# EDGAR Filing Document

**Accession Number:** 0000872625
**File Stem:** 0001741773-25-003066
**Filing Date:** 2025-9
**Character Count:** 28755
**Document Hash:** 733b12c79c04c684dd1de7f5a4345e5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-25-003066.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001741773-25-003066

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN STRATEGIC SERIES
- **CENTRAL INDEX KEY:** 0000872625

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-39088
- **FILM NUMBER:** 251282971

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-570-3000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CALIFORNIA 250 GROWTH FUND
- **DATE OF NAME CHANGE:** 19911216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CALIFORNIA 250 GROWTH INDEX FUND
- **DATE OF NAME CHANGE:** 19910917

## Series and Classes Contracts Data

### FRANKLIN BIOTECHNOLOGY DISCOVERY FUND (Series ID: S000006882)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018631 | CLASS A       | FBDIX           |
| C000081539 | ADVISOR CLASS | FTDZX           |
| C000128862 | Class R6      | FRBRX           |
| C000141458 | Class C       | FBTDX           |

![](img_fd17271e5e464f1.jpg)<br>

## FRANKLIN BIOTECHNOLOGY DISCOVERY FUND

## FRANKLIN STRATEGIC SERIES

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| | |
|:---|:---|
| **SUMMARY PROSPECTUS** | &nbsp;&nbsp;&nbsp;&nbsp;September 1, 2025<br>|

---

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| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class R6** | **Advisor Class** |
| FBDIX | FBTDX | FRBRX | FTDZX |

---

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, statement of additional information, reports to shareholders and other information about the Fund online at www.franklintempleton.com/prospectus. You can also get this information at no cost by calling (800) DIAL BEN/342-5236 or by sending an e-mail request to prospectus.us.franklintempleton@fisglobal.com. The Fund's prospectus and statement of additional information, both dated September 1, 2025, as may be supplemented, are all incorporated by reference into this Summary Prospectus.

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

### Franklin Biotechnology Discovery Fund
Investment Goal

Capital appreciation.

Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $25,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund's distributor. More information about these and other discounts is available from your financial professional and under "Your Account" on page 59 in the Fund's Prospectus and under "Buying and Selling Shares" on page 59 of the Fund's Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – "Intermediary Sales Charge Discounts and Waivers" to the Fund's prospectus.

#### Shareholder Fees
(fees paid directly from your investment)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Class A** | **Class C** | **Class R6** | **Advisor <br>Class** |
| Maximum Sales Charge (Load) <br>Imposed on Purchases (as percentage of offering price) | Maximum Sales Charge (Load) <br>Imposed on Purchases (as percentage of offering price) | 5.50% |  |  |  |
| Maximum Deferred Sales Charge <br>(Load) (as percentage of the lower of original purchase price or sale proceeds) | Maximum Deferred Sales Charge <br>(Load) (as percentage of the lower of original purchase price or sale proceeds) | None<br><sup>1</sup>  | 1.00% |  |  |
| <sup>1.</sup> | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. | There is a 1% contingent deferred sales charge that applies to investments of $1 Million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. |

---

<br>  <br> 2 Summary Prospectus www.franklintempleton.com

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

#### Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R6** | **Advisor <br>Class** |
| Management fees | 0.61% | 0.61% | 0.61% | 0.61% |
| Distribution and service (12b-1) fees | 0.25% | 1.00% |  |  |
| Other expenses | 0.16% | 0.16% | 0.15% | 0.16% |
| Acquired fund fees and expenses | 0.01% | 0.01% | 0.01% | 0.01% |
| Total annual Fund operating expenses<sup>1</sup> | 1.03% | 1.78% | 0.77% | 0.78% |
| Fee waiver and/or expense reimbursement<sup>2</sup> | -0.01% | -0.01% | -0.10% | -0.01% |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement** | **1.02%** | **1.77%** | **0.67%** | **0.77%** |

---

<sup>1.</sup> Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

<sup>2</sup> The investment manager has agreed to reduce its fees to reflect reduced services resulting from the Fund's investments in Franklin Templeton affiliated funds. In addition, the transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until August 31, 2026. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders).

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $648 | $858 | $1086 | $1739 |
| **Class C** | $280 | $560 | $964 | $1897 |
| **Class R6** | $68 | $236 | $418 | $945 |
| **Advisor Class** | $79 | $249 | $433 | $966 |
| If you do not sell your shares: |  |  |  |  |
| **Class C** | $180 | $560 | $964 | $1897 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held

<br>  <br> www.franklintempleton.com Summary Prospectus 3

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21.87% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its net assets in securities of biotechnology companies and discovery research firms. The Fund predominantly invests in equity securities. For the Fund's investment purposes, a biotechnology company or discovery research firm is one that has at least 50% of its earnings derived from biotechnology activities, or at least 50% of its assets devoted to such activities, based on the company's most recent fiscal year. Discovery research firms are in the early stages of drug research. Biotechnology activities are research, development, manufacture, and distribution of various biotechnological or biomedical products, services, and processes. This may include companies involved with genomics, genetic engineering, and gene therapy. It also includes companies involved in the application and development of biotechnology in areas such as health care, pharmaceuticals, and agriculture. In addition to its investments in biotechnology companies, the Fund may also invest up to 20% of its net assets in equity or debt securities of any type of issuer. The Fund is a "non-diversified" fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The Fund may invest a substantial portion of its assets in equity securities of smaller capitalization companies, which are generally companies with market capitalizations of less than $2 billion at the time of the Fund's investment.

The Fund anticipates that, under normal conditions, it will invest more of its assets in U.S. securities than in securities of any other single country. It is currently anticipated that the Fund's investments in foreign securities will not exceed 20% of its total assets. The Fund may buy foreign securities that are traded in the U.S. or in foreign markets, as well as American, European, and Global Depositary Receipts.

The investment manager is a research driven, fundamental investor, pursuing a growth strategy. As a "bottom-up" investor focusing primarily on individual securities, the investment manager seeks companies that have identifiable drivers of future earnings growth and that present, in the investment manager's opinion, the best trade-off between that potential earnings growth, business and financial risk, and valuation. Also, in seeking sustainable growth characteristics, the investment manager looks for companies that it believes can produce sustainable earnings growth and cash flow growth or the potential to generate income.

<br>  <br> 4 Summary Prospectus www.franklintempleton.com

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

**Biotechnology Industry:** The biotechnology industry is affected by government regulatory requirements, regulatory approval for new drugs and medical products, patent considerations, product liability, and similar matters. In addition, this industry is characterized by competition and rapid technological developments which may make a company's products or services obsolete in a short period of time. In the past, the biotechnology sector has experienced considerable volatility in reaction to research and other business developments which may affect only one, or a few companies within the sector. The market values of investments in the biotechnology industry are often based upon speculation and expectations about future products, research progress, and new product filings with regulatory authorities. In addition, compared to more developed industries, there may be a thin trading market in biotechnology securities.

**Concentration:** To the extent the Fund concentrates in a specific industry, a group of industries, sector or type of investment, the Fund will carry much greater risks of adverse developments and price movements in such industries, sectors or investments than a fund that invests in a wider variety of industries, sectors or investments. There is also the risk that the Fund will perform poorly during a slump in demand for securities of companies in such industries or sectors.

**Market:** The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund's investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of

<br>  <br> www.franklintempleton.com Summary Prospectus 5

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.

Stock prices tend to go up and down more dramatically than those of debt securities. A slower-growth or recessionary economic environment could have an adverse effect on the prices of the various stocks held by the Fund.

**Growth Style Investing:** Growth stock prices reflect projections of future earnings or revenues, and can, therefore, fall dramatically if the company fails to meet those projections. Growth stocks may be more expensive relative to their current earnings or assets compared to value or other stocks, and if earnings growth expectations moderate, their valuations may return to more typical norms, causing their stock prices to fall. Prices of these companies' securities may be more volatile than other securities, particularly over the short term. In addition, investment styles can go in and out of favor, which could cause additional volatility in the prices of the Fund's portfolio holdings.

**Small Capitalization Companies:** Securities issued by small capitalization companies may be more volatile in price than those of larger companies and may involve substantial risks. Such risks may include greater sensitivity to economic conditions, less certain growth prospects, lack of depth of management and funds for growth and development, and limited or less developed product lines and markets. In addition, small capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans. The markets for securities issued by small capitalization companies also tend to be less liquid than the markets for securities issued by larger companies.

**Foreign Securities (non-U.S.):** Investing in foreign securities typically involves different risks than investing in U.S. securities, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulation and greater price volatility. Certain of these risks also may apply to securities of U.S. companies with significant foreign operations. The risks of investing in foreign securities are typically greater in less developed or emerging market countries.

**Liquidity:** The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund's ability to sell such securities or other investments when necessary to meet the Fund's liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also

<br>  <br> 6 Summary Prospectus www.franklintempleton.com

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.

**Non-Diversification:** Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund's shares.

**Management:** The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

As an actively managed investment portfolio, the Fund's investments do not track its benchmark. Overweighting investments in an industry or group of industries relative to the Fund's benchmark increases the risk that the Fund will underperform its benchmark because a general decline in the prices of stocks in that industry or group of industries will affect the Fund to a greater extent than its benchmark. Price declines may result from factors that adversely affect a particular industry or group of industries, such as labor shortages or increased production costs, competitive conditions, or negative investor perceptions. Conversely, if the Fund underweights its investment in an industry or group of industries relative to the Fund's benchmark, the Fund will participate in any general increase in the prices of stocks in that industry or group of industries to a lesser extent than the Fund's benchmark.

**Cybersecurity:** Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.

<br>  <br> www.franklintempleton.com Summary Prospectus 7

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance and additional indexes with characteristics relevant to the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

<br>  <br> 8 Summary Prospectus www.franklintempleton.com

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

#### Class A Annual Total Returns
![PerformanceBarChartData(2015:5.5, 2016:-17.16, 2017:18.8, 2018:-15.72, 2019:34.84, 2020:29.89, 2021:-17.7, 2022:-12.66, 2023:18.4, 2024:4)](img_fad0461559d84f1.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter:  | 2020, Q2 | 29.06% |
| Worst Quarter:  | 2016, Q1 | -24.51% |

---

As of June 30, 2025, the Fund's year-to-date return was -4.69%.<br>

#### Average Annual Total Returns
(figures reflect sales charges)

For periods ended December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Franklin Biotechnology Discovery Fund - Class A** |  |  |  |
| Return before taxes | -1.72% | 1.67% | 2.52% |
| Return after taxes on distributions | -4.20% | -0.31% | 0.77% |
| Return after taxes on distributions and sale of Fund shares | 0.07% | 1.00% | 1.61% |
| **Franklin Biotechnology Discovery Fund - Class C** | 2.30% | 2.09% | 2.35% |
| **Franklin Biotechnology Discovery Fund - Class R6** | 4.36% | 3.21% | 3.49% |
| **Franklin Biotechnology Discovery Fund - Advisor Class**  | 4.26% | 3.09% | 3.35% |
| Russell 3000<sup>®</sup> Index (index reflects no deduction for fees, expenses or taxes) | 23.81% | 13.86% | 12.54% |
| NASDAQ Biotechnology Index (index reflects no deduction for fees, expenses or taxes) | -1.37% | 2.63% | 3.10% |
| S&P 500<sup>®</sup> Index (index reflects no deduction for fees, expenses or taxes) | 25.02% | 14.52% | 13.10% |

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No one index is representative of the Fund's portfolio.

<br>  <br> www.franklintempleton.com Summary Prospectus 9

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

The figures in the average annual total returns table above reflect the Class A shares maximum front-end sales charge of 5.50%. Prior to September 10, 2018, Class A shares were subject to a maximum front-end sales charge of 5.75%. If the prior maximum front-end sales charge of 5.75% was reflected, performance for Class A shares in the average annual total returns table would be lower.

Historical performance for Class C and Advisor Class shares prior to their inception is based on the performance of Class A shares. Class C and Advisor Class performance have been adjusted to reflect differences in sales charges and 12b-1 expenses (with respect to Class C only) between classes.

The after-tax returns presented in the table are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Important data provider notices and terms are available at www.franklintempletondatasources.com. All data is subject to change.

Investment Manager

Franklin Advisers, Inc. (Advisers or investment manager)

Portfolio Managers

**Evan McCulloch, CFA** <br>Senior Vice President of Advisers and portfolio manager of the Fund since 1997.

**Akiva Felt** <br>Portfolio Manager of Advisers and portfolio manager of the Fund since 2020.

Purchase and Sale of Fund Shares

You may purchase or redeem shares of the Fund on any business day online through our website at www.franklintempleton.com, by mail (Franklin Templeton Investor Services, P.O. Box 33030, St. Petersburg, FL 33733), or by telephone at (800) 632-2301. For Class A and C, the minimum initial purchase for most accounts is $1,000 (or $25 under an automatic investment plan). Class R6 and Advisor Class are only available to certain qualified investors and the minimum initial investment will vary depending on the type of qualified investor, as described under "Your Account — Choosing a Share Class — Qualified Investors — Class R6" and "— Advisor Class" in the Fund's prospectus. There is no minimum investment for subsequent purchases.

<br>  <br> 10 Summary Prospectus www.franklintempleton.com

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FRANKLIN BIOTECHNOLOGY DISCOVERY FUND<br>SUMMARY PROSPECTUS

Taxes

The Fund's distributions are generally taxable to you as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account, in which case your distributions would generally be taxed when withdrawn from the tax-advantaged account.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary's website for more information.

<br>  <br> www.franklintempleton.com Summary Prospectus 11

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Franklin Distributors, LLC<br>**One Franklin Parkway** | &nbsp;&nbsp;San Mateo, CA 94403-1906<br>franklintempleton.com | &nbsp;&nbsp;**Franklin Biotechnology Discovery Fund** |
| &nbsp;&nbsp;![](img_2eea8f17b4b74f1.jpg) |  |  |  |

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| &nbsp;&nbsp;&nbsp;402 PSUM 09/25 |
| &nbsp;&nbsp;&nbsp;Investment Company Act file #811-06243<br>© 2025 Franklin Templeton. All rights reserved.<br>![](img_1ca13dcabf4e4f1.jpg)10% Total Recycled Fiber 00070449 |

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