranteed through November 30, 2022. Fund investment results reflect the expense and fee reductions; without these reductions, the results would have been lower.10. Net operating expenses reflect contractual fee waivers and/or expense reimbursements. All expense information is reported as of the Fund’s prospectus dated 5/1/21. Royce & Associates has contractually agreed to waive fees and/or reimburse operating expenses to the extent necessary to maintain the Institutional Class’ net annual operating expenses (excluding brokerage commissions, taxes, interest, litigation expenses, acquired fund fees and expenses, and other expenses not borne in the ordinary course of business) at or below 1.04%, respectively, through April 30, 2022.11. Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2022 without Board consent.12. Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, I & IS reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2022 without Board consent.13. Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses for Class(es) A, C, FI, I, IS & R reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2022 without Board consent.

The fi360 Fiduciary Score is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. For each investment with at least a three-year history, fi360 calculates the fi360 Fiduciary Score based on the following due diligence criteria: regulatory oversight, minimum track record, stability of the organization, assets in the investment, composition consistency with asset class, style consistency, expense ratio/fees relative to peers, risk-adjusted performance relative to peers, and performance relative to peers. Investments are evaluated on a monthly basis. If an investment does not meet an individual due diligence criterion, points are assigned. Investments that satisfy all of the due diligence criteria receive a fi360 Fiduciary Score of 0. Every other investment is given a Score of 1–100 based on their point total, and representing their percentile ranking within their peer group. For example, an investment with an fi360 Fiduciary Score® of 37 means it scores in the 37th percentile of its peers. An fi360 Fiduciary Score® of 0 is most favorable. It represents that an investment meets or exceeds all of fi360’s recommended due diligence thresholds. A Score of 100 is least favorable. The fi360 Fiduciary Score Average is a one-, three-, five-, or ten-year rolling average of an investment’s fi360 Fiduciary Score. The Average is also calculated on a monthly basis. The fi360 Fiduciary Score represents a suggested course of action and is not intended, nor should it be used, as the sole source of information for reaching an investment decision. Visit www.fi360.com/fi360-Fiduciary-Score for the complete methodology document.

Important disclosures fi360 Fiduciary Score® Methodology

For Financial Professional Use Only / Not for Distribution to the Public© 2022 Franklin Distributors, LLC. Member FINRA/SIPC. All rights reserved. ClearBridge Investments, LLC, Royce Investment Partners, Brandywine Global Investment Management, LLC, Western Asset Management Company, LLC and Martin Currie Investment Management Limited are Franklin Templeton affiliated companies. RDCIO BR360 04/22

(800) 530-2432franklintempleton.com

All financial decisions and investments involve risks, including possible loss of principal. For a discussion of each fund’s primary risks, please see the prospectus.

Wilmington Trust, N.A. Collective Investment Funds (“WTNA Funds”) are bank collective investment funds; they are not mutual funds. Wilmington Trust, N.A. serves as the Trustee of the Wilmington Trust Collective Investment Trust and maintains ultimate fiduciary authority over the management of, and investments made in, the WTNA Funds. The WTNA Funds and units therein are exempt from registration under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended. Investments in the WTNA Funds are not deposits or obligations of or guaranteed by Wilmington Trust, and are not insured by the FDIC, the Federal Reserve, or any other governmental agency. The WTNA Funds are commingled investment vehicles, and as such, the values of the underlying investments will rise and fall according to market activity; it is possible to lose money by investing in the WTNA Funds. Participation in Collective Investment Trust Funds is limited primarily to qualified retirement plans and certain state or local government plans and is not available to IRAs, health and welfare plans, certain Keogh (H.R. 10) plans. Collective Investment Trust Funds may be suitable investments for participants seeking to construct a well-diversified retirement savings program. Investors should consider the investment objectives, risks, charges and expenses of any pooled investment company carefully before investing. The Additional Fund Information and Principal Risk Definitions (PRD) contains this and other information about a Collective Investment Trust Fund and is available at Principal_Risk_Definitions.pdf (wilmingtontrust.com) or ask for a copy by contacting Wilmington Trust, N.A. at (866) 427-6885.

Unlike a mutual fund, a CIT investment vehicle is not registered under the Investment Company Act of 1940, a prospectus is not available and shares are not publicly traded or listed on exchanges. Mutual funds are regulated by the SEC, whereas CITs are commingled accounts offered through banks or trust companies, are regulated by the Office of the Comptroller of the Currency or state banking regulator. Investments in the CIT are not insured by the FDIC or any other government agency, are not deposits of or other obligations of or guaranteed by any bank or entity. CITs do not have the same portability as mutual funds and plan participants must first liquidate their investment in the CITs to cash and then rollover to a qualified account. Plan participants who take rollover distributions generally lose access to the plan’s CITs as CITs are not available to retail investors. Because CITs are subject to different reporting and disclosure requirements then mutual funds, more public information may generally be available for mutual funds, which could result in greater transparency for mutual fund investors.

CITs offered through Franklin Distributors, LLC.

Your clients should carefully consider a fund’s investment goals, risks, charges and expenses before investing. To obtain a summary prospectus and/or prospectus, which contains this and other information, please call Franklin Templeton Retirement & Workplace internal sales at (800) 530-2432. Your clients should carefully read a prospectus before they invest or send money.