Mutual Shares Fund  – 
SharesA : Newspaper symbol TESIX : NASDAQ symbol Value : Fund Category
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Portfolio1 : View Details
Fund Description2

The Fund emphasizes investments in larger- and medium-sized companies. The fund’s managers search for common stock, preferred stock and debt securities, both foreign and domestic, of companies they believe are at prices below their intrinsic value.

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Net Assets (millions) 5,109.80
Class A as of December 31, 2009
Portfolio Managers
Peter Langerman
Tenure at Mutual Series: 1986-2002, 2005
Managed Fund: 1986-2001, 2005
F. David Segal, CFA®
Joined Mutual Series in 2002
Managed Fund since 2005
Deborah A. Turner, CFA®
Joined Mutual Series in 1993
Managed Fund since 2001
Fund Highlights
as of January 31, 2010
Top 10 Holdings
CVS Caremark Corp. 2.40%
British American Tobacco PLC 2.10%
Imperial Tobacco Group PLC 1.90%
Microsoft Corp. 1.90%
News Corp Inc. 1.80%
Altria Group Inc. 1.70%
Cadbury PLC 1.60%
Nestle SA 1.60%
Weyerhaeuser Co. 1.60%
White Mountains Insurance Group Inc. 1.50%
Asset Mix
as of January 31, 2010
(updated monthly)
Performance4 : View Details
Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares.
Expense Ratio and Sales Charge Information

Expense Ratio: 1.08%
Max. Initial Sales Charge: 5.75%
CDSC: 0.00%

Hypothetical $10,000 Investment4 as of 12/31/2009
$10,000 invested in the fund at inception, with all dividend and capital gain distributions reinvested, including sales charges, would be worth:
$9,916,523.00
Distributions : View Details  
Distribution amounts may be estimates.  
Dividend Frequency  
Semiannually  
Most Recent Fund Distributions
Distribution Amount
Income distribution per share $0.147200
Distribution Schedule
Record date 12/17/09
Ex-Dividend date 12/18/09
Payable date 12/22/09
Reinvestment date 12/18/09
Fund Facts  
Inception date5 07/01/49
Fund number 474
CUSIP number 628 380 602
Minimum initial investment $1,000
Max. initial sales charge 5.75%
CDSC 0.00%
Expense ratio
as of May 01, 2009 (updated annually)		 1.08%
12b - 1 fees6 0.29%
Beta7
as of December 31, 2009 (updated quarterly)		 0.82
Fund Prices : Historical Prices as of 02/08/2010
Daily prices are the most current available.
NAV8 (Net Asset Value)
$18.41
NAV change (+/-) -$0.04
POP9 (Public Offering Price)
$19.53
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Important Legal Information

©2009 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not guarantee future results.

The Mutual Shares Fund's focus on value securities carries special risks as such securities may not increase in price as anticipated or may decline further in value. Smaller-company stocks increase the risk of price fluctuation. Foreign securities risks include currency fluctuations, and economic and political uncertainties. The fund may also invest in companies engaged in mergers, reorganizations, or liquidations, as well as lower rated bonds, which entail higher credit risk. Please consult the prospectus for a more detailed description of the fund's risks.

For more information on any of our funds, contact your financial advisor or download a free prospectus. Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

  1. Portfolio holdings are subject to change.
  2. All of the funds are subject to certain risks. Generally, investments offering potential for higher returns are accompanied by a higher degree of risk. Stocks and other equities representing an ownership interest in a corporation have historically outperformed other asset classes over the long term, but tend to fluctuate more dramatically over the short term. Bond prices are affected by interest rate changes. Bond prices, and thus a bond fund's share price, generally move in the opposite direction of interest rates. As the price of bonds in a fund adjust to a rise in interest rates, the fund's share price may decline. High-yield, lower-rated (junk) bonds generally have greater price swings and higher default risks. Foreign investing, especially in emerging markets, has additional risks such as currency and market volatility and political and social instability. These and other risks pertaining to specific funds, such as those involving investments in specialized industry sectors, such as the technology sector, which has been among the most volatile sectors in the market, or use of complex securities, are discussed in each fund's prospectus.
  3. After-tax average annual total returns represent the average change in value of an investment on an annualized basis. Returns are calculated using the highest individual federal income tax rates; state and local taxes are not considered. Your actual after-tax returns depend on your particular tax situation and may differ from those shown. The before shares sold calculation assumes taxes are paid on fund distributions (dividends and capital gains) but does not reflect taxes that may be incurred upon sale or exchange of shares. The after shares sold calculation also adjusts for taxes due if the fund investment is sold at the end of the measurement period.
  4. Prior to November 1, 1996, the fund offered only a single class of shares without a sales charge and Rule 12b-1 expenses, Class Z shares. Figures reflect a restatement of the original share class to include both the Rule 12b-1 fees and maximum initial sales charges (when quoting figures with sales charges) applicable to each share class as though in effect from the fund's inception. For periods after November 1, 1996, actual performance is used, reflecting all charges and fees applicable to that class.
  5. For performance reporting purposes, the inception date for Classes A, R, Z and Advisor Class shares of all Franklin Templeton Funds is the date of effectiveness of the fund's registration statement or the first day the fund commenced operations. For Classes B and C shares, except as subsequently noted, the inception date is the first day the fund commenced offering such shares. Franklin Income Fund Class B uses the inception date of the old Class B shares, renamed Class B1. For Mutual Series Funds and Franklin International Small Cap Growth and Franklin Large Cap Equity Funds, the inception date for Classes A, B, C and R shares is the funds' oldest class', Z or Advisor, inception date.
  6. Represents the maximum amount of Rule 12b-1 distribution and service fees the Fund may pay.
  7. A measure of the fund's volatility relative to the market, as represented by the Russell 3000 Value Index. A beta greater than 1.00 indicates volatility greater than the market. Based on the 3-years ended as of the date of the calculation.
  8. The amount per share you would receive if you sold shares that day.
  9. Purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.

For U.S. residents only.