# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001752724-23-033182
**Filing Date:** 2023-2
**Character Count:** 45288
**Document Hash:** 8517535a6ae7df83f54c478cea26a015
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-033182.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001752724-23-033182

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20221231

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05387
- **FILM NUMBER:** 23651851

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

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

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

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

## Series and Classes Contracts Data

### FRANKLIN MUTUAL SHARES FUND (Series ID: S000007864)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Short Hills

  - **State:** NJ

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Franklin Mutual Shares Fund

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

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

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

- **a. Date of fiscal year-end:** 2022-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6903046207.51

**Total Liabilities:** $27986564.35

**Net Assets:** $6875059643.16

**Cash Not Reported:** $60463743.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021392 | 11.92%               | 5.25%                | -3.55%               |
| Class ID C000021390 | 12.00%               | 5.30%                | -3.47%               |
| Class ID C000021393 | 12.00%               | 5.30%                | -3.45%               |
| Class ID C000128731 | 12.00%               | 5.35%                | -3.46%               |
| Class ID C000021394 | 11.97%               | 5.25%                | -3.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-354792279.19           | $1107247030.76                             |
| Month 2  | $91744724.44             | $270541640.87                              |
| Month 3  | $44218956.09             | $-307446498.65                             |

### Schedule of Portfolio Investments

| Name                                           | Title                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBRE Group, Inc.                               | CBRE Group, Inc., Class A                                                      | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |   2111230 | NS      | $162480260.80 | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                   | Oracle Corp.                                                                   | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |   1840076 | NS      | $150407812.24 | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co. (The)                          | Kraft Heinz Co. (The)                                                          | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |   4268215 | NS      | $173759032.65 | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-213632.54   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $7046.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-86141.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Wayne Services Legacy, Inc.                    | Wayne Services Legacy, Inc.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7469 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7624.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2808.07      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                   | ING Groep NV                                                                   | CUSIP: N/A<br>LEI: 549300NYKK9MWM7GGW15       | Long             | EC               | CORP              | NL        |   8740346 | NS      | $106462620.39 | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Gen Digital, Inc.                              | Gen Digital, Inc.                                                              | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |   4774921 | NS      | $102326557.03 | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                | Eli Lilly & Co.                                                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    198597 | NS      | $72654726.48  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $449.17       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock, Inc.                                | BlackRock, Inc.                                                                | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |    224093 | NS      | $158799022.59 | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Windstream Holdings, Inc.                      | Windstream Holdings, Inc.                                                      | CUSIP: N/A<br>LEI: 529900M9WS6K57ZMIJ19       | Long             | EC               | CORP              | US        |   2123740 | NS      | $20366494.58  | 0.30%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GSK plc                                        | GSK plc                                                                        | CUSIP: N/A<br>LEI: 5493000HZTVUYLO1D793       | Long             | EC               | CORP              | GB        |   7853689 | NS      | $135731534.09 | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Everest Re Group Ltd.                          | Everest Re Group Ltd.                                                          | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |    268755 | NS      | $89030468.85  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco plc                   | British American Tobacco plc                                                   | CUSIP: N/A<br>LEI: 213800FKA5MF17RJKT63       | Long             | EC               | CORP              | GB        |   2574098 | NS      | $101822350.60 | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Fiserv, Inc.                                   | Fiserv, Inc.                                                                   | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |   1528322 | NS      | $154467504.54 | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corp.                             | DISH Network Corp.                                                             | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  50113000 | PA      | $51674019.95  | 0.75%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Merck & Co., Inc.                              | Merck & Co., Inc.                                                              | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    935658 | NS      | $103811255.10 | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                                                            | CUSIP: 912796ZP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   5000000 | PA      | $4902391.65   | 0.07%             | 2023-06-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $2525.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Controls International plc             | Johnson Controls International plc                                             | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | IE        |   2619886 | NS      | $167672704.00 | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Holdings LLC           | Frontier Communications Holdings LLC                                           | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10568178 | PA      | $8190082.62   | 0.12%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $20905.37     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| FHLB                                           | FHLB                                                                           | CUSIP: 313384AC3<br>LEI: 2549001DPIFGXC1TOL40 | Long             | STIV             | USGA              | US        |  25300000 | PA      | $25300000.00  | 0.37%             | 2023-01-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Williams Cos., Inc. (The)                      | Williams Cos., Inc. (The)                                                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |   3437897 | NS      | $113106811.30 | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                                                            | CUSIP: 912796YV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $985924.96    | 0.01%             | 2023-04-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-96542.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Veritas US, Inc.                               | Veritas US, Inc., Term Loan B                                                  | CUSIP: G9341JAN0<br>LEI: 549300RFUWCPWS8FQ104 | Long             | LON              | CORP              | US        |  47454177 | PA      | $33717853.67  | 0.49%             | 2025-09-01      | Variable      | 9.73%                 | No            |                  2 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                                                            | CUSIP: 912796ZE2<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $983873.19    | 0.01%             | 2023-05-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5961.97     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Ashland, Inc.                                  | Ashland, Inc.                                                                  | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |    941112 | NS      | $101197773.36 | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BP plc                                         | BP plc                                                                         | CUSIP: N/A<br>LEI: 213800LH1BZH3DI6G760       | Long             | EC               | CORP              | GB        |  18874477 | NS      | $108900125.55 | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $20551.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Avaya Holdings Corp.                           | Avaya Holdings Corp.                                                           | CUSIP: 05351X101<br>LEI: 549300NZS2OZN6Q63A60 | Long             | EC               | CORP              | US        |       364 | NS      | $71.34        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Pass-Through Trust           | American Airlines Pass-Through Trust, Series 2013-2, Class A                   | CUSIP: 02377UAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5577171 | PA      | $5569721.19   | 0.08%             | 2023-01-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| International Paper Co.                        | International Paper Co.                                                        | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |   2318186 | NS      | $80278781.18  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms, Inc.                           | Meta Platforms, Inc., Class A                                                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |   1064621 | NS      | $128116491.14 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic plc                                  | Medtronic plc                                                                  | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |   1558506 | NS      | $121127086.32 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                    | Capital One Financial Corp.                                                    | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |    379501 | NS      | $35278412.96  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                            | SVB Financial Group                                                            | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |    398009 | NS      | $91597791.26  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson plc                       | Willis Towers Watson plc                                                       | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | IE        |    651722 | NS      | $159398166.76 | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-5218.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Comcast Corp.                                  | Comcast Corp., Class A                                                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |   3231399 | NS      | $113002023.03 | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $734497.59    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-18523.87    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Veritas US, Inc. / Veritas Bermuda Ltd.        | Veritas US, Inc. / Veritas Bermuda Ltd.                                        | CUSIP: 92346LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  86667000 | PA      | $59875526.29  | 0.87%             | 2025-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Bausch Health Americas, Inc.                   | Bausch Health Americas, Inc.                                                   | CUSIP: 91911XAW4<br>LEI: KOO0397YRO83WY5MGD97 | Long             | DBT              | CORP              | US        |  12778000 | PA      | $6704999.94   | 0.10%             | 2027-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Banff Guarantor, Inc.                          | Banff Guarantor, Inc., Second Lien Term Loan                                   | CUSIP: 10318UAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  20487800 | PA      | $18944863.78  | 0.28%             | 2026-02-27      | Variable      | 9.88%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                  | Staples, Inc.                                                                  | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  21151000 | PA      | $18247813.74  | 0.27%             | 2026-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Activision Blizzard, Inc.                      | Activision Blizzard, Inc.                                                      | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |   2064299 | NS      | $158022088.45 | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                              | Wells Fargo & Co.                                                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   3685834 | NS      | $152188085.86 | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Walter Energy Corp.                            | Walter Energy, Inc., Litigation Trust, Contingent Distribution                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |  20046000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $52030.88     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| International Automotive Components Group BVBA | International Automotive Components Group Brazil LLC                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   7234813 | NS      | $254650.95    | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KBR, Inc.                                      | KBR, Inc.                                                                      | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |   2449189 | NS      | $129317179.20 | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Co.                                                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |   1417449 | NS      | $190079910.90 | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-7393.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| T-Mobile US, Inc.                              | T-Mobile US, Inc.                                                              | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |   1010730 | NS      | $141502200.00 | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-9603.52     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger Ltd.                              | Schlumberger Ltd.                                                              | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |   3289690 | NS      | $175866827.40 | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                  | Chevron Corp.                                                                  | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    605751 | NS      | $108726246.99 | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $461.19       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Flex Ltd.                                      | Flex Ltd.                                                                      | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | SG        |   6689973 | NS      | $143566820.58 | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-13958.58    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SS&C Technologies Holdings, Inc.               | SS&C Technologies Holdings, Inc.                                               | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |   1978222 | NS      | $102986237.32 | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Citgo Holding, Inc.                            | Citgo Holding, Inc.                                                            | CUSIP: 17302WAB4<br>LEI: 549300NYHOALWZ2BSL72 | Long             | DBT              | CORP              | US        |  42922000 | PA      | $42910491.32  | 0.62%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| N/A                                            | Foreign Exchange EUR/USD                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       -52 | NC      | $-89610.94    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments, Inc.                          | Global Payments, Inc.                                                          | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |   1447075 | NS      | $143723489.00 | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-345278.57   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-23560.29    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                        | American Airlines, Inc.                                                        | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |   8774000 | PA      | $9430551.84   | 0.14%             | 2025-07-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| Quest Software US Holdings, Inc.               | Quest Software US Holdings, Inc., Second Lien Term Loan                        | CUSIP: G7314UAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  40126436 | PA      | $24761421.76  | 0.36%             | 2030-02-01      | Variable      | 11.59%                | No            |                  2 | On Loan: No      |
| Walt Disney Co. (The)                          | Walt Disney Co. (The)                                                          | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |   1341455 | NS      | $116545610.40 | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana, Inc.                                   | Humana, Inc.                                                                   | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |    218826 | NS      | $112080488.94 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp.                                    | Alcoa Corp.                                                                    | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |   1777415 | NS      | $80819060.05  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                          | Bank of America Corp.                                                          | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |   4916834 | NS      | $162845542.08 | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp.                            | First Horizon Corp.                                                            | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |   2901455 | NS      | $71085647.50  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Staples, Inc.                                  | Staples, Inc.                                                                  | CUSIP: 855030AP7<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |  66378000 | PA      | $47903675.04  | 0.70%             | 2027-04-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Tapestry, Inc.                                 | Tapestry, Inc.                                                                 | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |   4768532 | NS      | $181585698.56 | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4814.63     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Bosgaerde BV                                   | Bosgen Liquidating Trust c/o Verdolino and Lowey P.C., Contingent Distribution | CUSIP: N/A<br>LEI: 724500SEMY2K987RV910       | Long             | EC               | CORP              | NL        |    555154 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Elevance Health, Inc.                          | Elevance Health, Inc.                                                          | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |    256962 | NS      | $131813797.14 | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $30888.93     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-349356.67   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Windstream Holdings, Inc.                      | Windstream Holdings, Inc.                                                      | CUSIP: N/A<br>LEI: 529900M9WS6K57ZMIJ19       | Long             |  | CORP              | US        |    119757 | NS      | $1148459.93   | 0.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Western Digital Corp.                          | Western Digital Corp.                                                          | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |   1777586 | NS      | $56082838.30  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $9766.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| General Motors Co.                             | General Motors Co.                                                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |   3557202 | NS      | $119664275.28 | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial, Inc.                           | Voya Financial, Inc.                                                           | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |   2215527 | NS      | $136232755.23 | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                          | Parker-Hannifin Corp.                                                          | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |    622710 | NS      | $181208610.00 | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings, Inc.                 | Bread Financial Holdings, Inc.                                                 | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |   1466606 | NS      | $55232381.96  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                                                            | CUSIP: 912796V48<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $986977.21    | 0.01%             | 2023-04-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $8205.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $308819.67    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Elanco Animal Health, Inc.                     | Elanco Animal Health, Inc.                                                     | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |   7212948 | NS      | $88142224.56  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                            | Forward Foreign Currency Contract                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |         1 | NC      | $-4110386.41  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| United States of America                       | U.S. Treasury Bills                                                            | CUSIP: 912796W47<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |   1000000 | PA      | $983089.84    | 0.01%             | 2023-05-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Charter Communications, Inc.                   | Charter Communications, Inc., Class A                                          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |    377249 | NS      | $127925135.90 | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos., Inc.                       | Bausch Health Cos., Inc.                                                       | CUSIP: 91911KAP7<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |   1057000 | PA      | $835801.61    | 0.01%             | 2025-12-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CVS Health Corp.                               | CVS Health Corp.                                                               | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |   1813877 | NS      | $169035197.63 | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | Novartis AG                                                                    | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |   1721352 | NS      | $156161053.44 | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.                   | Brixmor Property Group, Inc.                                                   | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |   4578439 | NS      | $103793212.13 | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton, Inc.                                | DR Horton, Inc.                                                                | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |   1970097 | NS      | $175614446.58 | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Holdings Bermuda Ltd.                 | Carnival Holdings Bermuda Ltd.                                                 | CUSIP: 14366RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9230300 | PA      | $9492302.07   | 0.14%             | 2028-05-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| N/A                                            | Foreign Exchange GBP/USD                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -347 | NC      | $476267.91    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Ryan Wheeler

**Name of Signer:** Ryan Wheeler

**Title:** Assistant Treasurer