# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001655589-26-000651
**Filing Date:** 2026-5
**Character Count:** 33297
**Document Hash:** ae0c44857f67580eec10eaeecdc4f798
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001655589-26-000651.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001655589-26-000651

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN MUTUAL SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000825063

**ORGANIZATION NAME:**
- **EIN:** 222894171
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-18516
- **FILM NUMBER:** 26927522

**BUSINESS ADDRESS:**
- **STREET 1:** 101 JOHN F KENNEDY PARKWAY
- **CITY:** SHORT HILLS
- **STATE:** NJ
- **ZIP:** 07078
- **BUSINESS PHONE:** 973-912-2000

**MAIL ADDRESS:**
- **STREET 1:** 101 JOHN F KENNEDY PARKWAY
- **CITY:** SHORT HILLS
- **STATE:** NJ
- **ZIP:** 07078

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN MUTUAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19970227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUTUAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN MUTUAL QUEST FUND (Series ID: S000007863)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021386 | CLASS A      | TEQIX           |
| C000021388 | CLASS C      | TEMQX           |
| C000021389 | CLASS Z      | MQIFX           |
| C000078832 | CLASS R      | FMQSX           |
| C000128730 | Class R6     | FMQRX           |

![](img_cc1dcd1f3afe4f1.jpg)<br>

## FRANKLIN MUTUAL QUEST FUND

## FRANKLIN MUTUAL SERIES FUNDS

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| | |
|:---|:---|
| **SUMMARY PROSPECTUS** | &nbsp;&nbsp;&nbsp;&nbsp;May 1, 2026<br>|

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class R** | **Class R6** | **Class Z** |
| TEQIX | TEMQX | FMQSX | FMQRX | MQIFX |

---

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 May 1, 2026, as may be supplemented, are all incorporated by reference into this Summary Prospectus.

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FRANKLIN MUTUAL QUEST FUND<br>SUMMARY PROSPECTUS

Investment Goal

Capital appreciation, which may occasionally be short term. The secondary goal is income.

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 Class Z 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 116 in the Fund's Prospectus and under "Buying and Selling Shares" on page 81 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)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Class A** | **Class C** | **Class R** | **Class R6** | **Class Z** |
| 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. | 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 MUTUAL QUEST 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 R** | **Class R6** | **Class Z** |
| Management fees | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| Distribution and service (12b-1) fees | 0.25% | 1.00% | 0.50% |  |  |
| Other expenses |  |  |  |  |  |
| Other expenses of the Fund | 0.07% | 0.07% | 0.08% | 0.07% | 0.07% |
| Dividend expense and security borrowing <br> fees for securities sold short | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Total other expenses | 0.09% | 0.09% | 0.10% | 0.09% | 0.09% |
| Acquired fund fees and expenses | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Total annual Fund operating expenses<sup>1</sup> | 1.03% | 1.78% | 1.29% | 0.78% | 0.78% |
| Fee waiver and/or expense reimbursement<sup>2</sup> |  |  |  | -0.04% |  |
| **Total annual Fund operating expenses after fee waiver and/or expense reimbursement** | **1.03%** | **1.78%** | **1.29%** | **0.74%** | **0.78%** |

---

<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 0.02%. These contractual arrangements are expected to continue until April 30, 2027. 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| **Class A** | $650 | $861 | $1089 | $1744 |
| **Class C** | $281 | $561 | $966 | $1900 |
| **Class R** | $132 | $410 | $710 | $1561 |
| **Class R6** | $76 | $246 | $432 | $969 |
| **Class Z** | $80 | $250 | $435 | $970 |
| If you do not sell your shares: |  |  |  |  |
| **Class C** | $181 | $561 | $966 | $1900 |

---

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

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FRANKLIN MUTUAL QUEST FUND<br>SUMMARY PROSPECTUS

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 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 50.37% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests substantially to predominantly 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). Following this value-oriented strategy, the Fund invests primarily to predominantly in undervalued securities (securities trading at a discount to fundamental value). The equity securities in which the Fund invests are primarily common stock. To a lesser extent, the Fund also invests in merger arbitrage securities and the debt and equity of distressed companies.

The Fund is not limited to pre-set maximums or minimums governing the size of the companies in which it may invest. However, the Fund currently invests the equity portion of its portfolio primarily to predominantly in large- and mid-cap companies, with the remaining portion of its equity portfolio in smaller companies. While the Fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

The Fund may, from time to time, attempt to hedge (protect) against currency risks, largely using currency forward contracts and currency futures contracts (including currency index futures contracts) when, in the investment manager's opinion, it would be advantageous to the Fund to do so. The Fund may also, from time to time, attempt to hedge against market risk using a variety of derivatives.

The Fund may invest substantially and potentially up to 100% of its assets in foreign securities and participations in foreign government debt. Although the investment manager will search for investments across a large number of countries and regions, from time to time, based on economic conditions, the Fund may have significant positions in particular countries or regions.

The Fund may, at times, maintain a large position in cash and cash equivalents (including money market funds).

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

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FRANKLIN MUTUAL QUEST FUND<br>SUMMARY PROSPECTUS

Portfolio Selection

The investment manager employs a research driven, fundamental value strategy for the Fund. Investments are generally selected based on the investment manager's own analysis of the security's fundamental value, including for equity securities, an analysis of cash flow potential, long-term earnings, multiples of earnings, book value, and fundamental analysis, including environmental, social and governance (ESG) considerations. The investment manager examines each investment separately and there are no set criteria as to specific value parameters, asset size, earnings or industry type. The investment manager does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. For example, the investment manager's assessment of investments in special situations investments, notably merger arbitrage and distressed debt, generally does not include analysis of ESG factors.

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.

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

Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities have and could continue to have a

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

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FRANKLIN MUTUAL QUEST FUND<br>SUMMARY PROSPECTUS

significant impact on certain investments of the Fund as well as the Fund's performance and liquidity.

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.

**Value Style Investing:** A value stock may not increase in price as anticipated by the investment manager if other investors fail to recognize the company's value and bid up the price, the markets favor faster-growing companies, or the factors that the investment manager believes will increase the price of the security do not occur or do not have the anticipated effect.

**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.

**Focus:** To the extent that the Fund focuses on particular countries, regions, industries, sectors or types of investments from time to time, the Fund may be subject to greater risks of adverse developments in such areas of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.

**Regional:** To the extent that the Fund invests a significant portion of its assets in a specific geographic region or a particular country, including Europe, the Fund will generally have more exposure to the specific regional or country risks. In the event of economic or political turmoil or a deterioration of diplomatic relations in a region or country where a substantial portion of the Fund's assets are invested, the Fund may experience substantial illiquidity or reduction in the value of the Fund's investments. Adverse conditions in a certain region or country can adversely affect securities of issuers in other countries whose economies appear to be unrelated. Current uncertainty concerning the ultimate economic consequences and geopolitical effects of Russia's military invasion of Ukraine in February 2022 and concerns regarding potential escalation in the region have resulted in increased market volatility.

**Small and Mid Capitalization Companies:** Securities issued by small and mid 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

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

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FRANKLIN MUTUAL QUEST FUND<br>SUMMARY PROSPECTUS

product lines and markets. In addition, small and mid 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 and mid capitalization companies also tend to be less liquid than the markets for securities issued by larger companies.

**Derivative Instruments:** The performance of derivative instruments depends largely on the performance of an underlying instrument, such as a currency, security, interest rate or index, and such derivatives often have risks similar to the underlying instrument, in addition to other risks. Derivatives involve costs and can create economic leverage in the Fund's portfolio which may result in significant volatility and cause the Fund to participate in losses (as well as gains) in an amount that significantly exceeds the Fund's initial investment. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Other risks include illiquidity, mispricing or improper valuation of the derivative, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. Their successful use will usually depend on the investment manager's ability to accurately forecast movements in the market relating to the underlying instrument. Should a market or markets, or prices of particular classes of investments move in an unexpected manner, especially in unusual or extreme market conditions, the Fund may not achieve the anticipated benefits of the transaction, and it may realize losses, which could be significant. If the investment manager is not successful in using such derivative instruments, the Fund's performance may be worse than if the investment manager did not use such derivatives at all. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security, interest rate, index or other risk being hedged. Derivatives also may present the risk that the other party to the transaction will fail to perform. There is also the risk, especially under extreme market conditions, that a derivative, which usually would operate as a hedge, provides no hedging benefits at all.

**Merger Arbitrage Securities and Distressed Companies:** A merger or other restructuring, or a tender or exchange offer, proposed or pending at the time the Fund invests in merger arbitrage securities may not be completed on the terms or within the time frame contemplated, which may result in losses to the Fund. Debt obligations of distressed companies typically are unrated, lower-rated, in default or close to default and are generally more likely to become worthless than the securities of more financially stable companies.

**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.

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

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FRANKLIN MUTUAL QUEST FUND<br>SUMMARY PROSPECTUS

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

**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.

**ESG Considerations:** ESG considerations are one of a number of factors that the investment manager examines when considering investments for the Fund's portfolio. In light of this, the issuers in which the Fund invests may not be considered ESG-focused companies. In addition, ESG considerations assessed as part of the Fund's investment process may vary across types of eligible investments and issuers. The investment manager does not assess every investment for ESG factors and, when it does, not every ESG factor may be identified or evaluated. The investment manager's assessment of an issuer may differ from that of investors, third-party service providers, such as ratings providers, and other funds. As a result, securities selected by the investment manager may not reflect the beliefs and values of any particular investor. The investment manager also may be dependent on the availability of timely, complete and accurate ESG data being reported by issuers and/or third-party research providers to evaluate ESG factors. ESG factors are often not uniformly measured or defined, which could impact the investment manager's ability to assess an issuer. While the investment manager views ESG considerations as having the potential to contribute to the Fund's long-term performance, there is no guarantee that such results will be achieved.

**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

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

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FRANKLIN MUTUAL QUEST FUND<br>SUMMARY PROSPECTUS

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.

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.

#### Class A Annual Total Returns
Total return information is based on net asset values calculated for shareholder transactions. Certain adjustments were made to the net assets of the Fund on December 31, 2017 for financial reporting purposes, and as a result, the calendar year 2018 total returns based on those net asset values differ from the adjusted total returns reported in the Financial Highlights.

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

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FRANKLIN MUTUAL QUEST FUND<br>SUMMARY PROSPECTUS

![PerformanceBarChartData(2016:16.04, 2017:6.54, 2018:-7.36, 2019:12.14, 2020:-2.12, 2021:11.26, 2022:-7.16, 2023:10.26, 2024:8.61, 2025:17.34)](img_b044b0f9d6c84f1.jpg)

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| | | |
|:---|:---|:---|
| Best Quarter:  | 2020, Q4 | 13.07% |
| Worst Quarter:  | 2020, Q1 | -22.69% |

---

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

For periods ended December 31, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Franklin Mutual Quest Fund - Class A** |  |  |  |
| Return before taxes | 10.88% | 6.53% | 5.64% |
| Return after taxes on distributions | 9.48% | 5.24% | 3.96% |
| Return after taxes on distributions and sale of Fund shares | 6.79% | 4.64% | 3.80% |
| **Franklin Mutual Quest Fund - Class C** | 15.47% | 6.93% | 5.44% |
| **Franklin Mutual Quest Fund - Class R** | 17.05% | 7.46% | 5.97% |
| **Franklin Mutual Quest Fund - Class R6** | 17.71% | 8.06% | 6.57% |
| **Franklin Mutual Quest Fund - Class Z** | 17.64% | 8.00% | 6.50% |
| MSCI All Country World Index-NR (index reflects no deduction for fees, expenses or taxes but are net of dividend tax withholding) | 22.34% | 11.19% | 11.72% |
| Blended 70% MSCI World Value-NR + 30% Bloomberg US Corporate High Yield Index (index reflects no deduction for fees, expenses or taxes but, for the 70% MSCI World Value-NR, are net of dividend tax withholding) | 17.04% | 9.35% | 8.52% |
| MSCI World Value Index-NR (index reflects no deduction for fees, expenses or taxes but are net of dividend tax withholding) | 20.79% | 11.35% | 9.23% |
| Bloomberg U.S. Corporate High Yield Index (index reflects no deduction for fees, expenses or taxes) | 8.62% | 4.51% | 6.53% |

---

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

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

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FRANKLIN MUTUAL QUEST 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.

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. Such information is subject to change.

Investment Manager

Franklin Mutual Advisers, LLC (Franklin Mutual or investment manager)

Portfolio Managers

**Keith Luh, CFA**<br>Portfolio Manager of Franklin Mutual and portfolio manager of the Fund since 2010.

**Andrew Dinnhaupt, CFA**<br>Portfolio Manager of Franklin Mutual 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 33733-8030) or by telephone at (800) 632-2301. For Class A, C and R, the minimum initial purchase for most accounts is $1,000 (or $25 under an automatic investment plan). Class R6 and Class Z 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 "— Class Z" in the Fund's prospectus. There is no minimum investment for subsequent purchases.

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-

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

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FRANKLIN MUTUAL QUEST FUND<br>SUMMARY PROSPECTUS

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> 12 Summary Prospectus www.franklintempleton.com

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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 Mutual Quest Fund** |
| &nbsp;&nbsp;![](img_94f098bf1f584f1.jpg) |  |  |  |

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| &nbsp;&nbsp;&nbsp;475 PSUM 05/26 |
| &nbsp;&nbsp;&nbsp;Investment Company Act file #811-05387<br>© 2026 Franklin Templeton. All rights reserved.<br>![](img_8bfbb59801d24f1.jpg)10% Total Recycled Fiber 00070390 |

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