# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001868420-23-000032
**Filing Date:** 2023-2
**Character Count:** 833825
**Document Hash:** c85e3aa2e2e966e619e60bda3caa5da2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001868420-23-000032.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001868420-23-000032

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05387
- **FILM NUMBER:** 23678608

**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           |

### 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           |

### FRANKLIN MUTUAL EUROPEAN FUND (Series ID: S000007862)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021382 | CLASS A      | TEMIX           |
| C000021384 | CLASS C      | TEURX           |
| C000021385 | CLASS Z      | MEURX           |
| C000082422 | CLASS R      | FMURX           |
| C000128729 | Class R6     | FMEUX           |

### FRANKLIN MUTUAL QUEST FUND (Series ID: S000007863)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021386 | CLASS A      | TEQIX           |
| C000021388 | CLASS C      | TEMQX           |
| C000021389 | CLASS Z      | MQIFX           |
| C000078832 | CLASS R      | FMQSX           |
| C000128730 | Class R6     | FMQRX           |

### 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           |

### FRANKLIN MUTUAL FINANCIAL SERVICES FUND (Series ID: S000007865)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021395 | CLASS A      | TFSIX           |
| C000021397 | CLASS C      | TMFSX           |
| C000021398 | CLASS Z      | TEFAX           |
| C000128732 | Class R6     | FMFVX           |

UNITED STATES##NEWLINE## SECURITIES AND EXCHANGE COMMISSION##NEWLINE## Washington, DC 20549

# FORM N-CSR

# CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05387

Franklin Mutual Series Funds

(Exact name of registrant as specified in charter)

101 John F. Kennedy Parkway, Short Hills, NJ 07078-2705

(Address of principal executive offices) (Zip code)

Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: (210)912-2100

Date of fiscal year end: 12/31

Date of reporting period: 12/31/22

# Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1.)##NEWLINE## ##NEWLINE## ##NEWLINE##

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable

.

ANNUAL REPORT AND SHAREHOLDER LETTER

# SERIES FUNDS

![img-0.jpeg](img-0.jpeg)

Franklin Mutual European Fund

Franklin Mutual Financial Services Fund

Franklin Mutual Quest Fund

Franklin Mutual Shares Fund

2016 & 2017 | 2018

Franklin Mutual Beacon Fund

Franklin Mutual Global Discovery Fund

Sign up for electronic delivery at franklintempleton.com/edelivery

Dear Shareholder:

The past 12 months were eventful and volatile. Equity markets generally declined during the year. Several themes parties in power have been subsidizing energy bill payments for low-income households and weather remained favorable.

## SHAREHOLDER LETTER

Not FDIC Insured | May Lose Value | No Bank Guarantee

hark@shareholder.com

Annual Report | 1

![img-1.jpeg](img-1.jpeg)

carried over from the winter of 2021 into 2022, but with increased intensity. Mounting inflation, more hawkish central western states, and more low-country states, and more developed countries, are now being used to control the economy, and more developed countries, are also being used to control the economic landscape, joined by new elements, like the war in Ukraine. Corporate earnings and other economic indicators generally remained strong for much of the 12

In our opinion, the current governments' efforts to help offset high energy costs in lower income households may help combat the rise of populism in these countries, which is good for political stability. Based on recent events, especially after period-end, we think the conflict may be entering a new phase, with Russia poised to ramp up its activities in Ukraine.

We thank you for investing with Franklin Templeton.

2 | Annual Report

frankintempleton.com

CFA is a trademark owned by CFA Institute.

months. However, some elements such as consumer spending patterns and corporate inventories showed strain as inflationary pressures and concern over the possibility of promotion took their toll on the general population, consumption and inventory. 4
Franklin Mutual Financial Services Fund 5
Franklin Mutual Financial Services Fund 12
Franklin Mutual Financial Services Fund 19

Aside from energy shocks, other supply-chain disruptions peppered the landscape in 2022. China remained in lockdown under its zero-COVID policy for much of the 12 months, straining the world's supply lines and economic growth rates. The country began to emerge from lockdown in the fourth quarter and was quickly overtaken by COVID

## Contents

3 | Annual Report

franklinmigration.com

disruptions helped drive inflation in many countries to reach the highest levels. It declares, in response, several of the world's most important economic and social problems. The United States is the most important and most important. The United States is the most important and most important. The United States is the most important and most important. The United States is the most important and most important. The United States is the most important and most important. The United States is the most important and most important. The United States is the most important and most important. The United States is the most important and most important. The United States is the most important and most important. The United States is the most important and most important.

outbreaks. We will monitor China's emergence from COVID, and their relations with neighboring Taiwan, throughout the coming year. Despite recent Sino/American trade tensions, we expect the countries to continue to work together to supply semiconductors and other necessary components to the world's manufacturers, barring any military aggression toward developed market equities, as measured by the

## ANNUAL REPORT

See www.fundemaplays.com for additional data provider information.

4 | Annual Report

fundemaplays.com

1. Source: Morningstar

mercy and the MSCI All-Country Work Corporation (USA) has
recorded a report on the results of the 2018 and 2019 annual report on the
Economic and Social Development Program (ESOP) of the
Economic and Social Development Program (ESOP).
The ESOP is a report on the results of the 2018 and 2019 annual report on the
Economic and Social Development Program (ESOP).
The ESOP is a report on the results of the 2018 and 2019 annual report on the
Economic and Social Development Program (ESOP).
The ESOP is a report on the results of the 2018 and 2019 annual report on the
Economic and Social Development Program (ESOP).

MSCI Europe Index-NR (USD), posted a -15.06% total return
for the 2018 and 2019 annual report by a steady march forward.
In the near-term, market activity will likely be influenced
by the market and the market is a strong, strong, and strong
market activity. The market is a strong, strong, and strong
market activity. The market is a strong, strong, and strong
market activity. The market is a strong, strong, and strong
market activity. The market is a strong, strong, and strong
market activity. The market is a strong, strong, and strong
market activity. The market is a strong, strong, and strong
market activity.

## Franklin Mutual Beacon Fund

---

The Index is encouraged and includes remeasurement of any income or distributions. It does not reflect any fees, expenses or sales charges. One current invest directly in an
index, and an index is not representative of the Fund's portfolio. Net Returns (NR) include income net of tax withholding when dividends are paid.
See www.franklinmuseet.com for additional document information.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SDI).
The NDI begins on page 52.

Franklinmuseet.com

Annual Report | 5

1. Source: Morningstar

---

being a member of the public, the other party, are trading 2023 and the other party is a member of the public, the other party is a member of the public, the other party is a member of the public, the other party is a member of the public, the other party is a member of the public, the other party is a member of the public, the other party is a member of the public, the other party is a member of the public, the other party is a member of the public, the other party is a member of the public, the other party is

figures shown. For most recent month-end performance, go to the first three months of the year, which is approximately 2023 and the first three months of the year, which is approximately 2023 and the first three months of the year, which is approximately 2023 and the first three months of the year, which is approximately 2023 and the first three months of the year, which is approximately 2023 and the first three months of the year, which is approximately 2023 and the first three months of the year, which is approximately 2

FRANKLIN, MUTUAL BEACON FUND

form of arbitrage involves purchasing the target company's

pipeline progress. In addition, management is committed to

6

Annual Report

franklinmptalyn.com

which the Fund invests are primarily common stock, with a
lock of 1,000 shares. The Fund is a member of the Fund's
Company, which is a member of the Fund's Company, which is a member of the
Fund's Company, which is a member of the Fund's Company, which is a member of the
Fund's Company, which is a member of the Fund's Company, which is a member of the
Fund's Company, which is a member of the Fund's Company, which is a member of the
Fund's Company, which is a member of the Fund's Company, which is a member of the
Fund's Company, which

Can generate above-average risk, adjusted returns over
Earnings from continuing operations, and the Company's
Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company's Company

The Ground Truth image displays a single, solid horizontal line. According to Rule 2 (UNDERSCORE & LINE RULES), this is a stylistic or background line, not a placeholder underscore. Therefore, the OCR result must ignore it. The provided OCR content is "____", which consists of four underscores. This is an incorrect interpretation of the line as a placeholder, violating the rule that stylistic lines must be ignored. The OCR has hallucinated text (underscores) where none should exist. Hence, the result is inconsistent with the Ground Truth.

FRANKLIN MUTUAL SEACON FUND

in the year, Lilly also benefited from positive news on a

merger arbitrage, can lag the value equity markets at times.

www.laracoplan.com

Annual Report

7

The following table provides the information in English:

Performance as of 12/31/221

FRANKLIN MUTUAL BEACON FUND

## Performance Summary as of December 31, 2022

The performance table and graphs do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

8 | Annual Report

franklinmuntial.com

See page 10 for Performance Summary footnotes.

funds target age in March 2022 for the first time since 2018. The Fed raised the federal funds rate again at its subsequent six months and the period at a range of 4.25%-4.50%. Furthermore, the Fed said it would continue to reduce 5.4% to 5.6% of the total population. The Fed said it would continue to reduce 5.4% to 5.6% of the total population. The Fed said it would continue to reduce 5.4% to 5.6% of the total population. The Fed said it would continue to reduce 5.4% to 5.6% of the total population. The Fed said it would continue to reduce 5.4% to 5.6% of the total population.

![img-0.jpeg](img-0.jpeg)

Total Return Index Comparison for a Hypothetical $10,000 Investment1

![img-1.jpeg](img-1.jpeg)

See page 20 for Performance Summary Ventures.

| 5-Year | 2.0% | Investment strategy with two others. One is distressed investing, a highly specialized field that has proven quite profitable during certain periods over the years. Distressed investing in a complex and complex financial situation is a key factor in the development of a financial situation. The financial situation is a key factor in the development of a financial situation. The financial situation is a key factor in the development of a financial situation. The financial situation is a key factor in the development of a financial situation. The financial situation is a key factor in the development of a financial situation. The financial situation is a key factor in the development of a financial situation. The financial situation is a key factor in the development of a financial situation. The financial situation is a key factor in the development of a financial situation. |
| --- | --- | --- |
| 5-Year | -11.81% | -16.74% |
| 5-Year | +21.49% | +2.79% |
| 10-Year | +110.39% | +7.11% |

FRANKLIN MUTUAL BEACON FUND

10

Annual Report

franklinmuntial.com

principal results for the 2012 annual report of the Council of the United States, 2022.

future compliance and public demand (in the U.S.)

European Council for the United States

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distressed company is reorganized, often in bankruptcy

court, the did debt is typically replaced with new securities

issued by the financially stronger company.

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## Actual Fund Expenses

FRANKLIN MUTUAL BEACON FUND

## Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund

![img-2.jpeg](img-2.jpeg)

www.buckman.com

Annual Report

11

This annual report for Franklin Mutual European Fund covers

the financial situation in the United States, and the

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12 Annual Report

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The report is based on the report is based on the report is based on the report is based on the report is based on the report[{"box_2d": [31, 849, 280, 859], "label": "text", "caption": "The report is based on the report is based on the report is based on the report is based on the report is based

The Fund seeks capital appreciation, which may occasionally be short term. Its secondary goal is income. The Fund normally invests at least 80% of its net assets

more of the Fund's performance data in the Performance Summary beginning on page 15.

Performance data represent past performance, which does

the Fund's performance data is based on the performance of the Fund's performance data. The Fund's performance data is based on the performance of the Fund's performance data. The Fund's performance data is based on the performance of the Fund's performance data.

FRANKLIN MUTUAL EUROPEAN FUND

Top positive contributors to performance during the 12-month

Adidas, a Germany-based, athletic apparel maker, detracted

www.largenfunds.com

Annual Report 13

common stocks, with a current focus on mid- and large cap companies, and normally invests in securities from at least five different countries. To a lesser extent, the Fund

figures shown. For most recent month-end performance, go to franklintempleton.com or call (800) 342-5238.

also invests in merger arbitrage securities and the debt and family dollar capital dividends. Clearly note the results in favor of the Fund. The Fund is not a member of the Fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share of the fund's share

Although the Fund performed better than its secondary. Therefore, information under the heading 'Hypothesical' is useful in comparing ongoing costs only, and will not help you compare total costs of owning different funds. In addition, if transactional costs were included, your total costs would have

FRANKLIN MUTUAL EUROPEAN FUND

During the period, the Fund held currency forwards and

14 | Annual Report

franklintempleton.com

remaining regions of the world. The Geographic Composition table on this page lists the leading countries where the Fund invests.

common stocks with, to a lesser extent, distressed debt investing and merger arbitrage. Our style aims to provide our shareholders with superior risk-adjusted results over time. We employ rigorous, fundamental analysis to find

| Share | Beginning Account | Ending Account | Ending Account | Paid During Period | Ending Account | Paid During Period | Annualized Expense Ratio 1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2. Corporate and other non-affiliates | Value 12/31/22 | 7/1/22-12/31/22 1,2 | 7/1/22-12/31/22 1,2 | Value 12/31/22 | 7/1/22-12/31/22 1,2 |  |  |

| Share | Beginning Account | Ending Account | Ending Account | Paid During Period | Ending Account | Paid During Period | Annualized Expense Ratio 1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2. Corporate and other non-affiliates | Value 12/31/22 | 7/1/22-12/31/22 1,2 | 7/1/22-12/31/22 1,2 | Value 12/31/22 | 7/1/22-12/31/22 1,2 |  |  |

| Share | Beginning Account | Ending Account | Ending Account | Paid During Period | Ending Account | Paid During Period | Annualized Expense Ratio 1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2. Corporate and other non-affiliates | Value 12/31/22 | 7/1/22-12/31/22 1,2 | 7/1/22-12/31/22 1,2 | Value 12/31/22 | 7/1/22-12/31/22 1,2 |  |  |

| Share | Beginning Account | Ending Account | Ending Account | Paid During Period | Ending Account | Paid During Period | Annualized Expense Ratio 1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2. Corporate and other non-affiliates | Value 12/31/22 | 7/1/22-12/31/22 1,2 | 7/1/22-12/31/22 1,2 | Value 12/31/22 | 7/1/22-12/31/22 1,2 |  |  |

| Share | Beginning Account | Ending Account | Ending Account | Paid During Period | Ending Account | Paid During Period | Annualized Expense Ratio 1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2. Corporate and other non-affiliates | Value 12/31/22 | 7/1/22-12/31/22 1,2 | 7/1/22-12/31/22 1,2 | Value 12/31/22 | 7/1/22-12/31/22 1,2 |  |  |

| Share | Beginning Account | Ending Account | Ending Account | Paid During Period | Ending Account | Paid During Period | Annualized Expense Ratio 1 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2. Corporate and other non-affiliates | Value 12/31/22 | 7/1/22-12/31/22 1,2 | 7/1/22-12/31/22 1,2 | Value 12/31/22 | 7/1/22-12/31/22 1,2 |  |  |

Performance as of 12/31/22

FRANKLIN MUTUAL EUROPEAN FUND

## Performance Summary as of December 31, 2022

The performance table and graphs do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

www.beranepf.com

Annual Report

15

See page 17 for Performance Summary footnotes.

![img-3.jpeg](img-3.jpeg)

Total Return Index Comparison for a Hypothetical $10,000 Investment1

![img-4.jpeg](img-4.jpeg)

18 | Annual Report | franklintempleton.com

See page 17 for Performance Summary footnotes.

| Australia | 3.0% | practice to hedge the Fund's currency exposure | 2.9% |
| --- | --- | --- | --- |
| Ireland | 2.8% | doem it advantageous for our shareholders. |  |
| Greece | 2.5% |  |  |
| Sweden | 2.3% |  |  |
| United Kingdom | 2.0% |  |  |
| Canada | 1.9% |  |  |
| Canada | 0.8% |  |  |
| Canada | 0.8% |  |  |
| Canada | 0.8% |  |  |
| Canada | 0.8% |  |  |
| Canada | 0.8% |  |  |
| Canada | 0.8% |  |  |
| Canada | 0.8% |  |  |
| Canada | 0.8% |  |  |
| Canada | 0.8% |  |  |
| Canada | 0.8% |  |  |

FRANKLIN MUTUAL EUROPEAN FUND

www.ekm.org

Annual Report 17

Short-Term Investments & Other Net Assets

4.8%

in utilities contributed positively to relative returns. Stock selection in consumer discretionary and materials and an underweight in energy detracted from relative returns. The

## Performance Overview

The Fund's 2018-2019 period is a 0.70% cumulative total return for the 12 months ended December 31, 2022. For comparison, the Fund's primary benchmark, the MSCI and MSCI 2018-2019 and 2020-2021 results were 4.8%. The market is a 0.70% cumulative total return for the 12 months ended December 31, 2022. For comparison, the Fund's primary benchmark, the MSCI and MSCI 2018-2019 results were 4.8%. The market is a 0.70% cumulative total return for the 12 months ended December 31, 2022.

## Actual Fund Expenses

FRANKLIN MUTUAL EUROPEAN FUND

## Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund

![img-0.jpeg](img-0.jpeg)

18 | Annual Report

franklinmupdion.com

Europe Value Index-NR (Local Currency), which measures the performance of stocks exhibiting overall value style

This annual report for Franklin Mutual Financial Services
Part 1: The financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure of the financial structure

**Geographic Composition**
101102

German health care services company Fresenius is a major relative performance during the period. There were no significant results. The results of the research and development are not available for any other research or development. The research and development are not available for any other research or development. The research and development are not available for any other research or development. The research and development are not available for any other research or development. The research and development are not available for any other research or development. The research and development are not available for any other research or development. The research and development are not available for any other research or development. The research and development are not available for any other research or development.

## Franklin Mutual Financial Services Fund

The indexes are unchanged and include reinvestment of any income or distributions. They do not reflect any fees, expenses or sales charges. One cannot invest directly in all index, and an index is not representative of the Fund's portfolio. See Returns (NR) include income net of tax attributable when dividends are paid.
See www.franklinmargelainvialassess.com for additional data provided information.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SDI).
The NRI begins on page 63.

franklinmargelain.com

Annual Report

19

1. Source: Morningstar

The Fund seeks capital appreciation, which may occasionally be short term. Its secondary goal is income. Under normal market conditions, the Fund invests at least

| United States | 57.0% |
| --- | --- |
| Netherlands | 11.2% |
| United Kingdom | 5.9% |
| Italy | 4.1% |

Funding is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that is a company that

FRANKLIN MUTUAL FINANCIAL SERVICES FUND

reward program business and weak consumer sentiment

28 | Annual Report

franklinmigration.com

in undervalued equity securities, mainly common stocks with a substantial focus on mid- and large cap companies and may invest a significant portion of its equity portfolio in small-cap companies. To a significantly lesser extent, the market position and economy of the financial markets are properly affected by the market position and economy of the financial markets. The market position and economy of the financial markets are generally affected by the market position and economy of the financial markets. The market position and economy of the financial markets are generally affected by the market position and economy of the financial markets. The market position and economy of the financial markets are generally affected by the market position and economy of the financial markets. The market position and economy of the financial markets are generally affected by the market position and economy of the financial markets.

FRANKLIN MUTUAL FINANCIAL SERVICES FUND

During the period, the Fund held currency forwards and

www.breach.com

Annual Report 21

table on this page lists the leading countries where the Fund invests.

## Investment Strategy

We strive to provide investors with superior risk-adjusted returns over time through our distinctive, value investment

The Fund Invested in 2022 is a 2022 financial year. The Fund Invested in 2022 is a 2022 financial year. The Fund Invested in 2022 is a 2022 financial year. The Fund Invested in 2022 is a 2022 financial year.

FRANKLIN MUTUAL FINANCIAL SERVICES FUND

## Performance Summary as of December 31, 2022

The performance table and graphs do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

22 | Annual Report

franklinmuntial.com

See page 24 for Performance Summary footnotes.

![img-1.jpeg](img-1.jpeg)

Total Return Index Comparison for a Hypothetical $10,000 Investment1

![img-2.jpeg](img-2.jpeg)

Nett-McGill

Annual Report 23

See page 24 for Performance Summary footnotes.

PERFORMANCE SUMMARY of the Fund's performance data in the Performance Summary beginning on page 22.

Performance data represent past performance, which does not apply to 2024, given the date of interest date. The Fund's performance data represent past performance, which does not apply to 2024, given the date of interest date. The Fund's performance data represent past performance, which does not apply to 2024, given the date of interest date. The Fund's performance data represent past performance, which does not apply to 2024, given the date of interest date.

position. As always, our approach to investing is as much about assessing risk and containing losses as it is about achieving profits. In addition, it is our practice to hedge the Fund's currency exposure when we deem it advantageous to make a better future.

Interest Rate Group Ltd. 3.9%
Insurance, United States

Kiln Murren & Co. Discussion 1.78%
Investing in the Fund 1.78%
Direct Line Insurance Group plc +9.77%
Insurance, United Kingdom +111.13%
Citizens Financial Group, Inc. 10.27%
Banka, United States 10.27%
-4.99% -10.21%
+8.44% +0.49%
+105.69% +9.87%

FRANKLIN MUTUAL FINANCIAL SERVICES FUND

24

Annual Report

franklinmurren.com

figures shown. For most recent month-end performance, go to franklintempleton.com or call (800) 342-5236.

During 2022, an underweight in the capital markets industry, stock selection in banks and an overweight in insurance boosted relative returns. Meanwhile, outside the Financial Services Administration, the estate investment trusts and information technology (IT) services curbed relative performance. The Portfolio Composition table on page 29 includes management fees, distribution and service (128.1) fees, and the financial services and information technology (IT) services curbed relative performance. The Portfolio Composition table on page 29 includes management fees, distribution and service (128.1) fees, and the financial services and information technology (IT) services curbed relative performance. The Portfolio Composition table on page 29 includes management fees, distribution and service (128.1) fees, and the financial services and information technology (IT) services curbed relative performance. The Portfolio Composition table on page 29 includes management fees, distribution and service (128.1) fees, and the financial services and information technology

As the company's most recent year, the company's business is a major business in the United States. The company's business is a major business in the United States. The company's business is a major business in the United States.

## Actual Fund Expenses

FRANKLIN MUTUAL FINANCIAL SERVICES FUND

## Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund

![img-3.jpeg](img-3.jpeg)

franklintempleton.com

Annual Report | 25

lists the industries in which the Fund primarily invests, some of which are listed above.

This annual report for Franklin Mutual Global Discovery Fund, which includes the following: a report of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance of the Fund's performance

## Franklin Mutual Global Discovery Fund

---

1. Source: Morningstar
The index is encouraged and includes achievement of any income or distributions. It does not reflect any fees, expenses or sales charges. One cannot invest directly in an index, and an index is non-representative of the Fund's portfolio. Net Returns (Net) include income net of tax withholding when dividends are paid.
See www.franklinmongatex.com for additional data provider information.
The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SDI).
The SDI begins on page 7g.

28 | Annual Report

franklinmongatex.com

The Fund seeks capital appreciation. Under normal market conditions, the Fund invests primarily in equity securities of U.S. and foreign companies that we believe are available at the end of the year. The Fund is not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from the Fund's actual return. The Fund is not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from the Fund's actual return. The Fund is not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from the Fund's actual return. The Fund is not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from the Fund's actual return.

FRANKLIN MUTUAL-GLOBAL-DISCOVERY FUND

its excess cash to buy back shares; while also hiking its

www.bm.com

Annual Report 21

To a lesser extent, the Fund also invests in merger arbitrage securities and the debt and equity of distressed companies.

The Fund may invest a substantial portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

The Fund may invest in a significant portion, potentially up to

100% of its assets, in foreign securities and justifications.

## Investment Strategy

At Franklin Mutual Series, we are committed to our

distinctive value approach to investing, which we believe

will be a key step in the investment strategy.

The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

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of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

of the investment strategy. The investment strategy is a strategy to invest in a significant portion

28

Annual Report

franklinmmplawn.com

# **Geographic Composition**
12/31/22

undervalued equities, we are attracted to what we believe are fundamentally strong companies with healthy balance sheets, high-quality assets, substantial free cash flow

and shareholder-oriented management teams and whose
sure is expanding at discounts to our attainment of the
funding of the market. Our may are integrated our main
and other assets and the existing existing position
of the company. We are also the leading of our assets
and the existing existing position of the
funding of the market. Our may are integrated our main
and other assets and the existing existing position of the
funding of the market. Our may are integrated our main
and other assets and the existing existing position of the
funding of the market. Our may are integrated our main
and other assets and the existing existing position of the
funding of the market. Our may are integrated our main
and other assets and the existing existing position of the
funding of the market.

Performance as of 12/31/22

FRANKLIN MUTUAL GLOBAL DISCOVERY FUND

# **Performance Summary as of December 31, 2022**

The performance table and graphs do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

www.laranpharm.com

Annual Report | 29

See page 31 for Performance Summary Ventures.

![img-0.jpeg](img-0.jpeg)

Total Return Index Comparison for a Hypothetical $10,000 Investment1

![img-1.jpeg](img-1.jpeg)

See page 31 for Performance Summary footnotes.

| Ireland | 2.4% | we may invest occasionally in privately held companies as SUMMARY |
| --- | --- | --- |
| Australia | 2.1% | well. |
| South Korea | 1.8% |  |
| Canada | 1.5% | To a lesser extent, we complement this more traditional investment in the business of the company. One is distressed |
| In addition to the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share | 2.3% | involved in the business of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share |
| In addition to the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share | 2.2% | involved in the business of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share |
| In addition to the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share | 2.1% | involved in the business of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share |
| In addition to the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share | 2.0% | involved in the business of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share |
| In addition to the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share | 2.0% | involved in the business of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share |

FRANKLIN MUTUAL GLOBAL DISCOVERY FUND

FranklinMortialGlobalDiscoveryFund

Annual Report 31

Visuals to less than 0.1%

## Performance Overview

The Bundy Class 7 shows posted a 4.7% cumulative
cost of 2018 and the 2019 annual income of the 2018
and 2019 annual income of the 2018. The 2018
and 2019 annual income of the 2018 and 2019 annual
income of the 2018 and 2019 annual income of the 2018
and 2019 annual income of the 2018 and 2019 annual
income of the 2018 and 2019 annual income of the 2018
and 2019 annual income of the 2018 and 2019 annual
income of the 2018 and 2019 annual income of the 2018
and 2019 annual income of the 2018 and 2019 annual
income of the 2018 and 2019 annual income of the 2018

investing is complex and can take many forms. The most
common distressed investment the Fund undertakes is the
purchase of financially troubled or bankrupt companies' debt
at a potential market price to a market in the 2018
and 2019 annual income of the 2018 and 2019 annual
income of the 2018 and 2019 annual income of the 2018
and 2019 annual income of the 2018 and 2019 annual
income of the 2018 and 2019 annual income of the 2018
and 2019 annual income of the 2018 and 2019 annual
income of the 2018 and 2019 annual income of

## Actual Fund Expenses

FRANKLIN MUTUAL GLOBAL DISCOVERY FUND

## Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund

![img-2.jpeg](img-2.jpeg)

32 | Annual Report

franklinmpt.com

of stocks exhibiting overall value style characteristics in

This annual report for Franklin Mutual Quest Fund covers the During Period of the First Year of 2020, which is designed to improve the performance of the 12-month future. The report is based on the results of the 12-month future. The report is based on the results of the 12-month future. The report is based on the results of the 12-month future. The report is based on the results of the 12-month future. The report is based on the results of the 12-month future. The report is based on the results of the 12-month future. The report is based on the results of the 12-month future. The report is based on the results of the 12-month future.

## Franklin Mutual Quest Fund

---

2. Source: Morningstar.

The indexes are summarized and include reinvestment of any income or distributions. They do not reflect any fees, expenses or sales charges. One cannot invest directly in an index, and an index is not representation of the Fund's portfolio. Net Returns (NIR) includes income not of tax withholding when dividends are paid. See www.franklinmarginsfund.com for additional data provider information.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SDI). The NIR begins on page 105.

franklinmarginsfund.com

Annual Report | 20

1. Source: FactSet. The Blended Benchmark was calculated internally.

---

The Fund seeks capital appreciation, which may occasionally be short term. The secondary goal is income. Under normal market conditions, the Fund invests substantially to primarily the financial and financial services of the fund. The Fund's actual expense is based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. This information may not be used to estimate the actual ending account balance or expenses

---

FRANKLIN MUTUAL QUEST FUND

profitable during certain periods over the years. Distressed

Top positive contributors to performance during the 12-month

---

34

Annual Report

franklinmutil.com

invests are primarily common stock, with a current focus on mid- and large-cap companies. To a lesser extent, the Fund also invests in merger arbitrage securities and the debt and equity of distressed companies. The Fund may invest a

beginning on page 36.

Performance data represent past performance, which does not guarantee future results. Investment return and principal

revenue and the credit and principal debt and equity of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

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The Company's share of the Company's share of the Company's share of the Company's share of the Company's share[{"box_2d": [310, 118, 556, 141], "label": "text",

the leading countries where the Fund invests.

to franklintempleton.com or call (800) 342-5236

# Geographic Composition
12/31/22

# Investment Strategy

The following is the company's equity values due to its high interest in the Company's shareholding in the Fund. The Company's shareholding in the Fund is based on the Company's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in the Fund's shareholding in

Performance as of 12/31/22

FRANKLIN MUTUAL QUEST FUND

# Performance Summary as of December 31, 2022

The performance table and graphs do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

36 | Annual Report

franklintempleton.com

See page 36 for Performance Summary footnotes.

![img-3.jpeg](img-3.jpeg)

Total Return Index Comparison for a Hypothetical $10,000 Investment1

![img-4.jpeg](img-4.jpeg)

hush-bet-amp-technology.com

Annual Report | 37

See page 36 for Performance Summary Footnotes.

| Canada | 1.1% | companies' intrinsic or business value. We also look for asset-rich companies whose shares may be trading at depressed levels due to concerns over short-term earnings |
| --- | --- | --- |
| PERFORMANCE SUMMARY | 1.1% |  |
| Other | 1.3% |  |
| Short Term Investments & Other Net Assets | 11.0% |  |
| Comprehensive financial statements and other financial statements |  |  |
| Trade and other financial statements |  |  |
| Investments and other financial statements |  |  |
| Investments and other financial statements |  |  |
| Investments and other financial statements |  |  |
| Investments and other financial statements |  |  |
| Investments and other financial statements |  |  |
| Investments and other financial statements |  |  |
| Investments and other financial statements |  |  |
| Investments and other financial statements |  |  |
| Investments and other financial statements |  |  |
| Investments and other financial statements |  |  |

FRANKLIN MUTUAL QUEST FUND

38

Annual Report

franklinmpt.com

The Fund's Class Z shares posted a -6.86% cumulative total return for the 12 months ended December 31, 2022. In comparison, the Fund's primary benchmark, the blended 70% MSCI World Value Index-NR (USD) = 30% Bloomberg Global Corporate Equity Index (Branded Bloomberg), the 2022 Annual Report of the Company's Annual Report, a summary of the Fund's December 31, 2022, with a 2022 Annual Report of the Company's Annual Report, including the 2022 Annual Report of the Company's Annual Report, including the 2022 Annual Report of the Company's Annual Report, including the 2022 Annual Report of the Company's Annual Report, including the 2022 Annual Report of the Company's Annual Report, including the 2022 Annual Report of the Company's Annual Report, including the 2022 Annual Report of the Company's Annual Report, including the 2022 Annual Report of the Company's Annual Report, including the 2022 Annual Report

While the vast majority of our undervalued equity and debt investments are made in publicly traded companies globally, we may invest occasionally in privately held companies as a member of the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group, the Fund's Group

# Actual Fund Expenses

FRANKLIN MUTUAL QUEST FUND

# Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund

![img-0.jpeg](img-0.jpeg)

www.fund.com

Annual Report 39

investing, a highly specialized field that has proven quite

This annual report for Franklin Mutual Shares Fund covers

the 2018 financial year ended December 31, 2017. The report also includes the 2018 financial year ended December 31, 2017. The report also includes the 2018 financial year ended December 31, 2017.

Performance data represent past performance, which does not guarantee future results. Investment return and principal value of the financial year ended December 31, 2017 are not available for any other financial year ended December 31, 2017. The report also includes the 2018 financial year ended December 31, 2017.

## Franklin Mutual Shares Fund

Trademark of Frank Russell Company

The index is unchanged and includes reinvestment of any income or distributions. It does not reflect any fees, expenses or sales charges. One cannot invest directly in an index, and an index is non-representative of the Fund's portfolio. Net Returns (Net) include income net of tax withholding when dividends are paid.

See www.frankrishcomptorimutualsures.com for additional data provider information.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Schedule of Investments (SDI). The SIDI begins on page 99.

40 | Annual Report

frankrishcomptorimutualsures.com

1. Source: Morningstar, Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a

The Fund seeks capital appreciation, which may occasionally be short term. The secondary goal is income. Under normal market conditions, the Fund invests primarily

figures shown. For most recent month-end performance, go to franklintempleton.com or call (800) 342-5236.

# Investment Strategy

The Fund's investment strategy is a key strategy for the investment strategy. It is a strategy that provides the investment strategy to the public. It is a strategy that provides the investment strategy to the public. It is a strategy that provides the investment strategy to the public. It is a strategy that provides the investment strategy to the public. It is a strategy that provides the investment strategy to the public. It is a strategy that provides the investment strategy to the public. It is a strategy that provides the investment strategy to the public. It is a strategy that provides the investment strategy to the public. It is a strategy that provides the investment strategy to

FRANKLIN MUTUAL SHARES FUND

also hiking its dividend 10%, and it continues to execute

franklintempleton.com

Annual Report

41

invests are primarily common stock, with a current focus on mid- and large-cap companies, and the remaining portion in smaller companies. To a lesser extent, the Fund also invests in merger arbitrage securities and the debt and equity of the company's subsidiaries. In addition, the Fund also invests in the merger and the company's subsidiaries, which are not limited to the Company's subsidiaries. In addition, the Fund also invests in the merger and the company's subsidiaries, which are not limited to the Company's subsidiaries.

can generate above-average risk-adjusted returns over time for our shareholders. Our major investment strategy is investing in undervalued stocks. When selecting undervalued equities, we are attracted to what we believe in. We have been able to see the company's subsidiaries, and we are able to see the company's subsidiaries. We have been able to see the company's subsidiaries, and we are able to see the company's subsidiaries.

The Company is a member of the United States, and the United Kingdom is a member of the United States. The Company is a member of the United States, and the United Kingdom is a member of the United States.

Therefore, information under the heading 'Hypothetical' is useful in comparing ongoing costs only, and will not help you compare total costs of owning different funds. In addition, if transactional costs were included, your total costs would have

FRANKLIN MUTUAL SHARES FUND

Charter Communications, a U.S.-based cable company.

Thank you for your participation in Franklin Mutual

42

Annual Report

franklinmuplatzn.com

page lists the leading countries where the Fund invests.

# **Geographic Composition\***

12/31/22

The following table shows the total of the companies and the companies' share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share of the Fund's share

stocks are trading at discounts to our assessment of the companies' intrinsic or business value. We also look for asset-rich companies whose shares may be trading at

disposed levels due to concerns over short-term earnings. The company has a 3.5% share of the investment opportunities. The company has a 3.5% share of the investment opportunities. The company has a 3.5% share of the investment opportunities. The company has a 3.5% share of the investment opportunities.

Performance as of 12/31/22

FRANKLIN MUTUAL SHARES FUND

# **Performance Summary as of December 31, 2022**

The performance table and graphs do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

www.laranex.com

Annual Report | 43

See page 45 for Performance Summary Statistics.

![img-1.jpeg](img-1.jpeg)

Total Return Index Comparison for a Hypothetical $10,000 Investment1

![img-2.jpeg](img-2.jpeg)

See page 45 for Performance Summary footnotes.

## Performance Overview

The Eurax Class 7 shares posted a -7.11% cumulative
rate of 2.5% in the 2018-2019 period. The market
of the company's share value due to its high financial
risk. The market's share is based on the market's
share value. The market's share is based on the market's
share value. The market's share is based on the market's
share value.

investment strategy with two others. One is a result of the
investing, a highly specialized field that has proven quite
profitable during certain periods over the years. Distressed
investing is complex and can take many forms. The most
factual results are based on the market's share value.
The market's share is based on the market's share value.
The market's share is based on the market's share value.
The market's share is based on the market's share value.
The market's share is based on the market's share value.
The market's share is based on the market's share value.
The market's share is based on the market's share value.
The market's share is based on the market's share value.

FRANKLIN MUTUAL SHARES FUND

www.franklin.com

Annual Report 45

cap value segment of the U.S. equity universe, posted a
-7.54% cumulative total return for the period under review.1
You can find more of the Fund's performance data in the

Performance Summary beginning on page 43.
Conversely, stock selection in the energy sector, along with
Vinnie's Digital, a U.S. owned hard drive and data storage
companies, with a similar detector. The company's data
is based on the data source's data, which is based on the data source's data
and is based on the data source's data, which is based on the data source's data
and is based on the data source's data, which is based on the data source's data
and is based on the data source's data, which is based on the data source's data
and is based on the data source's data, which is based on the data source's data
and is based on the data source's data, which is based on the data source's data

distressed company is reorganized, often in bankruptcy
court, the old debt is typically replaced with new securities
issued by the financially stronger company.

| CBRE Group, 1982-2461 | $1.3398 | $2.0000 |
| --- | --- | --- |
| Real Estate Management & Development | $1.3398 | $2.2281 |
| United States |  |  |

# Actual Fund Expenses

FRANKLIN MUTUAL SHARES FUND

# Your Fund's Expenses

As a Fund shareholder, you can incur two types of costs: (1) transaction costs, including sales charges (loads) on Fund

![img-3.jpeg](img-3.jpeg)

46 | Annual Report

franklinmpt.com

most financial services are not included in the most recent financial year. The company's performance is based on the company's performance in the Top 10. The company's performance is based on the company's performance in the Top 10. The company's performance is based on the company's performance in the Top 10. The company's performance is based on the company's performance in the Top 10. The company's performance is based on the company's performance in the Top 10. The company's performance is based on the company's performance in the Top 10. The company's performance is based on the company's performance in the Top 10.

FRANKLIN MUTUAL SERIES FUNDS

## Financial Highlights

*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

*Based on average daily shares outstanding.

*Net investment income per share includes approximately $0.18 per share related to income received in the form of special dividends and an adjustment for EU reclaims in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.00%.

*Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 1(a).

*Benefit of expense reduction mortals to less than $0.01%.

*Benefit of waiver and payments by affiliates outside to less than 0.01%.

Funklin.com

The accompanying notes are an integral part of these financial statements. Annual Report

47

FINANCIAL HIGHLIGHTS

and therefore the issuers in which the Fund invests may not be considered With Request Campaigns, Information With Considerations, Use the Investment process. Current financial and financial performance, except as to the financials which as the spread of equity, dividends, dividends, and financial, political or social disruptions, may be used for the investment in the Fund's performance. The Fund's presentation also includes a description of the main investment risks.

Financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance, except as to the financial and financial performance

FRANKLIN MUTUAL SERIES FUNDS

The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and reimburse of the Fund's actual expense ratio and an attached rate of return of 5% per year before expenses, which are not available for any other financial or other financial performance.

Based on average daily shares outstanding:
*Net investment income per share includes approximately $0.29 per share related to income received in the form of special dividends and an adjustment for EU reclaims in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.28%.
*Total return does not reflect sales commissions or contingent deferred sales charges, if applicable.
*Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 1(a).
*Benefit of expense reduction brands to less than 0.01%

48

Annual Report. The accompanying notes are an integral part of those financial statements.

franklimanydayn.com

FINANCIAL HIGHLIGHTS

The amount and securities of issuers in other countries that are subject to economic sanctions related to the invasion.

**Franklin Mutual Research Fund** (revised) ...
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... and ...
... and ...

FRANKLIN MUTUAL SERIES FUNDS

The following figures are based on the following figures:
... and ...
... and ...
... and ...
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... and ...
... and ...
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... and ...

www.franklinmutual.com

The accompanying notes are an integral part of these financial statements. Annual Report 40

FINANCIAL HIGHLIGHTS

lower price in bank ratios and lower forecasted growth rates. Russell 1900® Index is market capitalization weighted and measures the performance of the approximately 1,000 market capitalization. Financial statements are based on estimates which represents the majority of the U.S. market's total capitalization.

Financial Statements: Financial Statements and Financial Statements are based on estimates of the U.S. market's total capitalization. Financial statements are based on estimates of the U.S. market's total capitalization. Financial statements are based on estimates of the U.S. market's total capitalization. Financial statements are based on estimates of the U.S. market's total capitalization. Financial statements are based on estimates of the U.S. market's total capitalization. Financial statements are based on estimates of the U.S. market's total capitalization. Financial statements are based on estimates of the U.S. market's total capitalization.

FRANKLIN MUTUAL SERIES FUNDS

Benefit of water and payments by affiliates travels to less than 0.01%.
The amount of water and payments by affiliates travels to less than 0.01%.
The amount of water and payments by affiliates travels to less than 0.01%.
The amount of water and payments by affiliates travels to less than 0.01%.
The amount of water and payments by affiliates travels to less than 0.01%.
The amount of water and payments by affiliates travels to less than 0.01%.
The amount of water and payments by affiliates travels to less than 0.01%.

56

Annual Report. The accompanying notes are an integral part of these financial statements.

franklinmupdson.com

FINANCIAL HIGHLIGHTS

# Franklin Mutual Beacon Fund (continued)

| Short-term debt | $1,000 | $1,083.10 | 83.70 | 40.00 | 1.00 | 0.00 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Short-term debt (revised and non-revised) | $1,062.30 | $1,062.30 | 83.70 | 40.00 | 1.00 | 0.00 | 0.00 |
| Total | $1,000 | $1,058.00 | 83.70 | 40.00 | 1.00 | 0.00 | 0.00 |
| Land | $1,000 | $1,060.50 | 83.70 | 40.00 | 1.00 | 0.00 | 0.00 |
| Land (loss) | $1,000 | $1,058.00 | 83.70 | 40.00 | 1.00 | 0.00 | 0.00 |
| Total | $1,000 | $1,060.50 | 83.70 | 40.00 | 1.00 | 0.00 | 0.00 |
| Land (loss) | $1,000 | $1,058.00 | 83.70 | 40.00 | 1.00 | 0.00 | 0.00 |

FRANKLIN MUTUAL SERIES FUNDS

*Rounds to less than 0.05%.

*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating full value of the investments of the Fund.

*Based on average daily shares outstanding.

*Net investment income per share includes approximately $0.29 per share related to income received in the form of special dividends and an adjustment for EU reclaims in connection with certain Fund holdings. Excluding this amount, the sum of net investment income to average net assets would have been 1.00%.

*Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 1(a).

*Benefit of expense reduction rounds to less than 0.05%.

Mounds to less than 0.05%.

Franklinampton.com

The accompanying notes are an integral part of these financial statements. Annual Report

51

# Franklin Mutual Beacon Fund

|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Total Capital Fund 2021 (Projected basis (US$M)) | (12.08) | 10.12 | 3.49 | 24.12 | (9.00) |
| Common Stock 2022 | (2.16) | 2.73 | 0.63 | 3.41 | (1.38) |
| Expenditure 2021 | 1.27% | 1.31% | 1.32% | 1.31% | 1.32% |
| Expenditure 2020 | (0.24) | 0.02 | 0.02 | 0.02 | 0.02 |
| Net Cash Flow 2021 | 1.32% | 0.92% | 3.16% | 1.61% | 1.27% |
| Expenditure 2020 | (1.43) | (1.24) | 2.56% | (0.76) | 100.18% |
| Net Cash Flow 2021 | $1.32 | $1.38 | $1.28 | $1.78 | $1.60 |

FRANKLIN MUTUAL SERIES FUNDS

# Schedule of Investments, December 31, 2022

52 Annual Report The accompanying notes are an integral part of these financial statements.

franklinmpt.com

SCHEDULE OF INVESTMENTS

# Franklin Mutual Beacon Fund (continued)

| Period | 49.68% | 49.68% | 49.68% | 49.68% | 49.68% |
| --- | --- | --- | --- | --- | --- |
| Total Investment | 49.68% | 49.68% | 49.68% | 49.68% | 49.68% |
| Total Investment (continued) | 49.68% | 49.68% | 49.68% | 49.68% | 49.68% |
| Total Investment (continued) | 49.68% | 49.68% | 49.68% | 49.68% | 49.68% |
| Total Investment (continued) | 49.68% | 49.68% | 49.68% | 49.68% | 49.68% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

| Total Investment (continued) | United States | United States | United States | United States | United States |
| --- | --- | --- | --- | --- | --- |
| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |

<table></table>

Total Investment (continued)</td><td>0.70%</td><td>0.70%</td><td>0.70%</td><td>0.70%</td></tr></table>

| Total Investment (continued) | United States |  |
| --- | --- | --- |

| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| --- | --- | --- | --- | --- | --- |

| Total Investment (continued) | United States |  |
| --- | --- | --- |

| Total Investment (continued) | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| --- | --- | --- | --- | --- | --- |

<table><thead><tr><td>Total Investment (continued)</td><td>United States</td><td></td></tr></tabletabletable>

Page 1 of 1

SCHEDULE OF INVESTMENTS

# Franklin Mutual Beacon Fund (continued)

| Net assets at end of year (100%) | $101,313 | United States | $99,699,070 | $90,220 | 100,509,358 |
| --- | --- | --- | --- | --- | --- |
| Net assets at end of year (100%) | 49.68% | United States | 47.32% | 30.72% | 31.20% |
| Net assets at end of year (100%) | 49.68% | United States | 1,574,277 |  | 100,740,524 |
| Net assets at end of year (100%) | 49.68% | United States | 5,101,850 |  | 62,344,607 |
| Net assets at end of year (100%) | 49.68% | United States | 1,587,083 |  | 109,547,445 |
| Net assets at end of year (100%) | 49.68% | United States | 5,236,438 |  | 50,436,842 |
| Net assets at end of year (100%) | 49.68% | United States | 603,885 |  | 66,979,851 |
| Net assets at end of year (100%) | 49.68% | United States | 2,027,088,739 |  | 70,389,082,962 |

*Contingent distributions represent the rights to women additional distributions, if any, during the reorganization of the underlying company. Shares represent total underlying

FRANKLIN MUTUAL SERIES FUNDS

54

Annual Report | The accompanying notes are an integral part of these financial statements.

franklinmpt.com

# Franklin Mutual European Fund

| Discarded Telecommunication Services 2.9% |  | Year Ended December 31, |  | 393,657,707 |
| --- | --- | --- | --- | --- |
| *The total outstanding performance change in Europe 2.9% |  | Germany | 2020 | 2019 |
| Electrical Equipment 2.9% | 2022 | United States | 1,595,028 | 65,922,144 |
| Class 2.9% |  | United States | 2,051,263 | 65,922,144 |
| Per capita operating performance |  |  |  |  |
| Appraiser 2.9% |  | Germany | 481,281 | 65,223,249 |
| Per capita operating performance (the year) |  | United States | 1,595,028 | 65,223,249 |
| Per capita operating performance (the year) |  | United States | 1,595,028 | 65,223,249 |
| Income from investment operations* |  |  |  |  |

FRANKLIN MUTUAL SERIES FUNDS

# Financial Highlights

*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating the value of the investments of the Fund.

Based on average daily shares outstanding.

Net investment income per share includes approximately $0.30 per share related to income received in the form of special dividends and an adjustment for EU reclaims in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.48%.

Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 1(a).

Benefit of expense reduction rounds to less than $0.01%.

Benefit of waiver and payments by affiliates rounds to less than 0.01%.

Franklinmuts.com

The accompanying notes are an integral part of these financial statements. Annual Report

55

FINANCIAL HIGHLIGHTS

# Franklin Mutual European Fund (continued)

| Net Investment Income | 0.00 | Total Investment Income | 0.04 | 335,000,000 |
| --- | --- | --- | --- | --- |
| Interest Expense (Total, Inc.) | (0.74) | 3.61 | (3.60) | 3.46 |
| Total Common Stock (Cost $2,469,140,328) | (0.14) | 3.39 | (3.36) | 4.00 |
| Total Common Stock (Total, Inc.) |  |  |  | 63,856,864 |
| Cash & Cash Flow | United States |  | 1,563,667 |  |
| Per share (Operating Income) (In $ millions) | (0.70) | (0.77) | (0.46) | (0.58) |
| Per share (Operating Income) (In $ millions) | $21.24 | United States | 1,000,000 | $21.24 |
| Net assets (Total, Inc.) | $21.24 | $28.85 | $28.85 | $17.32 |
| Income from investment operations | (0.03)% | 18.48% | 18.03% | 22.28% |
| Net investment income | 0.53 | 0.51 | 0.54 | 0.49 |

FRANKLIN MUTUAL SERIES FUNDS

The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and re-evaluation of the financial assets. In relation to income earned and/or fluctuating fair value of the investments of the Fund.

Based on average daily shares outstanding.

Net investment income per share includes approximately $0.29 per share related to income received in the form of special dividends and an adjustment for EU reclaims in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.44%.

Total return does not reflect sales commissions or contingent deferred sales charges, if applicable.
Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 1(a).

Benefit of expense reduction stands to less than 0.01%

56

Annual Report The accompanying notes are an integral part of those financial statements.

franklimenplatyn.com

FINANCIAL HIGHLIGHTS

# Franklin Mutual European Fund (continued)[{"box_2d": [31, 83, 560, 152], "label": "table", "caption": "

|  | United States | United States | United States | United States |
| --- | --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
| Less: Net | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
| Net | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
| Net | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
| Net | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States | United States |
| --- | --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |
| Total | 2,000,000 | 2,000,000 | 2,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

|  | United States | United States | United States |
| --- | --- | --- | --- |
| Net | 1,000,000 | 1,000,000 | 1,000,000 |

<table><thead><tr><

FINANCIAL HIGHLIGHTS

# Franklin Mutual European Fund [continued]

|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Expenditure of capital (in millions of dollars) | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Expenditure of capital (in millions of dollars) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Net income (in thousands of dollars) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Net income (in thousands of dollars) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Net income (in thousands of dollars) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Net income (in thousands of dollars) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |

|  | 2022 | 2021 | 2020 | 2019 |
| --- | --- | --- | --- | --- |
| Net income (in thousands of dollars) | $150,000 | $151,000 | $172,000 | $151,000 |
| Net income (in thousands of dollars) | $150,000 | $151,000 | $172,000 | $151,000 |
| Net income (in thousands of dollars) | $150,000 | $151,000 | $172,000 | $151,000 |

|  | 2022 | 2021 | 2020 | 2019 |
| --- | --- | --- | --- | --- |
| Net income (in thousands of dollars) | $150,000 | $151,000 | $172,000 | $151,000 |
| Net income (in thousands of dollars) | $150,000 | $151,000 | $172,000 | $151,000 |

FRANKLIN MUTUAL SERIES FUNDS

Benefit of waiver and payments by affiliates stands to less than 0.01%.
The amount of the Fund is not less than 0.01%.
The amount of the Fund is not less than 0.01%.
The amount of the Fund is not less than 0.01%.
The amount of the Fund is not less than 0.01%.
The amount of the Fund is not less than 0.01%.
The amount of the Fund is not less than 0.01%.
The amount of the Fund is not less than 0.01%.

58 Annual Report The accompanying notes are an integral part of those financial statements.

franklimenplatyn.com

FINANCIAL HIGHLIGHTS

# Franklin Mutual European Fund (continued)

|  | Year Ended December 31, |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2008/09/30 | 2009/10/30 | 2010/11/30 | 2011/12/31 | 2012/01/31 |
| Net Investment and unrealized gains (losses) | (0.0000)% | 2.8% | 1.3% | 3.3% | (2.0%) |
| Total Investment and unrealized gains (losses) | (0.0000)% | 2.8% | 1.3% | 3.3% | (2.0%) |
| Less: Net Investment and unrealized gains | 1.81% | 1.83% | 2.18% | 1.77% | 1.38% |
| Total Investment and unrealized gains (losses) | (0.0000)% | (0.0000)% | (0.0000)% | (0.0000)% | (0.0000)% |
| Net Investment and unrealized gains (losses) | (0.0000)% | (0.0000)% | (0.0000)% | (0.0000)% | (0.0000)% |
| Net Investment and unrealized gains (losses) | (0.0000)% | (0.0000)% | (0.0000)% | (0.0000)% | (0.0000)% |
| Total Investment and unrealized gains (losses) | (1.03)% | 20.96% | (6.7)% | 21.7% | 52.5% |
| Net Investment and unrealized gains (losses) | (1.03)% | 20.96% | (6.7)% | 21.7% | 52.5% |
| Notes to management accounts | 0.62 | 0.60 | 0.64 | 0.69 | 0.56 |

FRANKLIN MUTUAL SERIES FUNDS

• Rounds to less than 0.05%.

• The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

• Based on average daily shares outstanding.

• Net investment income per share includes approximately $0.30 per share related to income received in the form of special dividends and an adjustment for EU restraints in connection with certain Fund holdings. Excluding this amount, the sum of net investment income to average net assets would have been 1.03%.

• Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 3(a).

• Variance of expense reduction rounds to less than 0.05%.

• Rounds to less than 0.05%.

Franklinmuth.com

The accompanying notes are an integral part of these financial statements. Annual Report

59

# **Franklin Mutual European Fund**

|  | Country | Shares | Value |
| --- | --- | --- | --- |
| Expenditure and unrealized gains (losses) | 1.49% (0.73) | 1.58% (2.60) | 1.54% (3.33) |
| Expenditure and unrealized gains (losses) (losses and short) | -% (0.11) | -% (3.20) | -% (4.02) |
| Net income | 2.29% | 2.21% | 3.19% |
| Net income | (0.72) | Franc (0.73) | 14.52% |
| Net income | 36.36% | 36.36% | 37.52% |
| Net income | 32.53% | 32.05% | 24.04% |
| Net income | 12.36% | 12.36% | 12.35% |

FRANKLIN MUTUAL SERIES FUNDS

Schedule of Investments, December 31, 2022

66 Annual Report The accompanying notes are an integral part of these financial statements.

franklinmupdellyn.com

1

SCHEDULE OF INVESTMENTS

# Franklin Mutual European Fund (continued)

|  | Fin | Country | 5th | 6th | Total |
| --- | --- | --- | --- | --- | --- |
| City Corporate (less) Employments Multiple SCA |  |  |  |  |  |
| City Corporate (less) Employments by affiliates* | 0.92% | 1.02% | 1.00% | 0.94% | 0.92% |
| State Government (less) Employments by affiliates** | 0.91% | 0.99% | 0.97% | 0.93% | 0.91% |
| State Government (less) Protection with securities sold short | --% | France --% | $12,985 | --% | 29,152,133 --% |
| State Government (less) | 2.96% | Spain | 1,108,584,705 | 2.88% | 5,494,002,000 |
| State Government (less) |  | Netherlands | 2,393,140 |  | 29,149,871 |
| Net interest expense (000's) | $33,304 | $35,298 | $33,498,965 | $44,56163,775 | $34,006,086 |
| Profit & Loss (000's) | 32.10% | Germany | 24,000 | 12.16% | 10,000,000 |
| Investments (000's) |  |  |  |  |  |

# FRANKLIN MUTUAL SERIES FUNDS

Franklinmuth.com

The accompanying notes are an integral part of these financial statements. Annual Report 01

SCHEDULE OF INVESTMENTS

# Franklin Mutual European Fund (continued)

| Anheuser-Busch Inflow SARIV | Belgium | 236,319 | 14,230,825,450 |
| --- | --- | --- | --- |
| Short Term Investments 3.1% | Italy | 385,290 | 9,107,181 |
| Interbank 3.1% | Netherlands | 1,000,000 | 13,361,641 |
| Net Cash Flow | Australia | 1,000,000 | 13,361,641 |
| Oil Gas & Consumable Fuels 3.1% | Country | Amount | 38,725,007 |
| Oil Gas & Consumable Fuels 3.1% | United Kingdom | 2,412,669 | 20,410,789 |
| Oil Gas & Consumable Fuels 3.1% | United States | 1,000,000 | 20,410,789 |
| Oil Gas & Consumable Fuels 3.1% | United States | 1,000,000 | 20,410,789 |
| Oil Gas & Consumable Fuels 3.1% | United States | 1,000,000 | 20,410,789 |

# FRANKLIN MUTUAL SERIES FUNDS

The principal amount is stated in U.S. dollars unless otherwise indicated.

Non-recurring

Security was purchased pursuant to Rule 144A or Regulation S under the Securities Act of 1933. 144A securities may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. Regulation S securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2022, the value of this security was $21,135,082, representing 2.8% of net assets.

A portion or all of the security is on loan at December 31, 2022. See Note 1(f).

The security was issued on a discount basis with no stated coupon rate.

A portion or all of the security has been segregated as collateral for open forward exchange contracts. At December 31, 2022, the value of this security pledged amounted to

62 | Annual Report | The accompanying notes are on integral part of these financial statements.

franklinmortgation.com

SCHEDULE OF INVESTMENTS

# Franklin Mutual European Fund (continued)

| At 1% | 1,100,000 | 1,100,000 | 8,867,395 |
| --- | --- | --- | --- |
| At 1% | United States | 4,813,434 | 3,450,000 |
| Dividends | 1,100,000 | 1,100,000 | 22,650,000 |
| Accounts Receivable and Agency Securities (Cost $22,645,586) | 1,100,000 | 1,100,000 | 22,650,000 |
| Asset Management | 1,100,000 | 1,100,000 | 22,650,000 |
| Asset Management | 6,600,000 | 6,600,000 | 23,450,000 |
| Total Short Term Investments (Cost $22,645,586) | 200,265 |  | 22,650,000 |

FRANKLIN MUTUAL SERIES FUNDS

$750,007, representing 0.1% of net assets.

Franklinampton.com

The accompanying notes are an integral part of these financial statements. Annual Report

03

See Abbreviations on page 151.

# Franklin Mutual Financial Services Fund

| Group Statement & Statement | Type | Corporate | Year Ended December 31, | Date | $78,601,000 |
| --- | --- | --- | --- | --- | --- |
| Other Assets, less Liabilities 1.5% | First | 2016 | 2016 | 2016 | 2016 |
| Credit Payments 1.5% |  |  |  |  |  |
| Cash Assets 1.5% | Long | Advance | $870,380 | 2017/23 | $718,430,811 |
| Per Share of Financial Statements |  |  |  |  |  |
| Per Share of Financial Statements |  |  |  |  |  |
| Per Share of Financial Statements | Short | 405 | 108,749,000 | 2017/23 | 21,617,453 |
| Net Investment Income | Short | 411 | 2016 | 2016 | 2016 |
| Income from Investment Operations |  |  |  |  |  |
| Net Investment Income | 0.61 | 0.46 | 0.18 | 0.38 | 0.00 |

FRANKLIN MUTUAL SERIES FUNDS

# Financial Highlights

The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
Based on average daily shares outstanding.
Net investment income per share includes approximately $0.08 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.20%.
Benefit of expense reduction results to less than 0.00%.
Benefit of waiver and payments by affiliates results to less than 0.00%.

64 Annual Report The accompanying notes are an integral part of those financial statements.

franklinmupdson.com

FINANCIAL HIGHLIGHTS

# Franklin Mutual Financial Services Fund (continued)

| Net | Franklin Mutual Financial Services Fund | United Kingdom | Year Ended December 31, | 7,705,000 |
| --- | --- | --- | --- | --- |
| Net | Bank of England (including banks) | United Kingdom | 1,000,000 | 3.38 |
| Total | Bank of England | United Kingdom | 1,000,000 | 4.75 |
| Less: | Bank of England | United Kingdom | 420,418 | 12,430,001 |
| Net | Bank of England (including banks) | United Kingdom | 1,000,000 | 15.53 |
| Net | Bank of England (including banks) | United Kingdom | 1,000,000 | 15.53 |
| Total | Bank of England (including banks) | United Kingdom | 1,000,000 | 14.50 |
| Total | Bank of England (including banks) | United Kingdom | 1,000,000 | 14.50 |
| Total | Bank of England (including banks) | United Kingdom | 1,000,000 | 14.50 |
| Net | Bank of England (including banks) | United Kingdom | 1,000,000 | 14.50 |

FRANKLIN MUTUAL SERIES FUNDS

The amount shown for a share outstanding throughout the period may not constitute with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating full value of the investments of the Fund.
Based on average daily shares outstanding.
Net investment income per share includes approximately $0.08 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.34%.
Total return does not reflect sales commissions or contingent deferred sales charges if applicable.
Benefit of expense reduction counts to less than 0.01%.
Benefit of waiver and payments by affiliate rounds to less than 0.01%.

Franklinampton.com

The accompanying notes are an integral part of these financial statements. Annual Report

05

FINANCIAL HIGHLIGHTS

# Franklin Mutual Financial Services Fund (continued)

| Quarter | Contractor | Contractor | December 31, Unrealized | Unrealized |
| --- | --- | --- | --- | --- |
| Total (Net) (Unrealized and unrealized) (Net) (Net) | 44,200,000.00 | 44,200,000.00 | 44,200,000.00 | 44,200,000.00 |
| Cash and cash equivalents (Net) (Net) (Net) | 12,200,000.00 | 12,200,000.00 | 12,200,000.00 | 12,200,000.00 |
| Cash and cash equivalents (Net) (Net) | 12,200,000.00 | 12,200,000.00 | 12,200,000.00 | 12,200,000.00 |
| Cash and cash equivalents (Net) (Net) | 1,000 | 1,000 | 1,000 | 1,000 |
| Cash and cash equivalents (Net) (Net) | 8,863,900.00 | 8,100,000.00 | 7,100,000.00 | 7,100,000.00 |
| Cash and cash equivalents (Net) (Net) | 584,120.00 | 584,120.00 | 10,000.00 | 10,000.00 |
| Cash and cash equivalents (Net) (Net) | 27,241,600.00 | 27,241,600.00 | 27,241,600.00 | 27,241,600.00 |
| Cash and cash equivalents (Net) (Net) | 190,000.00 | 190,000.00 | 10,000.00 | 10,000.00 |
| Income from investment operations | 14,183,600.00 | 14,183,600.00 | 14,183,600.00 | 14,183,600.00 |
| Net investment income | 0.00 | 0.00 | 0.00 | 0.00 |

# FRANKLIN MUTUAL SERIES FUNDS

The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating but value of the investments of the Fund.
Based on average daily shares outstanding.
Net investment income per share includes approximately $0.05 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 0.20%.
Total return does not reflect sales commissions or contingent deferred sales charges. If applicable.
Benefit of expansion reduction results to less than 0.01%.
Benefit of waiver and payments by affiliates results to less than 0.00%.

66 Annual Report The accompanying notes are an integral part of those financial statements.

franklinmuplatyn.com

FINANCIAL HIGHLIGHTS

# Franklin Mutual Financial Services Fund (continued)

| Total Warrants (Cost $) | 1,400,000 | 1,621,523 | Total Ended December 31, 31,274 | 193,773 |
| --- | --- | --- | --- | --- |
| Total Financial Investment (in thousands) | 11,016,200 | 12,168,638 | 11,000,000 | 11,000,000 |
| Total Financial Investment (in thousands) | 12,000 | 12,213,117 | 11,000,000 | 11,000,000 |
| Total Financial Investment (in thousands) | 4,632,863 | 5,014,546,739 | 1,000,000 | 1,000,000 |
| Total Financial Investment (in thousands) | 8,903,898 | 8,906,050,000 | 1,000,000 | 1,000,000 |
| Total Financial Investment (in thousands) | 26,422,062 | 32,216,021 | 1,000,000 | 1,000,000 |
| Total Financial Investment (in thousands) | 73,348,000 | 74,688,000 | 1,000,000 | 1,000,000 |
| Total Financial Investment (in thousands) | 9,600 | 10,715,000 | 1,000,000 | 1,000,000 |
| Total Investment Income (in thousands) | 29,611,527 | 32,007,633 | 1,000,000 | 1,000,000 |

FRANKLIN MUTUAL SERIES FUNDS

*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.

Based on average daily shares outstanding.

Net investment income per share includes approximately $0.08 per share related to income received in the form of special dividends in connection with certain Fund holdings. Excluding this amount, the rate of net investment income to average net assets would have been 1.01%.

Benefit of expense reduction rounds to less than 0.01%.

Franklinampton.com

The accompanying notes are an integral part of these financial statements. Annual Report

07

# Franklin Mutual Financial Services Fund

|  | Country | Shares | Value |
| --- | --- | --- | --- |
| Total financial and unrealized profit (losses) | 939,487 (1.4) | 4.58 | 18.15% |
| Real estate | 306,688 (1.2) | 5.06 | 1.02% |
| Equity | 2,178,592 | 2,371,655 | 1.02% |
| Net of the Company's share | 1,710,876 | 1.40 | 2.03% |
| Total financial and unrealized profit | 1,699,000 | 1.40 | 2.03% |
| Superior |  |  |  |
| Net of the Company's share | $18,240 | $17,488,327 | $46.13% |
| Total financial and unrealized profit | 31,189,238 | 25,688,510 | 17.08% |

FRANKLIN MUTUAL SERIES FUNDS

# Schedule of Investments, December 31, 2022

58 Annual Report The accompanying notes are an integral part of these financial statements.

franklinmortgian.com

1

SCHEDULE OF INVESTMENTS

# Franklin Mutual Financial Services Fund (continued)

| Financial Services | United States | 347,000 | 13,497,000 |
| --- | --- | --- | --- |
| Financial Services | United States | 328,000 | 13,497,000 |
| Financial Services | United States | 382,949 | 10,820,000 |
| Financial Services | United States | 331,858 | 8,130,521 |
| Financial Services | United States | 1,778,654 | 1.05% |
| Financial Services | United States | 1,778,654 | 1.05% |
| Financial Services | United States | 1,778,654 | 1.05% |
| Financial Services | United States | 1,778,654 | 1.05% |
| Financial Services | United States | 1,778,654 | 1.05% |

# FRANKLIN MUTUAL SERIES FUNDS

Franklinmutsal.com

The accompanying notes are an integral part of these financial statements. Annual Report 09

SCHEDULE OF INVESTMENTS

# Franklin Mutual Financial Services Fund (continued)[{"box_2d": [31, 83, 560, 150], "label": "table", "caption": "

| \"The amount of interest in a discount basis will be stated coupon rate.\" | 31.16% | 28.64% | 28.28% | 17.06% | 13.11% |
| --- | --- | --- | --- | --- | --- |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

| \"A portion of the amount of investment in a discount basis will be stated coupon rate.\" |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |

<table><tr><td>\"A portion of the amount of investment in a discount basis will be stated coupon rate.\"</td><td></td><td></td><td></td><td></td><td></td></tr></tabletable><table><tr><td>\"A portion of the amount of investment in a discount basis will be stated coupon rate.\"</td><td></td><td></td><td></td><td></td><td></td></tr></tabletabletable><tr><td>\"A portion of the amount of investment in a discount basis will be stated coupon rate.\"</td><td></td><td></td><td></td><td></td><td></td></tr></tabletabletable><tr><td>\"A portion of the amount of investment in a discount basis will be stated coupon rate.\"</td><td></td><td></td><td></td><td></td><td></td></tr></tabletabletable><tr><td>\"A portion of the amount of investment in a discount basis will be stated coupon rate.\"</td><td></td><td></td><td></td><td></td><td></td></tr></tabletabletable><tr><td>\"A portion of the amount of investment in a discount basis will be stated coupon rate.\"</td><td></td><td></td><td></td><td></td><td></td></tr></tabletabletable><tr><td>\"A portion of the amount of investment in a discount basis will be stated coupon rate.\"</td><td></td><td></td><td></td><td></td><td

# Franklin Mutual Global Discovery Fund

| Total Common Stocks (Cost $334,415,854) |  | Year Ended December 31, |  |  | 351,862,277 |
| --- | --- | --- | --- | --- | --- |
| Funding: Financial 2.0% |  | 2022 | 2021 | 2020 | 2019 |
| Funding: Financial 2.0% |  |  | United States | 53,496 | 2,014,059 |
| Funding: Financial 2.0% |  |  | United States | 91,224 | 8,480,161 |
| Funding: Financial 2.0% |  |  |  |  |  |
| Per share (for a share outstanding throughout the year) |  |  |  |  |  |
| Per share (for a share outstanding throughout the year) |  |  |  |  |  |
| Per share (for a share outstanding throughout the year) |  |  |  |  |  |
| Per share (for a share outstanding throughout the year) |  |  |  |  |  |
| Per share (for a share outstanding throughout the year) |  |  |  |  |  |
| Per share (for a share outstanding throughout the year) |  |  |  |  |  |
| Per share (for a share outstanding throughout the year) |  |  |  |  |  |

| Date | Number of Shares | Number of Shares | Number of Shares | Percent of Total |
| --- | --- | --- | --- | --- |
| Income from Investment Operations* | 1,076,000 | 1,076,000 | 1,024,000 | 1.0% |
| Net investment income* | 0.00 | 0.42 | 0.90 | 0.58 |

FRANKLIN MUTUAL SERIES FUNDS

# Financial Highlights

*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating full value of the investments of the Fund.

*Based on average daily shares outstanding.

*Net investment income per share includes approximately $0.08 per share related to income received in the form of special dividends and an adjustment for EU reclaims in connection with certain Fund holdings. Excluding the amount, the ratio of net investment income to average net assets would have been 1.73%.

*Net investment income per share includes approximately $0.43 per share related to income received in the form of special dividends and an adjustment for EU reclaims in connection with certain Fund holdings. Excluding the amount, the ratio of net investment income to average net assets would have been 2.00%.

*Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 1(b).

Franklinmorton.com

The accompanying notes are an integral part of these financial statements. Annual Report

71

FINANCIAL HIGHLIGHTS

# Franklin Mutual Global Discovery Fund (continued)[{"box_2d": [31, 81, 559, 152], "label": "table", "caption": "

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions and gains shown) |  | (2.20) | (2.20) | (2.20) | 5.91 |
| Foreign exchange (in millions) | Short | (1.62) | (1.62) | (1.62) | 6.58 |
| Foreign exchange (in millions) | Short | 56 | 56 | 56 | 2.19 |
| Foreign exchange (in millions) | Short | 56 | 56 | 56 | 2.19 |
| Foreign exchange (in millions) | Short | 56 | 56 | 56 | 2.19 |
| Foreign exchange (in millions) | Short | 56 | 56 | 56 | 2.19 |
| Foreign exchange (in millions) | Short | 56 | 56 | 56 | 2.19 |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

| Vice-President | Unreal Report | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Net investment (in millions) |  | (2.23) | (1.95) | (0.17) | (1.55) |

<table><thead><tr><th>Vice-President</th><th>Unreal Report</th><th>2021</th><th>

FINANCIAL HIGHLIGHTS

# Franklin Mutual Global Discovery Fund (continued)[{"box_2d": [31, 85, 560, 150], "label": "table", "caption": "

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

|  | Year Ended December 31, | 2016 | 2015 |
| --- | --- | --- | --- |
| Net investment (consolidated) (after 30 days) | (2,88,70)% | 1,88,70% | 1,88,70% |

<table><thead><tr><th></th><th>Year Ended December 31,</th><th>2016</th><th>2015</th></tr></thead><tr><td>Net investment (consolidated) (after 30 days)</td><td>(2,88,70)%</td><td>1,88,70%</

FINANCIAL HIGHLIGHTS

# Franklin Mutual Global Discovery Fund (continued)[{"box_2d": [31, 83, 559, 153], "label": "table", "caption": "

| OTC Forward Exchange Controls | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |
| Total (Net Investment) (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Net Investment (Net Investment) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
| --- | --- | --- | --- | --- | --- | --- |

<table><tr><td>Net Investment (Net Investment)</td><td>50

FINANCIAL HIGHLIGHTS

# Franklin Mutual Global Discovery Fund (continued)

| Net investment income | $7,697,018 | $7,697,018 | $7,697,018 | $7,697,018 | $7,697,018 | $7,697,018 |
| --- | --- | --- | --- | --- | --- | --- |
| Total investment income | 2,333,018 | 2,333,018 | 2,333,018 | 2,333,018 | 2,333,018 | 2,333,018 |
| Total investment income | 3,353,999 | 3,353,999 | 3,353,999 | 3,353,999 | 3,353,999 | 3,353,999 |
| Total investment income | 3,353,999 | 3,353,999 | 3,353,999 | 3,353,999 | 3,353,999 | 3,353,999 |

FRANKLIN MUTUAL SERIES FUNDS

The financial statements for the financial statements are based on the financial statements for the period due to the timing of sales and the financial statements for the period. The financial statements for the financial statements are based on the financial statements for the period.

Notes: The financial statements for the financial statements are based on the financial statements for the period. The financial statements for the financial statements are based on the financial statements for the period. The financial statements for the financial statements are based on the financial statements for the period.

Franklin Mutual Global Discovery Fund

The accompanying notes are an integral part of these financial statements. Annual Report

75

# Franklin Mutual Global Discovery Fund

| Net assets and other (000s) | $221,344 | Costs | Liabilities | $277,712 | Notes |
| --- | --- | --- | --- | --- | --- |
| Total (000s) and other (000s) and other (000s) | 23,179 (2,000s) | 10,000 (0.00) | (4,875 (0.00) | 24,000 (0.00) | (11,241 (0.00) |
| Cash flows from operations | (1.52) | 40.52 | (1.36) | 9.50 | (1.51) |
| Excess of cash flows from operations | 1.46% | 1.54% | 1.53% | 1.50% | 1.47% |
| Excess of cash flows from operations by affiliates | 1.45% (0.53) | 1.50% (0.85) | 1.50% (0.87) | 1.50% (0.70) | 1.50% (0.68) |
| Excess of cash flows from operations with securities sold short | (0.23) | 0.02% (0.95) | 0.01% (0.17) | 0.02% (0.55) | (0.37) |
| Net assets and other (000s) and other (000s) | 1.47% (0.82) | 0.78% (0.80) | 3.13% (0.66) | 1.70% (0.28) | 1.70% (0.05) |
| Total (000s) and other (000s) | $27.16 | 0.00% (0.57) | 3.93% (0.75) | $31.17 | 134.43% (0.85) |

FRANKLIN MUTUAL SERIES FUNDS

# Schedule of Investments, December 31, 2022

Benefit of external reduction trends is less than 0.02%.
Benefit of waiver and payments by affiliates trends is less than 0.01%.
Rewards to less than 0.01%.

78 Annual Report The accompanying notes are an integral part of these financial statements.

franklinmpt.com

1

SCHEDULE OF INVESTMENTS

# Franklin Mutual Global Discovery Fund (continued)

| Net income (continued) (000's) | $109,828 | $136,000 | $175,355 | $1,082 | $230,000 |
| --- | --- | --- | --- | --- | --- |
| Purchases (continued) | 53.26% | 40.87% | 17.25% | 14.08% | 14.70% |
| Fixed Assets (continued) |  |  |  |  |  |
| Fixed Assets (continued) |  |  |  |  |  |
| Fixed Assets (continued) | 0.80% | United States | 3,702,134 | 0.80% | 24,539,708 |
| Fixed Assets (continued) | 0.80% | United States | 0.80% | 0.80% | $141,480 |
| Fixed Assets (continued) | --% | Spain | 23,778,500 | 0.02% | 20,390,000 |
| Fixed Assets (continued) | 2.07% | United States | 2,528,278 | 2.31% | 51,942,713 |
| Fixed Assets (continued) |  | United States | 12,645,228 |  | 153,976,527 |
| Fixed Assets (continued) |  | United States | 12,645,228 |  | 153,976,527 |

FRANKLIN MUTUAL SERIES FUNDS.

Franklinamptons.com

The accompanying notes are an integral part of these financial statements. Annual Report 77

SCHEDULE OF INVESTMENTS

# Franklin Mutual Global Discovery Fund (continued)

| All Model: United States | $825,319 | United States | 1,000,000 | $1,295,458 | $1,100,000 | $1,812 |
| --- | --- | --- | --- | --- | --- | --- |
| Total Investment Partners 1.4% | $3,200 | United States | 3,600,000 | 14,000 | $3,000,000 | $4,000,000 |
| Corporate Stockholders' Equity |  | United Kingdom | 1,667,667 |  |  | 417,000,548 |
| Software 1.4% |  |  |  |  |  | 439,000,000 |
| Investments: Comprehensive 2.3% |  | United States | 537 |  |  | 5105 |
| Capital Investment: Comprehensive 1.4% |  | United States | 2,000,000 |  |  | 242,000,245 |
| Interest: General Management |  |  |  |  |  | 117,827,994 |
| Capital: 1.4% |  |  |  |  |  | 117,660,668 |
| Capital: 1.4% |  |  |  |  |  | 178,000,000 |
| Total Investment: 1.4% |  |  |  |  |  | 180,411,603 |
| Total Investment: Corporate, Storage & Peripherals 2.8% |  | United States | 248,000 |  |  |  |
| Total Investment: 2.8% |  | United States | 2,000,000 |  |  |  |

# FRANKLIN MUTUAL SERIES FUNDS

78 Annual Report | The accompanying notes are an integral part of these financial statements.

franklinmortgation.com

SCHEDULE OF INVESTMENTS

# Franklin Mutual Global Discovery Fund (continued)

| Term | Short-Term Investments (continued) | South Korea | 3,161,628 | 139,357,607 |
| --- | --- | --- | --- | --- |
| Common Stock | Common Stock | United States | 3,177,000,000 | 100,458,926 |
| Common Stock | Common Stock | United States | 3,177,000,000 | 100,458,926 |
|  |  | Country | Amount | 139,000,000,000 |
| Common Stock | Common Stock | United States | 476,365,381 | 44,562,631 |
| Common Stock | Common Stock | United States | 3,000,000 | 154,223,001 |
| Dividend | Dividend Services 2.5% | United States | 3,000,000 | 32,949,270 |
| Dividend | Dividend Services 2.5% | United States | 2,500,000 | 178,600,000 |
| Dividend | Dividend Services 2.5% | United States | 3,000,000 | 202,350,000 |
| Net Cash Flow | Net Cash Flow | United States | 3,000,000 | 202,350,000 |

FRANKLIN MUTUAL SERIES FUNDS

* The principal amount is stated in U.S. dollars unless otherwise indicated.
* Fair valued using significant underestimation inputs. See Note 16 regarding fair value measurements.
* Non-income producing.
* See Note 12 regarding restricted securities.
* Security was purchased pursuant to Rule 144A or Regulation S under the Securities Act of 1933. 144A securities may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 1933. Regulation S securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. At December 31, 2022, the aggregate value of these securities was $211,741,731, representing 2.5% of net assets.
* Variable rate security. The rate shown represents the yield of period end.

Franklinmarglecon.com

The accompanying notes are an integral part of these financial statements. Annual Report

79

SCHEDULE OF INVESTMENTS

# Franklin Mutual Global Discovery Fund (continued)

| Over 1,000,000 | United States | 1,380,750 | 139,552,402 |
| --- | --- | --- | --- |
| At December 31, 2023 | United States | 1,380,750 | 139,552,402 |
| Total Investment in the United States | United States | 1,380,750 | 139,552,402 |
| Historical Investment 1.5% | United States | 1,380,750 | 139,552,402 |
| Historical Investment 1.5% | United States | 1,380,750 | 139,552,402 |
| Historical Investment 1.5% | United States | 1,380,750 | 139,552,402 |
| Historical Investment 1.5% | United States | 1,380,750 |  |

| Funding of the U.S. | United States | 13,104,264 | 125,107,015 |
| --- | --- | --- | --- |
| Funding of the U.S. | United States | 683,078 | 138,775,038 |
| Funding of the U.S. | Germany | 667,939 | 137,000 |
| Funding of the U.S. | United States | 9,536,400 | 136,000 |
| Funding of the U.S. | United States | 434,433 | 137,000 |
| Total Investment in the United States | United States | 434,433 | 137,000 |
| Entertainment 1.2% | Number of | National | Expiration |
|  |  |  | Appreciation |

# FRANKLIN MUTUAL SERIES FUNDS

1 Convergent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company. Shares represent total underlying principal of debt securities.
2 The security was issued on a discount basis with no stated coupon rate.
3 A portion or all of the security has been segregated as collateral for open forward exchange contracts. At December 31, 2023, the aggregate value of these securities pledged amounted to $18,221,148, representing 0.2% of net assets.

59 | Annual Report | The accompanying notes are on integral part of these financial statements.

franklinmpt.com

# Franklin Mutual Quest Fund

| Description | Total Investments (Cost $7,243,628,228) | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Description of Investing 2.1% | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Cost of Investing 2.1% | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Foreign exchange contracts |  |  |  |  |  |
| Foreign exchange contracts |  |  |  |  |  |
| Foreign exchange contracts |  |  |  |  |  |
| Foreign exchange contracts |  |  |  |  |  |
| Foreign exchange contracts |  |  |  |  |  |
| Foreign exchange contracts |  |  |  |  |  |
| Foreign exchange contracts |  |  |  |  |  |
| Foreign exchange contracts |  |  |  |  |  |
| Foreign exchange contracts |  |  |  |  |  |
| Foreign exchange contracts |  |  |  |  |  |

FRANKLIN MUTUAL SERIES FUNDS

# Financial Highlights

The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating full value of the investments of the Fund.

Based on average daily shares outstanding.

Net investment income per share includes approximately $0.11 per share related to income received in the form of special dividends and an adjustment for EU volume in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 2.32%.

Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 2(a).

Benefit of expense reduction rounds to less than 0.01%.

Benefit of waiver and payments by affiliates rounds to less than 0.05%.

Franklinampton.com

The accompanying notes are an integral part of these financial statements. Annual Report

01

FINANCIAL HIGHLIGHTS

# Franklin Mutual Quest Fund (continued)[{"box_2d": [31, 85, 559, 152], "label": "table", "caption": "

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

| Financial Statements | Year Ended December 31, |  |  |
| --- | --- | --- | --- |
| Interest | 2022 | (1.50) | 1,160,829,075.58 |

<table><thead><tr><th colspan

FINANCIAL HIGHLIGHTS

# Franklin Mutual Quest Fund (continued)[{"box_2d": [31, 85, 560, 150], "label": "table", "caption": "

|  | Year Ended December 31, |  |  |  |
| --- | --- | --- | --- | --- |
| Net Investment Income | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |
| --- | --- | --- | --- | --- |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

|  | Year Ended December 31, | 31, | 31, | 31, |
| --- | --- | --- | --- | --- |
| Net Investment Income (Cont.) | 1,48,001% | 1,39,000% | 1,34,000% | 1,34,000% |

<table><thead><tr><th></th><th>Year Ended December 31,</th><th>31,</th><th>31,</th><th>31,</th></tr></thead><tr><td>Net Investment Income (Cont.)</td><td>1,48,001%</td><td>1,39,000%</td><td>1,34,000%</td><td>1

FINANCIAL HIGHLIGHTS

# Franklin Mutual Quest Fund (continued)

| Group Fund | BCFA | Buy | 576,000 | 659,609 | 1.00% | 1.00% | 41,461 | 11.52% |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Total Fund | BCFA | Buy | 420,000 | 1.00% | 1.00% | 1.00% | 11,247 | 4.42% |
| Total Fund | BCFA | Buy | 660,941 | 1.03% | 1.12% | 1.12% | 17,044 | (0.20) |
| Total Fund | BCFA | Buy | 2,319,628 | 0.02% | 0.02% | 0.02% | 54,521 | 1.03% |
| Total Fund | BCFA | Buy | 535,262,365 | 0.02% | 0.02% | 0.02% | 84,941 | (1.03% |
| Total Fund | BCFA | Buy | 2,305,000 | 0.02% | 0.02% | 0.02% | 7,970 | 2.10% |
| Total Fund | BCFA | Buy | 16,568,046,151 | 0.02% | 0.02% | 0.02% | 41,074 | 0.03% |
| Total Fund | BCFA | Buy | 158,894,112 | 0.02% | 0.02% | 0.02% | 5,110 | 0.01% |
| Total Fund | BCFA | Buy | 5,617,380 | 0.02% | 0.02% | 0.02% | 51,035,648 | 3.73% |
| Total Fund | BCFA | Buy | 0.35 | 0.35 | 0.35 | 0.35 | 0.37 | 0.35 |

# FRANKLIN MUTUAL SERIES FUNDS

*Benefit of waiver and payments by affiliates intends to less than 0.01%.
*Brands to less than 0.01%.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
*Based on average daily shares outstanding.
*Net investment income per share includes approximately $0.15 per share related to income received in the form of special dividends and an adjustment for life-reductions in connection with certain Fund holdings. Excluding this amount, the risks of net investment income to average net assets would have been 1.60%.
*Includes dividends and/or interest expense on securities sold short and security borrowing fees. If any, less below for the ratios of such expenses to average net assets for the periods presented, see Note 12b.
*Benefit of expense reduction rounds to less than 0.01%.
*Benefit of waiver and payments by affiliates intends to less than 0.02%.

54 Annual Report The accompanying notes are an integral part of those financial statements.

franklinmuplatzn.com

FINANCIAL HIGHLIGHTS

# Franklin Mutual Quest Fund (continued)[{"box_2d": [31, 85, 560, 153], "label": "table", "caption": "

| Bank of America | HK$ | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2018 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| 2019 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| 2020 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| 2021 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| 2022 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| 2023 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| 2024 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |

| 2025 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2026 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2027 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2028 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2029 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2030 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2031 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2032 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2033 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2034 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2035 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2036 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2037 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2038 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2039 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2040 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2041 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2042 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2043 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2044 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2045 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2046 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2047 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2048 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2049 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2050 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2051 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2052 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2053 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2054 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2055 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2056 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2057 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2058 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2059 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2060 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2061 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2062 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2063 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2064 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2065 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2066 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2067 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2068 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2069 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2070 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2071 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2072 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2073 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2074 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2075 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2076 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2077 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2078 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2079 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2080 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2081 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2082 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2083 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2084 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2085 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2086 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2087 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2088 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2089 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2090 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2091 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2092 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2093 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2094 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2095 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2096 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2097 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2098 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2099 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2100 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2101 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2102 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2103 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2104 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2105 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2106 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2107 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2108 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2109 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2110 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2111 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2112 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2113 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2114 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2115 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2116 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2117 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2118 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2119 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2120 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2121 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2122 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2123 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2124 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2125 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2126 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2127 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2128 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2129 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2130 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2131 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2132 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2133 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2134 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2135 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2136 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2137 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2138 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2139 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2140 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2141 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2142 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2143 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2144 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2145 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2146 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2147 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2148 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2149 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2150 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2151 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2152 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2153 Financial Statements | Net | 9,072,291,646 | 101,238,100,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |

<table><tr><

# Franklin Mutual Quest Fund

|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- | --- |
| Total Capital Fund (in millions) | 10,125 | 10,125 | 10,125 | 10,125 | 10,125 |
| Total Capital Fund (in millions) | (7.44)% | (7.44)% | (7.44)% | (7.44)% | (7.44)% |
| Common Stock 2022 | (1.00) | 1.54 | (0.27) | 1.61 | (1.08) |
| Common Stock 2021 | 1.27% | 1.27% | 1.31% | 1.28% | 1.28% |
| Common Stock 2020 | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% |
| Net Interest 2020 | 3.39% | 3.39% | 2.72% | 2.72% | 2.49% |
| Net Interest 2019 | (0.50) | (0.50) | (0.50) | (0.50) | (0.50) |
| Net Interest 2018 | 12,338.70 | 12,338.70 | 12,338.70 | 12,338.70 | 12,338.70 |
| Net Interest 2017 | 2.95 | 2.95 | 2.95 | 2.95 | 2.95 |

FRANKLIN MUTUAL SERIES FUNDS

# Schedule of Investments, December 31, 2022

38 Annual Report The accompanying notes are an integral part of these financial statements.

franklinmpt.com

1

SCHEDULE OF INVESTMENTS

# Franklin Mutual Quest Fund (continued)

| Performing interest rate | 101.19% | 66.00% | 92.07% | 93.00% | 100.00% | 100.00% |
| --- | --- | --- | --- | --- | --- | --- |
| Total capital | 92.80% | 11.57% | 12.70% | 12.40% | 12.40% | 12.40% |
| Common Stock (continued) |  |  |  |  |  |  |
| Common Stock (continued) |  |  |  |  |  |  |
| Common Stock (continued) | 0.70% | United States | 0.67% | 0.74% | 0.74% | 21,472,784.74% |
| Common Stock (continued) | 0.72% | United States | 0.69% | 0.72% | 0.72% | 528,723.04% |
| Common Stock (continued) | 0.02% | France | 0.02% | 0.02% | 0.02% | 21,472,784.74% |
| Common Stock (continued) | 3.65% | United States | 6.03% | 3.28% | 3.28% | 52,778,016.02% |
| Common Stock (continued) |  | United States | 4,108,913 | 3.28% | 3.28% | 200,685,518 |
| Total Common Stock |  | Netherlands | 2,026,748 | 24,711,313 | 24,711,313 |  |
| Total Common Stock |  | France | 2,026,748 | 24,711,313 | 24,711,313 |  |

# FRANKLIN MUTUAL SERIES FUNDS

Franklinmigration.com

The accompanying notes are an integral part of these financial statements. Annual Report 07

SCHEDULE OF INVESTMENTS

# Franklin Mutual Quest Fund (continued)

| Oil Margin (Unit A & B) | $32,188 | Cash | $1,292 | $107,723 | 6.87% | Total | 6,012 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Total Assets (Net of $) | $31,188 | Cash | $1,995 | $2,000 | 40.96% | 28,014 | 896.52% |
| Non-Net Assets (Net of $) | $31,188 | Cash | $1,995 | $47,514 | 26,740 | 201,142 |  |
| Per Capita (Net of $) | $1.1% | Cash | $1.1% | $48,235 | 24,181 | 24,181 | 647 |
| Interest paid |  | United States |  | 7,852,269 | 100,000 | 100,000 |  |
| Revenues |  |  |  |  |  | 17,531,189 |  |
| Net Income (Net of $) | $1.1% | Cash | $1.1% | $23,955 | 28,625 | 28,625 |  |
| Net Income (Net of $) | $1.1% | Cash | $1.1% | $1,877,525 | 17,740 | 17,740 |  |
| Net Income (Net of $) | $1.1% | Cash | $1.1% | $13,269 | 17,740 | 17,740 | 514 |
| Cash Flow (Net of $) | $1.1% | Cash | $1.1% | $3,217,239 | 40,530 | 40,530 | 524 |

# FRANKLIN MUTUAL SERIES FUNDS

38

Annual Report | The accompanying notes are an integral part of these financial statements.

franklinmortgation.com

SCHEDULE OF INVESTMENTS

# Franklin Mutual Quest Fund (continued)[{"box_2d": [51, 84, 560, 150], "label": "table", "caption": "

| 100,000,000,000 | United States | 2,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |
| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

| 100,000,000,000 | United States | 1,100,000,000 | 28,600,000,000 |
| --- | --- | --- | --- |

<table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable><table><tr><td>100,000,000,000</td><td>United States</td><td>1,100,000,000</td><td>28,600,000,000</td></tr></tabletable

SCHEDULE OF INVESTMENTS

# Franklin Mutual Quest Fund (continued)

| General Fund | United States | Proposed 832 | 46,123,390 |
| --- | --- | --- | --- |
| General Fund for the United States | United States | 4,000,000,075 | 4,000,000,051 |
| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |
| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |
| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

| General Fund for the United States | United States | 1,407,000,000 | 1,407,000,000 |
| --- | --- | --- | --- |

[{"box_2d": [31, 532, 46, 542], "label": "header_footer", "98"}]

98

Annual Report The accompanying notes are an integral part of these financial statements.

franklinamptelyn.com

1

SCHEDULE OF INVESTMENTS

# Franklin Mutual Quest Fund (continued)[{"box_2d": [51, 84, 560, 150], "label": "table", "caption": "

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements |  |  | 1,000,000,000 |
| Other financial statements (Continued) | United States | 237,000 | 1,000,000 |
| Other financial statements (Continued) | United States | 237,000 | 1,000,000 |
| Other financial statements (Continued) | United States | 237,000 | 1,000,000 |
| Other financial statements (Continued) | United States | 237,000 | 1,000,000 |
| Other financial statements (Continued) | United States | 237,000 | 1,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements |  |  | 1,000,000,000 |
| Summary of Financial Statements (Continued) | United States | 237,000 | 1,000,000 |
| Summary of Financial Statements (Continued) | United States | 237,000 | 1,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |
| Summary of Financial Statements (Continued) |  |  | 1,000,000,000 |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

| Notes/Particulars, Inc. A | United States | Shares | 1,000,000,000 |
| --- | --- | --- | --- |

<table><td rowspan=\"2\">Table of 1000,000,000</td></tr></table>

<tabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletable</tabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletabletable</tabletabletabletabletabletabletable</tabletabletabletabletable</tabletabletable</tabletabletable</tabletable</tabletable</tabletablen</table>
</tablen</tablen</tablen</td>
</td>
</n

SCHEDULE OF INVESTMENTS

# Franklin Mutual Quest Fund (continued)

| First Canadian Funds (Cont 5578,429,207) | United States | 11,000,000 | 11,000,000 |
| --- | --- | --- | --- |
| First Canadian Funds (Cont 5578,429,207) | United States | 7,000,000 | 7,000,000 |
| First Canadian Funds (Cont 5578,429,207) | United States | 16,000,000 | 16,000,000 |
| First Canadian Funds (Cont 5578,429,207) | United States | 1,000,000 | 1,000,000 |
| First Canadian Funds (Cont 5578,429,207) | United States | 1,000,000 | 1,000,000 |
| First Canadian Funds (Cont 5578,429,207) | United States | 1,000,000 | 1,000,000 |

# FRANKLIN MUTUAL SERIES FUNDS

*Notional amount is the number of contracts multiplied by contract size, and may be multiplied by the underlying price. May include currency units, bushels, shares, pounds, barrels or other units. Currency units are stated in U.S. dollars unless otherwise indicated.

*The principal amount is stated in U.S. dollars unless otherwise indicated.

*Amounts to less than 0.5% of net assets.

*Fair valued using significant unattainable inputs. See Note 16 regarding fair value measurements.

*Non-recurring producing.

*See Note 12 regarding restricted securities.

*Security was purchased pursuant to Rule 144A or Regulation S under the Securities Act of 2003. 144A securities may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under the Securities Act of 2003. Regulation S securities cannot be sold in the United States without either

92

Annual Report | The accompanying notes are on integral part of these financial statements.

franklinmigration.com

SCHEDULE OF INVESTMENTS

Franklin Mutual Quest Fund (continued)

| Service Financing Rate Interests 7.3% | 97,000,694 |
| --- | --- |
| Cash and Bank Balance (Net) (Net) (Net) (Net) | 1,792,567,400 |
| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |
| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |
| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |
| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |
| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |
| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

| Interest Rate Interests (Net) (Net) (Net) | 1,792,567,400 |
| --- | --- |

Franklinamphleton.com[{"box_2d": [243, 532, 516, 541], "label": "header_footer", "caption": [The accompanying notes are an integral part of these financial statements. Annual Report 95]"}][{"box_2d": [547, 532, 560, 541], "label": "header_footer", " [95]"}]

See Abbreviations on page 151.

[Non-Text]

# Franklin Mutual Shares Fund

| New York Stock Exchange | 1,000,000 | United States | 1,000,000 | United States | 1,000,000 | United States |
| --- | --- | --- | --- | --- | --- | --- |
| New York Stock Exchange | 1,000,000 | United States | 1,000,000 | United States | 1,000,000 | United States |
| New York Stock Exchange | 1,000,000 | United States | 1,000,000 | United States | 1,000,000 | United States |
| New York Stock Exchange | 1,000,000 | United States | 1,000,000 | United States | 1,000,000 | United States |

FRANKLIN MUTUAL SERIES FUNDS

# Financial Highlights

- *A portion or all of the security purchased on a delayed delivery basis. See Note 1(a).
- *The coupon rate shown represents the rate inclusion of any caps or floors, if applicable, in effect at period end.
- *Contingent distributions represent the right to receive additional distributions, if any, during the reorganization of the underlying company. Shares represent total underlying principal of debt securities.
- *The security was issued on a discount basis with no stated coupon rate.
- *See Note 1(a) regarding written options.
- *See Note 1(a) regarding securities sold short.

- *The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned and/or fluctuating fair value of the investments of the Fund.
- *Based on average daily shares outstanding.
- *Net investment income per share includes approximately $0.29 per share related to income received in the form of special dividends and an adjustment for (b) reclaims in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 2.38%.
- *Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 1(a).
- *Benefit of expense reduction rounds to less than 0.01%.
- *Benefit of waiver and payments by affiliates rounds to less than 0.02%.

54 | Annual Report | The accompanying notes are an integral part of those financial statements.

franklinmuplatzn.com

FINANCIAL HIGHLIGHTS

# Franklin Mutual Shares Fund (continued)

| Net of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |
| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |
| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |
| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |
| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table>

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table>

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table>

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table>

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table>

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table>

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table>

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table>

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table></table>

| Total of the Bank of Franklin Mutual Shares Fund (in € million) | 1,000,000 | 1,000,000 | 4.90 | 19,100,223 |
| --- | --- | --- | --- | --- |

</table>

Franklinamphleon.com

The accompanying notes are an integral part of these financial statements. Annual Report

95

1

FINANCIAL HIGHLIGHTS

# Franklin Mutual Shares Fund (continued)[{"box_2d": [31, 85, 559, 150], "label": "table", "caption": "

|  | 2018 | 2017 | 2016 | 2015 |
| --- | --- | --- | --- | --- |
| Total (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1.0% | 1.0% | 1.0% | 1.0% |
| Share of (in thousands) | 1.0% | 1.0% | 1.0% | 1.0% |
| Share of (in thousands) | 1.0% | 1.0% | 1.0% | 1.0% |
| Share of (in thousands) | 1.0% | 1.0% | 1.0% | 1.0% |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

|  | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Share of (in thousands) | 1,000,000 | 1,000,000 | 1,000,000 |

<table><thead><tr><th></th><th>2018</th><th>2017</th><th>2016</th></tr></thead><tr><td>Share of (in thousands)</td><td>1,000,000</td

FINANCIAL HIGHLIGHTS

# Franklin Mutual Shares Fund (continued)

|  | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
| --- | --- | --- | --- | --- | --- | --- |
| Total | 1,115,342 | 1,352,600 | 1,372,000 | 1,372,000 | 1,372,000 | 1,372,000 |
| Less: Capital | 12,644,267 | 1,122,832 | 1,000 | 1,000 | 1,000 | 1,000 |
| Net investment income | (0.12) | (0.62) | (0.20) | (0.20) | (0.20) | (0.20) |
| Net investment income | (1.84) | (2.12) | (0.62) | (0.62) | (1.53) | (0.62) |
| Total net investment income | (1.98) | (2.74) | (0.68) | (0.68) | (1.53) | (0.62) |
| Total net investment income | (1.98) | (2.74) | (0.68) | (0.68) | (1.53) | (0.62) |
| Net investment income | 1.98 | (2.74) | (0.68) | (0.68) | (1.53) | (0.62) |

FRANKLIN MUTUAL SERIES FUNDS

Benefit of waiver and payments by affiliates rounds to less than 0.01%.

The accompanying notes for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and

Excess of the value of the Fund's share in which it is not to be stated on the Note 1 for value of the investments of the Fund.

Based on average daily shares outstanding.

Net investment income per share includes approximately $0.29 per share related to income received in the form of special dividends and an adjustment for EU reclaims in

correction with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 1.90%.

Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for

the periods presented. See Note 1(a).

Benefit of expense reduction rounds to less than 0.01%.

Benefit of waiver and payments by affiliates rounds to less than 0.01%.

Franklinmorton.com

The accompanying notes are an integral part of these financial statements. Annual Report

97

FINANCIAL HIGHLIGHTS

# Franklin Mutual Shares Fund (continued)

|  | Year Ended December 31, |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- |
|  | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
| Total financial statements and other instruments, current and future instruments | 20,000 | 18,000 | 16,000 | 15,000 | 14,000 | 13,000 |
| Net investment income | (2.11) | 4.60 | (1.39) | 5.32 | (2.69) |  |
| Cash and cash equivalents | 1.75% | 1.61% 2 | 1.60% 2 | 1.76% 2 | 1.78% 2 |  |
| Dividends operating in the year | -% (0.25) | 0.02% (0.79) | 0.02% (0.40) | 0.02% (0.55) | -% (0.36) |  |
| Net investment income (throughout the year) | 0.69% (1.84) | 0.35% (2.12) | 2.63% (5.42) | 1.32% (3.51) | 0.77% (1.25) |  |
| Net debt outstanding | $27.0% (0.09) | $25.3% (0.91) | $27.5% (0.82) | $24.2% (0.06) | $28.6% (1.61) |  |
| Income from investment operations 3 | $158.1% (27.45) | $192.6% (36.65) | $205.1% (38.96) | $302.2% (27.17) | $309.7% (33.91) |  |
| Net investment income 3 | 0.31 | 0.39 | 0.39 | 0.31 | 0.31 |  |

# FRANKLIN MUTUAL SERIES FUNDS

$^{2}$The amounts from the current year, according throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and requirements of the Funds shown in column (a) and (b) and (c) for the period of the investments of the Fund.

$^{3}$Based on average daily shares outstanding.

$^{4}$Net investment income per share includes approximately $0.29 per share related to income received in the form of special dividends and an adjustment for EU reclaims in connection with certain Fund holdings. Excluding this amount, the ratio of net investment income to average net assets would have been 2.30%.

$^{5}$Includes dividends and/or interest expense on securities sold short and security borrowing fees, if any. See below for the ratios of such expenses to average net assets for the periods presented. See Note 1(a).

$^{6}$Benefit of expense reduction rounds to less than 0.01%.

$^{7}$Benefit of waiver and payments by affiliates intends to less than 0.02%.

98

Annual Report $^{3}$ The accompanying notes are an integral part of those financial statements.

franklinmongdian.com

# Franklin Mutual Shares Fund

|  | 59.00% | 61.1% | 62.1% | Shares | 1.1% | 20.1% | Value |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Profit for the year 1992 | 57.8% | 57.8% | 57.8% | 57.8% | 57.8% | 57.8% | 57.8% |
| Total Operating Income | (2.00) | 4.82 | (1.26) | 5.56 | (2.58) |  |  |
| Less: Operating Income |  |  |  |  |  |  |  |
| Less: Operating Income | 1.25% | 1.31% | 1.30% | 1.28% | 1.28% |  |  |
| Net Operating Income | (0.39) | (0.50) | (0.52) | (0.73) | (0.77) |  |  |
| Net Operating Income | (1.84) | (2.12) | (0.48) | (1.53) | (1.25) |  |  |
| Total Operating Income | (2.23) | (2.37) | (0.87) | (2.24) | (1.97) |  |  |
| Net Operating Income | $23,688,759 | $27,580,843 | $25,688,216 | $27,688,038 | $24,688,345 |  |  |

FRANKLIN MUTUAL SERIES FUNDS

# Schedule of Investments, December 31, 2022

†Exceeds at less than 0.05%.
‡Excludes the value of portfolio activity as a result of in-kind transactions. See Note 301.

Franklinmuth.com

The accompanying notes are an integral part of these financial statements. Annual Report

99

SCHEDULE OF INVESTMENTS

# Franklin Mutual Shares Fund (continued)

| Total Capital of All-Value Corp. | $9.69% | Capital of All-Value Corp. | $9.69% | Capital of All-Value Corp. | $9.69% |
| --- | --- | --- | --- | --- | --- |
| Cash and Banked (continued) |  | Cash and Banked (continued) |  | Cash and Banked (continued) |  |
| Marketable Cash and Bank |  | Marketable Cash and Bank |  | Marketable Cash and Bank |  |
| Export of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| Export of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| Net investment (losses) | 1.78% | Net investment (losses) | 1.78% | Net investment (losses) | 1.78% |
| Superfunded funds |  | Superfunded funds |  | Superfunded funds |  |
| Net assets used in year (000's) | $286,332 | Net assets used in year (000's) | $286,332 | Net assets used in year (000's) | $286,332 |

# FRANKLIN MUTUAL SERIES FUNDS

180 Annual Report The accompanying notes are on integral part of these financial statements.

franklinmortgation.com

SCHEDULE OF INVESTMENTS

# Franklin Mutual Shares Fund (continued)

| Portfolio fund | Building Products 2.4% | 59.69% | 41.1% | Country | 21.35% | Shares | 1.71% | 20.72% | Value |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Interim Fund | Interim Fund (Operational) 4% |  |  | United States |  | 2,819,886 |  | 187,672,704 |  |
| Corporate fund | Corporate Fund (Commercial) |  |  | United States |  | 268,705 |  | 89,030,469 |  |
| Waste Capital Fund | Waste Capital Fund (Waste Capital Fund) 4% |  |  | United States |  | 661,720 |  | 169,398,167 |  |
| Waste Capital Fund | Waste Capital Fund (Waste Capital Fund) 4% |  |  | United States |  | 1,979,958 |  | 168,100,933 |  |
|  |  |  |  |  |  |  |  | 246,439,630 |  |
| Interim Fund | Interim Fund (Interim Fund) 4% |  |  | United States |  | 1,946,133 |  | 139,197,729 |  |
| Interim Fund | Interim Fund (Interim Fund) 4% |  |  | United States |  | 1,964,829 |  | 128,119,401 |  |
| Waste Capital Fund | Waste Capital Fund (Waste Capital Fund) 4% |  |  |  |  |  |  |  |  |
| Interim Fund | Interim Fund (Interim Fund) 4% |  |  |  |  |  |  |  |  |

# FRANKLIN MUTUAL SERIES FUNDS

Franklinmuth.com

The accompanying notes are an integral part of these financial statements. Annual Report 101

SCHEDULE OF INVESTMENTS

# Franklin Mutual Shares Fund (continued)

| IT Services & Sls | Projected Shares | Principal | Total |
| --- | --- | --- | --- |
| Transit and Other Holdings, Inc. | United States | 1,500,000 | 1,500,000 |
| Transit and Other Financial Corp. | United States | 1,500,000 | 1,500,000 |
| Transit and Other Financial Corp. Services 2.5% | United States | 1,447,000 | 1,447,000 |
| Transit and Other Financial Corp. Services 1.1% | United States | 1,978,000 | 1,978,000 |
| Transit and Other Financial Corp. Services 1.1% | United States | 1,978,000 | 1,978,000 |
| Subtotal 1.1% |  |  | 1,978,000 |
| Transit and Other Financial Corp. Services (Cost $5,424,344,567) | United States | 1,500,000 | 1,500,000 |
| Transit and Other Financial Corp. Services (Cost $5,424,344,567) | United States | 1,500,000 | 1,500,000 |
| Interim 1.1% |  |  | 1,500,000 |
| Transit and Other Financial Corp. Services (Cost $5,424,344,567) | United States | 1,500,000 | 1,500,000 |
| Interim 1.1% |  |  | 1,500,000 |
| Interim 1.1% (Total 1.1% 5%) 2/27/28 | United States | 20,407,000 | 20,407,000 |
| Interim 1.1% |  |  | 20,407,000 |
| Interim 1.1% (Total 1.1% 5%) 2/27/28 | United States | 20,407,000 | 20,407,000 |
| Interim 1.1% |  |  | 20,407,000 |
| Net Investment and Other Financial Corp. (Net) Unit, Initial CME Term | United States | 500,000 | 500,000 |
| Interim 1.1% |  |  | 500,000 |
| Interim 1.1% (Net) 2/28/28, SOFB 7.7.5% 2/29/28 | United States | 40,728,000 | 40,728,000 |
| Interim 1.1% |  |  | 40,728,000 |

# FRANKLIN MUTUAL SERIES FUNDS

182 | Annual Report | The accompanying notes are an integral part of these financial statements.

franklinmortgation.com

SCHEDULE OF INVESTMENTS

Franklin Mutual Shares Fund (continued)

| 1. The Bank of America's Stock Exchange (CFSE) is a member of the Bank of America's Stock Exchange (CFSE) and is a member of the Bank of America's Stock Exchange (CFSE). | United States | 47,494,610 | 189,494,610 |
| --- | --- | --- | --- |
| 2. The Bank of America's Stock Exchange (CFSE) is a member of the Bank of America's Stock Exchange (CFSE). | United States | 3,730,000 | 133,000,000 |
| 3. The Bank of America's Stock Exchange (CFSE) is a member of the Bank of America's Stock Exchange (CFSE). | United States | 3,730,000 | 133,000,000 |
| 4. The Bank of America's Stock Exchange (CFSE) is a member of the Bank of America's Stock Exchange (CFSE). | United States | 3,730,000 | 133,000,000 |
| 5. The Bank of America's Stock Exchange (CFSE) is a member of the Bank of America's Stock Exchange (CFSE). | United States | 3,730,000 | 133,000,000 |
| 6. The Bank of America's Stock Exchange (CFSE) is a member of the Bank of America's Stock Exchange (CFSE). | United States | 3,730,000 | 133,000,000 |
| 7. The Bank of America's Stock Exchange (CFSE) is a member of the Bank of America's Stock Exchange (CFSE). | United States | 3,730,000 | 133,000,000 |

FRANKLIN MUTUAL SERIES FUNDS

![img-0.jpeg](img-0.jpeg)

Franklinmorton.com

The accompanying notes are an integral part of these financial statements. Annual Report 108

SCHEDULE OF INVESTMENTS

# Franklin Mutual Shares Fund (continued)

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 5,577,175 | 5,569,721 |
| --- | --- | --- | --- |
| Date: 1/19/23 | United States | 10,573,874 | 100,000,000 |
| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 10,573,874 | 100,000,000 |
| Date: 1/19/23 | United States | 10,573,874 | 100,000,000 |
| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 10,573,874 | 100,000,000 |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |
| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |
| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |
| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |
| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |
| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |
| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| Date: 1/19/23 | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

| To be held at Franklin Mutual Savings Bank, 1/19/23, | United States | 3,173,000 | 3,173,000 |
| --- | --- | --- | --- |

FRANKLIN MUTUAL SERIES FUNDS[{"box_2d": [31, 531, 50, 541], "label": "header_footer", " [34 ]"}]

Annual Report | The accompanying notes are an integral part of these financial statements.

franklinmuplton.com

---

FINANCIAL STATEMENTS

December 31, 2022

| Total Funds | 1,376 | Total Funds | 1,376 |
| --- | --- | --- | --- |
| Total Funds | 1,376 | Total Funds | 1,376 |
| Total Funds | 1,446 | Total Funds | 1,446 |
| Total Funds | 1,446 | Total Funds | 1,446 |
| Total Funds | 1,446 | Total Funds | 1,446 |
| Total Funds | 1,446 | Total Funds | 1,446 |
| Total Funds | 1,446 | Total Funds | 1,446 |

FRANKLIN MUTUAL SERIES FUNDS

# Statements of Assets and Liabilities

www.fund.com

The accompanying notes are an integral part of these financial statements. Annual Report

105

FINANCIAL STATEMENTS

(continued)

December 31, 2022

| Description | Type | Corporate Share | Amount | Date | Free | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Financial Statements and Financial Statements, 144A, 8%, 12/13/22 |  | Financial Statement | Financial Statement | Financial Statement | Financial Statement | Financial Statement |
| Notes: Non-contractual offsizes (Note 3f and 14) |  |  |  |  |  |  |
| Non-Contractual and Agency Securities 1.4% |  | Taxation Fund | European Fund | Services Fund |  |  |
| Cash and cash equivalents at end of period $1,143,450, $0,461,075 and $0,000,333 |  | 1,000,000 | $2,000,000 | $2,000,000 | $2,000,000 | $2,000,000 |
| Net income from the United States, Bermuda Ltd., Senior Secured Note, 144A |  | 1,000,000 | $2,000,000 | $2,000,000 | $2,000,000 | $2,000,000 |
| Shares outstanding |  | United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Net interest in non-contractual offsizing price per share |  | United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of period |  | United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Cash and cash equivalents at end of period |  | United States | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |

FRANKLIN MUTUAL SERIES FUNDS

# Statements of Assets and Liabilities

*Redemption price is equal to net asset value less contingent deferred sales charges. If applicable.

100 Annual Report. The accompanying notes are an integral part of these financial statements.

franklinmortgation.com

FINANCIAL STATEMENTS

(continued)

December 31, 2022

| Financial Statements | 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- | --- |
| Net Cash Flow | 1,000,000 | 1,000,000 | 1,000,000 |
| Taxes | 1,000,000 | 1,000,000 | 1,000,000 |
| Total Cash Flow | 1,000,000 | 1,000,000 | 1,000,000 |
| Notes to Consolidated Financial Statements |  |  |  |
| Notes to Consolidated Financial Statements |  |  |  |
| Notes to Consolidated Financial Statements |  |  |  |
| Notes to Consolidated Financial Statements |  |  |  |
| Notes to Consolidated Financial Statements |  |  |  |
| Notes to Consolidated Financial Statements |  |  |  |
| Notes to Consolidated Financial Statements |  |  |  |
| Notes to Consolidated Financial Statements |  |  |  |

FRANKLIN MUTUAL SERIES FUNDS

# Statements of Assets and Liabilities

www.financialstatements.com

The accompanying notes are an integral part of these financial statements. Annual Report 107

FINANCIAL STATEMENTS

(continued)

December 31, 2022

| Financial Statements | $1,000,000 | Total | $1,000,000 |
| --- | --- | --- | --- |
| Financial Statements | $1,000,000 | 100% | $1,000,000 |
| Financial Statements | $1,000,000 | 100% | $1,000,000 |
| Financial Statements | $1,000,000 | 100% | $1,000,000 |

FRANKLIN MUTUAL SERIES FUNDS

Statements of Assets and Liabilities

*Redemption price is equal to net asset value less contingent deferred sales charges. If applicable.

100 Annual Report. The accompanying notes are an integral part of these financial statements.

franklinmigration.com

FINANCIAL STATEMENTS

for the year ended December 31, 2022

| Plan for sale and interest | 2,056,802 | 2,056,802 | 2,056,802 | 2,056,802 |
| --- | --- | --- | --- | --- |
| Net amount of sales and other income tax on OTC forward exchange contracts | 2,001,044 | 2,472,647 | 2,472,647 | 2,472,647 |
| Net amount of sales and other income tax on OTC forward exchange contracts | 845,932 | 845,932 | 845,932 | 845,932 |
| Net amount of sales and other income tax on OTC forward exchange contracts | 82,975,044 | 82,975,044 | 82,975,044 | 82,975,044 |
| Cash and cash equivalents at end of year | 82,975,044 | 82,975,044 | 82,975,044 | 82,975,044 |
| Cash and cash equivalents at end of year | 82,975,044 | 82,975,044 | 82,975,044 | 82,975,044 |
| Cash and cash equivalents at end of year | 82,975,044 | 82,975,044 |  |  |

FRANKLIN MUTUAL SERIES FUNDS

# Statements of Operations

FranklinMortals.com

The accompanying notes are an integral part of these financial statements. Annual Report 108

FINANCIAL STATEMENTS

(continued)

for the year ended December 31, 2022

| Income | 2022 | 2021 | Franklin Mutual |
| --- | --- | --- | --- |
| Net income (losses and maximum offering price per share) | 3,807,466,271 | 3,807,466,271 | 3,807,466,271 |
| Cash flows from operating activities | Financial Services | Financial Services | Financial Services |
| Net income (losses and maximum offering price per share) | 3,807,466,271 | 3,807,466,271 | 3,807,466,271 |
| Cash flows from operating activities | Financial Services | Financial Services | Financial Services |
| Net income (losses and maximum offering price per share) | 4,324,549,812 | 3,904,454,529 | 3,737,050,393 |
| Cash flows from operating activities | Financial Services | Financial Services | Financial Services |
| Net income (losses and maximum offering price per share) | 6,152,451 | 5,920,000 | 5,010,000 |
| Cash flows from management payments for European Union tax-reclaims | 6,152,451 | 1,563,731 | 3,542,484 |
| Net income (losses and maximum offering price per share) | 6,152,451 | 1,563,731 | 3,542,484 |
| Cash flows from management payments for European Union tax-reclaims | 6,152,451 | 1,563,731 | 3,542,484 |
| Net income (losses and maximum offering price per share) | 6,152,451 | 1,563,731 | 3,542,484 |
| Cash flows from management payments for European Union tax-reclaims | 6,152,451 | 1,563,731 | 3,542,484 |

FRANKLIN MUTUAL SERIES FUNDS

# Statements of Operations

320 Annual Report. The accompanying notes are an integral part of those financial statements.

franklinmortgation.com

FINANCIAL STATEMENTS

(continued)

for the year ended December 31, 2022

| Shares outstanding | 19,347,000,000 | 2,400,000,750 | 12,530,000,125 |
| --- | --- | --- | --- |
| Net Cash Flow | 19,347,000,000 | 2,400,000,750 | 12,530,000,125 |
| Shares outstanding | 19,347,000,000 | 2,400,000,750 | 12,530,000,125 |
| Shares outstanding | 19,347,000,000 | 2,400,000,750 | 12,530,000,125 |
| Shares outstanding | 19,347,000,000 | 2,400,000,750 | 12,530,000,125 |
| Shares outstanding | (10,111,000,000) |  |  |
| Shares outstanding | 196,576,000,125 | 73,058,000,000 | 27,683,000,000 |
| Shares outstanding | 225,144 | 226,403 | 221,547 |
| Shares outstanding | 4,000 | 4,000 |  |
| Shares outstanding | 8,000 | 856,570,000 | 8,146,162,701 |
| Shares outstanding | (693,654,500) | (102,186,520) | (97,178,301) |
| Shares outstanding | 1,987,677 | 462,523 | (84,788,701) |

FRANKLIN MUTUAL SERIES FUNDS

# Statements of Operations

www.financialstatements.com

The accompanying notes are an integral part of these financial statements. Annual Report

111

FINANCIAL STATEMENTS

(continued)

for the year ended December 31, 2022

| Cashflows (in millions) | 6,077,886 | 87,441,169 | 33,669,434 |
| --- | --- | --- | --- |
| Total financial assets | 6,077,886 | 87,441,169 | 33,669,434 |
| Total financial assets | 6,077,886 | 87,441,169 | 33,669,434 |
| Total financial assets | 6,077,886 | 87,441,169 | 33,669,434 |
| Total financial assets | 6,077,886 | 87,441,169 |  |
| Total financial assets | 6,077,886 | 87,441,169 |  |
| Total financial assets | 6,077,886 | 87,441,169 |  |
| Total financial assets | 6,077,886 | 87,441,169 |  |
| Total financial assets | 6,077,886 |  |  |
| Total financial assets | 6,077,886 |  |  |
| Total financial assets | 6,077,886 |  |  |
| Total financial assets | 6,077,886 |  |  |
| Total financial assets | 6,077,886 |  |  |
| Total financial assets | 6,077,886 |  |  |

FRANKLIN MUTUAL SERIES FUNDS

# Statements of Operations

312 Annual Report. The accompanying notes are an integral part of those financial statements.

franklinmuplatzn.com

FINANCIAL STATEMENTS

| Net assets | Year Ended | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 |
| --- | --- | --- | --- | --- | --- |
| Net assets | December 31, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 | December 31, 2018 |
| Net assets | December 31, 2021 | December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2017 |
| Net assets | December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2017 | December 31, 2016 |
| Net assets | December 31, 2019 | December 31, 2018 | December 31, 2017 | December 31, 2016 | December 31, 2015 |
| Net assets | December 31, 2018 | December 31, 2017 | December 31, 2016 | December 31, 2015 | December 31, 2014 |
| Net assets | December 31, 2017 | December 31, 2016 | December 31, 2015 | December 31, 2014 | December 31, 2013 |
| Net assets | December 31, 2016 | December 31, 2015 | December 31, 2014 | December 31, 2013 | December 31, 2012 |
| Net assets | December 31, 2015 | December 31, 2014 | December 31, 2013 | December 31, 2012 | December 31, 2011 |
| Net assets | December 31, 2014 | December 31, 2013 | December 31, 2012 | December 31, 2011 | December 31, 2010 |
| Net assets | December 31, 2013 | December 31, 2012 | December 31, 2011 | December 31, 2010 | December 31, 2009 |
| Net assets | December 31, 2012 | December 31, 2011 | December 31, 2010 | December 31, 2009 | December 31, 2008 |
| Net assets | December 31, 2011 | December 31, 2010 | December 31, 2009 | December 31, 2008 | December 31, 2007 |
| Net assets | December 31, 2010 | December 31, 2009 | December 31, 2008 | December 31, 2007 | December 31, 2006 |
| Net assets | December 31, 2009 | December 31, 2008 | December 31, 2007 | December 31, 2006 | December 31, 2005 |
| Net assets | December 31, 2008 | December 31, 2007 | December 31, 2006 | December 31, 2005 | December 31, 2004 |
| Net assets | December 31, 2007 | December 31, 2006 | December 31, 2005 | December 31, 2004 | December 31, 2003 |
| Net assets | December 31, 2006 | December 31, 2005 | December 31, 2004 | December 31, 2003 | December 31, 2002 |
| Net assets | December 31, 2005 | December 31, 2004 | December 31, 2003 | December 31, 2002 | December 31, 2001 |
| Net assets | December 31, 2004 | December 31, 2003 | December 31, 2002 | December 31, 2001 | December 31, 2000 |

FRANKLIN MUTUAL SERIES FUNDS

# Statements of Changes in Net Assets

www.financial.com The accompanying notes are an integral part of these financial statements. Annual Report 113

FINANCIAL STATEMENTS

(continued)

|  | Franklin Mutual Financial Services Fund | Franklin Mutual Global Discovery Fund | Franklin Mutual Global Discovery Fund |
| --- | --- | --- | --- |
| Unclassified (non-financial) | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
| Unclassified (non-financial) | Year Ended | Year Ended | Year Ended |
| Unclassified (non-financial) | December 31, 2022 | December 31, 2022 | December 31, 2022 |
| Unclassified (non-financial) | 43,536,813 | (100,000,000) | (250,000,000) |
| Unclassified (non-financial) | (192,681,048,340) | (23,000,000) | (15,000,000) |
| Unclassified (non-financial) | (36,000,000) | (1,000,000) | (1,000,000) |
| Unclassified (non-financial) | $6,000,000 | $1,000,000 | $1,000,000 |
| Unclassified (non-financial) | 4,000,000 | 100,000 | 1,000,000 |
| Unclassified (non-financial) | 72,000,000 | 63,000 | 74,746,000 |

FRANKLIN MUTUAL SERIES FUNDS

# Statements of Changes in Net Assets

114

Annual Report. The accompanying notes are an integral part of those financial statements.

franklinmuplatzn.com

FINANCIAL STATEMENTS

(continued)

|  | Financial Statements | Financial Statements | Financial Statements | Financial Statements |
| --- | --- | --- | --- | --- |
| Net assets acquired | (1,449,542) | (1,449,542) | (1,449,542) | (1,449,542) |
| Net assets acquired | (1,449,542) | (1,449,542) | (1,449,542) | (1,449,542) |
| Net assets acquired | (1,449,542) | (1,449,542) | (1,449,542) | (1,449,542) |
| Net assets acquired | (1,449,542) | (1,449,542) |  |  |
| Cash and cash equivalents | (1,449,542) | (1,449,542) | (1,449,542) | (1,449,542) |
| Cash and cash equivalents | (1,449,542) | (1,449,542) | (1,449,542) | (1,449,542) |
| Cash and cash equivalents | (1,449,542) |  |  |  |
| Cash and cash equivalents | (1,449,542) | (1,449,542) | (1,449,542) | (1,449,542) |
| Cash and cash equivalents | (1,449,542) |  |  |  |

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FINANCIAL STATEMENTS[{"box_2d": [209, 265, 559, 269], "label": "text", "FINANCIAL STATEMENTS"}][{"box_2d": [209, 265, 559, 269], "label": "text", "FINANCIAL STATEMENTS"}]

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FINANCIAL STATEMENTS[{"box_2d": [209, 265, 559, 269], "label": "text", "FINANCIAL STATEMENTS"}]

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FINANCIAL STATEMENTS[{"box_2d": [209, 265, 559, 269], "label": "text", "FINANCIAL STATEMENTS"}][{"box_2d": [209, 265, 559, 269], "label": "text", "FINANCIAL STATEMENTS"}][{"box_2d": [209, 265, 559, 269], "label": "text", "FINANCIAL STATEMENTS"}]

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FINANCIAL STATEMENTS[{"box_2d": [209, 265, 559, 269], "label": "text", "FINANCIAL STATEMENTS"}][{"box_2d": [209, 265, 559, 269], "label": "text", "FINANCIAL STATEMENTS"}]

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FINANCIAL STATEMENTS[{"box_2d": [209, 265, 559, 269], "label": "

Class 1 (Restructuring) ... (50,000,243) (49,000,562) (50,000,000,000) (54,500,000,100)
Total (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total) (Total)
Franchin Mutual Series Fund (FRA) is registered under the 1940 Act of 1940. The 1940 Act of 1940 is a member of the 1940 Act of 1940. The 1940 Act of 1940 is a member of the 1940 Act of 1940. The 1940 Act of 1940 is a member of the 1940 Act of 1940. The 1940 Act of 1940 is a member of the 1940 Act of 1940. The 1940 Act of 1940 is a member of the 1940 Act of

FRANKLIN MUTUAL SERIES FUNDS

# Notes to Financial Statements

1. Organization and Significant Accounting Policies independent pricing services, quotations from securities and

106 Annual Report

franklinmupdacyn.com

NOTES TO FINANCIAL STATEMENTS

Class-86 (1,210,033) (1,024,107) (26,928,459) (38,662,402)
Total capitalized (1,210,033) (26,928,459) (38,662,402)
Financial statements and other companies (ASC 946) with the value of the general and financial results by the
applicable financial statements and reporting estimates
(1,210,033) (26,928,459) (38,662,402)
Financial statements and other companies (ASC 946) with the value of the general and financial results by the
applicable financial statements and reporting estimates
(1,210,033) (26,928,459) (38,662,402)
Financial statements and other companies (ASC 946) with the value of the general and financial results by the
applicable financial statements and reporting estimates
(1,210,033) (26,928,459) (38,662,402)
Financial statements and other companies (ASC 946) with the value of the general and financial results by the
applicable financial statements and reporting estimates
(1,210,033) (26,928,459) (38,662,402)
Financial statements and other companies (ASC 946) with the value of the general and financial results by the
applicable financial statements and reporting estimates
(1,210,033) (26,928,459) (38,662,402)
Financial statements and other companies (ASC 946) with the value of the general and financial results by the

FRANKLIN MUTUAL SERIES FUNDS

1. Organization and Significant Accounting Policies of the reporting period. Any security valuation changes due

www.fshamapl.com

Annual Report 117

NOTES TO FINANCIAL STATEMENTS

Total capital share transactions (153,568,904) within the 1993-1994 period of 1993-1994 (153,568,904) and 1993-1994 (153,568,904) of 1993-1994 (153,568,904) of 1993-1994 (153,568,904) of 1993-1994 (153,568,904) of 1993-1994 (153,568,904) of 1993-1994 (153,568,904)

FRANKLIN MUTUAL SERIES FUNDS

# **1. Organization and Significant Accounting Policies** Statements of Assets and Liabilities. Early termination by

328 | Annual Report | franklinmigration.com

NOTES TO FINANCIAL STATEMENTS

Proprietary Markets Group of the United States is a fair value of $1.00 per share, which is a fair value of $0.75 per share. The fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of the fair value of

FRANKLIN MUTUAL SERIES FUNDS

1. Organization and Significant Accounting Policies See Note 13 regarding other derivative information.

www.hrw.com

Annual Report 119

NOTES TO FINANCIAL STATEMENTS

For the three fiscal year ended December 31, 2012, the financial statements are based on the total net 6,371,810 shares held in the other market except for the other financial statements. The financial statements are based on the total net 6,371,810 shares held in the other market except for the other financial statements. The financial statements are based on the total net 6,371,810 shares held in the other market except for the other financial statements. The financial statements are based on the total net 6,371,810 shares held in the other market except for the other financial statements.

# FRANKLIN MUTUAL SERIES FUNDS

# **1. Organization and Significant Accounting Policies** The Funds may be subject to foreign taxation related to

120 | Annual Report

franklinmuplatzyn.com

NOTES TO FINANCIAL STATEMENTS

authority as described in this section, and/or the potential
for the use of the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other, or the other

record an estimated deferred tax liability in an amount that
the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of the tax shall be paid to the extent of

FRANKLIN MUTUAL SERIES FUNDS

1. Organization and Significant Accounting Policies

combined number of shareholders of the Trust, Fund specific

harklinmupation.com

Annual Report 121

NOTES TO FINANCIAL STATEMENTS

Exclusion: (1) The financial statements and financial statements are based on the financial statements and financial statements of the financial institution. The financial statements and financial statements of the financial institution are based on the financial statements and financial statements of the financial institution. The financial statements and financial statements of the financial institution are based on the financial statements and financial statements of the financial institution. The financial statements and financial statements of the financial institution are based on the financial statements and financial statements of the financial institution.

FRANKLIN MUTUAL SERIES FUNDS

# 2. Shares of Beneficial Interest

132 | Annual Report

franklinmuplatzn.com

NOTES TO FINANCIAL STATEMENTS

The Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements of the Financial Statements and Financial Statements

FRANKLIN MUTUAL SERIES FUNDS

# 2. Shares of Beneficial Interest

www.financialex.com

Annual Report | 125

NOTES TO FINANCIAL STATEMENTS

determined on a specific identification basis, interest income
the market is based on a 2018 financial year's annual
investment. The financial year's annual income is based on a
2018 financial year's annual income. The financial year's annual
income is based on a 2018 financial year's annual income.
The financial year's annual income is based on a 2018 financial
year's annual income. The financial year's annual income is based
on a 2018 financial year's annual income. The financial year's annual
income is based on a 2018 financial year's annual income.

FRANKLIN MUTUAL SERIES FUNDS

# 2. Shares of Beneficial Interest

124 | Annual Report

franklinmuplatzn.com

NOTES TO FINANCIAL STATEMENTS

The following table provides the information in a specific format:

FRANKLIN MUTUAL SERIES FUNDS

# 2. Shares of Beneficial Interest

Nett-Marsipation.com

Annual Report 125

NOTES TO FINANCIAL STATEMENTS

| Notes | 2014 | 2013 | 2012 | 2011 |
| --- | --- | --- | --- | --- |
| Financial statements and performance with U.S. | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial statements and performance with U.S. | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial statements and performance with U.S. | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
| Financial statements and performance with U.S. | 1,000,000 |  |  |  |
| Financial statements and performance with U.S. | 1,000,000 |  |  |  |
| Financial statements and performance with U.S. | 1,000,000 |  |  |  |
| Financial statements and performance with U.S. | 1,000,000 |  |  |  |
| Financial statements and performance with U.S. | 1,000,000 |  |  |  |

FRANKLIN MUTUAL SERIES FUNDS

# 2. Shares of Beneficial Interest

120 | Annual Report

franklinmuplatzn.com

NOTES TO FINANCIAL STATEMENTS

| 1. The Bank of England is a member of the Bank of England, which is not a member of the Bank of England, which is not a member of the Bank of England, which is not a member of the Bank of England, which is not a member of the Bank of England, which is not a member of the Bank of England, which is not a member of the Bank of England, which is not a member of the Bank of England, which is not a member of the Bank of England, which is not a member of the Bank of England, which is not a member |
| --- |

FRANKLIN MUTUAL SERIES FUNDS

### 3. Transactions with Affiliates

www.bm.com

Annual Report 127

NOTES TO FINANCIAL STATEMENTS

| Net interest (losses) | (1,931,418) 100 | $27,027,780 | 100 | (1,040,818) 100 | $21,987,418 | 461 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash flows from the Bank of India (losses) | (598,000) 100 | $22,000,000 | 100 | (598,000) 100 | $14,000,000 | 100 |
| Cash flows from the Bank of India (losses) | (1,000,000) | 100 | (1,000,000) | 100 | (1,000,000) | 100 |
| Cash flows from the Bank of India (losses) | (1,000,000) | 100 | (1,000,000) | 100 | (1,000,000) | 100 |
| Cash flows from the Bank of India (losses) | (1,000,000) | 100 |  |  |  |  |
| Cash flows from the Bank of India (losses) | (1,000,000) | 100 |  |  |  |  |
| Cash flows from the Bank of India (losses) | (1,000,000) | 100 |  |  |  |  |
| Cash flows from the Bank of India (losses) | (1,000,000) | 100 |  |  |  |  |

FRANKLIN MUTUAL SERIES FUNDS

# 3. Transactions with Affiliates

120 | Annual Report

franklinmupidayn.com

NOTES TO FINANCIAL STATEMENTS

| Securities (continued) | ($1,000,000) | ($1,000,000) | ($1,000,000) |
| --- | --- | --- | --- |
| Securities (continued) | ($1,000,000) | ($1,000,000) | ($1,000,000) |
| Securities (continued) | ($1,000,000) | ($1,000,000) | ($1,000,000) |
| Securities (continued) | ($1,000,000) |  |  |
| Securities (continued) | ($1,000,000) |  |  |
| Securities (continued) | ($1,000,000) |  |  |
| Securities (continued) | ($1,000,000) |  |  |
| Securities (continued) | ($1,000,000) |  |  |

FRANKLIN MUTUAL SERIES FUNDS

### 3. Transactions with Affiliates

www.financial.com

Annual Report 129

NOTES TO FINANCIAL STATEMENTS

**Census Share:** Over 530 billion, up to and including 525 billion
**State of Hawaii:** (continued) 2,000,000,000.00 (2,000,000,000) 2,000,000,000.00
**State of Hawaii:** (continued) 2,000,000,000.00 (2,000,000,000) 2,000,000,000.00
**State of Hawaii:** (continued) 2,000,000,000.00 (2,000,000,000) 2,000,000,000.00
**State of Hawaii:** (continued) 2,000,000,000.00 (2,000,000,000) 2,000,000,000.00
**State of Hawaii:** (continued) 2,000,000,000.00 (2,000,000,000) 2,000,000,000.00
**State of Hawaii:** (continued) 2,000,000,000.00 (2,000,000,000) 2,000,000,000.00
**State of Hawaii:** (continued) 2,000,000,000.00 (2,000,000,000) 2,000,000,000.00
**State of Hawaii:** (continued) 2,000,000,000.00 (2,000,000,000) 2,000,000,000.00

FRANKLIN MUTUAL SERIES FUNDS

# **3. Transactions with Affiliates**

130 | Annual Report

franklinmuntial.com

NOTES TO FINANCIAL STATEMENTS

| Shares redeemed | (continued) | (12,246,818) | (131,207,230) | (36,070,111) | (561,601,247) |
| --- | --- | --- | --- | --- | --- |
| Shares made |  | 421,707 | 456,000 | 1,000,000 | 1,000,000 |
| Net Increase (decrease) |  | (1,246,818) | (1,000,000) | (1,000,000) | (1,000,000) |
| Cash Investments in Affiliated Management Investment Companies |  |  |  |  |  |
| Shares redeemed in the Company Fund |  |  |  |  |  |
| The Company has not the current rate of 1.20% per year for class A shares until the Company's date of the issue. |  |  |  |  |  |
| Shares made on the average of the amount of the Fund as follows: |  |  |  |  |  |
| Net Increase (decrease) |  | (888,310) | (888,310) | (888,310) | (888,310) |
| 1. Notes Obtained |  |  |  |  |  |
| 2. Notes Obtained |  |  |  |  |  |
| 3. Notes Obtained |  |  |  |  |  |
| 4. Investments in Affiliated Management Investment Companies |  |  |  |  |  |
| Sales officers investment management for net |  | 0.840% | 0.675% | 0.665% |  |

FRANKLIN MUTUAL SERIES FUNDS

3. Transactions with Affiliates

www.ekampion.com

Annual Report 131

NOTES TO FINANCIAL STATEMENTS

5b. Current sales charges and contingent deferred sales charges (CDSC) do not represent expenses of the Funds. These Certificates are not subject to any more affiliated management investment transactions, but defined in the 1985 Act, as amended by the Department of Management's 1985 Act. The Fund's 1985 Act is subject to the 1985 Act. The Fund's 1985 Act is subject to the 1985 Act. The Fund's 1985 Act is subject to the 1985 Act. The Fund's 1985 Act is subject to the 1985 Act. The Fund's 1985 Act is subject to the 1985 Act. The Fund's 1985 Act is subject to the 1985 Act. The Fund's 1985 Act is subject to the 1985 Act. The Fund's 1985 Act

FRANKLIN MUTUAL SERIES FUNDS

# 4. Expense Offset Arrangement

132 | Annual Report

franklinmuntial.com

NOTES TO FINANCIAL STATEMENTS

On 6/27/06, the Bank of California, Inc. (or its subsidiary) is a member of the Bank of America, Inc. (or its subsidiary) and its subsidiaries. The Bank of America, Inc. (or its subsidiary) is a member of the Bank of America, Inc. (or its subsidiary) and its subsidiaries. The Bank of America, Inc. (or its subsidiary) is a member of the Bank of America, Inc. (or its subsidiary) and its subsidiaries. The Bank of America, Inc. (or its subsidiary) is a member of the Bank of America, Inc. (or its subsidiary) and its subsidiaries.

FRANKLIN MUTUAL SERIES FUNDS

# 6. Income Taxes

www.bm.com

Annual Report 139

NOTES TO FINANCIAL STATEMENTS

(continued)

In the event of a change in the Company's shareholding in the Company's stock market, the Company shall be held at the end of the year ended December 31, 2013.

All changes in the Company's stock market shall be made in accordance with the Company's shareholding in the Company's stock market. The Company shall be held at the end of the year ended December 31, 2013.

The Company shall be held at the end of the year ended December 31, 2013.

The Company shall be held at the end of the year ended December 31, 2013.

The Company shall be held at the end of the year ended December 31, 2013.

The Company shall be held at the end of the year ended December 31, 2013.

FRANKLIN MUTUAL SERIES FUNDS

6. Income Taxes

134 | Annual Report

franklinmuplatzyn.com

NOTES TO FINANCIAL STATEMENTS

Copyright © 2022, the Financial Services Authority. All rights reserved. Financial Services Authority is a registered trademark of Financial Services Authority. The information contained in this report is subject to change without notice. The information contained in this report is not to be construed as a solicitation, solicitation, or solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a solicitation of an offer to buy or sell or a

FRANKLIN MUTUAL SERIES FUNDS

# 7. Investment Transactions

www.financial.com | Annual Report | 135

NOTES TO FINANCIAL STATEMENTS

Note: The financial statements are not to be construed as a material or a material that is not to be construed as a material or a material that is not to be construed as a material or a material that is not to be construed as a material or a material that is not to be construed as a material or a material that is not to be construed as a material or a material that is not to be construed as a material or a material that is not to be construed as a material or a material that is not to be construed as a material or a material

FRANKLIN MUTUAL SERIES FUNDS

11. Novel Coronavirus Pandemic

130 | Annual Report

franklinmuplatzn.com

NOTES TO FINANCIAL STATEMENTS

Cost of the Company (continued) $49,229,979 $7,243,788,688,254 $3,005,400,000,540 $5,949,400,000,540

The following table provides the information in a specific format:

FRANKLIN MUTUAL SERIES FUNDS

## 12. Restricted Securities

FranklinMortgales.com

Annual Report 137

NOTES TO FINANCIAL STATEMENTS

As a circumstance and analyzed basis, the Company shall not be liable for any loss, damage, or delay in performance of the Company's performance under this Agreement or any other agreement or agreement between the parties. The Company shall not be liable for any loss, damage, or delay in performance of the Company's performance under this Agreement or any other agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or agreement or Agreement

FRANKLIN MUTUAL SERIES FUNDS

# 13. Other Derivative Information

130 | Annual Report

franklinmuplatzn.com

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS

31. Other Derivative Information

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

The following information is available for the economic risk of investing in foreign securities: In addition, certain foreign securities may not be traded as U.S. securities or foreign exchange contracts.

1. 2005 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100)

FRANKLIN MUTUAL SERIES FUNDS

# 13. Other Derivative Information

140 | Annual Report

franklimmplus.com

NOTES TO FINANCIAL STATEMENTS

For the purpose of this report, the Financial Statements and Liabilities, their valuation margin movements were recorded to each other receipt or payment.

In the event of a change in the financial statements, the Financial Statements and Liabilities, their valuation margin movements were recorded to each other receipt or payment.

The financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements and liabilities of the financial statements

FRANKLIN MUTUAL SERIES FUNDS

### 13. Other Derivative Information

www.financialstat.com

Annual Report 141

NOTES TO FINANCIAL STATEMENTS

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |
| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |
| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

| Net Accumulated for as | Territory, Inc. | Investment Depreciation on OTC | Operating Profit | Investment Depreciation on OTC | Operating Profit |
| --- | --- | --- | --- | --- | --- |

</table>

142

Annual Report

franklintemplaton.com

NOTES TO FINANCIAL STATEMENTS

An Ombudsman's Report, which may be effected against OTO derivative liabilities and collateral received from the
consolidated Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member of the Bank of India, a member

FRANKLIN MUTUAL SERIES FUNDS

# 15. Credit Facility

BankBankofIndia.com

Annual Report | 143

NOTES TO FINANCIAL STATEMENTS

| Summary Communications | Financial Statements | Asset Statement | Financial Statements | Financial Statements | Financial Statements |
| --- | --- | --- | --- | --- | --- |
| 1. Financial Statement and representation of the Company and its subsidiaries | Accounts receivable | Accounts receivable | Accounts receivable | Accounts receivable | Accounts receivable |
| 2. Financial Statements and other financial instruments | Assets and Liabilities | Other | Receivables | Receivables | Cash and cash equivalents |
| 3. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 4. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 5. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 6. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 7. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 8. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 9. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 10. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 11. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 12. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 13. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 14. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 15. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 16. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 17. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 18. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 19. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |
| 20. Financial Statements and other financial instruments | Liabilities | Liabilities | Liabilities | Liabilities | Liabilities |

FRANKLIN MUTUAL SERIES FUNDS

# 16. Fair Value Measurements

144 | Annual Report

franklinmpt.com

NOTES TO FINANCIAL STATEMENTS

The information on page 153, inclusive, is available for the following information: (1) The Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

FRANKLIN MUTUAL SERIES FUNDS

# 16. Fair Value Measurements

www.laramagazine.com

Annual Report | 145

NOTES TO FINANCIAL STATEMENTS

Franklin Mutual Services Corporation is a member of the board of directors of the firm, a member of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of the firm of

FRANKLIN MUTUAL SERVICES

# 16. Fair Value Measurements

140 | Annual Report

franklinmuplatch.com

NOTES TO FINANCIAL STATEMENTS

| Total | 156,848,000,740 | 21,120,000 | - | - | 156,848,000,670 |
| --- | --- | --- | --- | --- | --- |
| Total | 278,794,000,052 | 14,667,000 | - | - | 472,000,052 |
| Current Assets | 198,730,000,000 | 62,000,000 | 1,000,000 | 1,000,000 | 198,730,000,000 |
| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |
| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Current Assets | 1,000,000,000 | 100,000,000 | 1,000,000 | 1,000,000 | 1,000,000,000 |
| --- | --- | --- | --- | --- | --- |

</table>

Frank M. Thompson, 2019

Annual Report 2019

Financial Year 2019

Financial Year 2019

Financial Year 2019

Financial Year 2019[{"box

NOTES TO FINANCIAL STATEMENTS

| Interim financial and financial statements | 168,000.00 | 168,000.00 | $ | 168,000.00 |
| --- | --- | --- | --- | --- |
| Financial statements | 168,000.00 | 168,000.00 | 100.00 | 168,000.00 |
| Financial statements | 117,000.00 | 117,000.00 | 100.00 | 117,000.00 |
| Financial statements | 100,000.00 | 100,000.00 | Level 3 | 100,000.00 |
| Financial statements | 100,000.00 | 100,000.00 | $ | 100,000.00 |
| Financial statements | 100,000.00 | 100,000.00 | $ | 100,000.00 |
| Financial statements | 100,000.00 | 100,000.00 | $ | 100,000.00 |
| Financial statements | 100,000.00 | 100,000.00 | $ | 100,000.00 |

FRANKLIN MUTUAL SERIES FUNDS

# 16. Fair Value Measurements

140 | Annual Report

franklinmuntial.com

NOTES TO FINANCIAL STATEMENTS

| State tax rate | 101,192,785 | 127,200,000 | - | - | - | - |
| --- | --- | --- | --- | --- | --- | --- |
| State tax rate | 101,192,785 | 127,200,000 | - | - | - | - |
| State tax rate | 101,192,785 | 127,200,000 | - | - | - | - |
| State tax rate | 101,192,785 | 127,200,000 | - | - | - | - |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |
| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |
| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |
| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

| State tax rate | $4,943,500 | $3,500,000 | $134,430 | $8,400,000 |
| --- | --- | --- | --- | --- |

FRANKLIN MUTUAL SERIES FUNDS

Funds187, 2015-2016

Annual Report

148

NOTES TO FINANCIAL STATEMENTS

| Amortization | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |
| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |
| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange | 125,761,000 | - | 125,761,000 | - | 124,430 | 125,761,000 |
| --- | --- | --- | --- | --- | --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange |  |
| --- | --- |

| Foreign exchange |  |
| --- | --- |

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| Foreign exchange |  |
| --- | --- |

| Foreign exchange |  |
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| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
| --- | --- |

| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
| --- | --- |

</table>

| Foreign exchange |  |
| --- | --- |

| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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</table>

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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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| Foreign exchange |  |
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</table>

| Foreign exchange |  |
| --- | --- |

</table>

| Foreign exchange |  |
| --- | --- |

</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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| Foreign exchange |  |
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| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
| --- | --- |

</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
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</table>

| Foreign exchange |  |
| --- | --- |

</table>

| Foreign exchange |  |
| --- | --- |

</table>

| Foreign exchange |  |
| --- | --- |

</table>

| Foreign exchange |  |
| --- | --- |

</table></table>

FRANKLIN MUTUAL SERIES FUNDS

# 16. Fair Value Measurements

150 | Annual Report

franklinmuplton.com

NOTES TO FINANCIAL STATEMENTS

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |
| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

| Financial Statements | 245,902,458 | - | 12,500,000,000 | 100,000,000,000 | 12,500,000,000,000 |
| --- | --- | --- | --- | --- | --- |

| Financial Statements |  |
| --- | --- |

Fredkirkamapleton.com

Annual Report

151

European Fund, Franklin Mutual Financial Services Fund, Franklin Mutual Global Discovery Fund, Franklin Mutual Quest Fund
and Franklin Mutual General Fund, 1,027,492,296 Overhead and Loss Discount rate 11.2% - 11.7%
000,000,000.00 141,585,000.00 141,585,000.00 141,585,000.00 141,585,000.00 141,585,000.00 141,585,000.00
Overhead and Loss of Financial Statements 1,026,059 1,026,153 CME 101,822,000.00 101,822,000.00 101,822,000.00 101,822,000.00
000,000,000.00 1,026,153 1,026,153 FHLB 1,026,153 1,026,153 FHLB 1,026,153 1,026,153
000,000,000.00 1,026,153 1,026,153 FHLB 1,026,153 1,026,153
000,000,000.00 1,026,153 1,026,153 FHLB 1,026,153 1,026,153
000,000,000.00 1,026,153 1,026,153 FHLB 1,026,153 1,026,153
000,000,000.00 1,026,153 1,026,153 FHLB 1,026,153 1,026,153
000,000,000.00 1,026,153 1,026,153 FHLB 1,026,153 1,026,153
000,000,000.00 1,026,153 1,026,153 FHLB 1,026,153 1,026,153
000,000,000.00 1,026,153 1,026,153 FHLB 1,026,153 1,026,153

FRANKLIN MUTUAL SERIES FUNDS

# Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Mutual Series Funds and Shareholders of Franklin Mutual Beacon Fund, Franklin Mutual

152 | Annual Report

franklinmpt.com

![img-0.jpeg](img-0.jpeg)

Franklin Mutual Global Discovery Fund, Franklin Mutual Global Fund and Franklin Mutual Shares Funds (FUND) are defined to an the financial institution for the purpose of the Fund. The Fund is based on the information provided by the Fund and the Federal Funds under the Fund. The Fund is based on the information provided by the Fund and the Federal Funds under the Fund. The Fund is based on the information provided by the Fund and the Federal Funds under the Fund. The Fund is based on the information provided by the Fund and the Federal Funds under the Fund. The Fund is based on the information provided by the Fund and the Federal Funds under the Fund. The Fund is based on the information provided by the Fund and the Federal Funds under the Fund.

FRANKLIN MUTUAL SERIES FUNDS

### Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding

www.financial.com

Annual Report 152

The Family Service report for the following elements of the following work determined by the officers and boarders allowable each of the five years in the period from 1980 to 1990, including the 1st generally accepted accounting principles:

The following table shows the number of members and the number of U.S. registered portfolios operated in the 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st 1st

FRANKLIN MUTUAL SERIES FUNDS

## Board Members and Officers

The name, year of birth and address of the officers and board members, as well as their affiliations, positions held with the

194 | Annual Report

franklinmuplson.com

(continued)

in a Certified Federal694,000.00 (100%) basis, and the applicable  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in  
Number of Particulars in

FRANKLIN MUTUAL SERIES FUNDS

# Independent Board Members

www.law.gov

Annual Report | 105

Short Hills, NJ 07078-2716

Financial Services for During a Level the Part 3 Team
Financial Services for During a Level the Part 3 Team
Financial Services for During a Level the Part 3 Team
Financial Services for During a Level the Part 3 Team
Financial Services for During a Level the Part 3 Team
Financial Services for During a Level the Part 3 Team
Financial Services for During a Level the Part 3 Team
Financial Services for During a Level the Part 3 Team
Financial Services for During a Level the Part 3 Team
Financial Services for During a Level the Part 3 Team

FRANKLIN MUTUAL SERIES FUNDS

# Interested Board Members and Officers

150 | Annual Report

franklinmupdson.com

Principal Occupation During at Least the Past 5 Years: [continued]

Excessive, Particulars, and Other (if the Board and Director, Franklin Resources, Inc. or its officers) are in the case may be, or, if the Board or Director, Franklin Resources, Inc. or its officers, or, if the Board or Director, Franklin Resources, Inc. or its officers, or, if the Board or Director, Franklin Resources, Inc. or its officers, or, if the Board or Director, Franklin Resources, Inc. or its officers, or, if the Board or Director, Franklin Resources, Inc. or its officers, or, if the Board or Director, Franklin Resources, Inc. or its officers, or, if the Board or Director, Franklin Resources, Inc. or its officers, or, if the Board or Director, Franklin Resources, Inc. or its officers, or, if the Board or Director

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Gregory H. Williams (1943) Trustee Since 2015 11 None

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

Franklin Mutual Services Global Discovery

FRANKLIN MUTUAL SERIES FUNDS

# Interested Board Members and Officers

150 | Annual Report

franklinmupdellyn.com

One Hundred 4 Years (1977-1985)

The Financial Foundation During at Least the Past 5 Years:

The Financial Foundation's financial structure and management plan has been developed and is updated to reflect its own goals.

The financial organization has been developed and is a member of the Financial Foundation. The financial organization has been developed and is a member of the Financial Foundation. The financial organization has been developed and is a member of the Financial Foundation. The financial organization has been developed and is a member of the Financial Foundation. The financial organization has been developed and is a member of the Financial Foundation. The financial organization has been developed and is a member of the Financial Foundation. The financial organization has been developed and is a member of the Financial Foundation.

FRANKLIN MUTUAL SERIES FUNDS

## Shareholder Information

### Proxy Voting Policies and Procedures

www.financial.com

Annual Report | 108

New York, NY 10003

Official and Treasurer

(2021 present); and formerly,

WP's Energy, Inc. (exploration and

production of all and gas) (2018-

Proposed Commission on Energy and the Public Health Service

and the Public Health Service (Public Health Service) (2018-2019), the Franklin Templeton Energy, Inc. (2018-2019), and the Franklin Templeton Energy, Inc. (2018-2019).

For the purpose of this report, the following table provides the information in English:

The following table provides the information in English:

The following table provides the information in English:

The following table provides the information in English:

The following table provides the information in English:

US FRANKLIN TEMPLETON, INC. (2017) 2018

proxy voting records are applicable available online at

franklintempleton.com and posted on the U.S. Securities and

Exchange Commission's website at sec.gov and reflect the

© 2018 Franklin Templeton Investments. All rights reserved.

MPA 80.00

Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.
(b) N/A
(c) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
(b) The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee. The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee.
Item 4. Principal Accountant Fees and Services.
(a) The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee. The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee.
(b) The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee.
The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee.
The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee.
The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee.
The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee.
The Registrant has a report of the Audit Committee and the Chief Executive Officer of the Audit Committee.
The Registrant has a report of the Audit Committee

**Principal Occupation During at Least the Past 5 Years**  
San Francisco, California  
Santa Ana, South Carolina  
Santa Ana, South Carolina  
Templeton Investment Counsel, LLC, and offices of certain funds in the Franklin Templeton/Legg Mason fund complex.  
**Principal Occupation During at Least the Past 5 Years**  
San Francisco, California  
Santa Ana, South Carolina  
Santa Ana, South Carolina  
Templeton Investment Counsel, LLC, and offices of certain funds in the Franklin Templeton/Legg Mason fund complex.  
**Principal Occupation During at Least the Past 5 Years**  
San Francisco, California  
Santa Ana, South Carolina  
Santa Ana, South Carolina  
Templeton Investment Counsel, LLC, and offices of certain funds in the Franklin Templeton/Legg Mason fund complex.  
**Principal Occupation During at Least the Past 5 Years**  
San Francisco, California  
Santa Ana, South Carolina  
Santa Ana, South Carolina  
Templeton Investment Counsel, LLC, and offices of certain funds in the Franklin Templeton/Legg Mason fund complex.  
**Principal Occupation During at Least the Past 5 Years**  
San Francisco, California  
Santa Ana, South Carolina  
Santa Ana, South Carolina  
Templeton Investment Counsel, LLC, and offices of certain funds in the Franklin Templeton/Legg Mason fund complex.

Information regarding the operations of the Public Reference

Room may be obtained by calling (800) SEC-0330.

Note 1: Gregory C. Johnson and Jennifer M. Johnson are siblings.

Note 2: Officer information is current as of the date of this report. It is possible that after this date, information about officers may change.

Note 3: Effective December 31st, 2022. Robert E. Wade created to be a student of the Trust.

## **Householding of Reports and**

The following table provides the information in English: The following table provides the information in English:

each Fund's financial reports every six months. In addition,

you will receive an annual updated summary prospectus

financial expert. The Board believes that Ms. Bates and Mr. Hennies qualify as such an expert in view of their extensive business background and experience. Ms. Bates has served as a member of the Fund Audit Committee since 1998. She currently serves as a director of Area Capital Corporation (2010-present) and United Natural Funds, Inc. (2013-present) and was formerly a director of Newborn Corporation from 2010 to 2016. SLM Corporation from 1997 to 2010 and Allied Capital Corporation from 2011 to 2015. See also the President and Chief Financial Officer of MAP Incorporated from 1995 to 2007 and Vice President and Treasurer of the United States. Mr. Hennies has served as a member of the Fund Audit Committee since 2015, currently serves as an Advisor to Saratoga Partners Fund expenses, we try to identify Newborn Corporation in a household and send only one copy of the financial reports (to the extent received by mail) and summary prospectus. This process, called 'householding,' will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800)

632-2301. At any time you may view current prospectuses/
Authorised management may enter documents or place one by a summary prospectus and/or prospectus. Investors should
carefully indicate what you intend to get in the market and expenses before investing. A prospectus contains this and other
information provided and it carefully before investing.

To help ensure we provide you with quality service, all calls to and from our service areas are monitored and/or recorded.

# **Annual Report and Shareholder Letter  
Franklin Mutual Series Funds**

**Investment Manager**  
Franklin Mutual Advisers, LLC

**Distributor**  
Franklin Distributors, LLC  
(800) DIAL BEN® / 342-5236

**Shareholder Services**  
(800) 832-2301 - (Class  
A, C, R & R6)

## Ex-99.Code

Code of Ethics for Principal Executives & Senior Financial Officers

---

| | |
|:---|:---|
| <br>**Procedures** | <br> Revised December 19, 2014 |

---

# FRANKLIN TEMPLETON FUNDS
**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND SENIOR FINANCIAL OFFICERS**

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers," each of whom is set forth in Exhibit A) of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honest and ethical conduct, including the ethical resolution of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by or on behalf of the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

 *\** 

Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

CONFIDENTIAL INFORMATION. This document is the proprietary product of Franklin Templeton Investments. It may NOT be distributed outside the company unless it is made subject to a non-disclosure agreement and/or such release receives authorization by an FTI Chief Compliance Officer. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton Investments© 2014. All Rights Reserved.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business</u> <u>Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal</u> <u>Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of apposition with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or

## 2
for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit personally to the detriment of the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not cause the FT Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated persons for reports of potential violations that are made in good faith;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report at least annually the following affiliations or other relationships:[<sup>1</sup>](#_bookmark0)

o

all directorships for public companies and all companies that are required to file reports with the SEC;

o

any direct or indirect business relationship with any independent directors of the FT Funds;

o

any direct or indirect business relationship with any independent public accounting firm (which are not related to the routine issues related to the firm's service as the Covered Persons accountant); and

o

any direct or indirect interest in any transaction with any FT Fund that will benefit the officer (not including benefits derived from the advisory, sub-advisory, distribution or service agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include[<sup>2</sup>](#_bookmark1):

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private Company.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer

if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Cover Person should also obtain written approval by FT's General Counsel in such situations.

## 3
· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any gifts in excess of $100 from any person, from any corporation or association.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any Company with which the FT Funds has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources General Counsel for any entertainment with a value in excess of $1000.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest in, or any consulting or employment relationship with, any of the FT Fund's service providers, other than an investment adviser, principal underwriter, administrator or any affiliated person thereof.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A direct or indirect financial interest in commissions, transaction charges or spreads paid by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources General Counsel or Deputy General Counsel will provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly scheduled meeting.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds' directors and auditors, and to governmental regulators and self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the FT Funds, the FT Fund's adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and in other public communications made by the FT Funds; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon becoming a covered officer affirm in writing to the Board that he or she has received, read, and understands the Code (see Exhibit B);

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notify Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself is a violation of this

## 4
Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.[<sup>3</sup>](#_bookmark2) However, the Independent Directors of the respective FT Funds will consider any approvals or waivers[<sup>4</sup>](#_bookmark3) sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate any potential violations reported to the Legal Department;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, after such investigation, the General Counsel or Deputy General Counsel believes that no violation has occurred, The General Counsel is not required to take any further action;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any matter that the General Counsel or Deputy General Counsel believes is a violation will be reported to the Independent Directors of the appropriate FT Fund;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Independent Directors concur that a violation has occurred, it will inform and make a recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Independent Directors will be responsible for granting waivers, as appropriate; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any changes to or waivers of this Code will, to the extent required, are disclosed as provided by SEC rules.[<sup>5</sup>](#_bookmark4)

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of

ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

See Part X.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

X. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a copy of the Code is filed with the SEC as an exhibit to each Fund's annual report; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

# EXHIBIT A
Persons Covered by the Franklin Templeton Funds Code of Ethics

January 1, 2022

# FRANKLIN GROUP OF FUNDS
Edward Perks&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Rupert H. Johnson, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Michael McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Sonal Desai, Ph D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer and Treasurer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# FRANKLIN MUTUAL SERIES FUNDS
Christian K. Correa&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer and Treasurer

# FRANKLIN ALTERNATIVE STRATEGIES FUNDS
Brooks Ritchey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# TEMPLETON GROUP OF FUNDS
Rupert H. Johnson Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Manraj S. Sekhon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Michael Hasenstab, Ph.D. &nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Alan Bartlett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Christopher Kings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# Exhibit B ACKNOWLEDGMENT FORM

### Franklin Templeton Funds Code of Ethics
**For Principal Executives and Senior Financial Officers**

### Instructions:
1. &nbsp;&nbsp;&nbsp;&nbsp; Complete all sections of this form.

2. &nbsp;&nbsp;&nbsp;&nbsp; Print the completed form, sign, and date.

3. &nbsp;&nbsp;&nbsp;&nbsp; Submit completed form to FT's General Counsel c/o Code of Ethics Administration within 10 days of becoming a Covered Officer and by February 15th of each subsequent year.

**E-mail:&nbsp;&nbsp;&nbsp;&nbsp;** Code of Ethics Inquiries & Requests (internal address); lpreclear@franklintempleton.com (external address)

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

 ****

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Signature*** | &nbsp;&nbsp; ***Date signed*** |

---

## Ex-99.Cert

I, Matthew T. Hinkle, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of **Franklin Mutual Series Funds**;

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

2/27/2023

S\MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

I, Christopher Kings, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of **Franklin Mutual Series Funds**;

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

2/27/2023

S\CHRISTOPHER KINGS

Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

**AS ADOPTED PURSUANT TO SECTION 906**

# OF THE SARBANES-OXLEY ACT OF 2002
I, Matthew T. Hinkle, Chief Executive Officer of the **Franklin Mutual Series Funds** (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: 2/27/2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\MATTHEW T. HINKLE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

**AS ADOPTED PURSUANT TO SECTION 906**

I, Christopher Kings, Chief Financial Officer of the **Franklin Mutual Series Funds** (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 12/31/2022 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: 2/27/2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\CHRISTOPHER KINGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

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