# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0002071691-26-012245
**Filing Date:** 2026-5
**Character Count:** 26846
**Document Hash:** ae423842b06057afcecc1e3569d27bff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012245.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002071691-26-012245

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**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:** 261024616

**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 SHARES FUND (Series ID: S000007864)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021390 | CLASS A      | TESIX           |
| C000021392 | CLASS C      | TEMTX           |
| C000021393 | CLASS Z      | MUTHX           |
| C000021394 | CLASS R      | TESRX           |
| C000128731 | Class R6     | FMSHX           |

## 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 Shares Fund

- **b. EDGAR series identifier (if any):** S000007864

- **c. LEI of Series:** QOET654RR8JMYG00F771

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $6695418529.76

**Total Liabilities:** $6167835.98

**Net Assets:** $6689250693.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021392 | 3.22%                | 1.73%                | -7.09%               |
| Class ID C000021390 | 3.27%                | 1.79%                | -7.04%               |
| Class ID C000021393 | 3.28%                | 1.80%                | -7.02%               |
| Class ID C000128731 | 3.29%                | 1.83%                | -7.02%               |
| Class ID C000021394 | 3.24%                | 1.80%                | -7.07%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $30500217.33             | $182500847.00                              |
| Month 2  | $56934083.30             | $64500610.54                               |
| Month 3  | $63221132.58             | $-589310158.67                             |

### 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        |    124194 | NS      | $119438611.74 | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet, Inc.                                           | Alphabet, Inc., Class A                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    743878 | NS      | $213909557.68 | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune Bidco US, Inc.                                   | Neptune Bidco US, Inc.                                           | CUSIP: 640695AD4<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |  14000000 | PA      | $13600846.00  | 0.20%             | 2033-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                                         | Amazon.com, Inc.                                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1060014 | NS      | $220769115.78 | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                                         | Roche Holding AG                                                 | CUSIP: N/A<br>LEI: 549300U41AUUVOAAOB37       | Long             | EC               | CORP              | CH        |    366441 | NS      | $146243247.61 | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco plc                             | British American Tobacco plc                                     | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |   1576869 | NS      | $91551167.45  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                             | Fiserv, Inc.                                                     | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |   1536829 | NS      | $85755058.20  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc.                                        | Merck & Co., Inc.                                                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |   1061677 | NS      | $127709126.33 | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp.                                   | US Foods Holding Corp.                                           | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    815597 | NS      | $75206199.37  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International plc                       | Johnson Controls International plc                               | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |   1357590 | NS      | $177776410.50 | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group, Inc. (The)                     | Hartford Insurance Group, Inc. (The)                             | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |   1233537 | NS      | $166811208.51 | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp. (The)                                  | Progressive Corp. (The)                                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    772119 | NS      | $153064870.56 | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group, Inc. (The)                 | PNC Financial Services Group, Inc. (The)                         | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    753079 | NS      | $156708209.11 | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe, Inc.                                              | Adobe, Inc.                                                      | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |    439833 | NS      | $106914605.64 | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp.                                     | Dollar General Corp.                                             | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |   1026738 | NS      | $121904602.74 | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                      | Abbott Laboratories                                              | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |   1380527 | NS      | $141738707.09 | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co.                                  | International Paper Co.                                          | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |   1922942 | NS      | $68649029.40  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                                     | Meta Platforms, Inc., Class A                                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    111594 | NS      | $63846275.22  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                            | Medtronic plc                                                    | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |   1218190 | NS      | $105556163.50 | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                              | Capital One Financial Corp.                                      | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    480977 | NS      | $87744634.11  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos., Inc. (The)                                  | Cooper Cos., Inc. (The)                                          | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |   1877499 | NS      | $134241178.50 | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                        | Uniti Group, Inc.                                                | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             |  | CORP              | US        |    437045 | NS      | $3183500.03   | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Ulta Beauty, Inc.                                        | Ulta Beauty, Inc.                                                | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |    233211 | NS      | $121901721.81 | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co.                                 | Arthur J Gallagher & Co.                                         | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    559988 | NS      | $121282201.04 | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp.                                                | PPL Corp.                                                        | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   3588871 | NS      | $137094872.20 | 2.05%             |  |  |  | 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        |  20046000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cisco Systems, Inc.                                      | Cisco Systems, Inc.                                              | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |   1544403 | NS      | $119830228.77 | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                                     | JPMorgan Chase & Co.                                             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    724702 | NS      | $213178340.32 | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group, Inc.                                        | Uniti Group, Inc.                                                | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             | EC               | CORP              | US        |   2243497 | NS      | $21044001.86  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon plc                                               | Haleon plc                                                       | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |  35943104 | NS      | $177882249.16 | 2.66%             |  |  |  | No            |                  2 | On Loan: No      |
| PPG Industries, Inc.                                     | PPG Industries, Inc.                                             | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |   1208122 | NS      | $129124079.36 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management, Inc.                           | Apollo Global Management, Inc.                                   | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    754540 | NS      | $84070846.80  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd.                                                 | SLB Ltd.                                                         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   2704513 | NS      | $138984923.07 | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                                    | Colgate-Palmolive Co.                                            | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |   1903253 | NS      | $162214253.19 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreLogic, Inc.                                          | CoreLogic, Inc., First Lien, Initial CME Term Loan               | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |  30527213 | PA      | $29268118.21  | 0.44%             | 2028-06-02      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| Chevron Corp.                                            | Chevron Corp.                                                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    928933 | NS      | $192196237.70 | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd.                                                | Flex Ltd.                                                        | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | SG        |   1086443 | NS      | $71118558.78  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance, Inc.                                           | Reliance, Inc.                                                   | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |    459796 | NS      | $139741200.32 | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune Bidco US, Inc.                                   | Neptune Bidco US, Inc., First Lien, 2026 Dollar CME Term Loan, B | CUSIP: 64069JAK8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  61167305 | PA      | $58475943.58  | 0.87%             | 2033-02-03      | Variable      | 8.76%                 | No            |                  2 | On Loan: No      |
| Estee Lauder Cos., Inc. (The)                            | Estee Lauder Cos., Inc. (The), Class A                           | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |   1523376 | NS      | $109332695.52 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co. (The)                                    | Walt Disney Co. (The)                                            | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |   1400106 | NS      | $134942216.28 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                          | Microsoft Corp.                                                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    261334 | NS      | $96738006.78  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                                    | Bank of America Corp.                                            | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   2517742 | NS      | $122739922.50 | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises, Inc.                               | Ferguson Enterprises, Inc.                                       | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    712874 | NS      | $166284989.24 | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                                | Nestle SA                                                        | CUSIP: N/A<br>LEI: KY37LUS27QQX7BB93L28       | Long             | EC               | CORP              | CH        |   1371154 | NS      | $134497939.49 | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bosgaerde BV                                             | Bosgaerde BV, Escrow Account                                     | CUSIP: N/A<br>LEI: 724500SEMY2K987RV910       | Long             | EC               | CORP              | NL        |    555154 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Uniti Group, Inc.                                        | Uniti Group, Inc.                                                | CUSIP: N/A<br>LEI: 549300V3NU625PJUVA84       | Long             | EC               | CORP              | US        |     14312 | NS      | $15387300.84  | 0.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Elevance Health, Inc.                                    | Elevance Health, Inc.                                            | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    114298 | NS      | $33460739.50  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp.                                      | Union Pacific Corp.                                              | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |    497059 | NS      | $120596454.58 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                                    | NXP Semiconductors NV                                            | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |    500783 | NS      | $98584141.38  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                      | EOG Resources, Inc.                                              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |   1052913 | NS      | $152219632.41 | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                                       | General Motors Co.                                               | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |   1613850 | NS      | $120231825.00 | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific, Inc.                           | Thermo Fisher Scientific, Inc.                                   | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    312153 | NS      | $153432564.09 | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Neptune Bidco US, Inc.                                   | Neptune Bidco US, Inc.                                           | CUSIP: 640695AC6<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |  17392800 | PA      | $17565214.83  | 0.26%             | 2031-05-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Dover Corp.                                              | Dover Corp.                                                      | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |    851790 | NS      | $177555625.50 | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                                       | AerCap Holdings NV                                               | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |    635811 | NS      | $87220552.98  | 1.30%             |  |  |  | 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        |  63821954 | NS      | $63821953.80  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp.                                            | Entergy Corp.                                                    | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |   1105813 | NS      | $124249148.68 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                              | Novartis AG                                                      | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    838792 | NS      | $128125478.00 | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.                             | Brixmor Property Group, Inc.                                     | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |   4509491 | NS      | $129873340.80 | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer