Franklin Mutual Small-Mid Cap Val A FRMCX

The fund invests at least 80% of its net assets in investments of small-capitalization and mid-capitalization companies. The fund managers consider small- and mid-cap companies as companies with a market capitalization not exceeding the higher of: 1) the highest market capitalization in the Russell 2500 Index. The fund generally invests in equity securities of companies that the fund’s investment manager believes are undervalued at the time of purchase and have the potential for capital appreciation.