To seek long-term investment growth, mainly through growth of capital and, as a secondary objective, income. The Fund mainly invests in equities of companies of any market capitalisation that are located in or derive most of their business from Europe, but with a substantial part of issuers in Western Europe. These investments may include convertible securities.

The Fund promotes environmental and social characteristics in accordance with Article 8 of the Sustainable Finance Disclosure Regulation (the “SFDR”).

In its implementation of the Fund’s environmental, social and governance (“ESG”) strategy, the Investment Manager promotes reduced portfolio greenhouse gas intensity, avoids investment in issuers of certain controversial practices, and promotes gender diversity on company boards.

The Fund’s environmental or social characteristics are assessed both quantitatively and qualitatively, by means of sustainability indicators as well as of the Investment Manager’s proprietary research and engagement process further described in the Website disclosure’s dedicated sections.

As part of its investment decision making process, the Fund’s ESG strategy also uses binding criteria for the selection of underlying assets and applies specific ESG exclusions.

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A “Deep Value” style. The management team employs a bottom-up, deep value approach to investing that focuses on buying individual stocks at 60% of what they believe the company's net asset value is.

A unique three three-pronged approach to investing. This approach consists of value investing in common equities, deal arbitrage (buying companies in the process of being acquired in order to play the interest rate "spread" in the deal) and bankruptcy investing.

An experienced management team. Franklin Mutual Series' approach to investment management is team focused and includes an experienced and long-standing investment management team.

The value of shares in the Fund and income received from it can go down as well as up and investors may not get back the full amount invested. Performance may also be affected by currency fluctuations. Currency fluctuations may affect the value of overseas investments.

• The Fund invests mainly in equity and equity-related securities of companies located in or doing significant business in European countries. Such securities have historically been subject to significant price movements that may occur suddenly due to market or company-specific factors. As a result, the performance of the Fund can fluctuate considerably over time.
• Other significant risks include:
  Derivative Instruments risk: the risk of loss in an instrument where a small change in the value of the underlying investment may have a larger impact on the value of such instrument. Derivatives may involve additional liquidity, credit and counterparty risks.
  Foreign Currency risk: the risk of loss arising from exchange-rate fluctuations or due to exchange control regulations.
  Liquidity risk: the risk that arises when adverse market conditions affect the ability to sell assets when necessary. Such risk may be triggered by (but not limited to) unexpected events such as environmental disasters or pandemics. Reduced liquidity may have a negative impact on the price of the assets.

For full details of all of the risks applicable to this Fund, please refer to the “Risk Considerations” section of the Fund in the current prospectus of Franklin Templeton Investment Funds.