# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001741773-23-000836
**Filing Date:** 2023-3
**Character Count:** 5168
**Document Hash:** 58f595eee75817b84a9a043f4ecabce8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001741773-23-000836.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001741773-23-000836

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN MUTUAL SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000825063
- **IRS NUMBER:** 222894171
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-18516
- **FILM NUMBER:** 23693483

**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 EUROPEAN FUND (Series ID: S000007862)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| CLASS A    | TEMIX         | C000021382 |
| CLASS C    | TEURX         | C000021384 |
| CLASS Z    | MEURX         | C000021385 |
| CLASS R    | FMURX         | C000082422 |
| Class R6   | FMEUX         | C000128729 |

---

## Series and Classes Contracts Data

### FRANKLIN MUTUAL EUROPEAN FUND (Series ID: S000007862)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021382 | CLASS A      | TEMIX           |
| C000021384 | CLASS C      | TEURX           |
| C000021385 | CLASS Z      | MEURX           |
| C000082422 | CLASS R      | FMURX           |
| C000128729 | Class R6     | FMEUX           |

#### MS P2 03/23

#### IMPORTANT NOTICE REGARDING A CHANGE IN INVESTMENT POLICY

#### SUPPLEMENT DATED MARCH 1, 2023

#### TO THE PROSPECTUS DATED MAY 1, 2022

#### OF FRANKLIN MUTUAL EUROPEAN FUND
(a series of Franklin Mutual Series Funds)

The prospectus is amended as follows:

I. The following is added as the first paragraph under "Fund Summaries – Franklin Mutual European Fund:"

On February 28, 2023, the Board of Trustees approved certain changes to the Franklin Mutual European Fund (the "Fund") to become effective on or about May 1, 2023. Among other things, the changes include: (1) changing the name of the Fund to the "Franklin Mutual International Value Fund;" (2) changing the Fund's investment policy from investing, under normal market conditions, at least 80% of the Fund's net assets in securities of European companies to investing, under normal market conditions, at least 80% of the Fund's net assets in securities of issuers outside the United States, along with related changes to the Fund's investment strategies; (3) changing the Fund's primary benchmark from the MSCI Europe Value Local Index to the MSCI EAFE Value Index; (4) reducing the Fund's investment management fee rate from a maximum of 0.875% of the value of the Fund's net assets to a maximum of 0.800% of the value of the Fund's net assets; and (5) establishing a cap on total operating expenses of 0.95% (not including Rule 12b-1 fees, acquired fund fees and expenses, dividend expense and security borrowing fees for securities sold short and certain non-routine expenses). Also, effective on or about May 1, 2023, Timothy Rankin will be added as a portfolio manager of the Fund.

The Fund reserves the right to change the above at any time.

II. The following is added as the first paragraph under "Fund Details – Franklin Mutual European Fund:"

On February 28, 2023, the Board of Trustees approved certain changes to the Fund to become effective on or about May 1, 2023. Among other

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things, the changes include: (1) changing the name of the Fund to the "Franklin Mutual International Value Fund;" (2) changing the Fund's investment policy from investing, under normal market conditions, at least 80% of the Fund's net assets in securities of European companies to investing, under normal market conditions, at least 80% of the Fund's net assets in securities of issuers outside the United States, along with related changes to the Fund's investment strategies; (3) changing the Fund's primary benchmark from the MSCI Europe Value Local Index to the MSCI EAFE Value Index; (4) reducing the Fund's investment management fee rate from a maximum of 0.875% of the value of the Fund's net assets to a maximum of 0.800% of the value of the Fund's net assets; and (5) establishing a cap on total operating expenses of 0.95% (not including Rule 12b-1 fees, acquired fund fees and expenses, dividend expense and security borrowing fees for securities sold short and certain non-routine expenses). Also, effective on or about May 1, 2023, Timothy Rankin will be added as a portfolio manager of the Fund.

The Fund reserves the right to change the above at any time.

*Please keep this supplement with your prospectus for future reference.*

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