# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0002071691-25-006471
**Filing Date:** 2025-11
**Character Count:** 30564
**Document Hash:** d844086b9cc7a62962dfea7114f2defa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006471.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006471

**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:** 251511843

**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 SHARES FUND (Series ID: S000007864)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021390 | CLASS A      | TESIX           |
| C000021392 | CLASS C      | TEMTX           |
| C000021393 | CLASS Z      | MUTHX           |
| C000021394 | CLASS R      | TESRX           |
| C000128731 | Class R6     | FMSHX           |

## 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 Shares Fund

- **b. EDGAR series identifier (if any):** S000007864

- **c. LEI of Series:** QOET654RR8JMYG00F771

**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:** $7053321843.46

**Total Liabilities:** $9449684.04

**Net Assets:** $7043872159.42

**Cash Not Reported:** $3998294.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021392 | -1.90%               | 4.35%                | -1.08%               |
| Class ID C000021390 | -1.85%               | 4.43%                | -1.01%               |
| Class ID C000021393 | -1.81%               | 4.46%                | -1.03%               |
| Class ID C000128731 | -1.82%               | 4.47%                | -1.00%               |
| Class ID C000021394 | -1.86%               | 4.38%                | -1.02%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $83708966.30             | $-218332756.44                             |
| Month 2  | $50193303.96             | $248129467.99                              |
| Month 3  | $-135267202.80           | $49130133.00                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BlackRock, Inc.                                          | BlackRock, Inc.                                                                | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |    124720 | NS      | $145407306.40 | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                           | Alphabet, Inc., Class A                                                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    799105 | NS      | $194262425.50 | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                         | Amazon.com, Inc.                                                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    753367 | NS      | $165416792.19 | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune Bidco US, Inc.                                   | Neptune Bidco US, Inc., First Lien, Dollar CME Term Loan, B                    | CUSIP: 64069JAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  38868581 | PA      | $37100254.82  | 0.53%             | 2029-04-11      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| Gen Digital, Inc.                                        | Gen Digital, Inc.                                                              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |   3914948 | NS      | $111145373.72 | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco plc                             | British American Tobacco plc                                                   | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |   1961814 | NS      | $104343608.98 | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                             | Fiserv, Inc.                                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    841560 | NS      | $108502330.80 | 1.54%             |  |  |  | No            |                  1 | 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        |  54602896 | PA      | $51708123.15  | 0.73%             | 2028-04-17      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                        | Merck & Co., Inc.                                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   1123808 | NS      | $94321205.44  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                           | BNP Paribas SA                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |   1314887 | NS      | $120263243.69 | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                | Michaels Cos., Inc. (The)                                                      | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |  27229000 | PA      | $22872360.00  | 0.32%             | 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        |   1141065 | NS      | $125460096.75 | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)                     | Hartford Insurance Group, Inc. (The)                                           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |   1046977 | NS      | $139656262.03 | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                                  | Progressive Corp. (The)                                                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    562724 | NS      | $138964691.80 | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                 | PNC Financial Services Group, Inc. (The)                                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    670802 | NS      | $134784245.86 | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                                              | Adobe, Inc.                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    385414 | NS      | $135954788.50 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp.                                     | Dollar General Corp.                                                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |   1223978 | NS      | $126498126.30 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.                                  | International Paper Co.                                                        | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |   2412029 | NS      | $111918145.60 | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                            | Medtronic plc                                                                  | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |   1356384 | NS      | $129182012.16 | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                              | Capital One Financial Corp.                                                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    549255 | NS      | $116760627.90 | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                        | Uniti Group, Inc.                                                              | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             |  | CORP              | US        |    437045 | NS      | $2062495.77   | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ulta Beauty, Inc.                                        | Ulta Beauty, Inc.                                                              | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |    219940 | NS      | $120252195.00 | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                                | PPL Corp.                                                                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   4189028 | NS      | $155664280.48 | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                        | Wells Fargo & Co.                                                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   1563209 | NS      | $131028178.38 | 1.86%             |  |  |  | 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        |  20046000 | 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        |   1718891 | NS      | $117606522.22 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR, Inc.                                                | KBR, Inc.                                                                      | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |   1897490 | NS      | $89732302.10  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                     | JPMorgan Chase & Co.                                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    429964 | NS      | $135623544.52 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                        | Uniti Group, Inc.                                                              | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             | EC               | CORP              | US        |   2243497 | NS      | $12517338.00  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Haleon plc                                               | Haleon plc                                                                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |  31439569 | NS      | $141483764.61 | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                                     | PPG Industries, Inc.                                                           | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |    654635 | NS      | $68808684.85  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management, Inc.                           | Apollo Global Management, Inc.                                                 | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    773831 | NS      | $103128457.37 | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                 | U.S. Treasury Bills                                                            | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4995492.80   | 0.07%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Schlumberger NV                                          | Schlumberger NV                                                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   2358853 | NS      | $81073777.61  | 1.15%             |  |  |  | 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        |  20346275 | PA      | $17828423.36  | 0.25%             | 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        |    342222 | NS      | $113954302.12 | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                          | CoreLogic, Inc., First Lien, Initial CME Term Loan                             | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |  30687041 | PA      | $30744579.66  | 0.44%             | 2028-06-02      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                            | Chevron Corp.                                                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    992082 | NS      | $154060413.78 | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                             | Zimmer Biomet Holdings, Inc.                                                   | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |   1139532 | NS      | $112243902.00 | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                                | Flex Ltd.                                                                      | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | SG        |   1618126 | NS      | $93802764.22  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance, Inc.                                           | Reliance, Inc.                                                                 | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |    494969 | NS      | $139002144.27 | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                         | SS&C Technologies Holdings, Inc.                                               | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |   1436018 | NS      | $127460957.68 | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                                    | Global Payments, Inc.                                                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    657935 | NS      | $54661239.80  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos., Inc. (The)                            | Estee Lauder Cos., Inc. (The), Class A                                         | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |   1009833 | NS      | $88986483.96  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                                | Kellanova                                                                      | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |    915404 | NS      | $75081436.08  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                                    | Walt Disney Co. (The)                                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    983405 | NS      | $112599872.50 | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                    | Bank of America Corp.                                                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   2729124 | NS      | $140795507.16 | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises, Inc.                               | Ferguson Enterprises, Inc.                                                     | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    551969 | NS      | $123961198.02 | 1.76%             |  |  |  | No            |                  1 | 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        |    555154 | 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        |     14312 | NS      | $12395598.93  | 0.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elevance Health, Inc.                                    | Elevance Health, Inc.                                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    242457 | NS      | $78342705.84  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                      | Union Pacific Corp.                                                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    308789 | NS      | $72988455.93  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                    | NXP Semiconductors NV                                                          | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |    465540 | NS      | $106017424.20 | 1.51%             |  |  |  | No            |                  1 | 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        |  37421779 | PA      | $35691021.82  | 0.51%             | 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        |   1228342 | NS      | $137721705.04 | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                                       | General Motors Co.                                                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |   1873026 | NS      | $114198395.22 | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                           | Thermo Fisher Scientific, Inc.                                                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    290422 | NS      | $140860478.44 | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp.                                              | Dover Corp.                                                                    | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |    825775 | NS      | $137764043.25 | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                                       | AerCap Holdings NV                                                             | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |    814794 | NS      | $98590074.00  | 1.40%             |  |  |  | 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        | 357484074 | NS      | $357484073.67 | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                             | Charter Communications, Inc., Class A                                          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    395949 | NS      | $108927549.65 | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp.                                         | CVS Health Corp.                                                               | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |   1806703 | NS      | $136207339.17 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                            | Entergy Corp.                                                                  | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |   1347248 | NS      | $125550041.12 | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                              | Novartis AG                                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    862357 | NS      | $110588661.68 | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                     | American Tower Corp.                                                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    686635 | NS      | $132053643.20 | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.                             | Brixmor Property Group, Inc.                                                   | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |   5080366 | NS      | $140624530.88 | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton, Inc.                                          | DR Horton, Inc.                                                                | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |    704683 | NS      | $119422628.01 | 1.70%             |  |  |  | No            |                  1 | 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