# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0002071691-25-006499
**Filing Date:** 2025-11
**Character Count:** 17510
**Document Hash:** 9dfac146bff7591abcf68396a073bf95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-006499.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002071691-25-006499

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251511882

**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 BEACON FUND (Series ID: S000007860)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021373 | CLASS A      | TEBIX           |
| C000021375 | CLASS C      | TEMEX           |
| C000021376 | CLASS Z      | BEGRX           |
| C000082421 | CLASS R      |  |
| C000128727 | Class R6     | FMBRX           |

## 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 Beacon Fund

- **b. EDGAR series identifier (if any):** S000007860

- **c. LEI of Series:** 2P5J8F77YSRTYSP23G45

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $3387371652.91

**Total Liabilities:** $2990068.27

**Net Assets:** $3384381584.64

**Cash Not Reported:** $2143267.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021375 | -0.84%               | 3.85%                | 0.71%                |
| Class ID C000021373 | -0.74%               | 3.88%                | 0.77%                |
| Class ID C000021376 | -0.73%               | 3.93%                | 0.76%                |
| Class ID C000128727 | -0.73%               | 3.94%                | 0.76%                |
| Class ID C000082421 | -0.81%               | 3.90%                | 0.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-23262040.55            | $-2512626.48                               |
| Month 2  | $31467129.71             | $92569135.31                               |
| Month 3  | $39024379.70             | $-20430888.68                              |

**Designated Index Information**

- **Index Name:** Linked MSCI World Value Index-NR

- **Index Identifier:** HB10534

### Schedule of Portfolio Investments

| Name                                                     | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BlackRock, Inc.                                          | BlackRock, Inc.                                                | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |    127763 | NS      | $148955048.81 | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                           | Alphabet, Inc., Class A                                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    522430 | NS      | $127002733.00 | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                         | Amazon.com, Inc.                                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    584953 | NS      | $128438130.21 | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital, Inc.                                        | Gen Digital, Inc.                                              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |   2136835 | NS      | $60664745.65  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                                        | Merck & Co., Inc.                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    698181 | NS      | $58598331.33  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                           | BNP Paribas SA                                                 | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | Long             | EC               | CORP              | FR        |    704839 | NS      | $64466546.87  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Controls International plc                       | Johnson Controls International plc                             | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |   1284476 | NS      | $141228136.20 | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)                     | Hartford Insurance Group, Inc. (The)                           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |   1100992 | NS      | $146861322.88 | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                                  | Progressive Corp. (The)                                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    592687 | NS      | $146364054.65 | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                              | Cie Financiere Richemont SA                                    | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |    623704 | NS      | $119730218.63 | 3.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                                     | Meta Platforms, Inc., Class A                                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     63860 | NS      | $46897506.80  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                            | Medtronic plc                                                  | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |    912422 | NS      | $86899071.28  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd.                                  | DBS Group Holdings Ltd.                                        | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |   3831901 | NS      | $151964790.24 | 4.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group plc                              | Reckitt Benckiser Group plc                                    | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |   1381289 | NS      | $106362047.15 | 3.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cooper Cos., Inc. (The)                                  | Cooper Cos., Inc. (The)                                        | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |   1602363 | NS      | $109858007.28 | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty, Inc.                                        | Ulta Beauty, Inc.                                              | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |    188956 | NS      | $103311693.00 | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                                | PPL Corp.                                                      | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   1827245 | NS      | $67900424.20  | 2.01%             |  |  |  | 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        |   5229000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| JPMorgan Chase & Co.                                     | JPMorgan Chase & Co.                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    512441 | NS      | $161639264.63 | 4.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon plc                                               | Haleon plc                                                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |  30677100 | NS      | $138052515.78 | 4.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                         | Roche Holding AG                                               | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |    290678 | NS      | $96790997.16  | 2.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp.                                            | Chevron Corp.                                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    388507 | NS      | $60331252.03  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell plc                                                | Shell plc                                                      | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |   1680199 | NS      | $59884037.68  | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance, Inc.                                           | Reliance, Inc.                                                 | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |    384578 | NS      | $108001039.74 | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises, Inc.                               | Ferguson Enterprises, Inc.                                     | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    633095 | NS      | $142180475.10 | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health, Inc.                                    | Elevance Health, Inc.                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    149671 | NS      | $48361693.52  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                    | NXP Semiconductors NV                                          | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |    284286 | NS      | $64740450.78  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                                              | Heineken NV                                                    | CUSIP: N/A<br>LEI: 724500K5PTPSST86UQ23       | Long             | EC               | CORP              | NL        |   1073910 | NS      | $84096829.35  | 2.48%             |  |  |  | No            |                  2 | On Loan: No      |
| EOG Resources, Inc.                                      | EOG Resources, Inc.                                            | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    516697 | NS      | $57932067.64  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                                       | General Motors Co.                                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |   1089551 | NS      | $66429924.47  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                           | Thermo Fisher Scientific, Inc.                                 | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    209300 | NS      | $101514686.00 | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                                    | Parker-Hannifin Corp.                                          | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |    169902 | NS      | $128811201.30 | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Institutional U.S. Government Money Market Fund | Franklin Institutional U.S. Government Money Market Fund       | CUSIP: 457756500<br>LEI: 549300M4TP89K77LG374 | Long             | STIV             | RF                | US        |  41953262 | NS      | $41953261.52  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                              | Novartis AG                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    743367 | NS      | $95329384.08  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.                             | Brixmor Property Group, Inc.                                   | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |   3822533 | NS      | $105807713.44 | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer