# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001752724-23-033165
**Filing Date:** 2023-2
**Character Count:** 49703
**Document Hash:** 8c91aad51536284abe52941cd30ed57d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-033165.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001752724-23-033165

**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:** 23651831

**BUSINESS ADDRESS:**
- **STREET 1:** 101 JOHN F KENNEDY PARKWAY
- **CITY:** SHORT HILLS
- **STATE:** NJ
- **ZIP:** 07078
- **BUSINESS PHONE:** 973-912-2000

**MAIL ADDRESS:**
- **STREET 1:** 101 JOHN F KENNEDY PARKWAY
- **CITY:** SHORT HILLS
- **STATE:** NJ
- **ZIP:** 07078

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN MUTUAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19970227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUTUAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN MUTUAL GLOBAL DISCOVERY FUND (Series ID: S000007861)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Mutual Series Funds

- **b. Investment Company Act file number:** 811-05387

- **c. CIK number of Registrant:** 0000825063

- **d. LEI of Registrant:** 549300DW3N5FG4OTT022

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 101 John F. Kennedy Parkway

  - **City:** Short Hills

  - **State:** NJ

  - **Foreign country:** US

  - **Zip / Postal Code:** 07078-2791

  - **Telephone number:** 973-912-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Mutual Global Discovery Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $8534576417.84

**Total Liabilities:** $68251800.16

**Net Assets:** $8466324617.68

**Cash Not Reported:** $78471835.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021377 | 10.40%               | 7.07%                | -2.92%               |
| Class ID C000021380 | 10.43%               | 7.09%                | -2.90%               |
| Class ID C000021381 | 10.38%               | 7.05%                | -2.98%               |
| Class ID C000128728 | 10.47%               | 7.09%                | -2.91%               |
| Class ID C000021379 | 10.34%               | 7.01%                | -3.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-375238622.27           | $1184391681.61                             |
| Month 2  | $32843190.35             | $597324112.91                              |
| Month 3  | $51669807.49             | $-314584509.20                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBRE Group, Inc.                               | CBRE Group, Inc., Class A                                      | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |   1895590 | NS      | $145884606.40 | 1.72%             |  |  |  | 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      | $60100.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kraft Heinz Co. (The)                          | Kraft Heinz Co. (The)                                          | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |   4740348 | NS      | $192979567.08 | 2.28%             |  |  |  | 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      | $-36370.61    | -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      | $30295.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                                            | CUSIP: 912796X53<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4899319.20   | 0.06%             | 2023-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                                            | CUSIP: 912796ZF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3000000 | PA      | $2946673.08   | 0.03%             | 2023-05-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $260121.61    | 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      | $-3654.48     | -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      | $13175.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                   | ING Groep NV                                                   | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |  12641116 | NS      | $153976322.43 | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                                    | NN Group NV                                                    | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               | CORP              | NL        |   4046232 | NS      | $165451603.23 | 1.95%             |  |  |  | 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      | $-177413.27   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-6023891.43  | -0.07%            |  |  |  | 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      | $-7392389.07  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                                | BlackRock, Inc.                                                | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |    248584 | NS      | $176154079.92 | 2.08%             |  |  |  | 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      | $391964.14    | 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      | $25815.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                      | Danone SA                                                      | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |   3219979 | NS      | $169703415.16 | 2.00%             |  |  |  | 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      | $32205.16     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK plc                                        | GSK plc                                                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |  10658458 | NS      | $184205009.32 | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Everest Re Group Ltd.                          | Everest Re Group Ltd.                                          | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |    475928 | NS      | $157660668.56 | 1.86%             |  |  |  | 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      | $708375.10    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco plc                   | British American Tobacco plc                                   | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |   3999945 | NS      | $158223891.30 | 1.87%             |  |  |  | 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        |    933956 | NS      | $117827888.96 | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv, Inc.                                   | Fiserv, Inc.                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |   1380750 | NS      | $139552402.50 | 1.65%             |  |  |  | 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      | $-363053.60   | -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      | $17503.67     | 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      | $-686778.14   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                              | Merck & Co., Inc.                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    979890 | NS      | $108718795.50 | 1.28%             |  |  |  | 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      | $-38520.35    | -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      | $774100.37    | 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      | $1006721.19   | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Controls International plc             | Johnson Controls International plc                             | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |   2662795 | NS      | $170418880.00 | 2.01%             |  |  |  | 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      | $41450.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                      | Airbus SE                                                      | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | NL        |   1262071 | NS      | $150056386.10 | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLB                                           | FHLB                                                           | CUSIP: 313384AC3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | STIV             | USGA              | US        |  30900000 | PA      | $30900000.00  | 0.36%             | 2023-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $670362.20    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                      | Williams Cos., Inc. (The)                                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |   4028487 | NS      | $132537222.30 | 1.57%             |  |  |  | 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      | $6202.30      | 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      | $4106.98      | 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      | $43439.63     | 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      | $2389628.88   | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BP plc                                         | BP plc                                                         | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |  40061494 | NS      | $231142919.96 | 2.73%             |  |  |  | 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      | $510946.56    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Avaya Holdings Corp.                           | Avaya Holdings Corp.                                           | CUSIP: 05351X101<br>LEI: 549300NZS2OZN6Q63A60 | Long             | EC               | CORP              | US        |       537 | NS      | $105.25       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tower Semiconductor Ltd.                       | Tower Semiconductor Ltd.                                       | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |   2107861 | NS      | $91059595.20  | 1.08%             |  |  |  | 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      | $-462293.00   | -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      | $-231977.06   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $64678.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms, Inc.                           | Meta Platforms, Inc., Class A                                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |   1303381 | NS      | $156848869.54 | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                  | Medtronic plc                                                  | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |   2040654 | NS      | $158599628.88 | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                    | Capital One Financial Corp.                                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    476203 | NS      | $44267830.88  | 0.52%             |  |  |  | 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      | $-39480.13    | -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      | $772346.71    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Willis Towers Watson plc                       | Willis Towers Watson plc                                       | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |    764202 | NS      | $186908525.16 | 2.21%             |  |  |  | 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      | $-5056822.82  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group plc                    | Reckitt Benckiser Group plc                                    | CUSIP: N/A<br>LEI: 5493003JFSMOJG48V108       | Long             | EC               | CORP              | GB        |   1697657 | NS      | $117670547.82 | 1.39%             |  |  |  | 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      | $290924.83    | 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      | $-217964.21   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-79571.04    | -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      | $-2975423.45  | -0.04%            |  |  |  | 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        |   8153000 | PA      | $5632653.33   | 0.07%             | 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        |  15606000 | PA      | $8188936.38   | 0.10%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Activision Blizzard, Inc.                      | Activision Blizzard, Inc.                                      | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |   2253917 | NS      | $172537346.35 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                              | Wells Fargo & Co.                                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   3609722 | NS      | $149045421.38 | 1.76%             |  |  |  | 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        |  30996000 | 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        |   3819425 | NS      | $134436.12    | 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      | $507684.69    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Co.                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |   1350968 | NS      | $181164808.80 | 2.14%             |  |  |  | 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      | $657004.89    | 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      | $531960.34    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon plc                                     | Haleon plc                                                     | CUSIP: N/A<br>LEI: 549300PSB3WWEODCUP19       | Long             | EC               | CORP              | GB        |  45063824 | NS      | $178292872.04 | 2.11%             |  |  |  | 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      | $1168136.89   | 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      | $502730.63    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger Ltd.                              | Schlumberger Ltd.                                              | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   3538450 | NS      | $189165537.00 | 2.23%             |  |  |  | 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      | $-540905.17   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp.                                    | Denso Corp.                                                    | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |   2878154 | NS      | $141095792.35 | 1.67%             |  |  |  | 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      | $-393323.01   | -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      | $-1020188.33  | -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      | $406954.87    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5720.97     | -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      | $830931.08    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                                            | CUSIP: 912796ZG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |  10000000 | PA      | $9813853.50   | 0.12%             | 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        |     -1915 | NC      | $-3493818.30  | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                          | Global Payments, Inc.                                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |   1401913 | NS      | $139237999.16 | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Americas, Inc.                   | Bausch Health Americas, Inc.                                   | CUSIP: 91911XAV6<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |  33966000 | PA      | $23829825.18  | 0.28%             | 2026-04-01      | Fixed         | 9.25%                 | 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      | $480264.00    | 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      | $52598.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                     | Siemens AG                                                     | CUSIP: N/A<br>LEI: W38RGI023J3WT1HWRP32       | Long             | EC               | CORP              | DE        |   1407613 | NS      | $194032244.76 | 2.29%             |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                        | American Airlines, Inc.                                        | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   9845000 | PA      | $10581693.97  | 0.12%             | 2025-07-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                          | Walt Disney Co. (The)                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |   1091917 | NS      | $94865748.96  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana, Inc.                                   | Humana, Inc.                                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    276089 | NS      | $141410024.91 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Volkswagen AG                                  | Volkswagen AG                                                  | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EP               | CORP              | DE        |    867939 | NS      | $107662539.90 | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp.                      | Renesas Electronics Corp.                                      | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |  15502134 | NS      | $136964992.87 | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto plc                                  | Rio Tinto plc                                                  | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |   2567147 | NS      | $180678703.23 | 2.13%             |  |  |  | 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      | $-505822.73   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| First Horizon Corp.                            | First Horizon Corp.                                            | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |   2528274 | NS      | $61942713.00  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Covestro AG                                    | Covestro AG                                                    | CUSIP: N/A<br>LEI: 3912005AWHKLQ1CPLV11       | Long             | EC               | CORP              | DE        |   4171269 | NS      | $162488580.16 | 1.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co. KGaA                        | Fresenius SE & Co. KGaA                                        | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |   6232115 | NS      | $174066796.09 | 2.06%             |  |  |  | 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      | $24434.82     | 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      | $924.89       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health, Inc.                          | Elevance Health, Inc.                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    300575 | NS      | $154185957.75 | 1.82%             |  |  |  | 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      | $418187.60    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Western Digital Corp.                          | Western Digital Corp.                                          | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |   3177556 | NS      | $100251891.80 | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co.                             | General Motors Co.                                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |   3702134 | NS      | $124539787.76 | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $28731.81     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                   | CaixaBank SA                                                   | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |  23770929 | NS      | $93196543.47  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                                            | CUSIP: N/A<br>LEI: 549300V9QSIG4WX4GJ96       | Long             | EC               | CORP              | DE        |  11095342 | NS      | $220749115.10 | 2.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Voya Financial, Inc.                           | Voya Financial, Inc.                                           | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |   2905386 | NS      | $178652185.14 | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV                             | AerCap Holdings NV                                             | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | NL        |   3469331 | NS      | $202331383.92 | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                          | Parker-Hannifin Corp.                                          | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |    683078 | NS      | $198775698.00 | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                                            | CUSIP: 912796W47<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   3000000 | PA      | $2949269.52   | 0.03%             | 2023-05-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Charter Communications, Inc.                   | Charter Communications, Inc., Class A                          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    510181 | NS      | $173002377.10 | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos., Inc.                       | Bausch Health Cos., Inc.                                       | CUSIP: 91911KAP7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1290000 | PA      | $1020041.70   | 0.01%             | 2025-12-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                               | CVS Health Corp.                                               | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |   1899779 | NS      | $177040405.01 | 2.09%             |  |  |  | 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      | $-7479700.84  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                   | Capgemini SE                                                   | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |    844890 | NS      | $141238895.71 | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                    | Novartis AG                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |   2335621 | NS      | $211887537.12 | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $296541.27    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncor Energy, Inc.                            | Suncor Energy, Inc.                                            | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |   4070447 | NS      | $129117945.83 | 1.53%             |  |  |  | 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      | $-58022.71    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp.                      | Mitsubishi Electric Corp.                                      | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |  13104264 | NS      | $129804861.91 | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| DR Horton, Inc.                                | DR Horton, Inc.                                                | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |   2075550 | NS      | $185014527.00 | 2.19%             |  |  |  | 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      | $-8406.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co. Ltd.                   | Samsung Electronics Co. Ltd.                                   | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |   3161628 | NS      | $139357657.25 | 1.65%             |  |  |  | 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      | $46066.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Foreign Exchange GBP/USD                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -355 | NC      | $487248.15    | 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