# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0002071691-26-003947
**Filing Date:** 2026-2
**Character Count:** 45014
**Document Hash:** 835b482e5a2ee9b4f50d3cb54d35f912
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-003947.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002071691-26-003947

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26675065

**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:** 2025-12-31

**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:** $2704015166.27

**Total Liabilities:** $1424513.84

**Net Assets:** $2702590652.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021386 | -0.98%               | 1.79%                | 2.42%                |
| Class ID C000021388 | -1.05%               | 1.74%                | 2.36%                |
| Class ID C000021389 | -0.96%               | 1.81%                | 2.42%                |
| Class ID C000078832 | -1.00%               | 1.83%                | 2.30%                |
| Class ID C000128730 | -0.96%               | 1.88%                | 2.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13475359.78             | $-42409717.79                              |
| Month 2  | $34505453.74             | $6810015.99                                |
| Month 3  | $28628954.06             | $29611484.43                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adobe, Inc.                                                                    | Adobe, Inc.                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    113377 | NS      | $39680816.23  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                                                 | Alphabet, Inc., Class A                                                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    146283 | NS      | $45786579.00  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco plc                                                   | British American Tobacco plc                                                   | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    642183 | NS      | $36405774.93  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp.                                                           | American Tower Corp.                                                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    159280 | NS      | $27964789.60  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health, Inc.                                                          | Elevance Health, Inc.                                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     87042 | NS      | $30512573.10  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management, Inc.                                                 | Apollo Global Management, Inc.                                                 | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     95270 | NS      | $13791285.20  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                                                               | Baker Hughes Co., Class A                                                      | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    681565 | NS      | $31038470.10  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential plc                                                                 | Prudential plc                                                                 | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |   2822698 | NS      | $43421782.84  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                                                  | Rio Tinto plc                                                                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    503728 | NS      | $40575816.34  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| St James's Place plc                                                           | St. James's Place plc                                                          | CUSIP: N/A<br>LEI: 213800M993ICXOMBCP87       | Long             | EC               | CORP              | GB        |    732283 | NS      | $13601717.94  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| BP plc                                                                         | BP plc                                                                         | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |   7437892 | NS      | $43377517.58  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Brighthouse Financial, Inc.                                                    | Brighthouse Financial, Inc.                                                    | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |    404231 | NS      | $26190126.49  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                                                   | Charter Communications, Inc., Class A                                          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     88196 | NS      | $18410915.00  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                                                            | Cisco Systems, Inc.                                                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    529405 | NS      | $40780067.15  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                                           | Clear Channel Outdoor Holdings, Inc.                                           | CUSIP: 18453H106<br>LEI: 254900XBEE6V1ENYS150 | Long             | EC               | CORP              | US        |   2903448 | NS      | $6416620.08   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                                                          | Colgate-Palmolive Co.                                                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    452523 | NS      | $35758367.46  | 1.32%             |  |  |  | No            |                  1 | 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      | $24777470.57  | 0.92%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Cooper Cos., Inc. (The)                                                        | Cooper Cos., Inc. (The)                                                        | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    475785 | NS      | $38995338.60  | 1.44%             |  |  |  | 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      | $22238761.98  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                                                          | Walt Disney Co. (The)                                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    295261 | NS      | $33591843.97  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corp.                                                             | DISH Network Corp.                                                             | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  22000000 | PA      | $22910470.00  | 0.85%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Dollar General Corp.                                                           | Dollar General Corp.                                                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |    279126 | NS      | $37059559.02  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dover Corp.                                                                    | Dover Corp.                                                                    | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |    193761 | NS      | $37829897.64  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                                            | EOG Resources, Inc.                                                            | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    455694 | NS      | $47852426.94  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts, Inc.                                                          | Electronic Arts, Inc.                                                          | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      5841 | NS      | $1193491.53   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                                                  | Entergy Corp.                                                                  | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    372420 | NS      | $34422780.60  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                                                   | Evergy, Inc.                                                                   | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    382452 | NS      | $27723945.48  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                                                           | Meta Platforms, Inc., Class A                                                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    101284 | NS      | $66856555.56  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent, Inc.                                           | Frontier Communications Parent, Inc.                                           | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    632311 | NS      | $24072079.77  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co.                                                       | Arthur J Gallagher & Co.                                                       | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    132908 | NS      | $34395261.32  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap, Inc. (The)                                                                | Gap, Inc. (The)                                                                | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |   1621591 | NS      | $41512729.60  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                                                          | Global Payments, Inc.                                                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    329028 | NS      | $25466767.20  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                                      | Airbus SE                                                                      | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |    142905 | NS      | $33185968.83  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)                                           | Hartford Insurance Group, Inc. (The)                                           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    298639 | NS      | $41152454.20  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius SE & Co. KGaA                                                        | Fresenius SE & Co. KGaA                                                        | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |    655657 | NS      | $37563769.53  | 1.39%             |  |  |  | No            |                  2 | 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        |  56189442 | NS      | $56189442.44  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.                                                        | International Paper Co.                                                        | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    577142 | NS      | $22733623.38  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Lucid Group, Inc.                                                              | Lucid Group, Inc.                                                              | CUSIP: 549498AA1<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $6975000.00   | 0.26%             | 2026-12-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                                                      | Michaels Cos., Inc. (The)                                                      | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |  12262000 | PA      | $11335678.25  | 0.42%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Siemens AG                                                                     | Siemens AG                                                                     | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |    102843 | NS      | $28803917.14  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                                            | Deutsche Telekom AG                                                            | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |   1058061 | NS      | $34441002.94  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                                              | Merck & Co., Inc.                                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    317089 | NS      | $33376788.14  | 1.23%             |  |  |  | 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        |  28928539 | PA      | $24882159.63  | 0.92%             | 2028-09-29      | Variable      | 9.43%                 | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group, Inc.                                           | Mitsubishi UFJ Financial Group, Inc.                                           | CUSIP: N/A<br>LEI: 353800V2V8PUY9TK3E06       | Long             | EC               | CORP              | JP        |   2170776 | NS      | $34452546.50  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Neptune Bidco US, Inc.                                                         | Neptune Bidco US, Inc.                                                         | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |  34440400 | PA      | $35332785.20  | 1.31%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | 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        |  10531978 | PA      | $10209067.19  | 0.38%             | 2028-04-17      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                                                | CoreLogic, Inc., First Lien, Initial CME Term Loan                             | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |   7523562 | PA      | $7540640.82   | 0.28%             | 2028-06-02      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| Denso Corp.                                                                    | Denso Corp.                                                                    | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |   2590235 | NS      | $35776630.27  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                                                    | Novartis AG                                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    369966 | NS      | $51007212.42  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co. Ltd.                                                   | Samsung Electronics Co. Ltd.                                                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    263817 | NS      | $22111795.03  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                                                   | Samsung Electronics Co. Ltd.                                                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EP               | CORP              | KR        |    238730 | NS      | $14818165.87  | 0.55%             |  |  |  | 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      | $2352239.42   | 0.09%             | 2027-11-03      | Variable      | 12.25%                | 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      | $33122737.51  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                                                           | PPG Industries, Inc.                                                           | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |    242308 | NS      | $24826877.68  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                                                      | PPL Corp.                                                                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   1082445 | NS      | $37907223.90  | 1.40%             |  |  |  | No            |                  1 | 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        |  10993488 | PA      | $11034713.95  | 0.41%             | 2029-10-11      | Variable      | 13.76%                | No            |                  2 | On Loan: No      |
| Roche Holding AG                                                               | Roche Holding AG                                                               | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |    141429 | NS      | $58405973.31  | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                                      | Nestle SA                                                                      | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |    349808 | NS      | $34721634.64  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                                                 | BNP Paribas SA                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |    434613 | NS      | $41117450.33  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Progressive Corp. (The)                                                        | Progressive Corp. (The)                                                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    188344 | NS      | $42889695.68  | 1.59%             |  |  |  | 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        |  42531765 | PA      | $42070295.38  | 1.56%             | 2028-10-11      | Variable      | 8.76%                 | No            |                  2 | On Loan: No      |
| Heineken NV                                                                    | Heineken NV                                                                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    426263 | NS      | $35169648.13  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                                        | American Airlines, Inc., First Lien, Initial CME Term Loan                     | CUSIP: 02376CBM6<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | US        |  17697648 | PA      | $17744723.26  | 0.66%             | 2029-06-04      | Variable      | 6.26%                 | No            |                  2 | On Loan: No      |
| SLB Ltd.                                                                       | SLB Ltd.                                                                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   1121386 | NS      | $43038794.68  | 1.59%             |  |  |  | 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        |   9837500 | PA      | $9367119.94   | 0.35%             | 2029-08-23      | Variable      | 9.60%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                                                  | Staples, Inc.                                                                  | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7963525.68   | 0.29%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Staples, Inc.                                                                  | Staples, Inc.                                                                  | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  26000000 | PA      | $21847492.16  | 0.81%             | 2030-01-15      | Fixed         | 12.75%                | No            |                  2 | 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      | $12038160.00  | 0.45%             | 2029-12-18      | Variable      | 8.47%                 | 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        |   1763379 | PA      | $1769771.02   | 0.07%             | 2028-04-20      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| Union Pacific Corp.                                                            | Union Pacific Corp.                                                            | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     82885 | NS      | $19172958.20  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                                                           | United Rentals, Inc.                                                           | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     44596 | NS      | $36092434.72  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial, Inc.                                                           | Voya Financial, Inc.                                                           | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    349041 | NS      | $26000064.09  | 0.96%             |  |  |  | No            |                  1 | 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      | $106094957.79 | 3.93%             | 2030-04-01      | Fixed         | 8.00%                 | No            |                  3 | 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      | $31626226.76  | 1.17%             | 2030-04-01      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| Warner Bros Discovery, Inc.                                                    | Warner Bros Discovery, Inc.                                                    | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    290000 | NS      | $8357800.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                                              | Wells Fargo & Co.                                                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    337242 | NS      | $31430954.40  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                                                   | Zimmer Biomet Holdings, Inc.                                                   | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    413275 | NS      | $37161688.00  | 1.38%             |  |  |  | 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      |
| Bosgen Liquidating Trust c/o Verdolino and Lowey P.C., Contingent Distribution | 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      |
| Danone SA                                                                      | Danone SA                                                                      | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    386644 | NS      | $34874938.02  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group plc                                                    | Reckitt Benckiser Group plc                                                    | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    431428 | NS      | $34910872.01  | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland NV                                                               | ASR Nederland NV                                                               | CUSIP: N/A<br>LEI: 7245000G0HS48PZWUD53       | Long             | EC               | CORP              | NL        |    620436 | NS      | $44144515.67  | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellantis NV                                                                  | Stellantis NV                                                                  | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               | CORP              | NL        |   1310398 | NS      | $14349784.35  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                                                  | UniCredit SpA                                                                  | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |    446381 | NS      | $36972266.02  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Franc                                                                    | Swiss Franc                                                                    | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | CH        |        -0 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| EURO                                                                           | EURO                                                                           | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | XX        |        -0 | OU      | $-0.02        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd.                                                             | Everest Group Ltd.                                                             | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |     60558 | NS      | $20550357.30  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv plc                                                                      | Aptiv plc                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JE        |    468791 | NS      | $35670307.19  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc                                             | Johnson Controls International plc                                             | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |    283012 | NS      | $33890687.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Pound Sterling                                                                 | Pound Sterling                                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | GB        |   1873380 | OU      | $2525222.36   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Yen                                                                            | Yen                                                                            | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             |  | JP        |        -1 | OU      | $-0.01        | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Won                                                                            | Won                                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | KR        |       127 | OU      | $0.09         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SES SA                                                                         | SES SA                                                                         | CUSIP: N/A<br>LEI: 5493008JPA4HYMH1HX51       | Long             |  | CORP              | LU        |    106029 | NS      | $1656703.13   | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| AerCap Holdings NV                                                             | AerCap Holdings NV                                                             | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |    255531 | NS      | $36735136.56  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                                                              | CNH Industrial NV                                                              | CUSIP: N/A<br>LEI: 549300WGC2HZ5J67V817       | Long             | EC               | CORP              | NL        |   2105510 | NS      | $19412802.20  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                                              | Uniti Group, Inc.                                                              | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             |  | CORP              | US        |    334087 | NS      | $2018556.99   | 0.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Uniti Group, Inc.                                                              | Uniti Group, Inc.                                                              | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             | EC               | CORP              | US        |     10941 | NS      | $10791028.62  | 0.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Uniti Group, Inc.                                                              | Uniti Group, Inc.                                                              | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             | EC               | CORP              | US        |   1714983 | NS      | $11722927.50  | 0.43%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer