# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001752724-23-033159
**Filing Date:** 2023-2
**Character Count:** 67092
**Document Hash:** 5cc4e0fd79a1b58b49b085ccc0692ce1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-033159.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001752724-23-033159

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20221231

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05387
- **FILM NUMBER:** 23651822

**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:** 2022-12-31

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2816575724.70

**Total Liabilities:** $80360028.18

**Net Assets:** $2736215696.52

**Delayed Delivery Securities:** $31252477.53

**Cash Not Reported:** $192378998.56

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -606.35000000 | **1-Year:** -86.98000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -8.41000000 | **1-Year:** -26571.71000000 | **5-Year:** -146920.50000000 | **10-Year:** -44839.52000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021389 | 7.48%                | 4.12%                | -1.28%               |
| Class ID C000128730 | 7.49%                | 4.13%                | -1.29%               |
| Class ID C000021386 | 7.46%                | 4.12%                | -1.35%               |
| Class ID C000021388 | 7.36%                | 4.09%                | -1.43%               |
| Class ID C000078832 | 7.44%                | 4.13%                | -1.39%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $23337298.53             | $159593645.18                              |
| Month 2  | $-29916553.20            | $138755310.45                              |
| Month 3  | $-44240.84               | $-45451718.44                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Oracle Corp.                                            | Oracle Corp.                                                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    272648 | NS      | $22286247.52  | 0.81%             |  |  |  | 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      | $-174991.88   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Tenerity, Inc.                                          | Tenerity, Inc.                                                                 | CUSIP: N/A<br>LEI: 549300KQQ3W775I3BX27       | Long             |  | CORP              | US        |     48380 | NS      | $792275.96    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                     | Macy's, Inc.                                                                   | CUSIP: 00PA17591<br>LEI: N/A                  | N/A              | DE               |  | US        |      3000 | NC      | $126000.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wayne Services Legacy, Inc.                             | Wayne Services Legacy, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7104 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Spirit Airlines, Inc.                                   | Spirit Airlines, Inc.                                                          | CUSIP: 848577102<br>LEI: 549300DCAFIXFNFR3304 | Long             | EC               | CORP              | US        |    121860 | NS      | $2373832.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                                            | ING Groep NV                                                                   | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |   2028745 | NS      | $24711322.50  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                                             | NN Group NV                                                                    | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               | CORP              | NL        |    893024 | NS      | $36516011.07  | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Gen Digital, Inc.                                       | Gen Digital, Inc.                                                              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    249469 | NS      | $5346120.67   | 0.20%             |  |  |  | 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      | $54420.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Envision Healthcare Corp.                               | Envision Healthcare Corp.                                                      | CUSIP: 29373TAA2<br>LEI: 549300OL60X0LPKY8N60 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $2769678.10   | 0.10%             | 2026-10-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| China Pacific Insurance Group Co. Ltd.                  | China Pacific Insurance Group Co. Ltd., Class H                                | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |  13018000 | NS      | $28787274.09  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bills                                                            | CUSIP: 912796YW3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  10000000 | PA      | $9849226.20   | 0.36%             | 2023-05-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Danone SA                                               | Danone SA                                                                      | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |    533582 | NS      | $28121514.98  | 1.03%             |  |  |  | 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      | $146500.99    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Windstream Holdings, Inc.                               | Windstream Holdings, Inc.                                                      | CUSIP: N/A<br>LEI: 529900M9WS6K57ZMIJ19       | Long             | EC               | CORP              | US        |   1623438 | NS      | $15568638.92  | 0.57%             |  |  |  | Yes           |                  3 | On Loan: No      |
| United States of America                                | U.S. Treasury Bills                                                            | CUSIP: 912796XS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $998393.33    | 0.04%             | 2023-01-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GSK plc                                                 | GSK plc                                                                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   2275516 | NS      | $39326649.88  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Everest Re Group Ltd.                                   | Everest Re Group Ltd.                                                          | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |    169207 | NS      | $56053202.89  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco plc                            | British American Tobacco plc                                                   | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |    515046 | NS      | $20373425.72  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd.                  | Check Point Software Technologies Ltd.                                         | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | IL        |    295398 | NS      | $37267411.68  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv, Inc.                                            | Fiserv, Inc.                                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    316289 | NS      | $31967329.23  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital, Inc.                                       | Gen Digital, Inc.                                                              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      6783 | NS      | $145359.69    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenerity, Inc.                                          | Tenerity, Inc.                                                                 | CUSIP: N/A<br>LEI: 549300KQQ3W775I3BX27       | Long             | EC               | CORP              | US        |         1 | NS      | $43.67        | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DISH Network Corp.                                      | DISH Network Corp.                                                             | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  23267000 | PA      | $23991767.05  | 0.88%             | 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      | $-16438.19    | -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      | $-73912.68    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                          | BNP Paribas SA                                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |    224333 | NS      | $12772743.15  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                    | Clear Channel Outdoor Holdings, Inc.                                           | CUSIP: 18453H106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7186793 | NS      | $7546132.65   | 0.28%             |  |  |  | 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      | $-10320.80    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Intelsat SA                                             | Intelsat SA                                                                    | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             | EC               | CORP              | LU        |    106029 | NS      | $2565901.80   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sorenson Holdings LLC                                   | Sorenson Holdings LLC, Term Loan A                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  24165475 | PA      | $22611917.72  | 0.83%             | 2030-04-01      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| Hartford Financial Services Group, Inc. (The)           | Hartford Financial Services Group, Inc. (The)                                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    542054 | NS      | $41103954.82  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Holdings LLC                    | Frontier Communications Holdings LLC                                           | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  34628717 | PA      | $26836419.05  | 0.98%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-66229.20    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sorenson Communications LLC                             | Sorenson Communications LLC, Membership Interests, Class B                     | CUSIP: N/A<br>LEI: 549300H02Z2SUR0GB419       | Long             | EC               | CORP              | US        |    106532 | NS      | $9476129.08   | 0.35%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $3804.48      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Stericycle, Inc.                                        | Stericycle, Inc.                                                               | CUSIP: 858912108<br>LEI: B8PTJH2P0AXSWSMP2136 | Long             | EC               | CORP              | US        |    166163 | NS      | $8289872.07   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intelsat SA                                             | Intelsat Emergence SA                                                          | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             |  | CORP              | LU        |    262161 | NS      | $1026884.64   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                  | Mauser Packaging Solutions Holding Co., Term Loan                              | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |  18236837 | PA      | $17841735.75  | 0.65%             | 2024-04-03      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| FHLB                                                    | FHLB                                                                           | CUSIP: 313384AC3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | STIV             | USGA              | US        |  68000000 | PA      | $68000000.00  | 2.49%             | 2023-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| M&G plc                                                 | M&G plc                                                                        | CUSIP: N/A<br>LEI: 254900TWUJUQ44TQJY84       | Long             | EC               | CORP              | GB        |   4380252 | NS      | $9904473.47   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                               | Williams Cos., Inc. (The)                                                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    516337 | NS      | $16987487.30  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos., Inc.                                | Bausch Health Cos., Inc.                                                       | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | CA        |   1877525 | NS      | $11790857.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon plc                                                 | Aon plc, Class A                                                               | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Short            | EC               | CORP              | IE        |    -27760 | NS      | $-8331886.40  | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Sorenson Communications LLC                             | Sorenson Communications LLC, Membership Interests                              | CUSIP: N/A<br>LEI: 549300H02Z2SUR0GB419       | Long             | EC               | CORP              | US        |    224279 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Carvana Co.                                             | Carvana Co.                                                                    | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |    130400 | NS      | $618096.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                                     | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $5779.83      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Veritas US, Inc.                                        | Veritas US, Inc., Term Loan B                                                  | CUSIP: G9341JAN0<br>LEI: 549300RFUWCPWS8FQ104 | Long             | LON              | CORP              | US        |  22423380 | PA      | $15932596.27  | 0.58%             | 2025-09-01      | Variable      | 9.73%                 | 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      | $-17396.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BP plc                                                  | BP plc                                                                         | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |   4939342 | NS      | $28498536.09  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Uniti Group, Inc.                                       | Uniti Group, Inc.                                                              | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |   2434828 | NS      | $13464598.84  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NGL Energy Partners LP                                  | NGL Energy Partners LP, Series B                                               | CUSIP: 62913M206<br>LEI: 5299005YSRP46BE8Z459 | Long             | EP               | CORP              | US        |    298684 | NS      | $2759840.16   | 0.10%             |  |  |  | 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      | $-36331.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tower Semiconductor Ltd.                                | Tower Semiconductor Ltd.                                                       | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |   1467438 | NS      | $63393321.60  | 2.32%             |  |  |  | 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      | $115990.27    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines Pass-Through Trust                    | American Airlines Pass-Through Trust, Series 2013-2, Class A                   | CUSIP: 02377UAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2237602 | PA      | $2234613.72   | 0.08%             | 2023-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| CVET Midco 2 LP                                         | CVET Midco 2 LP, First Lien Term Loan                                          | CUSIP: 22304EAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10251963 | PA      | $9631719.05   | 0.35%             | 2029-10-13      | Variable      | 9.58%                 | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                    | Meta Platforms, Inc., Class A                                                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     36010 | NS      | $4333443.40   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                           | Medtronic plc                                                                  | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    648225 | NS      | $50380047.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduit Holdings Ltd.                                   | Conduit Holdings Ltd.                                                          | CUSIP: N/A<br>LEI: 21380085AE62D1BXSF19       | Long             | EC               | CORP              | BM        |   3154832 | NS      | $16323390.57  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                                     | SVB Financial Group                                                            | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |     78283 | NS      | $18016049.62  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc                                | Willis Towers Watson plc                                                       | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |    222979 | NS      | $54536203.82  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Cedar Fair LP                                           | Cedar Fair LP                                                                  | CUSIP: 150185106<br>LEI: 549300TUVLNQQ6BVKH61 | Long             |  |  | US        |    388265 | NS      | $16050875.10  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group plc                             | Reckitt Benckiser Group plc                                                    | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |    244399 | NS      | $16940149.99  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Carvana Co.                                             | Carvana Co.                                                                    | CUSIP: 146869AB8<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |  15000000 | PA      | $6763737.45   | 0.25%             | 2025-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Comcast Corp.                                           | Comcast Corp., Class A                                                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   1252116 | NS      | $43786496.52  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sorenson Holdings LLC                                   | Sorenson Holdings LLC, Term Loan B                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  98424747 | PA      | $76812607.39  | 2.81%             | 2030-04-01      | Variable      | 8.00%                 | Yes           |                  3 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $24064.08     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                | Bausch Health Cos., Inc.                                                       | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  30000000 | PA      | $20726400.00  | 0.76%             | 2027-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Veritas US, Inc. / Veritas Bermuda Ltd.                 | Veritas US, Inc. / Veritas Bermuda Ltd.                                        | CUSIP: 92346LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  85772000 | PA      | $59257198.71  | 2.17%             | 2025-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                            | Bausch Health Americas, Inc.                                                   | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |  35481000 | PA      | $18617945.13  | 0.68%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                           | Staples, Inc.                                                                  | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  16581000 | PA      | $14305091.94  | 0.52%             | 2026-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Activision Blizzard, Inc.                               | Activision Blizzard, Inc.                                                      | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |   1028492 | NS      | $78731062.60  | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                                       | Wells Fargo & Co.                                                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    647768 | NS      | $26746340.72  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Walter Energy Corp.                                     | 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      |
| International Automotive Components Group BVBA          | International Automotive Components Group Brazil LLC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   2548299 | NS      | $89695.03     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $165674.90    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognizant Technology Solutions Corp.                    | Cognizant Technology Solutions Corp., Class A                                  | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    433512 | NS      | $24792551.28  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                    | JPMorgan Chase & Co.                                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     51285 | NS      | $6877318.50   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon plc                                              | Haleon plc                                                                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |   7852289 | NS      | $31067207.21  | 1.14%             |  |  |  | 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      | $9520.92      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile US, Inc.                                       | T-Mobile US, Inc.                                                              | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     66455 | NS      | $9303700.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Savills plc                                             | Savills plc                                                                    | CUSIP: N/A<br>LEI: 213800WXICGMBWHTA933       | Long             | EC               | CORP              | GB        |    895320 | NS      | $8916921.05   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Windstream Escrow LLC / Windstream Escrow Finance Corp. | Windstream Escrow LLC / Windstream Escrow Finance Corp.                        | CUSIP: 97382WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  49363000 | PA      | $40338963.30  | 1.47%             | 2028-08-15      | Fixed         | 7.75%                 | 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      | $-239470.88   | -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      | $-26649.75    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Direct Line Insurance Group plc                         | Direct Line Insurance Group plc                                                | CUSIP: N/A<br>LEI: 213800FF2R23ALJQOP04       | Long             | EC               | CORP              | GB        |  28884875 | NS      | $76985950.69  | 2.81%             |  |  |  | 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      | $-2665494.18  | -0.10%            |  |  |  | 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      | $494502.89    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp.                                             | Denso Corp.                                                                    | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |    251284 | NS      | $12318699.79  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Bausch Health Cos., Inc.                                | Bausch Health Cos., Inc.                                                       | CUSIP: 071734AN7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  10000000 | PA      | $6379118.30   | 0.23%             | 2028-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $34705.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mauser Packaging Solutions Holding Co.                  | Mauser Packaging Solutions Holding Co.                                         | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Short            | DBT              | CORP              | US        | -35000000 | PA      | $-32437184.85 | -1.19%            | 2025-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Flex Ltd.                                               | Flex Ltd.                                                                      | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | SG        |    806364 | NS      | $17304571.44  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos., Inc.                                | Bausch Health Cos., Inc.                                                       | CUSIP: 071734AF4<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  80000000 | PA      | $38754000.00  | 1.42%             | 2029-05-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $13689.94     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carvana Co.                                             | Carvana Co.                                                                    | CUSIP: 146869AJ1<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $5189288.06   | 0.19%             | 2030-05-01      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Bausch + Lomb Corp.                                     | Bausch + Lomb Corp.                                                            | CUSIP: 071705107<br>LEI: 549300NY6OZM39SO6475 | Long             | EC               | CORP              | CA        |    467514 | NS      | $7251142.14   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | Macy's, Inc.                                                                   | CUSIP: 00PA298G7<br>LEI: N/A                  | N/A              | DE               |  | US        |      3000 | NC      | $240000.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                | U.S. Treasury Bills                                                            | CUSIP: 912796X95<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $999798.33    | 0.04%             | 2023-01-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cushman & Wakefield plc                                 | Cushman & Wakefield plc                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |   1233535 | NS      | $15369846.10  | 0.56%             |  |  |  | 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      | $907.33       | 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      | $35355.12     | 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      | $4725.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ODP Corp. (The)                                         | ODP Corp. (The)                                                                | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170654 | NS      | $7771583.16   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | Carvana Co.                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2250 | NC      | $-686250.00   | -0.03%            |  |  |  | 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      | $463518.31    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                                | U.S. Treasury Bills                                                            | CUSIP: 912796ZG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4906926.75   | 0.18%             | 2023-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | Foreign Exchange EUR/USD                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -143 | NC      | $-274848.21   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide, Inc.                                     | ACI Worldwide, Inc.                                                            | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |    670870 | NS      | $15430010.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                                   | Global Payments, Inc.                                                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    227446 | NS      | $22589936.72  | 0.83%             |  |  |  | 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      | $-32643.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                            | Bausch Health Americas, Inc.                                                   | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |  55459000 | PA      | $38908858.11  | 1.42%             | 2026-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Intelsat Jackson Holdings SA                            | Intelsat Jackson Holdings SA, Series B                                         | CUSIP: N/A<br>LEI: 8XJ8KF85PBKK1TLMFN29       | Long             |  | CORP              | LU        |    128313 | NS      | $681662.81    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                                 | American Airlines, Inc.                                                        | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |  30260000 | PA      | $32524333.11  | 1.19%             | 2025-07-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Quest Software US Holdings, Inc.                        | Quest Software US Holdings, Inc., Second Lien Term Loan                        | CUSIP: G7314UAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  46841437 | PA      | $28905148.15  | 1.06%             | 2030-02-01      | Variable      | 11.59%                | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                                   | Walt Disney Co. (The)                                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    516979 | NS      | $44915135.52  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana, Inc.                                            | Humana, Inc.                                                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     13988 | NS      | $7164513.72   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                                           | Volkswagen AG                                                                  | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EP               | CORP              | DE        |    170275 | NS      | $21121575.35  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                    | Clear Channel Outdoor Holdings, Inc.                                           | CUSIP: 18453HAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19000000 | PA      | $13986755.00  | 0.51%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                           | Rio Tinto plc                                                                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |    246997 | NS      | $17383927.63  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| First Horizon Corp.                                     | First Horizon Corp.                                                            | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |   4109613 | NS      | $100685518.50 | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Covestro AG                                             | Covestro AG                                                                    | CUSIP: N/A<br>LEI: 3912005AWHKLQ1CPLV11       | Long             | EC               | CORP              | DE        |   1281394 | NS      | $49915719.09  | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Staples, Inc.                                           | Staples, Inc.                                                                  | CUSIP: 855030AP7<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  79226000 | PA      | $57175819.68  | 2.09%             | 2027-04-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Bosgaerde BV                                            | 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      |
| N/A                                                     | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-26254.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                     | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-230918.68   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Vornado Realty Trust                                    | Vornado Realty Trust                                                           | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1355788 | NS      | $28213948.28  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Windstream Holdings, Inc.                               | Windstream Holdings, Inc.                                                      | CUSIP: N/A<br>LEI: 529900M9WS6K57ZMIJ19       | Long             |  | CORP              | US        |     91545 | NS      | $877909.13    | 0.03%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                                     | Carvana Co.                                                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $250000.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp.                                   | Western Digital Corp.                                                          | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    239743 | NS      | $7563891.65   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                                             | Heineken NV                                                                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |    303951 | NS      | $28628496.99  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Quest Software US Holdings, Inc.                        | Quest Software US Holdings, Inc., First Lien Term Loan                         | CUSIP: 74834YAN2<br>LEI: 549300LMV4JEXTGLE324 | Long             | LON              | CORP              | US        |  18279773 | PA      | $14184007.18  | 0.52%             | 2029-02-01      | Variable      | 8.49%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.                    | Clear Channel Outdoor Holdings, Inc.                                           | CUSIP: 18453HAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  31000000 | PA      | $22670433.92  | 0.83%             | 2028-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| General Motors Co.                                      | General Motors Co.                                                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |    638311 | NS      | $21472782.04  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                                     | Deutsche Telekom AG                                                            | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |    558741 | NS      | $11116519.11  | 0.41%             |  |  |  | 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      | $-36529.01    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Voya Financial, Inc.                                    | Voya Financial, Inc.                                                           | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    835978 | NS      | $51404287.22  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings, Inc.                          | Bread Financial Holdings, Inc.                                                 | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |    559265 | NS      | $21061919.90  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Loyalty Ventures, Inc.                                  | Loyalty Ventures, Inc., Term Loan B                                            | CUSIP: 54912FAD2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  28277562 | PA      | $11823555.82  | 0.43%             | 2027-11-03      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| Elanco Animal Health, Inc.                              | Elanco Animal Health, Inc.                                                     | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |   3317228 | NS      | $40536526.16  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                | U.S. Treasury Bills                                                            | CUSIP: 912796W47<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $983089.84    | 0.04%             | 2023-05-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Institutional Fiduciary Trust Money Market Portfolio    | Institutional Fiduciary Trust Money Market Portfolio                           | CUSIP: 457756500<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    531648 | NS      | $531648.50    | 0.02%             |  |  |  | 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      | $64499.49     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Communications, Inc.                            | Charter Communications, Inc., Class A                                          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    132419 | NS      | $44903282.90  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos., Inc.                                | Bausch Health Cos., Inc.                                                       | CUSIP: 91911KAP7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |  17107000 | PA      | $13527018.11  | 0.49%             | 2025-12-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Intelsat SA                                             | Intelsat Emergence SA                                                          | CUSIP: N/A<br>LEI: 549300YV2L21F4K80V46       | Long             |  | CORP              | LU        |     61215 | NS      | $122430.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                             | Novartis AG                                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    633877 | NS      | $57505321.44  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp.                                            | Avient Corp.                                                                   | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |    697245 | NS      | $23538991.20  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy, Inc.                                     | Suncor Energy, Inc.                                                            | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    914653 | NS      | $29013549.74  | 1.06%             |  |  |  | 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      | $-15377.63    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DR Horton, Inc.                                         | DR Horton, Inc.                                                                | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |    274802 | NS      | $24495850.28  | 0.90%             |  |  |  | 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      | $16723.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland NV                                        | ASR Nederland NV                                                               | CUSIP: N/A<br>LEI: 7245000G0HS48PZWUD53       | Long             | EC               | CORP              | NL        |    404631 | NS      | $19224751.67  | 0.70%             |  |  |  | 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      | $15772.66     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Carnival Holdings Bermuda Ltd.                          | Carnival Holdings Bermuda Ltd.                                                 | CUSIP: 14366RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3697300 | PA      | $3802247.86   | 0.14%             | 2028-05-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Loyalty Ventures, Inc.                                  | Loyalty Ventures, Inc.                                                         | CUSIP: 54911Q107<br>LEI: 549300Q3YKVWNY6JIJ44 | Long             | EC               | CORP              | US        |    329767 | NS      | $794738.47    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay, Inc.                                              | eBay, Inc.                                                                     | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    290949 | NS      | $12065655.03  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | Foreign Exchange GBP/USD                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -275 | NC      | $377445.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Ryan Wheeler

**Name of Signer:** Ryan Wheeler

**Title:** Assistant Treasurer