# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001752724-25-203496
**Filing Date:** 2025-8
**Character Count:** 48758
**Document Hash:** cded4e217d3d43f4fd6abb752d751764
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203496.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203496

**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:** 251253189

**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:** 2025-06-30

**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:** $2680587391.86

**Total Liabilities:** $29218044.21

**Net Assets:** $2651369347.65

**Delayed Delivery Securities:** $6824837.77

**Cash Not Reported:** $566103.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021389 | -3.20%               | 3.24%                | 3.14%                |
| Class ID C000128730 | -3.21%               | 3.24%                | 3.14%                |
| Class ID C000021386 | -3.20%               | 3.16%                | 3.20%                |
| Class ID C000021388 | -3.27%               | 3.17%                | 3.08%                |
| Class ID C000078832 | -3.19%               | 3.15%                | 3.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8697070.35             | $-79200199.96                              |
| Month 2  | $-21756501.16            | $89878779.12                               |
| Month 3  | $8591755.20              | $65479576.56                               |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alphabet, Inc.                                         | Alphabet, Inc., Class A                                                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    185088 | NS      | $32618058.24  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines, Inc.                                | American Airlines, Inc., First Lien, Initial CME Term Loan                     | CUSIP: 02376CBM6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  17878236 | PA      | $17739679.43  | 0.67%             | 2029-06-04      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| Aviva plc                                              | Aviva plc                                                                      | CUSIP: N/A<br>LEI: YF0Y5B0IB8SM0ZFG9G81       | Short            | EC               | CORP              | GB        |  -1327434 | NS      | $-11285488.92 | -0.43%            |  |  |  | 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      | $-51176.99    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Neptune Bidco US, Inc.                                 | Neptune Bidco US, Inc., Second Lien, CME Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  33970233 | PA      | $33460679.07  | 1.26%             | 2029-10-11      | Variable      | 14.08%                | 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      | $1960199.52   | 0.07%             | 2027-11-03      | Variable      | 13.00%                | No            |                  2 | On Loan: No      |
| Danone SA                                              | Danone SA                                                                      | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    439703 | NS      | $35977966.23  | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Frontier Communications Parent, Inc.                   | Frontier Communications Parent, Inc.                                           | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    279418 | NS      | $10170815.20  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Windstream Holdings, Inc.                              | Windstream Holdings, Inc.                                                      | CUSIP: N/A<br>LEI: 529900M9WS6K57ZMIJ19       | Long             | EC               | CORP              | US        |   1714983 | NS      | $36257880.75  | 1.37%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Everest Group Ltd.                                     | Everest Group Ltd.                                                             | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |    109825 | NS      | $37324026.25  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco plc                           | British American Tobacco plc                                                   | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    547702 | NS      | $26041240.95  | 0.98%             |  |  |  | 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        |   1772240 | PA      | $1763236.99   | 0.07%             | 2028-04-20      | Variable      | 6.52%                 | 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        |  28059508 | PA      | $23587523.68  | 0.89%             | 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      | $56864.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DISH Network Corp.                                     | DISH Network Corp.                                                             | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2063192.00   | 0.08%             | 2027-11-15      | Fixed         | 11.75%                | 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      | $-3004888.97  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                      | Merck & Co., Inc.                                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    452494 | NS      | $35819425.04  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                         | BNP Paribas SA                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |    602356 | NS      | $54032361.63  | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                   | Clear Channel Outdoor Holdings, Inc.                                           | CUSIP: 18453H106<br>LEI: 254900XBEE6V1ENYS150 | Long             | EC               | CORP              | US        |   2903448 | NS      | $3397034.16   | 0.13%             |  |  |  | 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        |  12902500 | PA      | $11939392.89  | 0.45%             | 2029-08-23      | Variable      | 10.03%                | 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      | $-30473.92    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intelsat SA                                            | Intelsat SA                                                                    | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             | EC               | CORP              | LU        |    106029 | NS      | $4601658.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Michaels Cos., Inc. (The)                              | Michaels Cos., Inc. (The)                                                      | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |  24500000 | PA      | $16170000.00  | 0.61%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Genuine Parts Co.                                      | Genuine Parts Co.                                                              | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |    125215 | NS      | $15189831.65  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc                     | Johnson Controls International plc                                             | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |    358297 | NS      | $37843329.14  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential plc                                         | Prudential plc                                                                 | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |   4632311 | NS      | $57979168.66  | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)                   | Hartford Insurance Group, Inc. (The)                                           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    297171 | NS      | $37702084.77  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                                | Progressive Corp. (The)                                                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    143010 | NS      | $38163648.60  | 1.44%             |  |  |  | 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      | $143775.14    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Inclusive Language Services LLC                        | Inclusive Language Services LLC, Membership Interests, Class B                 | CUSIP: N/A<br>LEI: 549300H02Z2SUR0GB419       | Long             | EC               | CORP              | US        |    106532 | NS      | $44836019.43  | 1.69%             |  |  |  | Yes           |                  3 | On Loan: No      |
| St James's Place plc                                   | St. James's Place plc                                                          | CUSIP: N/A<br>LEI: 213800M993ICXOMBCP87       | Long             | EC               | CORP              | GB        |   2191881 | NS      | $35716762.51  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Intelsat Emergence SA                                  | Intelsat Emergence SA                                                          | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             |  | CORP              | LU        |    262161 | NS      | $1966207.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| iHeartCommunications, Inc.                             | iHeartCommunications, Inc.                                                     | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $5417500.00   | 0.20%             | 2030-05-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)               | PNC Financial Services Group, Inc. (The)                                       | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    158687 | NS      | $29582430.54  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                                            | Adobe, Inc.                                                                    | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     51264 | NS      | $19833016.32  | 0.75%             |  |  |  | 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      | $-32972.86    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hess Corp.                                             | Hess Corp.                                                                     | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     96052 | NS      | $13307044.08  | 0.50%             |  |  |  | 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      | $1501686.39   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollar General Corp.                                   | Dollar General Corp.                                                           | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |    291194 | NS      | $33306769.72  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope, Inc.                                        | CommScope, Inc., First Lien, Initial CME Term Loan                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  12000000 | PA      | $12163740.00  | 0.46%             | 2029-12-18      | Variable      | 9.58%                 | No            |                  2 | On Loan: No      |
| BP plc                                                 | BP plc                                                                         | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |   7437892 | NS      | $37057789.46  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Staples, Inc.                                          | Staples, Inc.                                                                  | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7611400.72   | 0.29%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Gap, Inc. (The)                                        | Gap, Inc. (The)                                                                | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |   1392799 | NS      | $30376946.19  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.                                | International Paper Co.                                                        | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    493648 | NS      | $23117535.84  | 0.87%             |  |  |  | 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      | $-1645.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group plc                            | Reckitt Benckiser Group plc                                                    | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    637342 | NS      | $43420201.48  | 1.64%             |  |  |  | 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      | $-55023.87    | -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      | $807644.80    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cooper Cos., Inc. (The)                                | Cooper Cos., Inc. (The)                                                        | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |    279173 | NS      | $19865950.68  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                              | PPL Corp.                                                                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   1082445 | NS      | $36684061.05  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    415220 | NS      | $33267426.40  | 1.25%             |  |  |  | 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      |
| N/A                                                    | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $199062.19    | 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      | $-2533229.82  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                                    | Cisco Systems, Inc.                                                            | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    529405 | NS      | $36730118.90  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sorenson Communications LLC                            | Sorenson Communications LLC, First Lien, Term Loan, B                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  30192923 | PA      | $31234024.35  | 1.18%             | 2030-04-01      | Variable      | 10.00%                | No            |                  3 | 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        |  31566522 | PA      | $24533185.03  | 0.93%             | 2028-09-29      | Variable      | 10.00%                | No            |                  2 | On Loan: No      |
| Apollo Global Management, Inc.                         | Apollo Global Management, Inc.                                                 | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    113366 | NS      | $16083234.42  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Staples, Inc.                                          | Staples, Inc.                                                                  | CUSIP: 855030AS1<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  32000000 | PA      | $21336209.60  | 0.80%             | 2030-01-15      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Schlumberger NV                                        | Schlumberger NV                                                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    980053 | NS      | $33125791.40  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Direct Line Insurance Group plc                        | Direct Line Insurance Group plc                                                | CUSIP: N/A<br>LEI: 213800FF2R23ALJQOP04       | Long             | EC               | CORP              | GB        |   4630044 | NS      | $19525430.75  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                             | iHeartCommunications, Inc., First Lien, Refinanced CME Term Loan, B            | CUSIP: 45174UAJ7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  27862494 | PA      | $22789151.56  | 0.86%             | 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        |    125107 | NS      | $40837412.92  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp.                                            | Denso Corp.                                                                    | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |   2590235 | NS      | $34955969.36  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                        | CoreLogic, Inc., First Lien, Initial CME Term Loan                             | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |   7562850 | PA      | $7495502.68   | 0.28%             | 2028-06-02      | Variable      | 7.94%                 | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                           | Zimmer Biomet Holdings, Inc.                                                   | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |    413275 | NS      | $37694812.75  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings, Inc.                       | SS&C Technologies Holdings, Inc.                                               | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    300554 | NS      | $24885871.20  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune Bidco US, Inc.                                 | Neptune Bidco US, Inc.                                                         | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4872500.00   | 0.18%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| WillScot Holdings Corp.                                | WillScot Holdings Corp.                                                        | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |   1220899 | NS      | $33452632.60  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp.                                             | Lear Corp.                                                                     | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |    157723 | NS      | $14980530.54  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                                  | Global Payments, Inc.                                                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    329028 | NS      | $26335401.12  | 0.99%             |  |  |  | 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      | $22220788.54  | 0.84%             |  |  |  | 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      | $-29931.49    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                             | Siemens AG                                                                     | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |     64879 | NS      | $16664703.07  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Kellanova                                              | Kellanova                                                                      | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |    796539 | NS      | $63348746.67  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                                  | Walt Disney Co. (The)                                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    295261 | NS      | $36615316.61  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                   | Clear Channel Outdoor Holdings, Inc.                                           | CUSIP: 18453HAD8<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $12497187.60  | 0.47%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp.                              | Renesas Electronics Corp.                                                      | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |   1471887 | NS      | $18209350.28  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Covestro AG                                            | Covestro AG                                                                    | CUSIP: N/A<br>LEI: 3912005AWHKLQ1CPLV11       | Long             | EC               | CORP              | DE        |    512327 | NS      | $36451133.63  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    709130 | NS      | $33556031.60  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy, Inc.                                           | Evergy, Inc.                                                                   | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    382452 | NS      | $26362416.36  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto plc                                          | Rio Tinto plc                                                                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    745439 | NS      | $43387617.91  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                | Fresenius SE & Co. KGaA                                                        | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |    535270 | NS      | $26936278.65  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                        | TransDigm, Inc., First Lien, CME Term Loan, 1                                  | CUSIP: 89364MCC6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |  12857563 | PA      | $12917479.07  | 0.49%             | 2028-08-24      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| Bosgen Liquidating Trust                               | Bosgen Liquidating Trust c/o Verdolino and Lowey P.C., Contingent Distribution | CUSIP: N/A<br>LEI: 724500SEMY2K987RV910       | Long             | EC               | CORP              | NL        |    159828 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Elevance Health, Inc.                                  | Elevance Health, Inc.                                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    102312 | NS      | $39795275.52  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                                       | Baker Hughes Co., Class A                                                      | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    853560 | NS      | $32725490.40  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                                   | United Rentals, Inc.                                                           | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     37799 | NS      | $28477766.60  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                                            | Heineken NV                                                                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    458636 | NS      | $40012715.22  | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Neptune Bidco US, Inc.                                 | Neptune Bidco US, Inc., First Lien, CME Term Loan, A                           | CUSIP: 64069JAF9<br>LEI: 549300VG15T3VCYZ4531 | Long             | LON              | CORP              | US        |  47762664 | PA      | $45110164.81  | 1.70%             | 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        |    356155 | NS      | $42599699.55  | 1.61%             |  |  |  | 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      | $-107154.42   | -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      | $-94186.95    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                    | Deutsche Telekom AG                                                            | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    443097 | NS      | $16218945.56  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Voya Financial, Inc.                                   | Voya Financial, Inc.                                                           | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    349041 | NS      | $24781911.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                                     | AerCap Holdings NV                                                             | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |    326674 | NS      | $38220858.00  | 1.44%             |  |  |  | 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      | $-2601897.10  | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Institutional Fiduciary Trust - Money Market Portfolio | Institutional Fiduciary Trust - Money Market Portfolio                         | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        | 133573911 | NS      | $133573911.21 | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                           | Charter Communications, Inc., Class A                                          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     98317 | NS      | $40192972.77  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv plc                                              | Aptiv plc                                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JE        |    684801 | NS      | $46717124.22  | 1.76%             |  |  |  | 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      | $-47222.95    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intelsat Emergence SA                                  | Intelsat Emergence SA                                                          | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             |  | CORP              | LU        |     61215 | NS      | $229556.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                          | Entergy Corp.                                                                  | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    372420 | NS      | $30955550.40  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                            | Novartis AG                                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    326491 | NS      | $39508675.91  | 1.49%             |  |  |  | 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      | $-70978.87    | -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      | $69551.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp.                                   | American Tower Corp.                                                           | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    101687 | NS      | $22474860.74  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp.                                           | Avient Corp.                                                                   | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |    816495 | NS      | $26380953.45  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | U.S. Treasury Bills                                                            | CUSIP: 912797MG9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4978182.20   | 0.19%             | 2025-08-07      | 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      | $-81854.12    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland NV                                       | ASR Nederland NV                                                               | CUSIP: N/A<br>LEI: 7245000G0HS48PZWUD53       | Long             | EC               | CORP              | NL        |    785541 | NS      | $52195724.08  | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                           | Samsung Electronics Co. Ltd.                                                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |    968864 | NS      | $42844737.05  | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Sorenson Communications LLC                            | Sorenson Communications LLC, First Lien, Term Loan, B                          | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        | 117726177 | PA      | $103990712.04 | 3.92%             | 2030-04-01      | Variable      | 8.00%                 | No            |                  3 | On Loan: No      |
| Melrose Industries plc                                 | Melrose Industries plc                                                         | CUSIP: N/A<br>LEI: 213800RGNXXZY2M7TR85       | Long             | EC               | CORP              | GB        |   2305601 | NS      | $16792121.18  | 0.63%             |  |  |  | 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