NPORT-EX 2 FMSF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
MS-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
2
Franklin
Mutual
Financial
Services
Fund
5
Franklin
Mutual
Global
Discovery
Fund
8
Franklin
Mutual
International
Value
Fund
13
Franklin
Mutual
Quest
Fund
16
Franklin
Mutual
Shares
Fund
24
Notes
to
Schedules
of
Investments
29
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Mutual
Beacon
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.9%
Aerospace
&
Defense
2.9%
Airbus
SE
...........................................
France
635,949
$
85,116,779
Air
Freight
&
Logistics
2.8%
United
Parcel
Service,
Inc.,
B
............................
United
States
519,570
80,985,376
Automobile
Components
0.0%
†
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
2,846,329
85,327
Banks
10.0%
BNP
Paribas
SA
......................................
France
1,247,577
79,325,021
DBS
Group
Holdings
Ltd.
...............................
Singapore
3,781,657
92,865,995
JPMorgan
Chase
&
Co.
.................................
United
States
819,424
118,832,869
291,023,885
Beverages
3.1%
Heineken
NV
........................................
Netherlands
1,008,536
88,909,868
Building
Products
2.8%
Johnson
Controls
International
plc
.........................
United
States
1,513,984
80,559,089
Capital
Markets
3.0%
BlackRock,
Inc.
.......................................
United
States
134,859
87,184,995
Consumer
Staples
Distribution
&
Retail
2.5%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
1,859,611
72,806,592
Containers
&
Packaging
2.6%
International
Paper
Co.
.................................
United
States
2,107,492
74,752,741
Diversified
Telecommunication
Services
2.5%
Deutsche
Telekom
AG
..................................
Germany
3,436,562
72,084,684
Energy
Equipment
&
Services
2.5%
Schlumberger
NV
.....................................
United
States
1,229,379
71,672,796
Entertainment
3.1%
b
Walt
Disney
Co.
(The)
..................................
United
States
1,098,247
89,012,919
Financial
Services
3.0%
Global
Payments,
Inc.
..................................
United
States
746,585
86,148,443
Health
Care
Equipment
&
Supplies
3.8%
Medtronic
plc
........................................
United
States
1,391,103
109,006,831
Health
Care
Providers
&
Services
2.5%
Elevance
Health,
Inc.
..................................
United
States
164,494
71,623,978
Household
Products
3.3%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
1,373,195
96,830,788
Insurance
4.5%
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
1,039,200
73,689,672
Progressive
Corp.
(The)
................................
United
States
401,504
55,929,507
129,619,179
Machinery
2.9%
Parker-Hannifin
Corp.
..................................
United
States
217,590
84,755,657
Media
3.5%
b
Charter
Communications,
Inc.,
A
..........................
United
States
231,431
101,787,982
Metals
&
Mining
2.4%
Rio
Tinto
plc
.........................................
Australia
1,104,246
69,332,674
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
3.9%
Shell
plc
............................................
Netherlands
3,542,641
$
112,272,043
Personal
Care
Products
3.4%
Haleon
plc
..........................................
United
States
23,846,694
98,838,574
Pharmaceuticals
9.7%
GSK
plc
............................................
United
States
5,236,438
94,739,277
Merck
&
Co.,
Inc.
.....................................
United
States
738,500
76,028,575
Novartis
AG,
ADR
.....................................
Switzerland
1,076,476
109,649,845
280,417,697
Retail
REITs
2.0%
Brixmor
Property
Group,
Inc.
.............................
United
States
2,868,393
59,605,207
Software
1.9%
Gen
Digital,
Inc.
......................................
United
States
3,047,595
53,881,480
Technology
Hardware,
Storage
&
Peripherals
2.8%
d
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
1,605,188
80,963,191
Textiles,
Apparel
&
Luxury
Goods
4.2%
Cie
Financiere
Richemont
SA
............................
Switzerland
596,534
72,643,886
Tapestry,
Inc.
........................................
United
States
1,735,788
49,903,905
122,547,791
Tobacco
3.0%
British
American
Tobacco
plc
.............................
United
Kingdom
2,748,421
86,289,763
Trading
Companies
&
Distributors
3.3%
Ferguson
plc
.........................................
United
States
579,495
95,309,543
Total
Common
Stocks
(Cost
$2,443,489,336)
....................................
2,833,425,872
Companies
in
Liquidation
0.0%
a,b,e
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
5,229,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$2,443,489,336)
.............................
2,833,425,872
a
Short
Term
Investments
1.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.6%
f
FHLB,
10/02/23
.......................................
United
States
45,300,000
45,300,000
Total
U.S.
Government
and
Agency
Securities
(Cost
$45,293,457)
.................
45,300,000
Total
Short
Term
Investments
(Cost
$45,293,457
)
................................
45,300,000
a
Total
Investments
(Cost
$2,488,782,793)
99.5%
..................................
$2,878,725,872
Other
Assets,
less
Liabilities
0.5%
.............................................
16,151,956
Net
Assets
100.0%
...........................................................
$2,894,877,828
a
a
a
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
See
Abbreviations
on
page
41
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
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.
f
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Mutual
Financial
Services
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.6%
Banks
35.6%
a
AB&T
Financial
Corp.
..................................
United
States
226,100
$
118,465
Bank
of
America
Corp.
.................................
United
States
227,849
6,238,506
b
BAWAG
Group
AG,
144A,
Reg
S
..........................
Austria
77,389
3,536,976
BNP
Paribas
SA
......................................
France
151,062
9,605,015
CaixaBank
SA
........................................
Spain
1,525,110
6,075,742
Citizens
Financial
Group,
Inc.
............................
United
States
315,402
8,452,774
Columbia
Banking
System,
Inc.
...........................
United
States
490,312
9,953,334
DBS
Group
Holdings
Ltd.
...............................
Singapore
147,729
3,627,775
ING
Groep
NV
.......................................
Netherlands
727,182
9,583,854
JPMorgan
Chase
&
Co.
.................................
United
States
90,930
13,186,669
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
82,361
10,111,460
Primis
Financial
Corp.
..................................
United
States
393,187
3,204,474
Synovus
Financial
Corp.
................................
United
States
278,537
7,743,329
UniCredit
SpA
........................................
Italy
463,323
11,038,793
Wells
Fargo
&
Co.
.....................................
United
States
249,747
10,204,662
112,681,828
Capital
Markets
5.7%
BlackRock,
Inc.
.......................................
United
States
13,185
8,523,971
Deutsche
Bank
AG
....................................
Germany
855,644
9,403,317
17,927,288
Consumer
Finance
3.1%
Capital
One
Financial
Corp.
.............................
United
States
102,586
9,955,971
Financial
Services
10.7%
c
Fiserv,
Inc.
..........................................
United
States
79,647
8,996,925
Global
Payments,
Inc.
..................................
United
States
87,569
10,104,587
Voya
Financial,
Inc.
....................................
United
States
220,359
14,642,856
33,744,368
Household
Durables
3.1%
Cairn
Homes
plc
......................................
Ireland
8,521,149
9,885,260
Insurance
29.1%
ASR
Nederland
NV
....................................
Netherlands
309,174
11,567,858
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
2,084,821
5,190,285
Conduit
Holdings
Ltd.
..................................
United
States
1,785,410
10,030,612
Everest
Group
Ltd.
....................................
United
States
43,470
16,156,495
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
186,963
13,257,546
International
General
Insurance
Holdings
Ltd.
................
Jordan
1,228,570
13,858,270
MetLife,
Inc.
.........................................
United
States
125,861
7,917,915
NN
Group
NV
........................................
Netherlands
307,559
9,859,318
Progressive
Corp.
(The)
................................
United
States
29,722
4,140,274
91,978,573
Office
REITs
1.3%
Vornado
Realty
Trust
...................................
United
States
175,116
3,971,631
Professional
Services
1.7%
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
103,672
5,446,927
Real
Estate
Management
&
Development
3.5%
c
CBRE
Group,
Inc.,
A
...................................
United
States
42,882
3,167,265
c
Cushman
&
Wakefield
plc
...............................
United
States
333,883
2,544,188
Savills
plc
...........................................
United
Kingdom
509,775
5,382,765
11,094,218
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Financial
Services
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
At
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
2.8%
c
AerCap
Holdings
NV
...................................
Ireland
140,018
$
8,774,928
Total
Common
Stocks
(Cost
$274,815,345)
.....................................
305,460,992
Short
Term
Investments
2.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.7%
d
FHLB,
10/02/23
.......................................
United
States
6,700,000
6,700,000
d
U.S.
Treasury
Bills
,
11/07/23
..........................................
United
States
1,000,000
994,729
11/09/23
..........................................
United
States
1,000,000
994,416
1,989,145
Total
U.S.
Government
and
Agency
Securities
(Cost
$8,688,001)
..................
8,689,145
Total
Short
Term
Investments
(Cost
$8,688,001
)
.................................
8,689,145
a
Total
Investments
(Cost
$283,503,346)
99.3%
...................................
$314,150,137
Other
Assets,
less
Liabilities
0.7%
.............................................
2,061,604
Net
Assets
100.0%
...........................................................
$316,211,741
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
See
Note
4
regarding
holdings
of
5%
voting
securities.
b
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
September
30,
2023,
the
value
of
this
security
was
$3,536,976,
representing
1.1%
of
net
assets.
c
Non-income
producing.
d
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
62
$
8,224,688
12/18/23
$
130,047
Foreign
Exchange
GBP/USD
...................
Short
56
4,273,500
12/18/23
105,212
Total
Futures
Contracts
......................................................................
$235,259
*
As
of
period
end.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Financial
Services
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
At
September
30,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
41
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Buy
512,399
652,725
10/17/23
$
—
$
(27,543)
British
Pound
......
BOFA
Sell
127,491
165,073
10/17/23
9,520
—
British
Pound
......
HSBK
Sell
926
1,148
10/17/23
18
—
British
Pound
......
UBSW
Buy
181,342
228,619
10/17/23
—
(7,363)
British
Pound
......
UBSW
Sell
6,349,480
8,283,764
10/17/23
536,717
—
Euro
.............
HSBK
Sell
94,141
101,010
1/11/24
972
—
Euro
.............
SSBT
Sell
800,664
905,094
1/11/24
54,276
—
Euro
.............
UBSW
Buy
387,898
409,839
1/11/24
2,357
—
Euro
.............
UBSW
Sell
23,778,992
26,212,091
1/11/24
943,585
—
Total
Forward
Exchange
Contracts
...................................................
$1,547,445
$(34,906)
Net
unrealized
appreciation
(depreciation)
............................................
$1,512,539
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Mutual
Global
Discovery
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.3%
Aerospace
&
Defense
1.5%
Airbus
SE
...........................................
France
956,078
$
127,963,531
Air
Freight
&
Logistics
1.5%
United
Parcel
Service,
Inc.,
B
............................
United
States
843,690
131,505,960
Automobile
Components
1.7%
Denso
Corp.
.........................................
Japan
9,265,384
148,676,209
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
3,819,425
114,499
148,790,708
Automobiles
1.8%
General
Motors
Co.
....................................
United
States
4,768,010
157,201,290
Banks
5.6%
BNP
Paribas
SA
......................................
France
2,777,875
176,626,367
DBS
Group
Holdings
Ltd.
...............................
Singapore
6,566,367
161,250,004
JPMorgan
Chase
&
Co.
.................................
United
States
1,042,659
151,206,408
489,082,779
Biotechnology
0.9%
b
Horizon
Therapeutics
plc
................................
United
States
695,456
80,457,305
Building
Products
1.6%
Johnson
Controls
International
plc
.........................
United
States
2,594,051
138,029,454
Capital
Markets
1.6%
BlackRock,
Inc.
.......................................
United
States
207,617
134,222,314
Chemicals
1.9%
b,d
Covestro
AG,
144A,
Reg
S
..............................
Germany
2,984,232
160,469,332
Consumer
Finance
1.7%
Capital
One
Financial
Corp.
.............................
United
States
1,547,519
150,186,719
Consumer
Staples
Distribution
&
Retail
1.8%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
4,064,657
159,137,489
Diversified
Telecommunication
Services
2.6%
Deutsche
Telekom
AG
..................................
Germany
10,734,020
225,154,801
Electrical
Equipment
1.2%
Mitsubishi
Electric
Corp.
................................
Japan
8,355,054
103,225,709
Energy
Equipment
&
Services
1.8%
Schlumberger
NV
.....................................
United
States
2,747,542
160,181,699
Entertainment
3.4%
Activision
Blizzard,
Inc.
.................................
United
States
1,413,640
132,359,113
b
Walt
Disney
Co.
(The)
..................................
United
States
1,985,539
160,927,936
293,287,049
Financial
Services
5.7%
b
Fiserv,
Inc.
..........................................
United
States
1,380,750
155,969,520
Global
Payments,
Inc.
..................................
United
States
1,619,458
186,869,259
Voya
Financial,
Inc.
....................................
United
States
2,284,522
151,806,487
494,645,266
Food
Products
3.7%
Danone
SA
..........................................
France
2,805,972
154,763,784
Kraft
Heinz
Co.
(The)
..................................
United
States
5,042,983
169,645,948
324,409,732
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
2.0%
Medtronic
plc
........................................
United
States
2,263,951
$
177,403,200
Health
Care
Providers
&
Services
8.0%
CVS
Health
Corp.
.....................................
United
States
2,631,984
183,765,123
Elevance
Health,
Inc.
..................................
United
States
406,620
177,050,480
Fresenius
SE
&
Co.
KGaA
...............................
Germany
5,940,043
184,490,376
Humana,
Inc.
........................................
United
States
302,526
147,184,950
692,490,929
Household
Durables
0.6%
DR
Horton,
Inc.
.......................................
United
States
464,710
49,942,384
Household
Products
1.8%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
2,238,161
157,823,830
Industrial
Conglomerates
1.6%
Siemens
AG
.........................................
Germany
966,176
138,068,470
Insurance
4.4%
Everest
Group
Ltd.
....................................
United
States
468,636
174,177,942
NN
Group
NV
........................................
Netherlands
4,664,045
149,513,755
Progressive
Corp.
(The)
................................
United
States
397,931
55,431,789
379,123,486
Interactive
Media
&
Services
1.0%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
285,638
85,751,384
IT
Services
1.9%
Capgemini
SE
........................................
France
918,365
160,241,403
Machinery
1.4%
Parker-Hannifin
Corp.
..................................
United
States
304,376
118,560,540
Media
2.6%
b
Charter
Communications,
Inc.,
A
..........................
United
States
510,181
224,387,807
Metals
&
Mining
1.5%
Rio
Tinto
plc
.........................................
Australia
2,095,517
131,571,948
Oil,
Gas
&
Consumable
Fuels
6.4%
BP
plc
..............................................
United
Kingdom
25,433,104
163,926,698
Shell
plc
............................................
Netherlands
7,067,521
223,981,211
Williams
Cos.,
Inc.
(The)
................................
United
States
5,057,500
170,387,175
558,295,084
Personal
Care
Products
2.1%
Haleon
plc
..........................................
United
States
44,295,264
183,592,776
Pharmaceuticals
6.9%
GSK
plc
............................................
United
States
10,421,063
188,541,136
Merck
&
Co.,
Inc.
.....................................
United
States
1,680,411
172,998,312
Novartis
AG,
ADR
.....................................
Switzerland
2,335,621
237,906,355
599,445,803
Real
Estate
Management
&
Development
1.7%
b
CBRE
Group,
Inc.,
A
...................................
United
States
1,961,840
144,901,502
Semiconductors
&
Semiconductor
Equipment
1.2%
b
Renesas
Electronics
Corp.
..............................
Japan
6,894,581
105,317,981
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
1.7%
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
1,078,359
$
143,723,688
Technology
Hardware,
Storage
&
Peripherals
1.8%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
3,124,651
157,602,546
Textiles,
Apparel
&
Luxury
Goods
1.1%
b
Capri
Holdings
Ltd.
....................................
United
States
676,945
35,614,077
Cie
Financiere
Richemont
SA
............................
Switzerland
505,224
61,524,464
97,138,541
Tobacco
1.8%
British
American
Tobacco
plc
.............................
United
Kingdom
5,092,568
159,886,890
Trading
Companies
&
Distributors
3.8%
b
AerCap
Holdings
NV
...................................
Ireland
2,910,228
182,383,989
Ferguson
plc
.........................................
United
States
906,920
149,161,132
331,545,121
Total
Common
Stocks
(Cost
$6,779,735,022)
....................................
8,274,766,450
Principal
Amount
*
Corporate
Bonds
0.6%
Pharmaceuticals
0.4%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
33,966,000
30,771,401
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
15,606,000
7,942,751
d
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
1,290,000
1,175,300
39,889,452
Professional
Services
0.1%
d
CoreLogic
,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
12,662,000
9,625,399
Software
0.1%
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
8,153,000
6,825,240
Total
Corporate
Bonds
(Cost
$68,515,633)
......................................
56,340,091
Senior
Floating
Rate
Interests
1.4%
Commercial
Services
&
Supplies
0.8%
e
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A,
10.148%,
(3-month
SOFR
+
4.75%),
10/11/28
....................................
United
States
48,688,973
43,663,784
First
Lien,
Dollar
CME
Term
Loan,
B,
10.398%,
(3-month
SOFR
+
5%),
4/11/29
.......................................
United
States
25,592,000
23,123,523
66,787,307
a
a
a
a
a
a
Professional
Services
0.4%
e,f
CoreLogic
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.946
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
40,674,808
37,734,223
Specialty
Retail
0.2%
e,f
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
9.902
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
.....................................
United
States
15,098,108
13,821,563
Total
Senior
Floating
Rate
Interests
(Cost
$115,873,948)
.........................
118,343,093
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Companies
in
Liquidation
0.0%
a,b,g
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
30,996,000
$
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$6,964,124,603)
.............................
8,449,449,634
a
Short
Term
Investments
2.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.9%
h
FHLB,
10/02/23
.......................................
United
States
247,900,000
247,900,000
h
U.S.
Treasury
Bills,
11/09/23
.............................
United
States
5,000,000
4,972,081
Total
U.S.
Government
and
Agency
Securities
(Cost
$252,835,890)
................
252,872,081
Total
Short
Term
Investments
(Cost
$252,835,890
)
...............................
252,872,081
a
Total
Investments
(Cost
$7,216,960,493)
100.2%
................................
$8,702,321,715
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(19,754,563)
Net
Assets
100.0%
...........................................................
$8,682,567,152
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
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
September
30,
2023,
the
aggregate
value
of
these
securities
was
$216,809,423,
representing
2.5%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
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.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
At
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
41
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
1,915
$
254,036,719
12/18/23
$
4,016,770
Foreign
Exchange
GBP/USD
...................
Short
335
25,564,688
12/18/23
629,391
Total
Futures
Contracts
......................................................................
$4,646,161
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Buy
1,463,277
1,892,236
10/17/23
$
—
$
(106,881)
British
Pound
......
BOFA
Sell
1,385,968
1,794,524
10/17/23
103,494
—
British
Pound
......
HSBK
Sell
248,514
308,185
10/17/23
4,972
—
British
Pound
......
UBSW
Buy
699,327
879,535
10/17/23
—
(26,282)
British
Pound
......
UBSW
Sell
18,915,431
24,742,499
10/17/23
1,663,644
—
South
Korean
Won
..
HSBK
Buy
22,220,191,278
17,191,852
11/10/23
—
(729,313)
South
Korean
Won
..
HSBK
Sell
96,232,330,712
73,694,282
11/10/23
2,397,481
—
South
Korean
Won
..
UBSW
Sell
81,361,131,541
62,276,499
11/10/23
1,997,501
—
Japanese
Yen
......
BOFA
Sell
39,228,627,310
273,763,414
11/17/23
9,228,187
—
Euro
.............
HSBK
Buy
2,049,753
2,232,090
1/11/24
—
(53,941)
Euro
.............
HSBK
Sell
17,141,668
19,009,797
1/11/24
794,376
—
Euro
.............
UBSW
Buy
7,836,659
8,279,924
1/11/24
47,623
—
Euro
.............
UBSW
Sell
122,998,563
135,511,815
1/11/24
4,808,628
—
Total
Forward
Exchange
Contracts
...................................................
$21,045,906
$(916,417)
Net
unrealized
appreciation
(depreciation)
............................................
$20,129,489
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Mutual
International
Value
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.1%
Aerospace
&
Defense
4.4%
Airbus
SE
...........................................
France
97,358
$
13,030,604
a
Babcock
International
Group
plc
..........................
United
Kingdom
1,954,742
9,823,653
Melrose
Industries
plc
..................................
United
Kingdom
1,727,652
9,847,495
32,701,752
Automobile
Components
3.6%
Cie
Generale
des
Etablissements
Michelin
SCA
..............
France
243,674
7,457,769
Denso
Corp.
.........................................
Japan
1,200,924
19,270,527
26,728,296
Banks
11.3%
BNP
Paribas
SA
......................................
France
389,540
24,768,226
DBS
Group
Holdings
Ltd.
...............................
Singapore
1,077,262
26,454,279
ING
Groep
NV
.......................................
Netherlands
1,403,840
18,501,830
UniCredit
SpA
........................................
Italy
608,451
14,496,506
84,220,841
Beverages
3.4%
Coca-Cola
HBC
AG
...................................
Italy
384,103
10,501,965
Heineken
NV
........................................
Netherlands
165,632
14,601,679
25,103,644
Capital
Markets
2.0%
Deutsche
Bank
AG
....................................
Germany
1,352,155
14,859,851
Chemicals
2.0%
a,b
Covestro
AG,
144A,
Reg
S
..............................
Germany
282,012
15,164,464
Consumer
Staples
Distribution
&
Retail
3.0%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
567,719
22,227,060
Diversified
Telecommunication
Services
6.6%
Deutsche
Telekom
AG
..................................
Germany
859,590
18,030,600
Koninklijke
KPN
NV
...................................
Netherlands
4,763,768
15,694,284
Nippon
Telegraph
&
Telephone
Corp.
......................
Japan
12,689,549
15,020,303
48,745,187
Electrical
Equipment
1.1%
Mitsubishi
Electric
Corp.
................................
Japan
634,720
7,841,891
Electronic
Equipment,
Instruments
&
Components
2.5%
Murata
Manufacturing
Co.
Ltd.
...........................
Japan
1,018,704
18,583,986
Food
Products
1.0%
Danone
SA
..........................................
France
134,625
7,425,261
Health
Care
Equipment
&
Supplies
2.7%
Olympus
Corp.
.......................................
Japan
1,531,421
19,883,851
Health
Care
Providers
&
Services
2.3%
Fresenius
SE
&
Co.
KGaA
...............................
Germany
551,930
17,142,262
Household
Durables
2.3%
Sony
Group
Corp.
.....................................
Japan
206,426
16,881,172
Household
Products
1.0%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
106,602
7,517,036
Independent
Power
and
Renewable
Electricity
Producers
1.6%
RWE
AG
............................................
Germany
325,105
12,067,263
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
International
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Industrial
Conglomerates
2.1%
Siemens
AG
.........................................
Germany
106,633
$
15,238,068
Insurance
4.6%
ASR
Nederland
NV
....................................
Netherlands
427,061
15,978,644
NN
Group
NV
........................................
Netherlands
573,475
18,383,699
34,362,343
Interactive
Media
&
Services
1.4%
Tencent
Holdings
Ltd.
..................................
China
265,981
10,310,806
IT
Services
2.1%
Capgemini
SE
........................................
France
87,825
15,324,192
Machinery
1.8%
Alstom
SA
...........................................
France
570,966
13,569,621
Metals
&
Mining
4.2%
Norsk
Hydro
ASA
.....................................
Norway
1,302,737
8,151,557
Rio
Tinto
plc
.........................................
Australia
366,146
22,989,335
31,140,892
Oil,
Gas
&
Consumable
Fuels
7.9%
BP
plc
..............................................
United
Kingdom
4,265,809
27,494,873
Shell
plc
............................................
Netherlands
988,745
31,334,934
58,829,807
Personal
Care
Products
2.1%
Haleon
plc
..........................................
United
States
3,802,736
15,761,388
Pharmaceuticals
4.7%
GSK
plc
............................................
United
States
820,275
14,840,672
Novartis
AG
.........................................
Switzerland
199,008
20,323,307
35,163,979
Semiconductors
&
Semiconductor
Equipment
1.5%
a
Renesas
Electronics
Corp.
..............................
Japan
705,650
10,779,137
Software
1.8%
a
Check
Point
Software
Technologies
Ltd.
....................
Israel
100,018
13,330,399
Technology
Hardware,
Storage
&
Peripherals
3.0%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
445,956
22,493,328
Textiles,
Apparel
&
Luxury
Goods
2.0%
Cie
Financiere
Richemont
SA
............................
Switzerland
120,350
14,655,815
Tobacco
2.0%
British
American
Tobacco
plc
.............................
United
Kingdom
477,429
14,989,419
Trading
Companies
&
Distributors
2.1%
a
AerCap
Holdings
NV
...................................
Ireland
252,808
15,843,477
Total
Common
Stocks
(Cost
$651,317,329)
.....................................
698,886,488
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
International
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
At
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
See
Abbreviations
on
page
41
.
Short
Term
Investments
5.3%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
5.3%
c
FHLB,
10/02/23
.......................................
United
States
39,100,000
$
39,100,000
Total
U.S.
Government
and
Agency
Securities
(Cost
$39,094,352)
.................
39,100,000
Total
Short
Term
Investments
(Cost
$39,094,352
)
................................
39,100,000
a
Total
Investments
(Cost
$690,411,681)
99.4%
...................................
$737,986,488
Other
Assets,
less
Liabilities
0.6%
.............................................
4,745,612
Net
Assets
100.0%
...........................................................
$742,732,100
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
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
September
30,
2023,
the
value
of
this
security
was
$15,164,464,
representing
2.0%
of
net
assets.
c
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Long
3
$
306,225
12/15/23
$
(9,066)
Total
Futures
Contracts
......................................................................
$(9,066)
*
As
of
period
end.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Mutual
Quest
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
72.5%
Aerospace
&
Defense
0.3%
L3Harris
Technologies,
Inc.
..............................
United
States
44,674
$
7,778,637
Air
Freight
&
Logistics
1.5%
United
Parcel
Service,
Inc.,
B
............................
United
States
241,733
37,678,923
Automobile
Components
0.2%
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
2,548,299
76,393
Lear
Corp.
..........................................
United
States
48,213
6,470,185
6,546,578
Automobiles
1.0%
General
Motors
Co.
....................................
United
States
782,069
25,784,815
Banks
2.4%
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
234,574
28,798,650
Wells
Fargo
&
Co.
.....................................
United
States
814,133
33,265,474
62,064,124
Beverages
1.3%
Heineken
NV
........................................
Netherlands
371,365
32,738,557
Biotechnology
0.8%
b
Horizon
Therapeutics
plc
................................
United
States
169,999
19,667,184
Broadline
Retail
1.2%
eBay,
Inc.
...........................................
United
States
717,947
31,654,283
Building
Products
1.0%
Johnson
Controls
International
plc
.........................
United
States
464,151
24,697,475
Chemicals
2.3%
Avient
Corp.
.........................................
United
States
802,588
28,347,408
b,d
Covestro
AG,
144A,
Reg
S
..............................
Germany
561,717
30,204,874
58,552,282
Communications
Equipment
0.8%
a,b,c,e
Inclusive
Language
Services
LLC,
Membership
Interests,
B
......
United
States
106,532
20,527,347
Construction
&
Engineering
0.8%
b
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
498,814
20,745,674
Consumer
Staples
Distribution
&
Retail
1.0%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
632,582
24,766,545
Containers
&
Packaging
1.0%
International
Paper
Co.
.................................
United
States
699,139
24,798,460
Diversified
Telecommunication
Services
2.4%
Deutsche
Telekom
AG
..................................
Germany
2,226,548
46,703,656
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
1,714,983
15,443,468
62,147,124
Electric
Utilities
2.6%
Entergy
Corp.
........................................
United
States
350,047
32,379,348
PPL
Corp.
...........................................
United
States
1,400,550
32,996,958
65,376,306
Energy
Equipment
&
Services
2.0%
Baker
Hughes
Co.,
A
...................................
United
States
703,296
24,840,415
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
(continued)
Schlumberger
NV
.....................................
United
States
440,574
$
25,685,464
50,525,879
Entertainment
3.2%
Activision
Blizzard,
Inc.
.................................
United
States
405,720
37,987,564
b,f
Walt
Disney
Co.
(The)
..................................
United
States
540,203
43,783,453
81,771,017
Financial
Services
2.8%
Global
Payments,
Inc.
..................................
United
States
391,370
45,160,184
Voya
Financial,
Inc.
....................................
United
States
401,677
26,691,437
71,851,621
Food
Products
1.3%
Danone
SA
..........................................
France
586,865
32,368,622
Health
Care
Equipment
&
Supplies
1.4%
Medtronic
plc
........................................
United
States
467,921
36,666,290
Health
Care
Providers
&
Services
6.3%
CVS
Health
Corp.
.....................................
United
States
775,927
54,175,223
Elevance
Health,
Inc.
..................................
United
States
132,697
57,778,928
Fresenius
SE
&
Co.
KGaA
...............................
Germany
924,367
28,709,694
Humana,
Inc.
........................................
United
States
41,594
20,236,313
160,900,158
Household
Products
1.7%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
612,858
43,215,657
Independent
Power
and
Renewable
Electricity
Producers
1.2%
AES
Corp.
(The)
......................................
United
States
2,050,586
31,168,907
Insurance
8.2%
ASR
Nederland
NV
....................................
Netherlands
832,528
31,149,340
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
9,773,935
24,332,787
Conduit
Holdings
Ltd.
..................................
United
States
3,154,832
17,724,161
Everest
Group
Ltd.
....................................
United
States
143,629
53,382,590
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
470,967
33,396,270
NN
Group
NV
........................................
Netherlands
1,076,665
34,514,296
Progressive
Corp.
(The)
................................
United
States
115,981
16,156,153
210,655,597
Media
2.0%
b,f
Charter
Communications,
Inc.,
A
..........................
United
States
103,953
45,720,609
b
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
2,811,402
4,442,015
a,b,c
Tenerity
,
Inc.
.........................................
United
States
1
41
50,162,665
Metals
&
Mining
2.2%
Rio
Tinto
plc
.........................................
Australia
637,713
40,040,306
United
States
Steel
Corp.
...............................
United
States
486,000
15,785,280
55,825,586
Oil,
Gas
&
Consumable
Fuels
3.3%
BP
plc
..............................................
United
Kingdom
6,934,160
44,693,481
Williams
Cos.,
Inc.
(The)
................................
United
States
1,156,831
38,973,636
83,667,117
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Personal
Care
Products
2.2%
Haleon
plc
..........................................
United
States
7,698,666
$
31,909,042
Kenvue
,
Inc.
.........................................
United
States
1,268,562
25,472,725
57,381,767
Pharmaceuticals
4.4%
GSK
plc
............................................
United
States
2,445,057
44,236,737
Merck
&
Co.,
Inc.
.....................................
United
States
321,132
33,060,540
Novartis
AG,
ADR
.....................................
Switzerland
356,884
36,352,204
113,649,481
Professional
Services
1.3%
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
638,914
33,568,542
Real
Estate
Management
&
Development
0.6%
Savills
plc
...........................................
United
Kingdom
1,380,703
14,578,981
Semiconductors
&
Semiconductor
Equipment
0.2%
b
Tower
Semiconductor
Ltd.
...............................
Israel
191,588
4,705,401
Software
2.4%
b
ACI
Worldwide,
Inc.
....................................
United
States
1,381,694
31,171,016
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
228,963
30,516,189
61,687,205
Specialized
REITs
0.2%
Uniti
Group,
Inc.
......................................
United
States
1,039,713
4,907,445
Specialty
Retail
0.0%
a,b,c,e
Wayne
Services
Legacy,
Inc.
.............................
United
States
7,104
—
Textiles,
Apparel
&
Luxury
Goods
0.8%
b
Capri
Holdings
Ltd.
....................................
United
States
149,378
7,858,777
Cie
Financiere
Richemont
SA
............................
Switzerland
103,592
12,615,082
20,473,859
Tobacco
2.8%
British
American
Tobacco
plc
.............................
United
Kingdom
2,283,083
71,679,954
Trading
Companies
&
Distributors
1.3%
b
AerCap
Holdings
NV
...................................
Ireland
520,411
32,614,157
Wireless
Telecommunication
Services
0.1%
b
Intelsat
SA
..........................................
Luxembourg
106,029
2,375,050
Total
Common
Stocks
(Cost
$1,801,758,588)
....................................
1,851,925,272
Rights
Rights
0.0%
†
Diversified
Telecommunication
Services
0.0%
†
b
Intelsat
Jackson
Holdings
SA,
B,
12/05/25
...................
Luxembourg
128,313
673,643
Total
Rights
(Cost
$–)
........................................................
673,643
Warrants
Warrants
0.0%
†
Media
0.0%
†
a,b,c
Tenerity
,
Inc.,
4/10/24
..................................
United
States
48,380
409,516
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Wireless
Telecommunication
Services
0.0%
†
b
Intelsat
Emergence
SA,
2/17/27
..........................
Luxembourg
323,376
$
631,246
631,246
Total
Warrants
(Cost
$8,327,945)
..............................................
1,040,762
Principal
Amount
*
Corporate
Bonds
10.1%
Diversified
REITs
0.4%
d
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
,
Senior
Secured
Note
,
144A,
10.5
%
,
2/15/28
.....................
United
States
12,000,000
11,765,132
Diversified
Telecommunication
Services
0.5%
Frontier
Communications
Holdings
LLC
,
Secured
Note
,
5.875
%
,
11/01/29
..........................................
United
States
13,464,222
9,848,435
d
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.75
%
,
8/15/28
................
United
States
4,363,000
3,473,690
13,322,125
Media
1.6%
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
31,000,000
24,797,570
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
21,000,000
16,089,234
40,886,804
Passenger
Airlines
2.1%
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
50,340,000
54,156,417
Pharmaceuticals
0.9%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
5,459,000
4,945,566
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
10,481,000
5,334,357
d
Bausch
Health
Cos.,
Inc.
,
Senior
Bond
,
144A,
7.25
%
,
5/30/29
....
United
States
30,000,000
12,086,700
22,366,623
Professional
Services
0.5%
d
CoreLogic
,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
16,200,000
12,314,916
Software
1.7%
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
50,772,000
42,503,506
Specialty
Retail
2.4%
d
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
85,226,000
50,157,632
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
12,868,000
10,602,115
60,759,747
Total
Corporate
Bonds
(Cost
$310,249,000)
.....................................
258,075,270
Senior
Floating
Rate
Interests
10.8%
Commercial
Services
&
Supplies
2.4%
g
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A,
10.148%,
(3-month
SOFR
+
4.75%),
10/11/28
....................................
United
States
48,615,569
43,597,956
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Commercial
Services
&
Supplies
(continued)
g
Neptune
BidCo
US,
Inc.,
(continued)
First
Lien,
Dollar
CME
Term
Loan,
B,
10.398%,
(3-month
SOFR
+
5%),
4/11/29
.......................................
United
States
20,000,000
$
18,070,900
61,668,856
a
a
a
a
a
a
Communications
Equipment
4.1%
a,c,e,h
Sorenson
Communications
LLC
,
Term
Loan,
A,
PIK,
10%,
4/01/30
........................
United
States
26,012,914
23,838,564
Term
Loan,
B,
PIK,
8%,
4/01/30
.........................
United
States
104,434,858
81,765,124
105,603,688
a
a
a
a
a
a
Health
Care
Providers
&
Services
0.5%
g
Covetrus
Midco
2
LP
,
First
Lien,
Initial
CME
Term
Loan
,
10.39
%
,
(
3-month
SOFR
+
5
%
),
10/13/29
........................
United
States
12,190,703
12,079,646
g
Media
0.3%
i
Clear
Channel
Outdoor
Holdings,
Inc.
,
Term
Loan,
B
,
9.13
%
,
(
1-month
SOFR
+
3.5%;
3-month
SOFR
+
3.5%
),
8/21/26
.....
United
States
8,000,000
7,788,320
j
Loyalty
Ventures,
Inc.
,
Term
Loan,
B
,
13.25
%
,
(
3-month
USD
LIBOR
+
5.5
%
),
11/03/27
....................................
United
States
26,135,994
392,040
8,180,360
a
a
a
a
a
a
Pharmaceuticals
1.5%
g,i
Bausch
Health
Cos.,
Inc.
,
Second
Amendment
CME
Term
Loan
,
10.674
%
,
(
1-month
SOFR
+
5.25
%
),
2/01/27
...............
United
States
48,701,299
39,765,828
Professional
Services
0.3%
g
CoreLogic
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.946
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
7,700,356
7,143,659
Software
1.3%
g
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
13.019
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
46,841,437
32,379,143
Specialty
Retail
0.4%
g,i
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
9.902
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
.....................................
United
States
9,974,490
9,131,147
Total
Senior
Floating
Rate
Interests
(Cost
$329,566,542)
.........................
275,952,327
Shares
a
Companies
in
Liquidation
0.0%
a,b,k
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
159,828
—
a,b,k
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
7,443,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$2,449,902,075)
.............................
2,387,667,274
a
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Number
of
Contracts
Notional
Amount
#
a
Value
a
a
a
a
aa
a
a
Options
Purchased
0.0%
†
Puts
-
Exchange-Traded
Equity
Options
Carvana
Co.,
January
Strike
Price
$2.50,
Expires
1/19/24
.......
3,000
12,594,000
$
6,000
Total
Options
Purchased
(Cost
$275,855)
......................................
6,000
Short
Term
Investments
6.8%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
6.8%
l
FHLB,
10/02/23
.......................................
United
States
148,800,000
148,800,000
l
U.S.
Treasury
Bills
,
11/09/23
..........................................
United
States
10,000,000
9,944,161
11/16/23
..........................................
United
States
5,000,000
4,966,938
12/14/23
..........................................
United
States
10,000,000
9,892,629
24,803,728
Total
U.S.
Government
and
Agency
Securities
(Cost
$173,587,845)
................
173,603,728
Total
Short
Term
Investments
(Cost
$173,587,845
)
...............................
173,603,728
a
Total
Investments
(Cost
$2,623,765,775)
100.2%
................................
$2,561,277,002
Options
Written
(0.0)%
†
......................................................
(182,600)
Securities
Sold
Short
(0.3)%
..................................................
(7,770,892)
Other
Assets,
less
Liabilities
0.1%
.............................................
3,110,797
Net
Assets
100.0%
...........................................................
$2,556,434,307
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Puts
-
Exchange-Traded
Equity
Options
Activision
Blizzard,
Inc.,
October
Strike
Price
$90.00,
Expires
10/20/23
..........................................
300
2,808,900
(26,400)
Walt
Disney
Co.
(The),
October
Strike
Price
$80.00,
Expires
10/20/23
..........................................
1,100
8,915,500
(156,200)
(182,600)
Total
Options
Written
(Premiums
received
$252,979)
............................
$
(182,600)
Country
Shares
Securities
Sold
Short
(0.3)%
Common
Stocks
(0.3)%
Metals
&
Mining
(0.3)%
Cleveland-Cliffs,
Inc.
...................................
United
States
497,178
(7,770,892)
Total
Common
Stocks
(Proceeds
$7,407,633)
...................................
(7,770,892)
Total
Securities
Sold
Short
(Proceeds
$7,407,633)
...............................
$(7,770,892)
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
At
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
3
0
,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
#
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.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
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
September
30,
2023,
the
aggregate
value
of
these
securities
was
$278,431,709,
representing
10.9%
of
net
assets.
e
See
Note
4
regarding
holdings
of
5%
voting
securities.
f
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short.
At
September
30,
2023,
the
aggregate
value
of
these
securities
pledged
amounted
to
$51,660,369,
representing
2.0%
of
net
assets.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
Income
may
be
received
in
additional
securities
and/or
cash.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
j
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
k
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.
l
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
92
$
12,204,375
12/18/23
$
192,973
Foreign
Exchange
GBP/USD
...................
Short
249
19,001,812
12/18/23
467,816
Total
Futures
Contracts
......................................................................
$660,789
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Sell
6,416,338
8,277,859
10/17/23
$
449,238
$
—
British
Pound
......
HSBK
Sell
3,080,909
3,890,465
10/17/23
131,425
—
British
Pound
......
UBSW
Sell
39,313,019
51,334,940
10/17/23
3,368,839
—
Japanese
Yen
......
BOFA
Sell
3,676,103,344
25,654,291
11/17/23
864,771
—
Euro
.............
BOFA
Sell
1,672,241
1,871,020
1/11/24
94,030
—
Euro
.............
HSBK
Sell
4,113,506
4,585,719
1/11/24
214,542
—
Euro
.............
UBSW
Sell
32,524,476
35,823,237
1/11/24
1,261,430
—
Swiss
Franc
.......
HSBK
Sell
11,481,437
12,733,524
1/29/24
18,216
—
Total
Forward
Exchange
Contracts
...................................................
$6,402,491
—
Net
unrealized
appreciation
(depreciation)
............................................
$6,402,491
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
See
Abbreviations
on
page
41
.
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2023
Franklin
Mutual
Shares
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
90.9%
Air
Freight
&
Logistics
1.8%
United
Parcel
Service,
Inc.,
B
............................
United
States
755,979
$
117,834,447
Automobile
Components
0.0%
†
a,b,c,d
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
7,234,813
216,885
Automobiles
1.8%
General
Motors
Co.
....................................
United
States
3,557,202
117,280,950
Banks
5.1%
Bank
of
America
Corp.
.................................
United
States
4,916,834
134,622,915
JPMorgan
Chase
&
Co.
.................................
United
States
1,417,449
205,558,454
340,181,369
Biotechnology
1.0%
b
Horizon
Therapeutics
plc
................................
United
States
552,751
63,947,763
Building
Products
2.0%
Johnson
Controls
International
plc
.........................
United
States
2,537,925
135,042,989
Capital
Markets
1.7%
BlackRock,
Inc.
.......................................
United
States
171,554
110,907,946
Construction
&
Engineering
0.5%
b
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
825,505
34,332,753
Consumer
Finance
1.7%
Capital
One
Financial
Corp.
.............................
United
States
1,176,988
114,226,685
Containers
&
Packaging
1.9%
International
Paper
Co.
.................................
United
States
3,492,896
123,893,021
Diversified
Telecommunication
Services
0.3%
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
2,243,497
20,202,751
Electronic
Equipment,
Instruments
&
Components
2.0%
b
Flex
Ltd.
............................................
United
States
5,025,988
135,601,156
Energy
Equipment
&
Services
2.0%
Schlumberger
NV
.....................................
United
States
2,281,496
133,011,217
Entertainment
4.6%
Activision
Blizzard,
Inc.
.................................
United
States
1,777,337
166,412,063
b,e
Walt
Disney
Co.
(The)
..................................
United
States
1,705,580
138,237,259
304,649,322
Financial
Services
6.7%
b
Fiserv,
Inc.
..........................................
United
States
1,528,322
172,639,253
Global
Payments,
Inc.
..................................
United
States
1,315,433
151,787,814
Voya
Financial,
Inc.
....................................
United
States
1,802,571
119,780,843
444,207,910
Food
Products
2.4%
Kraft
Heinz
Co.
(The)
..................................
United
States
4,791,880
161,198,843
Health
Care
Equipment
&
Supplies
3.5%
Baxter
International,
Inc.
................................
United
States
2,630,537
99,276,466
Medtronic
plc
........................................
United
States
1,730,730
135,620,003
234,896,469
Health
Care
Providers
&
Services
6.0%
CVS
Health
Corp.
.....................................
United
States
2,399,003
167,498,390
Elevance
Health,
Inc.
..................................
United
States
271,296
118,127,704
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Humana,
Inc.
........................................
United
States
226,094
$
109,999,253
395,625,347
Household
Durables
1.5%
DR
Horton,
Inc.
.......................................
United
States
953,813
102,506,283
Insurance
3.5%
Everest
Group
Ltd.
....................................
United
States
398,810
148,225,713
Progressive
Corp.
(The)
................................
United
States
612,644
85,341,309
233,567,022
Interactive
Media
&
Services
1.4%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
299,217
89,827,936
Machinery
1.5%
Parker-Hannifin
Corp.
..................................
United
States
248,408
96,759,884
Media
4.7%
b
Charter
Communications,
Inc.,
A
..........................
United
States
377,249
165,921,655
Comcast
Corp.,
A
.....................................
United
States
3,231,399
143,280,232
309,201,887
Metals
&
Mining
0.5%
United
States
Steel
Corp.
...............................
United
States
1,120,000
36,377,600
Oil,
Gas
&
Consumable
Fuels
7.0%
BP
plc
..............................................
United
Kingdom
21,182,711
136,531,186
Chevron
Corp.
.......................................
United
States
1,051,269
177,264,979
Williams
Cos.,
Inc.
(The)
................................
United
States
4,455,406
150,102,628
463,898,793
Personal
Care
Products
1.7%
Kenvue
,
Inc.
.........................................
United
States
5,481,231
110,063,119
Pharmaceuticals
6.6%
GSK
plc
............................................
United
States
7,824,033
141,554,855
Merck
&
Co.,
Inc.
.....................................
United
States
1,306,985
134,554,106
Novartis
AG,
ADR
.....................................
Switzerland
1,558,716
158,770,812
434,879,773
Professional
Services
3.3%
KBR,
Inc.
...........................................
United
States
1,854,074
109,279,122
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
2,098,415
110,250,724
219,529,846
Real
Estate
Management
&
Development
2.3%
b
CBRE
Group,
Inc.,
A
...................................
United
States
2,111,230
155,935,448
Retail
REITs
2.1%
Brixmor
Property
Group,
Inc.
.............................
United
States
6,802,750
141,361,145
Software
3.0%
e
Gen
Digital,
Inc.
......................................
United
States
5,515,762
97,518,672
Oracle
Corp.
.........................................
United
States
929,174
98,418,110
195,936,782
Specialty
Retail
0.0%
a,b,c,d
Wayne
Services
Legacy,
Inc.
.............................
United
States
7,469
—
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
1.2%
Tapestry,
Inc.
........................................
United
States
2,763,733
$
79,457,324
Tobacco
1.9%
British
American
Tobacco
plc
.............................
United
Kingdom
4,117,617
129,277,209
Trading
Companies
&
Distributors
1.6%
Ferguson
plc
.........................................
United
States
658,754
108,345,270
Wireless
Telecommunication
Services
2.1%
b
T-Mobile
US,
Inc.
.....................................
United
States
976,491
136,757,565
Total
Common
Stocks
(Cost
$5,007,851,339)
....................................
6,030,940,709
Principal
Amount
*
Corporate
Bonds
2.2%
Hotels,
Restaurants
&
Leisure
0.2%
f
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
9,230,300
9,903,918
Pharmaceuticals
0.1%
f
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
1/31/27
..
United
States
12,778,000
6,503,427
Professional
Services
0.1%
f
CoreLogic
,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
9,805,000
7,453,565
Software
1.1%
f
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
86,667,000
72,552,811
Specialty
Retail
0.7%
f
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
53,102,000
31,251,855
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
20,102,000
16,562,303
47,814,158
Total
Corporate
Bonds
(Cost
$176,844,145)
.....................................
144,227,879
Senior
Floating
Rate
Interests
2.7%
Commercial
Services
&
Supplies
0.8%
g
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A,
10.148%,
(3-month
SOFR
+
4.75%),
10/11/28
....................................
United
States
38,187,442
34,246,116
First
Lien,
Dollar
CME
Term
Loan,
B,
10.398%,
(3-month
SOFR
+
5%),
4/11/29
.......................................
United
States
19,884,000
17,966,089
52,212,205
a
a
a
a
a
a
Professional
Services
0.4%
g,h
CoreLogic
,
Inc.
,
First
Lien,
Initial
Term
Loan
,
8.946
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
31,335,890
29,070,462
g
Software
1.3%
Banff
Guarantor,
Inc.
,
Second
Lien,
Initial
Term
Loan
,
10.931
%
,
(
1-month
SOFR
+
5.5
%
),
2/27/26
........................
United
States
20,487,800
20,469,566
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
13.019
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
40,126,436
27,737,399
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
10.446
%
,
(
1-month
SOFR
+
5
%
),
9/01/25
.................................
United
States
47,091,007
41,072,305
89,279,270
a
a
a
a
a
a
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Specialty
Retail
0.2%
g,h
Michaels
Cos.,
Inc.
(The)
,
Term
Loan,
B
,
9.902
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
.....................................
United
States
11,442,774
$
10,475,287
Total
Senior
Floating
Rate
Interests
(Cost
$196,765,475)
.........................
181,037,224
Shares
a
Companies
in
Liquidation
0.0%
a,b,i
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
555,154
—
a,b,i
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
20,046,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$5,381,460,959)
.............................
6,356,205,812
a
Short
Term
Investments
4.1%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
4.1%
j
FHLB,
10/02/23
.......................................
United
States
269,400,000
269,400,000
j
U.S.
Treasury
Bills,
12/14/23
.............................
United
States
5,000,000
4,946,315
Total
U.S.
Government
and
Agency
Securities
(Cost
$274,308,567)
................
274,346,315
Total
Short
Term
Investments
(Cost
$274,308,567
)
...............................
274,346,315
a
Total
Investments
(Cost
$5,655,769,526)
99.9%
..................................
$6,630,552,127
Securities
Sold
Short
(0.3)%
..................................................
(17,908,229)
Other
Assets,
less
Liabilities
0.4%
.............................................
20,800,193
Net
Assets
100.0%
...........................................................
$6,633,444,091
a
a
a
Shares
Securities
Sold
Short
(0.3)%
Common
Stocks
(0.3)%
Metals
&
Mining
(0.3)%
Cleveland-Cliffs,
Inc.
...................................
United
States
1,145,760
(17,908,229)
Total
Common
Stocks
(Proceeds
$17,071,939)
..................................
(17,908,229)
Total
Securities
Sold
Short
(Proceeds
$17,071,939)
..............................
$(17,908,229)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
See
Note
4
regarding
holdings
of
5%
voting
securities.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short.
At
September
30,
2023,
the
aggregate
value
of
these
securities
pledged
amounted
to
$50,100,000,
representing
0.8%
of
net
assets.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
At
September
30,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
3
0
,
202
3
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
41
.
f
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
September
30,
2023,
the
aggregate
value
of
these
securities
was
$144,227,879,
representing
2.2%
of
net
assets.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
i
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.
j
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
GBP/USD
...................
Short
326
$
24,877,875
12/18/23
$
612,482
Total
Futures
Contracts
......................................................................
$612,482
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Buy
436,470
556,001
10/17/23
$
—
$
(23,461)
British
Pound
......
BOFA
Sell
773,777
1,001,870
10/17/23
57,780
—
British
Pound
......
HSBK
Sell
574,533
712,486
10/17/23
11,494
—
British
Pound
......
UBSW
Buy
1,516,282
1,901,880
10/17/23
—
(51,853)
British
Pound
......
UBSW
Sell
22,624,427
29,596,814
10/17/23
1,992,585
—
Total
Forward
Exchange
Contracts
...................................................
$2,061,859
$(75,314)
Net
unrealized
appreciation
(depreciation)
............................................
$1,986,545
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
29
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Franklin
Mutual
Series
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of six
separate
funds
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. 
Effective
May
1,
2023,
Franklin
Mutual
European
Fund
was
renamed
Franklin
Mutual
International
Value
Fund.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined. 
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
30
Quarterly
Schedules
of
Investments
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
September
30,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
September
30,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Beacon
Fund
2,846,329
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
1,890,264
$
85,327
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$1,890,264
$85,327
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Global
Discovery
Fund
3,819,425
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
2,536,499
$
114,499
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$2,536,499
$114,499
Principal
Amount
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Quest
Fund
106,532
Inclusive
Language
Services
LLC,
Membership
Interests,
B
...............................
4/30/14
$
—
$
20,527,347
2,548,299
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
1,692,334
76,393
26,012,914
Sorenson
Communications
LLC,
Term
Loan,
A,
PIK,
10%,
4/01/30
.............................
4/01/22
-
6/30/23
25,860,216
23,838,564
2. Financial
Instrument
Valuation
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
31
Quarterly
Schedules
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
September
30,
2023,
investments
in
“affiliated
companies”
were
as
follows: 
Principal
Amount/
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Quest
Fund
(continued)
104,434,858
Sorenson
Communications
LLC,
Term
Loan,
B,
PIK,
8%,
4/01/30
..................................
4/01/22
-
6/30/23
102,797,070
81,765,124
1
Tenerity,
Inc.
...............................
1/31/22
204
41
48,380
Tenerity,
Inc.,
4/10/24
.........................
5/11/17
6,590,959
409,516
7,104
Wayne
Services
Legacy,
Inc.
...................
1/22/19
—
—
1,714,983
Windstream
Holdings,
Inc.
.....................
9/21/20
-
6/09/23
14,021,182
15,443,468
Total
Restricted
Securities
(Value
is
5.6%
of
Net
Assets)
..............
$150,961,965
$142,060,453
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
Fund
7,234,813
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
4,804,678
$
216,885
7,469
Wayne
Services
Legacy,
Inc.
...................
1/22/19
—
—
2,243,497
Windstream
Holdings,
Inc.
.....................
9/21/20
-
6/09/23
18,342,152
20,202,751
Total
Restricted
Securities
(Value
is
0.3%
of
Net
Assets)
..............
$23,146,830
$20,419,636
†
Rounds
to
less
than
0.1%
of
net
assets.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Mutual
Financial
Services
Fund
Non-Controlled
Affiliates
Dividends
AB&T
Financial
Corp
...
$
136,791
$
—
$
—
$
—
$
(18,326)
$
118,465
226,100
$
288
Total
Affiliated
Securities
(Value
is
0.0%*
of
Net
Assets)
............
$136,791
$—
$—
$—
$(18,326)
$118,465
$288
3.
Restricted
Securities
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
32
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
September
30,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Mutual
Quest
Fund
Non-Controlled
Affiliates
Dividends
Inclusive
Language
Services
LLC,
Membership
Interests,
B
..........
$
9,476,129
$
—
$
—
$
—
$
11,051,218
$
20,527,347
106,532
$
—
Sorenson
Communications
LLC,
Membership
Interests
—
—
(2,524,365)
2,524,365
—
—
a
—
—
Wayne
Services
Legacy,
Inc.
...............
—
—
—
—
—
—
7,104
—
Interest
Sorenson
Communications
LLC,
Term
Loan,
A,
PIK,
10%,
4/01/30
........
23,170,071
1,230,839
b
—
—
(562,346)
23,838,564
26,012,914
2,447,140
Sorenson
Communications
LLC,
Term
Loan,
B,
PIK,
8%,
4/01/30
.........
78,322,185
3,481,693
b
—
—
(38,754)
81,765,124
104,434,858
7,056,869
Total
Affiliated
Securities
(Value
is
4.9%
of
Net
Assets)
............
$110,968,385
$4,712,532
$(2,524,365)
$2,524,365
$10,450,118
$126,131,035
$9,504,009
Franklin
Mutual
Shares
Fund
Non-Controlled
Affiliates
Dividends
International
Automotive
Components
Group
Brazil
LLC
...............
254,651
—
—
—
(37,766)
216,885
7,234,813
—
Wayne
Services
Legacy,
Inc.
...............
—
—
—
—
—
—
7,469
—
Total
Affiliated
Securities
(Value
is
0.0%*
of
Net
Assets)
............
$254,651
$—
$—
$—
$(37,766)
$216,885
$—
*
Rounds
to
less
than
0.1%
of
net
assets.
a
As
of
September
30,
2023,
no
longer
held
by
the
fund
.
b
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
33
Quarterly
Schedules
of
Investments
6. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
September
30,
2023,
in
valuing
the
Funds’
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Mutual
Financial
Services
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$3,000
$467,000
$(470,000)
$—
$—
$—
—
$420
Total
Affiliated
Securities
...
$3,000
$467,000
$(470,000)
$—
$—
$—
$420
Franklin
Mutual
Quest
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.019%
$—
$11,952,000
$(11,952,000)
$—
$—
$—
—
$8,679
Total
Affiliated
Securities
...
$—
$11,952,000
$(11,952,000)
$—
$—
$—
$8,679
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Beacon
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
85,116,779
$
—
$
85,116,779
Air
Freight
&
Logistics
...................
80,985,376
—
—
80,985,376
Automobile
Components
.................
—
—
85,327
85,327
Banks
...............................
118,832,869
172,191,016
—
291,023,885
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
34
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Beacon
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Beverages
...........................
$
—
$
88,909,868
$
—
$
88,909,868
Building
Products
......................
80,559,089
—
—
80,559,089
Capital
Markets
........................
87,184,995
—
—
87,184,995
Consumer
Staples
Distribution
&
Retail
......
—
72,806,592
—
72,806,592
Containers
&
Packaging
.................
74,752,741
—
—
74,752,741
Diversified
Telecommunication
Services
.....
—
72,084,684
—
72,084,684
Energy
Equipment
&
Services
.............
71,672,796
—
—
71,672,796
Entertainment
.........................
89,012,919
—
—
89,012,919
Financial
Services
......................
86,148,443
—
—
86,148,443
Health
Care
Equipment
&
Supplies
.........
109,006,831
—
—
109,006,831
Health
Care
Providers
&
Services
..........
71,623,978
—
—
71,623,978
Household
Products
....................
—
96,830,788
—
96,830,788
Insurance
............................
129,619,179
—
—
129,619,179
Machinery
............................
84,755,657
—
—
84,755,657
Media
...............................
101,787,982
—
—
101,787,982
Metals
&
Mining
.......................
—
69,332,674
—
69,332,674
Oil,
Gas
&
Consumable
Fuels
.............
—
112,272,043
—
112,272,043
Personal
Care
Products
.................
—
98,838,574
—
98,838,574
Pharmaceuticals
.......................
185,678,420
94,739,277
—
280,417,697
Retail
REITs
..........................
59,605,207
—
—
59,605,207
Software
.............................
53,881,480
—
—
53,881,480
Technology
Hardware,
Storage
&
Peripherals
.
—
80,963,191
—
80,963,191
Textiles,
Apparel
&
Luxury
Goods
..........
49,903,905
72,643,886
—
122,547,791
Tobacco
.............................
—
86,289,763
—
86,289,763
Trading
Companies
&
Distributors
..........
95,309,543
—
—
95,309,543
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
45,300,000
—
45,300,000
Total
Investments
in
Securities
...........
$1,630,321,410
$1,248,319,135
b
$85,327
$2,878,725,872
Franklin
Mutual
Financial
Services
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Banks
...............................
69,213,673
43,468,155
—
112,681,828
Capital
Markets
........................
8,523,971
9,403,317
—
17,927,288
Consumer
Finance
.....................
9,955,971
—
—
9,955,971
Financial
Services
......................
33,744,368
—
—
33,744,368
Household
Durables
....................
—
9,885,260
—
9,885,260
Insurance
............................
65,361,112
26,617,461
—
91,978,573
Office
REITs
..........................
3,971,631
—
—
3,971,631
Professional
Services
...................
5,446,927
—
—
5,446,927
Real
Estate
Management
&
Development
....
11,094,218
—
—
11,094,218
Trading
Companies
&
Distributors
..........
8,774,928
—
—
8,774,928
Short
Term
Investments
...................
—
8,689,145
—
8,689,145
Total
Investments
in
Securities
...........
$216,086,799
$98,063,338
c
$—
$314,150,137
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$1,547,445
$—
$1,547,445
Futures
contracts
........................
235,259
—
—
235,259
Total
Other
Financial
Instruments
.........
$235,259
$1,547,445
$—
$1,782,704
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
35
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Financial
Services
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
34,906
$
—
$
34,906
..............................................................
Total
Other
Financial
Instruments
.........
$—
$34,906
$—
$34,906
Franklin
Mutual
Global
Discovery
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
127,963,531
—
127,963,531
Air
Freight
&
Logistics
...................
131,505,960
—
—
131,505,960
Automobile
Components
.................
—
148,676,209
114,499
148,790,708
Automobiles
..........................
157,201,290
—
—
157,201,290
Banks
...............................
151,206,408
337,876,371
—
489,082,779
Biotechnology
.........................
80,457,305
—
—
80,457,305
Building
Products
......................
138,029,454
—
—
138,029,454
Capital
Markets
........................
134,222,314
—
—
134,222,314
Chemicals
...........................
—
160,469,332
—
160,469,332
Consumer
Finance
.....................
150,186,719
—
—
150,186,719
Consumer
Staples
Distribution
&
Retail
......
—
159,137,489
—
159,137,489
Diversified
Telecommunication
Services
.....
—
225,154,801
—
225,154,801
Electrical
Equipment
....................
—
103,225,709
—
103,225,709
Energy
Equipment
&
Services
.............
160,181,699
—
—
160,181,699
Entertainment
.........................
293,287,049
—
—
293,287,049
Financial
Services
......................
494,645,266
—
—
494,645,266
Food
Products
........................
169,645,948
154,763,784
—
324,409,732
Health
Care
Equipment
&
Supplies
.........
177,403,200
—
—
177,403,200
Health
Care
Providers
&
Services
..........
508,000,553
184,490,376
—
692,490,929
Household
Durables
....................
49,942,384
—
—
49,942,384
Household
Products
....................
—
157,823,830
—
157,823,830
Industrial
Conglomerates
................
—
138,068,470
—
138,068,470
Insurance
............................
229,609,731
149,513,755
—
379,123,486
Interactive
Media
&
Services
..............
85,751,384
—
—
85,751,384
IT
Services
...........................
—
160,241,403
—
160,241,403
Machinery
............................
118,560,540
—
—
118,560,540
Media
...............................
224,387,807
—
—
224,387,807
Metals
&
Mining
.......................
—
131,571,948
—
131,571,948
Oil,
Gas
&
Consumable
Fuels
.............
170,387,175
387,907,909
—
558,295,084
Personal
Care
Products
.................
—
183,592,776
—
183,592,776
Pharmaceuticals
.......................
410,904,667
188,541,136
—
599,445,803
Real
Estate
Management
&
Development
....
144,901,502
—
—
144,901,502
Semiconductors
&
Semiconductor
Equipment
.
—
105,317,981
—
105,317,981
Software
.............................
143,723,688
—
—
143,723,688
Technology
Hardware,
Storage
&
Peripherals
.
—
157,602,546
—
157,602,546
Textiles,
Apparel
&
Luxury
Goods
..........
35,614,077
61,524,464
—
97,138,541
Tobacco
.............................
—
159,886,890
—
159,886,890
Trading
Companies
&
Distributors
..........
331,545,121
—
—
331,545,121
Corporate
Bonds
........................
—
56,340,091
—
56,340,091
Senior
Floating
Rate
Interests
...............
—
118,343,093
—
118,343,093
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
252,872,081
—
252,872,081
Total
Investments
in
Securities
...........
$4,691,301,241
$4,010,905,975
d
$114,499
$8,702,321,715
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
36
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$21,045,906
$—
$21,045,906
Futures
contracts
........................
4,646,161
—
—
4,646,161
Total
Other
Financial
Instruments
.........
$4,646,161
$21,045,906
$—
$25,692,067
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
916,417
$
—
$
916,417
..............................................................
Total
Other
Financial
Instruments
.........
$—
$916,417
$—
$916,417
Franklin
Mutual
International
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
32,701,752
—
32,701,752
Automobile
Components
.................
—
26,728,296
—
26,728,296
Banks
...............................
—
84,220,841
—
84,220,841
Beverages
...........................
—
25,103,644
—
25,103,644
Capital
Markets
........................
—
14,859,851
—
14,859,851
Chemicals
...........................
—
15,164,464
—
15,164,464
Consumer
Staples
Distribution
&
Retail
......
—
22,227,060
—
22,227,060
Diversified
Telecommunication
Services
.....
—
48,745,187
—
48,745,187
Electrical
Equipment
....................
—
7,841,891
—
7,841,891
Electronic
Equipment,
Instruments
&
Components
..........................
—
18,583,986
—
18,583,986
Food
Products
........................
—
7,425,261
—
7,425,261
Health
Care
Equipment
&
Supplies
.........
—
19,883,851
—
19,883,851
Health
Care
Providers
&
Services
..........
—
17,142,262
—
17,142,262
Household
Durables
....................
—
16,881,172
—
16,881,172
Household
Products
....................
—
7,517,036
—
7,517,036
Independent
Power
and
Renewable
Electricity
Producers
............................
—
12,067,263
—
12,067,263
Industrial
Conglomerates
................
—
15,238,068
—
15,238,068
Insurance
............................
—
34,362,343
—
34,362,343
Interactive
Media
&
Services
..............
—
10,310,806
—
10,310,806
IT
Services
...........................
—
15,324,192
—
15,324,192
Machinery
............................
—
13,569,621
—
13,569,621
Metals
&
Mining
.......................
—
31,140,892
—
31,140,892
Oil,
Gas
&
Consumable
Fuels
.............
—
58,829,807
—
58,829,807
Personal
Care
Products
.................
—
15,761,388
—
15,761,388
Pharmaceuticals
.......................
—
35,163,979
—
35,163,979
Semiconductors
&
Semiconductor
Equipment
.
—
10,779,137
—
10,779,137
Software
.............................
13,330,399
—
—
13,330,399
Technology
Hardware,
Storage
&
Peripherals
.
—
22,493,328
—
22,493,328
Textiles,
Apparel
&
Luxury
Goods
..........
—
14,655,815
—
14,655,815
Tobacco
.............................
—
14,989,419
—
14,989,419
Trading
Companies
&
Distributors
..........
15,843,477
—
—
15,843,477
Short
Term
Investments
...................
—
39,100,000
—
39,100,000
Total
Investments
in
Securities
...........
$29,173,876
$708,812,612
e
$—
$737,986,488
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
$
9,066
$
—
$
—
$
9,066
..............................................................
Total
Other
Financial
Instruments
.........
$9,066
$—
$—
$9,066
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
37
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
7,778,637
$
—
$
—
$
7,778,637
Air
Freight
&
Logistics
...................
37,678,923
—
—
37,678,923
Automobile
Components
.................
6,470,185
—
76,393
6,546,578
Automobiles
..........................
25,784,815
—
—
25,784,815
Banks
...............................
62,064,124
—
—
62,064,124
Beverages
...........................
—
32,738,557
—
32,738,557
Biotechnology
.........................
19,667,184
—
—
19,667,184
Broadline
Retail
.......................
31,654,283
—
—
31,654,283
Building
Products
......................
24,697,475
—
—
24,697,475
Chemicals
...........................
28,347,408
30,204,874
—
58,552,282
Communications
Equipment
..............
—
—
20,527,347
20,527,347
Construction
&
Engineering
...............
20,745,674
—
—
20,745,674
Consumer
Staples
Distribution
&
Retail
......
—
24,766,545
—
24,766,545
Containers
&
Packaging
.................
24,798,460
—
—
24,798,460
Diversified
Telecommunication
Services
.....
—
46,703,656
15,443,468
62,147,124
Electric
Utilities
........................
65,376,306
—
—
65,376,306
Energy
Equipment
&
Services
.............
50,525,879
—
—
50,525,879
Entertainment
.........................
81,771,017
—
—
81,771,017
Financial
Services
......................
71,851,621
—
—
71,851,621
Food
Products
........................
—
32,368,622
—
32,368,622
Health
Care
Equipment
&
Supplies
.........
36,666,290
—
—
36,666,290
Health
Care
Providers
&
Services
..........
132,190,464
28,709,694
—
160,900,158
Household
Products
....................
—
43,215,657
—
43,215,657
Independent
Power
and
Renewable
Electricity
Producers
............................
31,168,907
—
—
31,168,907
Insurance
............................
120,659,174
89,996,423
—
210,655,597
Media
...............................
50,162,624
—
41
50,162,665
Metals
&
Mining
.......................
15,785,280
40,040,306
—
55,825,586
Oil,
Gas
&
Consumable
Fuels
.............
38,973,636
44,693,481
—
83,667,117
Personal
Care
Products
.................
25,472,725
31,909,042
—
57,381,767
Pharmaceuticals
.......................
69,412,744
44,236,737
—
113,649,481
Professional
Services
...................
33,568,542
—
—
33,568,542
Real
Estate
Management
&
Development
....
14,578,981
—
—
14,578,981
Semiconductors
&
Semiconductor
Equipment
.
4,705,401
—
—
4,705,401
Software
.............................
61,687,205
—
—
61,687,205
Specialized
REITs
......................
4,907,445
—
—
4,907,445
Specialty
Retail
........................
—
—
—
a
—
Textiles,
Apparel
&
Luxury
Goods
..........
7,858,777
12,615,082
—
20,473,859
Tobacco
.............................
—
71,679,954
—
71,679,954
Trading
Companies
&
Distributors
..........
32,614,157
—
—
32,614,157
Wireless
Telecommunication
Services
.......
2,375,050
—
—
2,375,050
Rights
.................................
—
673,643
—
673,643
Warrants
:
Media
...............................
—
—
409,516
409,516
Wireless
Telecommunication
Services
.......
631,246
—
—
631,246
Corporate
Bonds
........................
—
258,075,270
—
258,075,270
Senior
Floating
Rate
Interests
...............
—
170,348,639
105,603,688
275,952,327
Companies
in
Liquidation
..................
—
—
—
a
—
Options
purchased
.......................
6,000
—
—
6,000
Short
Term
Investments
...................
—
173,603,728
—
173,603,728
Total
Investments
in
Securities
...........
$1,242,636,639
$1,176,579,910
f
$142,060,453
$2,561,277,002
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
38
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Quest
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$6,402,491
$—
$6,402,491
Futures
contracts
........................
660,789
—
—
660,789
Total
Other
Financial
Instruments
.........
$660,789
$6,402,491
$—
$7,063,280
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
182,600
$
—
$
—
$
182,600
Securities
Sold
Short
.....................
7,770,892
—
—
7,770,892
Total
Other
Financial
Instruments
.........
$7,953,492
$—
$—
$7,953,492
Franklin
Mutual
Shares
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
117,834,447
—
—
117,834,447
Automobile
Components
.................
—
—
216,885
216,885
Automobiles
..........................
117,280,950
—
—
117,280,950
Banks
...............................
340,181,369
—
—
340,181,369
Biotechnology
.........................
63,947,763
—
—
63,947,763
Building
Products
......................
135,042,989
—
—
135,042,989
Capital
Markets
........................
110,907,946
—
—
110,907,946
Construction
&
Engineering
...............
34,332,753
—
—
34,332,753
Consumer
Finance
.....................
114,226,685
—
—
114,226,685
Containers
&
Packaging
.................
123,893,021
—
—
123,893,021
Diversified
Telecommunication
Services
.....
—
—
20,202,751
20,202,751
Electronic
Equipment,
Instruments
&
Components
..........................
135,601,156
—
—
135,601,156
Energy
Equipment
&
Services
.............
133,011,217
—
—
133,011,217
Entertainment
.........................
304,649,322
—
—
304,649,322
Financial
Services
......................
444,207,910
—
—
444,207,910
Food
Products
........................
161,198,843
—
—
161,198,843
Health
Care
Equipment
&
Supplies
.........
234,896,469
—
—
234,896,469
Health
Care
Providers
&
Services
..........
395,625,347
—
—
395,625,347
Household
Durables
....................
102,506,283
—
—
102,506,283
Insurance
............................
233,567,022
—
—
233,567,022
Interactive
Media
&
Services
..............
89,827,936
—
—
89,827,936
Machinery
............................
96,759,884
—
—
96,759,884
Media
...............................
309,201,887
—
—
309,201,887
Metals
&
Mining
.......................
36,377,600
—
—
36,377,600
Oil,
Gas
&
Consumable
Fuels
.............
327,367,607
136,531,186
—
463,898,793
Personal
Care
Products
.................
110,063,119
—
—
110,063,119
Pharmaceuticals
.......................
293,324,918
141,554,855
—
434,879,773
Professional
Services
...................
219,529,846
—
—
219,529,846
Real
Estate
Management
&
Development
....
155,935,448
—
—
155,935,448
Retail
REITs
..........................
141,361,145
—
—
141,361,145
Software
.............................
195,936,782
—
—
195,936,782
Specialty
Retail
........................
—
—
—
a
—
Textiles,
Apparel
&
Luxury
Goods
..........
79,457,324
—
—
79,457,324
Tobacco
.............................
—
129,277,209
—
129,277,209
Trading
Companies
&
Distributors
..........
108,345,270
—
—
108,345,270
Wireless
Telecommunication
Services
.......
136,757,565
—
—
136,757,565
Corporate
Bonds
........................
—
144,227,879
—
144,227,879
Senior
Floating
Rate
Interests
...............
—
181,037,224
—
181,037,224
Companies
in
Liquidation
..................
—
—
—
a
—
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
39
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
September
30,
2023,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Short
Term
Investments
...................
$
—
$
274,346,315
$
—
$
274,346,315
Total
Investments
in
Securities
...........
$5,603,157,823
$1,006,974,668
g
$20,419,636
$6,630,552,127
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$2,061,859
$—
$2,061,859
Futures
contracts
........................
612,482
—
—
612,482
Total
Other
Financial
Instruments
.........
$612,482
$2,061,859
$—
$2,674,341
Liabilities:
Other
Financial
Instruments:
Securities
Sold
Short
.....................
$
17,908,229
$
—
$
—
$
17,908,229
Forward
exchange
contracts
................
—
75,314
—
75,314
Total
Other
Financial
Instruments
.........
$17,908,229
$75,314
$—
$17,983,543
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$1,203,019,135,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
c
Includes
foreign
securities
valued
at
$89,374,193,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
d
Includes
foreign
securities
valued
at
$3,583,350,710,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
e
Includes
foreign
securities
valued
at
$669,712,612,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
f
Includes
foreign
securities
valued
at
$573,878,630,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
g
Includes
foreign
securities
valued
at
$407,363,250,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobile
Components
$
89,695
$
—
$
—
$
—
$
—
$
—
$
—
$
(13,302)
$
76,393
$
(13,302)
Communications
Equipment
.......
9,476,129
c
—
—
c
—
—
—
—
11,051,218
20,527,347
11,051,218
Diversified
Telecommunication
Services
........
15,568,639
1,161,706
—
—
—
—
—
(1,286,877)
15,443,468
(1,286,877)
Media
...........
44
—
—
—
—
—
—
(3)
41
(3)
Specialty
Retail
.....
—
c
—
—
—
—
—
—
—
—
c
—
Warrants
:
Diversified
Telecommunication
Services
........
877,909
—
(1,161,706)
—
—
—
—
283,797
—
—
Media
...........
792,276
—
—
—
—
—
—
(382,760)
409,516
(382,760)
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
40
Quarterly
Schedules
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
September
30,
2023,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Mutual
Quest
Fund
(continued)
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests
:
Communications
Equipment
.......
$
101,492,256
$
4,640,301
$
—
$
—
$
—
$
72,231
$
—
$
(601,100)
$
105,603,688
$
(601,100)
Companies
in
Liquidation
:
—
c
—
—
—
—
—
—
—
—
c
—
Total
Investments
in
Securities
............
$128,296,948
$5,802,007
$(1,161,706)
$—
$—
$72,231
$—
$9,050,973
$142,060,453
$8,767,176
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Communications
Equipment.
.
.
.
.
.
.
.
$20,527,347
Market
comparables
Discount
for
lack
of
marketability
11.7%
Decrease
EV/EBITDA
multiple
7.0x
Increase
EV/revenue
multiple
1.9x
Increase
Diversified
Telecommunication
Services
15,443,468
Market
comparables
Discount
for
lack
of
marketability
10.0%
Decrease
EV/EBITDA
multiple
4.0x
Increase
Senior
Floating
Rate
Interests:
Communications
Equipment
.
.
.
.
.
.
105,603,688
Discounted
cash
flow
Discount
rate
11.2%
-
11.7%
(11.6%)
Decrease
All
Other
Investments
.
.
.
.
.
.
.
.
.
485,950
c,d
Total
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$142,060,453
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value.
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
41
Quarterly
Schedules
of
Investments
Abbreviations
Abbreviations
List
EBITDA
-
Earnings
before
interest,
taxes,
depreciation
and
amortization
EV
-
Enterprise
value
Counterparty
BOFA
Bank
of
America
N.A.
HSBK
HSBC
Bank
plc
SSBT
State
Street
Bank
and
Trust
Co.
UBSW
UBS
AG
Cu
r
rency
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Index
EAFE
Europe,
Australasia
and
the
Far
East
MSCI
Morgan
Stanley
Capital
International
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FHLB
Federal
Home
Loan
Banks
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.