# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001752724-25-203447
**Filing Date:** 2025-8
**Character Count:** 45849
**Document Hash:** bc3f7f13a7f62e441f00eb1b6a4e1819
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203447.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203447

**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:** 251253142

**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 GLOBAL DISCOVERY FUND (Series ID: S000007861)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021377 | CLASS A      | TEDIX           |
| C000021379 | CLASS C      | TEDSX           |
| C000021380 | CLASS Z      | MDISX           |
| C000021381 | CLASS R      | TEDRX           |
| C000128728 | Class R6     | FMDRX           |

## 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 Global Discovery Fund

- **b. EDGAR series identifier (if any):** S000007861

- **c. LEI of Series:** MCWMYIJMNSM9HLUJFK91

**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:** $9367670904.10

**Total Liabilities:** $73682523.58

**Net Assets:** $9293988380.52

**Cash Not Reported:** $2793971.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021377 | -2.19%               | 3.56%                | 3.44%                |
| Class ID C000021380 | -2.15%               | 3.61%                | 3.45%                |
| Class ID C000021381 | -2.20%               | 3.53%                | 3.41%                |
| Class ID C000128728 | -2.15%               | 3.61%                | 3.45%                |
| Class ID C000021379 | -2.24%               | 3.50%                | 3.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $108336598.56            | $-275076875.45                             |
| Month 2  | $189417760.02            | $77660839.95                               |
| Month 3  | $110710827.57            | $189511372.65                              |

### 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      | $117556.23    | 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      | $206535.88    | 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      | $-425487.34   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                                        | BlackRock, Inc.                                                     | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |    139612 | NS      | $146487891.00 | 1.58%             |  |  |  | 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      | $-15221769.02 | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet, Inc.                                         | Alphabet, Inc., Class A                                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    953689 | NS      | $168068612.47 | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune Bidco US, Inc.                                 | Neptune Bidco US, Inc., First Lien, Dollar CME Term Loan, B         | CUSIP: 64069JAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  55254799 | PA      | $52403098.60  | 0.56%             | 2029-04-11      | Variable      | 9.33%                 | 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      | $-42101.21    | -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      | $-253359.60   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                              | Danone SA                                                           | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |   1554384 | NS      | $127184884.01 | 1.37%             |  |  |  | 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      | $-249449.58   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                                | GSK plc                                                             | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   4664282 | NS      | $88931390.90  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco plc                           | British American Tobacco plc                                        | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |   2906886 | NS      | $138211872.08 | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                           | Fiserv, Inc.                                                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |   1132910 | NS      | $195325013.10 | 2.10%             |  |  |  | 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      | $1132840.50   | 0.01%             |  |  |  | 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        |  71375085 | PA      | $59999680.72  | 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      | $2077942.40   | 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      | $-464259.27   | -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      | $288540.67    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                                      | Merck & Co., Inc.                                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   2264519 | NS      | $179259324.04 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                         | BNP Paribas SA                                                      | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |   2949707 | NS      | $264593754.06 | 2.85%             |  |  |  | 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      | $1236908.33   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                              | Kering SA                                                           | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |    412896 | NS      | $89951717.18  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Michaels Cos., Inc. (The)                              | Michaels Cos., Inc. (The)                                           | CUSIP: 55916AAB0<br>LEI: 549300H9LWMBP7HYLR98 | Long             | DBT              | CORP              | US        |  33950000 | PA      | $22407000.00  | 0.24%             | 2029-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Johnson Controls International plc                     | Johnson Controls International plc                                  | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |   1328772 | NS      | $140344898.64 | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential plc                                         | Prudential plc                                                      | CUSIP: N/A<br>LEI: 5493001Z3ZE83NGK8Y12       | Long             | EC               | CORP              | GB        |  16089318 | NS      | $201377947.62 | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                              | Airbus SE                                                           | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |    953094 | NS      | $199387978.78 | 2.15%             |  |  |  | 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      | $-120738.06   | -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      | $544870.95    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Adobe, Inc.                                            | Adobe, Inc.                                                         | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    341380 | NS      | $132073094.40 | 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      | $710923.31    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hess Corp.                                             | Hess Corp.                                                          | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |    312738 | NS      | $43326722.52  | 0.47%             |  |  |  | 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      | $-582124.88   | -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        |    865842 | NS      | $163845771.95 | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| BP plc                                                 | BP plc                                                              | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |  31628101 | NS      | $157580603.20 | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bills                                                 | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4929782.20   | 0.05%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                  | Tencent Holdings Ltd.                                               | CUSIP: N/A<br>LEI: 254900N4SLUMW4XUYY11       | Long             | EC               | CORP              | KY        |   2391375 | NS      | $154089716.18 | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| International Paper Co.                                | International Paper Co.                                             | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |   3043115 | NS      | $142509075.45 | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                          | Medtronic plc                                                       | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |   1856578 | NS      | $161837904.26 | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                            | Capital One Financial Corp.                                         | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    751250 | NS      | $159835950.00 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd.                                | DBS Group Holdings Ltd.                                             | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |   4562657 | NS      | $161071292.01 | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group plc                            | Reckitt Benckiser Group plc                                         | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |   2512412 | NS      | $171163104.31 | 1.84%             |  |  |  | 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      | $-192867.06   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                                      | Wells Fargo & Co.                                                   | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   2058114 | NS      | $164896093.68 | 1.77%             |  |  |  | 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        |  30996000 | 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      | $-281590.38   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co. Ltd.                            | Seven & i Holdings Co. Ltd.                                         | CUSIP: N/A<br>LEI: 52990037G8JRM3TWGY86       | Long             | EC               | CORP              | JP        |  10771908 | NS      | $173377403.97 | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                                   | JPMorgan Chase & Co.                                                | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    510955 | NS      | $148130964.05 | 1.59%             |  |  |  | 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      | $-390925.41   | -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      | $428770.16    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon plc                                             | Haleon plc                                                          | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |  29639378 | NS      | $152335488.23 | 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      | $1214674.52   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bills                                                 | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4945483.60   | 0.05%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bills                                                 | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  10000000 | PA      | $9884097.20   | 0.11%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Schlumberger NV                                        | Schlumberger NV                                                     | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   4518502 | NS      | $152725367.60 | 1.64%             |  |  |  | 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      | $-266802.36   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| National Grid plc                                      | National Grid plc                                                   | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |   7545498 | NS      | $110757822.77 | 1.19%             |  |  |  | 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        |  25862020 | PA      | $21152934.13  | 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        |    606634 | NS      | $198017402.29 | 2.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp.                                            | Denso Corp.                                                         | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |  11513943 | NS      | $155383985.89 | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                        | CoreLogic, Inc., First Lien, Initial CME Term Loan                  | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |  39936315 | PA      | $39580682.21  | 0.43%             | 2028-06-02      | Variable      | 7.94%                 | 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      | $-1324792.43  | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Zimmer Biomet Holdings, Inc.                           | Zimmer Biomet Holdings, Inc.                                        | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |   1694167 | NS      | $154524972.07 | 1.66%             |  |  |  | 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      | $-219539.96   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Shell plc                                              | Shell plc                                                           | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |   5171592 | NS      | $180434534.02 | 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      | $-90195.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp.                                     | Toyota Motor Corp.                                                  | CUSIP: N/A<br>LEI: 5493006W3QUS5LMH6R84       | Long             | EC               | CORP              | JP        |   7702900 | NS      | $132666984.34 | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Kenvue, Inc.                                           | Kenvue, Inc.                                                        | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |   4192773 | NS      | $87754738.89  | 0.94%             |  |  |  | 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      | $755122.40    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Global Payments, Inc.                                  | Global Payments, Inc.                                               | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |   1877589 | NS      | $150282223.56 | 1.62%             |  |  |  | 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      | $-42114.08    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                             | Siemens AG                                                          | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |    372371 | NS      | $95646544.31  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kellanova                                              | Kellanova                                                           | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |    786093 | NS      | $62517976.29  | 0.67%             |  |  |  | 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      | $2087041.82   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                                  | Walt Disney Co. (The)                                               | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |   1187484 | NS      | $147259890.84 | 1.58%             |  |  |  | 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      | $-209868.39   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp.                              | Renesas Electronics Corp.                                           | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |  11286060 | NS      | $139624726.52 | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp.                                  | Bank of America Corp.                                               | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   3122212 | NS      | $147743071.84 | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto plc                                          | Rio Tinto plc                                                       | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |   2446097 | NS      | $142372913.15 | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferguson Enterprises, Inc.                             | Ferguson Enterprises, Inc.                                          | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    722086 | NS      | $157234226.50 | 1.69%             |  |  |  | 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      | $-1166182.96  | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                                | Fresenius SE & Co. KGaA                                             | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |   3348671 | NS      | $168514460.29 | 1.81%             |  |  |  | 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      | $1391466.14   | 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      | $108970.87    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                                  | Elevance Health, Inc.                                               | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    458648 | NS      | $178395726.08 | 1.92%             |  |  |  | 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      | $-95830.22    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mondelez International, Inc.                           | Mondelez International, Inc., Class A                               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |   2193632 | NS      | $147938542.08 | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                                            | Heineken NV                                                         | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |   1947773 | NS      | $169929282.38 | 1.83%             |  |  |  | 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        |  47834780 | PA      | $45178275.49  | 0.49%             | 2028-10-11      | Variable      | 9.08%                 | 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      | $-105222.70   | -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      | $299982.58    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                    | Deutsche Telekom AG                                                 | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |   2539193 | NS      | $92943606.15  | 1.00%             |  |  |  | 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      | $-15634379.60 | -0.17%            |  |  |  | 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      | $-396174.54   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Holdings NV                                     | AerCap Holdings NV                                                  | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |   1597071 | NS      | $186857307.00 | 2.01%             |  |  |  | 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        | 276420034 | NS      | $276420033.83 | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.                           | Charter Communications, Inc., Class A                               | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    577623 | NS      | $236138058.63 | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv plc                                              | Aptiv plc                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JE        |   2156092 | NS      | $147088596.24 | 1.58%             |  |  |  | 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      | $-554634.11   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp.                                       | CVS Health Corp.                                                    | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |   2422688 | NS      | $167117018.24 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                                           | Capgemini SE                                                        | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |    840470 | NS      | $143919055.79 | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                            | Novartis AG                                                         | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |   1593094 | NS      | $192780304.94 | 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      | $939137.03    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| American Tower Corp.                                   | American Tower Corp.                                                | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    718130 | NS      | $158721092.60 | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                               | U.S. Treasury Bills                                                 | CUSIP: 912797PP6<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  10000000 | PA      | $9938965.30   | 0.11%             | 2025-08-21      | 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      | $-253970.25   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                               | U.S. Treasury Bills                                                 | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4937776.55   | 0.05%             | 2025-10-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                              | Mitsubishi Electric Corp.                                           | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |   7867459 | NS      | $169220979.35 | 1.82%             |  |  |  | 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      | $-714020.15   | -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      | $-2398667.54  | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                           | Samsung Electronics Co. Ltd.                                        | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |   4022273 | NS      | $177871434.01 | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                       | Deutsche Bank AG                                                    | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               | CORP              | DE        |   6130518 | NS      | $181741853.10 | 1.96%             |  |  |  | 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