Franklin Mutual Quest Z (Mutual Quest Fund Class Z) fond

The fund invests substantially to primarily in equity securities (including securities convertible into, or that the investment manager expects to be exchanged for, common or preferred stock) of U.S. and foreign companies that the investment manager believes are available at market prices less than their value based on certain recognized or objective criteria (fundamental value). It may invest substantially and potentially up to 100% of its assets in foreign securities and participations in foreign government debt.