# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001752724-25-203481
**Filing Date:** 2025-8
**Character Count:** 42453
**Document Hash:** feb6e3c4760a21355c6056ae63d19c31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203481.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203481

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251253175

**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:** 2025-06-30

**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:** $7127365625.93

**Total Liabilities:** $24341482.77

**Net Assets:** $7103024143.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021392 | -3.97%               | 3.07%                | 4.33%                |
| Class ID C000021390 | -3.90%               | 3.15%                | 4.38%                |
| Class ID C000021393 | -3.91%               | 3.22%                | 4.38%                |
| Class ID C000128731 | -3.92%               | 3.22%                | 4.38%                |
| Class ID C000021394 | -3.96%               | 3.17%                | 4.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $38314044.53             | $-313154163.59                             |
| Month 2  | $85295037.88             | $110214704.00                              |
| Month 3  | $36951352.05             | $249341338.21                              |

### 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        |    137689 | NS      | $144470183.25 | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                         | Alphabet, Inc., Class A                                                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    799105 | NS      | $140826274.15 | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-2555779.30  | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $571377.53    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Baxter International, Inc.                             | Baxter International, Inc.                                                     | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |   3310797 | NS      | $100250933.16 | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-294856.73   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-171111.98   | -0.00%            |  |  |  | No            |                  2 | 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        |  43130708 | PA      | $40904732.38  | 0.58%             | 2029-04-11      | Variable      | 9.33%                 | No            |                  2 | On Loan: No      |
| Gen Digital, Inc.                                      | Gen Digital, Inc.                                                              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |   3431245 | NS      | $100878603.00 | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $58375.61     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-63851.51    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4842239.18  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Windstream Holdings, Inc.                              | Windstream Holdings, Inc.                                                      | CUSIP: N/A<br>LEI: 529900M9WS6K57ZMIJ19       | Long             | EC               | CORP              | US        |   2243497 | NS      | $47431634.42  | 0.67%             |  |  |  | Yes           |                  3 | On Loan: No      |
| British American Tobacco plc                           | British American Tobacco plc                                                   | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |   2385667 | NS      | $113429801.60 | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                           | Fiserv, Inc.                                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    862391 | NS      | $148684832.31 | 2.09%             |  |  |  | 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      | $45900559.17  | 0.65%             | 2028-04-17      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $57394.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                      | Merck & Co., Inc.                                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   1564240 | NS      | $123825238.40 | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                         | BNP Paribas SA                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |   1609347 | NS      | $144361173.61 | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1300185.54   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                              | Michaels Cos., Inc. (The)                                                      | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |  25700000 | PA      | $16962000.00  | 0.24%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-239807.91   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Controls International plc                     | Johnson Controls International plc                                             | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |   1144549 | NS      | $120887265.38 | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)                   | Hartford Insurance Group, Inc. (The)                                           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    960771 | NS      | $121893016.77 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                                | Progressive Corp. (The)                                                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    418823 | NS      | $111767105.78 | 1.57%             |  |  |  | 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        |    766110 | NS      | $142818226.20 | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-174649.11   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Adobe, Inc.                                            | Adobe, Inc.                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    296062 | NS      | $114540466.56 | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp.                                             | Hess Corp.                                                                     | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    247708 | NS      | $34317466.32  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-114079.49   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dollar General Corp.                                   | Dollar General Corp.                                                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |   1155635 | NS      | $132181531.30 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-296063.43   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-223253.17   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-77367.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| International Paper Co.                                | International Paper Co.                                                        | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |   2412029 | NS      | $112955318.07 | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                          | Medtronic plc                                                                  | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |   1621701 | NS      | $141363676.17 | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                            | Capital One Financial Corp.                                                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    549255 | NS      | $116859493.80 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-65008.66    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corp.                                          | Comcast Corp., Class A                                                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   2900895 | NS      | $103532942.55 | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-222996.87   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ulta Beauty, Inc.                                      | Ulta Beauty, Inc.                                                              | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |    219940 | NS      | $102892330.80 | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                              | PPL Corp.                                                                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   4189028 | NS      | $141966158.92 | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   1563209 | NS      | $125244305.08 | 1.76%             |  |  |  | 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      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-631388.05   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                    | Cisco Systems, Inc.                                                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |   1718891 | NS      | $119256657.58 | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR, Inc.                                              | KBR, Inc.                                                                      | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |   2358172 | NS      | $113050765.68 | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                   | JPMorgan Chase & Co.                                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    542204 | NS      | $157190361.64 | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $749355.83    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $80274.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.                         | Apollo Global Management, Inc.                                                 | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    773831 | NS      | $109783403.97 | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | U.S. Treasury Bills                                                            | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4942048.60   | 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        |   3298162 | NS      | $111477875.60 | 1.57%             |  |  |  | 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        |  20397525 | PA      | $16683441.61  | 0.23%             | 2029-05-01      | Variable      | 10.22%                | No            |                  2 | On Loan: No      |
| Roche Holding AG                                       | Roche Holding AG                                                               | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |    364654 | NS      | $119030317.81 | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $151802.10    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                        | CoreLogic, Inc., First Lien, Initial CME Term Loan                             | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |  30766956 | PA      | $30492975.89  | 0.43%             | 2028-06-02      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                          | Chevron Corp.                                                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1086709 | NS      | $155605861.71 | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-78940.31    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Target Corp.                                           | Target Corp.                                                                   | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |   1058078 | NS      | $104379394.70 | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                           | Zimmer Biomet Holdings, Inc.                                                   | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |   1139532 | NS      | $103936713.72 | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-225107.23   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Flex Ltd.                                              | Flex Ltd.                                                                      | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | SG        |   2271822 | NS      | $113409354.24 | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance, Inc.                                         | Reliance, Inc.                                                                 | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |    446534 | NS      | $140167022.60 | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1553431.90  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $1305879.12   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                       | SS&C Technologies Holdings, Inc.                                               | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |   1436018 | NS      | $118902290.40 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue, Inc.                                           | Kenvue, Inc.                                                                   | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |   4842452 | NS      | $101352520.36 | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                                  | Global Payments, Inc.                                                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |   1357935 | NS      | $108689117.40 | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4714446.51  | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $76926.79     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kellanova                                              | Kellanova                                                                      | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |    915404 | NS      | $72802080.12  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                                  | Walt Disney Co. (The)                                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    921598 | NS      | $114287367.98 | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   3408182 | NS      | $161275172.24 | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $175819.64    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferguson Enterprises, Inc.                             | Ferguson Enterprises, Inc.                                                     | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    722883 | NS      | $157407773.25 | 2.22%             |  |  |  | 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      |
| Elevance Health, Inc.                                  | Elevance Health, Inc.                                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    387457 | NS      | $150705274.72 | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $48073.85     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-120054.61   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NXP Semiconductors NV                                  | NXP Semiconductors NV                                                          | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |    562670 | NS      | $122937768.30 | 1.73%             |  |  |  | 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        |  37517487 | PA      | $35433953.34  | 0.50%             | 2028-10-11      | Variable      | 9.08%                 | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                                    | EOG Resources, Inc.                                                            | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |   1228342 | NS      | $146921986.62 | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-162680.84   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Co.                                     | General Motors Co.                                                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |   2103544 | NS      | $103515400.24 | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-51987.36    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Dover Corp.                                            | Dover Corp.                                                                    | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |    783601 | NS      | $143579211.23 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial, Inc.                                   | Voya Financial, Inc.                                                           | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |   1496800 | NS      | $106272800.00 | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                                     | AerCap Holdings NV                                                             | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |    992600 | NS      | $116134200.00 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Institutional Fiduciary Trust - Money Market Portfolio | Institutional Fiduciary Trust - Money Market Portfolio                         | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        | 242639908 | NS      | $242639908.34 | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                           | Charter Communications, Inc., Class A                                          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    395949 | NS      | $161867910.69 | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | U.S. Treasury Bills                                                            | CUSIP: 912797PE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4990811.10   | 0.07%             | 2025-07-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                       | CVS Health Corp.                                                               | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |   1950148 | NS      | $134521209.04 | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                          | Entergy Corp.                                                                  | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |   1347248 | NS      | $111983253.76 | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                            | Novartis AG                                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    944486 | NS      | $114292250.86 | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp.                                   | American Tower Corp.                                                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    585619 | NS      | $129433511.38 | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1108625.94  | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Brixmor Property Group, Inc.                           | Brixmor Property Group, Inc.                                                   | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |   5080366 | NS      | $132292730.64 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton, Inc.                                        | DR Horton, Inc.                                                                | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |    951029 | NS      | $122606658.68 | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $175437.60    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer