Oct 19 2018 Conversion of Class C Shares to Class A Shares - Read More

Beginning on 10/19/18, Class C shares held for 10 years or more will automatically convert to Class A shares. Thereafter, Class C shares held for 10 years or more will automatically convert to Class A shares on a monthly basis. This conversion allows shareholders to take advantage of the lower expenses offered by Class A shares. Please see the prospectus supplement for more information. If you have any questions, please contact your financial advisor or call Franklin Templeton.
Sep 10 2018 Class A and A1 Changes to Sales Charges and Dealer Commissions - Read More

Effective 9/10/18, certain sales charges and commissions paid to dealers on Class A and A1 shares of our mutual funds changed. Please see the prospectus supplement for more information. If you have additional questions, please contact your financial advisor or call Franklin Templeton.
Sep 05 2018 Distribution Date Change from September to October - Read More

Franklin Mutual Global Discovery Fund has changed its September distribution date from early September to early October. This change will allow the fund to more accurately capture necessary distribution data. The fund will also continue to make distributions in December. For more information, please contact your financial advisor or Franklin Templeton Shareholder Services.

Franklin Mutual Global Discovery Fund

Federal ID Number 22-6586780

For information on tax years prior to 2008, please contact us.

DISTRIBUTIONS (PER SHARE)

These amounts represent distributions paid by the fund and foreign taxes passed through (if any) for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Record Date	Total Distributions ($)	Ordinary Dividends ($) Ordinary Dividends represent dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the Ordinary Dividend cash distributions received by the shareholder. This information is reported on the box labeled Ordinary Dividends on Form 1099-DIV.	Long-Term Cap Gains ($)	Tax-Exempt Income ($)	Non-Taxable Return of Capital ($)	Qualified Dividend Income ($) This amount reflects the portion of a fund's distribution of Ordinary Dividends that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply, and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders. This information is reported on the Form 1099-DIV in the box labeled Qualified Dividends.
Dec 19	1.389700	0.622000	0.767700	—	—	0.622000
Oct 03	0.689200	0.014300	0.674900	—	—	0.014300
Total	2.078900	0.636300	1.442600	—	—	0.636300

All fund distributions will vary depending on current market conditions, and past distributions are not indicative of future trends.

Additional Tax Information

Direct U.S. Government Obligations

To determine the amount of income derived from these obligations, multiply the total Ordinary Dividends you received from the fund during the calendar year, as reported on Form 1099-DIV, by the percentage shown.

The percentage of direct U.S. government obligation interest available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Please contact your tax advisor to determine the availability of exemptions in your state.

Specified Private Activity Bond Interest

This percentage represents the amount of Tax-Exempt Interest Dividends paid by a fund that are subject to the alternative minimum tax (AMT). The dollar amount of AMT reportable specified private activity bond interest paid to an individual shareholder is reported on Form 1099-DIV, in the box labeled Specified private activity bond interest dividends. Other shareholders can determine the AMT reportable specified private activity bond interest by multiplying the percentage shown by the total Tax-Exempt Income Dividends received during the year as reported on their annual Year-End Asset Summary Statement.

Dividends-Received Deduction

This percentage represents the amount of ordinary dividends paid (including short-term capital gains distributions) during the fund's fiscal year, as income qualifying for the dividends-received deduction.

for Tax Year 2019

Direct U.S.Gov't Obligations %	1.39%
Specified Private Activity Bond Interest %	Not applicable to this fund.
Dividends-Received Deduction %	49.26%

Foreign Tax Credit Information

Foreign Tax Credit Information
These amounts represent the foreign taxes paid and foreign source income as designated by the fund that are allocated to shareholders of record on the date(s) noted below. Foreign tax paid allocated to shareholders is reported on Form 1099-DIV in the box labeled Foreign Tax paid, and it is also included in Total Ordinary Dividends. Foreign Tax Paid is also included in the Total Ordinary Dividends.

for Tax Year 2019

Not applicable to this fund.

Tax-Exempt Income Jurisdiction

Tax-Exempt Income by Jurisdiction
This table lists the percentage of your tax-exempt income dividends that may qualify for exemption in your state. (Please contact your tax advisor to determine the taxability of this income in your state.) To determine the amount of income derived from each jurisdiction, multiply the total tax-exempt interest you received from the fund during the calendar year (this number is found on the box labeled Exempt-interest dividends on Form 1099-DIV) by the percentage shown.

for Tax Year 2019

Not applicable to this fund.

Footnotes

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Franklin Templeton Distributors, Inc.

Quarterly commentary discussing fund performance. View more details

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