# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0002071691-25-006429
**Filing Date:** 2025-11
**Character Count:** 40388
**Document Hash:** 232212a88ffe686b84f9415ee50efa81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006429.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006429

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN MUTUAL SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000825063

**ORGANIZATION NAME:**
- **EIN:** 222894171
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05387
- **FILM NUMBER:** 251511792

**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 QUEST FUND (Series ID: S000007863)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021386 | CLASS A      | TEQIX           |
| C000021388 | CLASS C      | TEMQX           |
| C000021389 | CLASS Z      | MQIFX           |
| C000078832 | CLASS R      | FMQSX           |
| C000128730 | Class R6     | FMQRX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Mutual Series Funds

- **b. Investment Company Act file number:** 811-05387

- **c. CIK number of Registrant:** 0000825063

- **d. LEI of Registrant:** 549300DW3N5FG4OTT022

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 101 John F. Kennedy Parkway

  - **City:** Short Hills

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07078-2791

  - **Telephone number:** 973-912-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Mutual Quest Fund

- **b. EDGAR series identifier (if any):** S000007863

- **c. LEI of Series:** NWF7KZ3BJ6U1TY06BL48

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2708401369.04

**Total Liabilities:** $3601157.08

**Net Assets:** $2704800211.96

**Delayed Delivery Securities:** $1520000.00

**Cash Not Reported:** $4088467.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021389 | -0.39%               | 3.44%                | 1.38%                |
| Class ID C000128730 | -0.39%               | 3.45%                | 1.38%                |
| Class ID C000021386 | -0.46%               | 3.38%                | 1.41%                |
| Class ID C000021388 | -0.53%               | 3.33%                | 1.35%                |
| Class ID C000078832 | -0.47%               | 3.39%                | 1.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28223789.96             | $-44142584.72                              |
| Month 2  | $-2707395.38             | $84496912.68                               |
| Month 3  | $11140773.35             | $17590065.51                               |

### Schedule of Portfolio Investments

| Name                                                     | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet, Inc.                                           | Alphabet, Inc., Class A                                                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    198503 | NS      | $48256079.30  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines, Inc.                                  | American Airlines, Inc., First Lien, Initial CME Term Loan                     | CUSIP: 02376CBM6<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | US        |  17878236 | PA      | $17872604.12  | 0.66%             | 2029-06-04      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| Neptune Bidco US, Inc.                                   | Neptune Bidco US, Inc., Second Lien, CME Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  33970233 | PA      | $33800381.40  | 1.25%             | 2029-10-11      | Variable      | 14.18%                | No            |                  2 | On Loan: No      |
| Loyalty Ventures, Inc.                                   | Loyalty Ventures, Inc., First Lien, Term Loan, B                               | CUSIP: 54912FAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  26135994 | PA      | $2090879.49   | 0.08%             | 2027-11-03      | Variable      | 12.75%                | No            |                  2 | On Loan: No      |
| Sorenson Holdings LLC                                    | Sorenson Holdings LLC, First Lien, Term Loan, B                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 122461386 | PA      | $107673756.91 | 3.98%             | 2030-04-01      | Fixed         | 8.00%                 | No            |                  3 | On Loan: No      |
| Danone SA                                                | Danone SA                                                                      | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    439703 | NS      | $38312758.70  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Frontier Communications Parent, Inc.                     | Frontier Communications Parent, Inc.                                           | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    279418 | NS      | $10436262.30  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd.                                       | Everest Group Ltd.                                                             | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |    109825 | NS      | $38464009.75  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco plc                             | British American Tobacco plc                                                   | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    547702 | NS      | $29130795.94  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| AAdvantage Loyalty IP Ltd.                               | AAdvantage Loyalty IP Ltd., First Lien, CME Term Loan                          | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1767809 | PA      | $1767199.48   | 0.07%             | 2028-04-20      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| Sorenson Holdings LLC                                    | Sorenson Holdings LLC, First Lien, Term Loan, A                                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  31710957 | PA      | $32481939.63  | 1.20%             | 2030-04-01      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| Michaels Cos., Inc. (The)                                | Michaels Cos., Inc. (The), First Lien, CME Term Loan, B                        | CUSIP: 59408UAB3<br>LEI: 549300H9LWMBP7HYLR98 | Long             | LON              | CORP              | US        |  21059508 | PA      | $19943037.92  | 0.74%             | 2028-04-17      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp.                                       | DISH Network Corp.                                                             | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  22000000 | PA      | $23299694.00  | 0.86%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                        | Merck & Co., Inc.                                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    452494 | NS      | $37977821.42  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                           | BNP Paribas SA                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |    515971 | NS      | $47192151.20  | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                     | Clear Channel Outdoor Holdings, Inc.                                           | CUSIP: 18453H106<br>LEI: 254900XBEE6V1ENYS150 | Long             | EC               | CORP              | US        |   2903448 | NS      | $4587447.84   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Staples, Inc.                                            | Staples, Inc., First Lien, Closing Date CME Term Loan                          | CUSIP: 855031AU4<br>LEI: XQM2JINI1UL7642TU573 | Long             | LON              | CORP              | US        |  12870000 | PA      | $12237246.45  | 0.45%             | 2029-08-23      | Variable      | 10.05%                | No            |                  2 | On Loan: No      |
| SES SA                                                   | SES SA                                                                         | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             | EC               | CORP              | LU        |    106029 | NS      | $59376.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Michaels Cos., Inc. (The)                                | Michaels Cos., Inc. (The)                                                      | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |  16500000 | PA      | $13860000.00  | 0.51%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International plc                       | Johnson Controls International plc                                             | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |    283012 | NS      | $31117169.40  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SES SA                                                   | SES SA                                                                         | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             | EC               | CORP              | LU        |    106029 | NS      | $1272348.00   | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| Prudential plc                                           | Prudential plc                                                                 | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |   3583514 | NS      | $50168198.25  | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)                     | Hartford Insurance Group, Inc. (The)                                           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    318307 | NS      | $42458970.73  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                                  | Progressive Corp. (The)                                                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    175486 | NS      | $43336267.70  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Holding Co., Inc.                              | CommScope Holding Co., Inc.                                                    | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |    440396 | NS      | $6817330.08   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                | Airbus SE                                                                      | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |    119031 | NS      | $27796831.88  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Inclusive Language Services LLC                          | Inclusive Language Services LLC, Membership Interests, Class B                 | CUSIP: N/A<br>LEI: 549300H02Z2SUR0GB419       | Long             | EC               | CORP              | US        |    106532 | NS      | $40236013.42  | 1.49%             |  |  |  | Yes           |                  3 | On Loan: No      |
| St James's Place plc                                     | St. James's Place plc                                                          | CUSIP: N/A<br>LEI: 213800M993ICXOMBCP87       | Long             | EC               | CORP              | GB        |   1560874 | NS      | $26715140.01  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                               | iHeartCommunications, Inc.                                                     | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $680496.33    | 0.03%             | 2030-05-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                 | PNC Financial Services Group, Inc. (The)                                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    158687 | NS      | $31884978.91  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                                              | Adobe, Inc.                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    113377 | NS      | $39993736.75  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp.                                     | Dollar General Corp.                                                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |    329336 | NS      | $34036875.60  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope, Inc.                                          | CommScope, Inc., First Lien, Initial CME Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  12000000 | PA      | $12162300.00  | 0.45%             | 2029-12-18      | Variable      | 8.91%                 | No            |                  2 | On Loan: No      |
| BP plc                                                   | BP plc                                                                         | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |   7437892 | NS      | $42705793.81  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Staples, Inc.                                            | Staples, Inc.                                                                  | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7950156.00   | 0.29%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Gap, Inc. (The)                                          | Gap, Inc. (The)                                                                | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |   1621591 | NS      | $34685831.49  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.                                  | International Paper Co.                                                        | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    439168 | NS      | $20377395.20  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group plc                              | Reckitt Benckiser Group plc                                                    | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    637342 | NS      | $49076623.25  | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Cooper Cos., Inc. (The)                                  | Cooper Cos., Inc. (The)                                                        | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    279173 | NS      | $19140100.88  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma plc                                        | Verona Pharma plc                                                              | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |    125646 | NS      | $13407684.66  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                        | Uniti Group, Inc.                                                              | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             |  | CORP              | US        |    334087 | NS      | $1576618.03   | 0.06%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Arthur J Gallagher & Co.                                 | Arthur J Gallagher & Co.                                                       | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    112617 | NS      | $34881989.58  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                                | PPL Corp.                                                                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   1082445 | NS      | $40223656.20  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                        | Wells Fargo & Co.                                                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    415220 | NS      | $34803740.40  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Walter Energy, Inc.                                      | Walter Energy, Inc., Litigation Trust, Contingent Distribution                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   7443000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cisco Systems, Inc.                                      | Cisco Systems, Inc.                                                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    529405 | NS      | $36221890.10  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                        | Uniti Group, Inc.                                                              | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             | EC               | CORP              | US        |   1714983 | NS      | $9568553.86   | 0.35%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PPG Industries, Inc.                                     | PPG Industries, Inc.                                                           | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |    242308 | NS      | $25468993.88  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelport Finance Luxembourg SARL                       | Travelport Finance Luxembourg SARL, First Lien, Priority CME Term Loan         | CUSIP: L9308UAU4<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |  33740808 | PA      | $28325407.93  | 1.05%             | 2028-09-29      | Variable      | 9.99%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.                           | Apollo Global Management, Inc.                                                 | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     95270 | NS      | $12696632.90  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Staples, Inc.                                            | Staples, Inc.                                                                  | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  32000000 | PA      | $25849494.40  | 0.96%             | 2030-01-15      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Schlumberger NV                                          | Schlumberger NV                                                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    980053 | NS      | $33684421.61  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| iHeartCommunications, Inc.                               | iHeartCommunications, Inc., First Lien, Refinanced CME Term Loan, B            | CUSIP: 45174UAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  27792487 | PA      | $24353167.14  | 0.90%             | 2029-05-01      | Variable      | 10.05%                | No            |                  2 | On Loan: No      |
| Roche Holding AG                                         | Roche Holding AG                                                               | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |    125107 | NS      | $41658575.06  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp.                                              | Denso Corp.                                                                    | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |   2590235 | NS      | $37277848.53  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                          | CoreLogic, Inc., First Lien, Initial CME Term Loan                             | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |   7543206 | PA      | $7557349.61   | 0.28%             | 2028-06-02      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                             | Zimmer Biomet Holdings, Inc.                                                   | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    413275 | NS      | $40707587.50  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                                    | Global Payments, Inc.                                                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    329028 | NS      | $27335646.24  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods, Inc.                              | Dick's Sporting Goods, Inc.                                                    | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |    112334 | NS      | $24962861.48  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                                        | CNH Industrial NV                                                              | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | NL        |   1527386 | NS      | $16572138.10  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                               | Siemens AG                                                                     | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |    102843 | NS      | $27765350.64  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kellanova                                                | Kellanova                                                                      | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |    898048 | NS      | $73657896.96  | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                                    | Walt Disney Co. (The)                                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    295261 | NS      | $33807384.50  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Covestro AG                                              | Covestro AG                                                                    | CUSIP: N/A<br>LEI: 3912005AWHKLQ1CPLV11       | Long             | EC               | CORP              | DE        |    545815 | NS      | $37359462.06  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                    | Bank of America Corp.                                                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    709130 | NS      | $36584016.70  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                             | Evergy, Inc.                                                                   | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    382452 | NS      | $29074001.04  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto plc                                            | Rio Tinto plc                                                                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    745439 | NS      | $49126256.64  | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                  | Fresenius SE & Co. KGaA                                                        | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |    535270 | NS      | $29913842.08  | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Bosgen Liquidating Trust                                 | Bosgen Liquidating Trust c/o Verdolino and Lowey P.C., Contingent Distribution | CUSIP: N/A<br>LEI: 724500SEMY2K987RV910       | Long             | EC               | CORP              | NL        |    159828 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Uniti Group, Inc.                                        | Uniti Group, Inc.                                                              | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             | EC               | CORP              | US        |     10941 | NS      | $9475493.03   | 0.35%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elevance Health, Inc.                                    | Elevance Health, Inc.                                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    102312 | NS      | $33059053.44  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                      | Union Pacific Corp.                                                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     82885 | NS      | $19591527.45  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                                         | Baker Hughes Co., Class A                                                      | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    791869 | NS      | $38579857.68  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                                     | United Rentals, Inc.                                                           | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     44596 | NS      | $42574017.36  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                                              | Heineken NV                                                                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    489648 | NS      | $38343850.32  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Neptune Bidco US, Inc.                                   | Neptune Bidco US, Inc., First Lien, CME Term Loan, A                           | CUSIP: 64069JAF9<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |  42640821 | PA      | $40668682.88  | 1.50%             | 2028-10-11      | Variable      | 9.18%                 | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                                      | EOG Resources, Inc.                                                            | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    356155 | NS      | $39932098.60  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                      | Deutsche Telekom AG                                                            | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    890181 | NS      | $30327994.47  | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Dover Corp.                                              | Dover Corp.                                                                    | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |    156378 | NS      | $26088541.74  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial, Inc.                                     | Voya Financial, Inc.                                                           | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    349041 | NS      | $26108266.80  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                                       | AerCap Holdings NV                                                             | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |    255531 | NS      | $30919251.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Institutional U.S. Government Money Market Fund | Franklin Institutional U.S. Government Money Market Fund                       | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |  86544866 | NS      | $86544866.28  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                             | Charter Communications, Inc., Class A                                          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     88196 | NS      | $24263160.58  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv plc                                                | Aptiv plc                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JE        |    684801 | NS      | $59043542.22  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Lucid Group, Inc.                                        | Lucid Group, Inc.                                                              | CUSIP: 549498AA1<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $6993750.00   | 0.26%             | 2026-12-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Entergy Corp.                                            | Entergy Corp.                                                                  | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    372420 | NS      | $34705819.80  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                              | Novartis AG                                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    326491 | NS      | $41869205.84  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                     | American Tower Corp.                                                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    128214 | NS      | $24658116.48  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp.                                             | Avient Corp.                                                                   | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     49800 | NS      | $1640910.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ASR Nederland NV                                         | ASR Nederland NV                                                               | CUSIP: N/A<br>LEI: 7245000G0HS48PZWUD53       | Long             | EC               | CORP              | NL        |    698895 | NS      | $47559337.19  | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                             | Samsung Electronics Co. Ltd.                                                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    968864 | NS      | $58083714.35  | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Franklin Mutual Series Funds

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer