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Change of Name and Investment Policy - Franklin Mutual Beacon Fund

With effect 31 January 2018, the investment policy will be clarified and the fund name amended accordingly to Franklin Mutual U.S. Value Fund.

Impacts on
guided-architecture product

Impacts on
open-architecture products including

Why Franklin Templeton are making the changes

The name and investment policy are being amended to more closely align with the target profile of the fund's investors, which includes investors seeking capital appreciation and to a lesser extent income by investing in undervalued companies based primarily in the U.S.


The changes are for clarification only. The Investment Manager believes the changes will provide more clarity on the fund's investment focus and will not impact the strategy or result in any additional risks. There is no change to the way the fund is being managed.


The first two sentences of the investment policy will change from:


The Fund pursues its objectives principally through investments in common stock, preferred stock, and debt securities convertible or expected to be convertible into common or preferred stock. No more than 20% of the Funds net assets will generally be invested in securities of non-US issuers.s


To:


The Fund pursues its objectives principally through investments in common stock, preferred stock, and debt securities convertible or expected to be convertible into common or preferred stock of US companies. At least 70% of the Funds net assets will generally be invested in securities of US issuers.


In line with this the fund's name will change to "Franklin Mutual U.S. Value".


Policyholders have been written to advising of the changes. Where an investment adviser has been appointed to make investment decisions, they have been written to instead. Servicing agents have been sent a sample letter for their information.


Sample letters can be viewed opposite along with the shareholder notification detailing the full changes.