Franklin Mutual U.S. Mid Cap Value Fund Q3 2024 Commentary

Fund Particulars

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Fund Description

The fund seeks excessive complete return by investing not less than 80% of its internet property in U.S. mid cap fairness securities that the fund supervisor believes can be found at market costs lower than their worth based mostly on sure acknowledged or goal standards.

Portfolio Diversification

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Footnotes

1. Efficient June 1, 2022, the fund modified its benchmark to the Russell MidCap Worth Index.
2. Intervals shorter than one 12 months are proven as cumulative complete returns.

What Are The Dangers?

All investments contain dangers, together with attainable lack of principal. The funding type might turn out to be out of favor, which can have a adverse impression on efficiency. Small- and mid-cap shares contain better dangers and volatility than large-cap shares. Worldwide investments are topic to particular dangers, together with foreign money fluctuations and social, financial and political uncertainties, which may improve volatility. These dangers are magnified in rising markets. The supervisor might take into account environmental, social and governance standards within the analysis or funding course of; nevertheless, ESG concerns might not be a determinative consider safety choice. As well as, the supervisor might not assess each funding for ESG standards, and never each ESG issue could also be recognized or evaluated. These and different dangers are mentioned within the fund’s prospectus.

Vital Data

The knowledge offered shouldn’t be a whole evaluation of each materials reality relating to any nation, market, trade, safety or fund. As a result of market and financial situations are topic to alter, feedback, opinions and analyses are rendered as of the date of this materials and will change with out discover. A portfolio supervisor’s evaluation of a specific safety, funding or technique shouldn’t be supposed as particular person funding recommendation or a suggestion or solicitation to purchase, promote or maintain any safety or to undertake any funding technique; it’s supposed solely to supply perception into the fund’s portfolio choice course of. Holdings are topic to alter.

Earlier than investing, fastidiously take into account a fund’s funding goals, dangers, expenses and bills. You’ll find this and different info in every prospectus, or abstract prospectus, if accessible, at www.franklintempleton.com. Please learn it fastidiously.

Franklin Distributors, LLC. Member FINRA/SIPC.

Efficient June 1, 2022, Franklin Mutual U.S. Worth Fund was renamed Franklin Mutual U.S. Mid Cap Worth Fund, up to date its benchmark to the Russell Mid Cap Worth index, and modified its principal funding methods.

Supply: FactSet. Vital information supplier notices and phrases accessible at www.franklintempletondatasources.com.

[a] Gross bills are the fund’s complete annual working bills as of the fund’s prospectus accessible on the time of publication. Precise bills could also be increased and will impression portfolio returns. Internet bills replicate contractual payment waivers, expense caps and/or reimbursements, which can’t be terminated previous to 02/28/2025 with out Board consent. Further quantities could also be voluntarily waived and/or reimbursed and could also be modified or discontinued at any time with out discover.

[b] Efficiency quotations for this class replicate the next strategies of calculation: a) For durations previous to the fund’s Advisor Class inception date, a restated determine is used based mostly on the fund’s oldest share class, Class A efficiency, excluding the impact of Class A’s most preliminary gross sales cost however reflecting the impact of the Class A Rule 12b-1 charges; and b) for durations after the fund’s Advisor Class inception date, precise Advisor Class efficiency is used, reflecting all expenses and charges relevant to that class.