# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001752724-23-033160
**Filing Date:** 2023-2
**Character Count:** 36892
**Document Hash:** 570b2c06de2542a81b8a38c6e034e81b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-033160.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001752724-23-033160

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN MUTUAL SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000825063
- **IRS NUMBER:** 222894171
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05387
- **FILM NUMBER:** 23651825

**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 EUROPEAN FUND (Series ID: S000007862)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021382 | CLASS A      | TEMIX           |
| C000021384 | CLASS C      | TEURX           |
| C000021385 | CLASS Z      | MEURX           |
| C000082422 | CLASS R      | FMURX           |
| C000128729 | Class R6     | FMEUX           |

## 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 European Fund

- **b. EDGAR series identifier (if any):** S000007862

- **c. LEI of Series:** RLTH36HD42VD8KSXLM66

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $735260421.41

**Total Liabilities:** $17876424.58

**Net Assets:** $717383996.83

**Cash Not Reported:** $19163689.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021385 | 8.25%                | 10.05%               | -1.01%               |
| Class ID C000128729 | 8.25%                | 10.11%               | -1.06%               |
| Class ID C000021382 | 8.24%                | 10.03%               | -1.06%               |
| Class ID C000082422 | 8.23%                | 10.02%               | -1.08%               |
| Class ID C000021384 | 8.15%                | 9.97%                | -1.15%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $493988.37               | $53810288.73                               |
| Month 2  | $-6468571.14             | $86913115.03                               |
| Month 3  | $2692918.17              | $-4861308.04                               |

**Designated Index Information**

- **Index Name:** MSCI Europe Value Local Index-NR

- **Index Identifier:** BM10526

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                          | Forward Foreign Currency Contract            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-1156134.83  | -0.16%            |  |  |  | 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      | $-25943.11    | -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      | $71573.55     | 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      | $-11557.47    | -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      | $12972.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                 | ING Groep NV                                 | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |   2393140 | NS      | $29149870.65  | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                                  | NN Group NV                                  | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               | CORP              | NL        |    486261 | NS      | $19883353.71  | 2.77%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                       | RWE AG                                       | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |    434288 | NS      | $19197989.14  | 2.68%             |  |  |  | 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      | $-43491.56    | -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      | $-243561.04   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                    | Danone SA                                    | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    362001 | NS      | $19078635.60  | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                      | GSK plc                                      | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   1214382 | NS      | $20987580.73  | 2.93%             |  |  |  | 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      | $15622.23     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings plc                  | Berkeley Group Holdings plc                  | CUSIP: N/A<br>LEI: 2138009OQSSLVVHQAL78       | Long             | EC               | CORP              | GB        |    168967 | NS      | $7702782.06   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Software AG                                  | Software AG                                  | CUSIP: N/A<br>LEI: 529900M1LIO0SLOBAS50       | Long             | EC               | CORP              | DE        |    492425 | NS      | $12730210.23  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco plc                 | British American Tobacco plc                 | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    420416 | NS      | $16630192.54  | 2.32%             |  |  |  | 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      | $130839.65    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                    | adidas AG                                    | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |    102644 | NS      | $13910325.16  | 1.94%             |  |  |  | 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      | $-666606.00   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group plc              | Babcock International Group plc              | CUSIP: N/A<br>LEI: 213800TSKOLX4EU6L377       | Long             | EC               | CORP              | GB        |    668676 | NS      | $2286764.80   | 0.32%             |  |  |  | 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      | $-38718.96    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                                     | Rexel SA                                     | CUSIP: N/A<br>LEI: 969500N6AVPA51648T62       | Long             | EC               | CORP              | FR        |    786541 | NS      | $15555865.60  | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                               | BNP Paribas SA                               | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |    512011 | NS      | $29152130.96  | 4.06%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Bills                          | CUSIP: 912796ZP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   2500000 | PA      | $2451195.83   | 0.34%             | 2023-06-08      | None          | 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      | $-4607.71     | -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      | $-14031.54    | -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      | $-126491.58   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN NV                           | Koninklijke KPN NV                           | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |   6920361 | NS      | $21419293.21  | 2.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                    | Airbus SE                                    | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |    147209 | NS      | $17502700.36  | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLB                                         | FHLB                                         | CUSIP: 313384AC3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | STIV             | USGA              | US        |   5600000 | PA      | $5600000.00   | 0.78%             | 2023-01-03      | None          | 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      | $-351.22      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Alstom SA                                    | Alstom SA                                    | CUSIP: N/A<br>LEI: 96950032TUYMW11FB530       | Long             | EC               | CORP              | FR        |    570966 | NS      | $13968960.12  | 1.95%             |  |  |  | No            |                  2 | On Loan: —       |
| N/A                                          | Forward Foreign Currency Contract            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $12676.76     | 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      | $-59144.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                  | Cie Financiere Richemont SA                  | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |     83856 | NS      | $10872177.91  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| BP plc                                       | BP plc                                       | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |   4412669 | NS      | $25459789.33  | 3.55%             |  |  |  | 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      | $-7502.33     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | MSCI EAFE Index                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         9 | NC      | $-41958.63    | -0.01%            |  |  |  | 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      | $18468.91     | 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      | $417031.43    | 0.06%             |  |  |  | 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      | $-4076.87     | -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      | $-236836.54   | -0.03%            |  |  |  | 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      | $-167001.34   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group plc                  | Reckitt Benckiser Group plc                  | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    210045 | NS      | $14558954.03  | 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      | $-28953.14    | -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      | $-1169789.98  | -0.16%            |  |  |  | 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      | $18317.72     | 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      | $-9857.63     | -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      | $402909.64    | 0.06%             |  |  |  | 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      | $-11785.04    | -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      | $-25656.31    | -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      | $9430.82      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon plc                                   | Haleon plc                                   | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   4813434 | NS      | $19044122.23  | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Savills plc                                  | Savills plc                                  | CUSIP: N/A<br>LEI: 213800WXICGMBWHTA933       | Long             | EC               | CORP              | GB        |   1177740 | NS      | $11729677.20  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Vossloh AG                                   | Vossloh AG                                   | CUSIP: N/A<br>LEI: 5299003HAEOUVX3HWX43       | Long             | EC               | CORP              | DE        |    406437 | NS      | $16906489.51  | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Direct Line Insurance Group plc              | Direct Line Insurance Group plc              | CUSIP: N/A<br>LEI: 213800FF2R23ALJQOP04       | Long             | EC               | CORP              | GB        |   7851136 | NS      | $20925386.35  | 2.92%             |  |  |  | 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      | $-8450.83     | -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      | $-1276475.04  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| Shell plc                                    | Shell plc                                    | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |    701355 | NS      | $19770952.67  | 2.76%             |  |  |  | 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      | $14855.63     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                     | U.S. Treasury Bills                          | CUSIP: 912796X95<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $999798.33    | 0.14%             | 2023-01-05      | None          | 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      | $-37739.75    | -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      | $-10452.47    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | Foreign Exchange EUR/USD                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -809 | NC      | $-1467450.73  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                  | Cie Financiere Richemont SA                  | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             |  | CORP              | CH        |    472886 | NS      | $393773.35    | 0.05%             |  |  |  | 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      | $-1068.93     | -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      | $-13193.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Persimmon plc                                | Persimmon plc                                | CUSIP: N/A<br>LEI: 213800XI72Y57UWN6F31       | Long             | EC               | CORP              | GB        |    322849 | NS      | $4733618.98   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                   | Siemens AG                                   | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |    146584 | NS      | $20205853.86  | 2.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA | Cie Generale des Etablissements Michelin SCA | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |    579268 | NS      | $16136089.74  | 2.25%             |  |  |  | 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      | $615774.50    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                | Rio Tinto plc                                | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    307654 | NS      | $21653035.74  | 3.02%             |  |  |  | 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      | $22666.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Covestro AG                                  | Covestro AG                                  | CUSIP: N/A<br>LEI: 3912005AWHKLQ1CPLV11       | Long             | EC               | CORP              | DE        |    542585 | NS      | $21135981.94  | 2.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                      | Fresenius SE & Co. KGaA                      | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |    719771 | NS      | $20103645.69  | 2.80%             |  |  |  | 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      | $4371.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                             | Coca-Cola HBC AG                             | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               | CORP              | CH        |    385280 | NS      | $9107180.84   | 1.27%             |  |  |  | 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      | $8863.77      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Baker Hughes Co.                             | Baker Hughes Co.                             | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    376496 | NS      | $11117926.88  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                                  | Heineken NV                                  | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    142108 | NS      | $13384849.70  | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| HeidelbergCement AG                          | HeidelbergCement AG                          | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |     87676 | NS      | $4967935.00   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                 | CaixaBank SA                                 | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |   1396329 | NS      | $5474461.53   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                          | Deutsche Telekom AG                          | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |   1138088 | NS      | $22643008.11  | 3.16%             |  |  |  | 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      | $55026.11     | 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      | $301098.50    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                  | Novartis AG                                  | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |    252265 | NS      | $22828106.03  | 3.18%             |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Holdings NV                           | AerCap Holdings NV                           | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |    340212 | NS      | $19841163.84  | 2.77%             |  |  |  | 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      | $922590.73    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev SA                      | Anheuser-Busch InBev SA/NV                   | CUSIP: N/A<br>LEI: 5493008H3828EMEXB082       | Long             | EC               | CORP              | BE        |    236319 | NS      | $14233056.99  | 1.98%             |  |  |  | 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      | $21740.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                 | Capgemini SE                                 | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |    104705 | NS      | $17503365.61  | 2.44%             |  |  |  | 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      | $-14457.63    | -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      | $-12716.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hellenic Telecommunications Organization SA  | Hellenic Telecommunications Organization SA  | CUSIP: N/A<br>LEI: ELPUFM0XZRZO4LFXW404       | Long             | EC               | CORP              | GR        |   1169461 | NS      | $18265091.93  | 2.55%             |  |  |  | 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      | $556025.62    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland NV                             | ASR Nederland NV                             | CUSIP: N/A<br>LEI: 7245000G0HS48PZWUD53       | Long             | EC               | CORP              | NL        |    507896 | NS      | $24131058.86  | 3.36%             |  |  |  | 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      | $4822.42      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                          | Foreign Exchange GBP/USD                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -451 | NC      | $619011.03    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

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

**Signature:** Ryan Wheeler

**Name of Signer:** Ryan Wheeler

**Title:** Assistant Treasurer