NPORT-EX 2 FMSF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
MS-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
2
Franklin
Mutual
Global
Discovery
Fund
5
Franklin
Mutual
International
Value
Fund
10
Franklin
Mutual
Quest
Fund
13
Franklin
Mutual
Shares
Fund
19
Notes
to
Schedules
of
Investments
24
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2025
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
98.3%
Automobiles
2.0%
General
Motors
Co.
..................................
United
States
1,372,492
$
64,548,299
Banks
11.4%
BNP
Paribas
SA
....................................
France
867,182
72,478,518
DBS
Group
Holdings
Ltd.
.............................
Singapore
4,227,601
145,181,434
JPMorgan
Chase
&
Co.
...............................
United
States
592,809
145,416,048
363,076,000
Beverages
3.4%
Heineken
NV
......................................
Netherlands
1,323,559
107,923,533
Building
Products
3.9%
Johnson
Controls
International
plc
.......................
United
States
1,548,505
124,050,736
Capital
Markets
3.5%
BlackRock,
Inc.
.....................................
United
States
117,986
111,671,389
Consumer
Staples
Distribution
&
Retail
2.1%
Target
Corp.
.......................................
United
States
625,862
65,314,958
Energy
Equipment
&
Services
1.9%
Schlumberger
NV
...................................
United
States
1,460,980
61,068,964
Entertainment
2.4%
Walt
Disney
Co.
(The)
................................
United
States
786,299
77,607,711
Financial
Services
2.0%
Global
Payments,
Inc.
................................
United
States
662,554
64,877,288
Health
Care
Equipment
&
Supplies
4.3%
Medtronic
plc
......................................
United
States
1,535,113
137,945,254
Health
Care
Providers
&
Services
2.0%
Elevance
Health,
Inc.
................................
United
States
145,392
63,239,704
Household
Products
3.9%
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
1,832,648
123,924,629
Insurance
8.4%
Hartford
Insurance
Group,
Inc.
(The)
.....................
United
States
1,072,503
132,700,796
Progressive
Corp.
(The)
..............................
United
States
472,689
133,775,714
266,476,510
Machinery
3.5%
Parker-Hannifin
Corp.
................................
United
States
184,031
111,863,243
Media
2.7%
a
Charter
Communications,
Inc.
,
A
........................
United
States
235,970
86,962,024
Metals
&
Mining
2.6%
Reliance,
Inc.
......................................
United
States
286,014
82,586,543
Oil,
Gas
&
Consumable
Fuels
4.6%
Chevron
Corp.
.....................................
United
States
454,792
76,082,154
Shell
plc
..........................................
United
States
1,905,604
69,364,611
145,446,765
Pharmaceuticals
15.8%
GSK
plc
..........................................
United
States
4,355,658
83,237,522
Haleon
plc
........................................
United
States
27,783,817
140,314,043
Merck
&
Co.,
Inc.
...................................
United
States
801,618
71,953,232
Novartis
AG
,
ADR
...................................
United
States
810,753
90,382,745
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)
Pharmaceuticals
(continued)
Roche
Holding
AG
..................................
United
States
356,584
$
117,361,648
503,249,190
Retail
REITs
2.7%
Brixmor
Property
Group,
Inc.
...........................
United
States
3,189,633
84,684,756
Semiconductors
&
Semiconductor
Equipment
2.0%
NXP
Semiconductors
NV
.............................
China
325,524
61,869,092
Software
1.9%
Gen
Digital,
Inc.
....................................
United
States
2,305,017
61,175,151
Specialty
Retail
2.1%
a
Ulta
Beauty,
Inc.
....................................
United
States
182,586
66,925,073
Technology
Hardware,
Storage
&
Peripherals
1.9%
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
1,497,325
59,362,158
Textiles,
Apparel
&
Luxury
Goods
3.8%
Cie
Financiere
Richemont
SA
..........................
Switzerland
693,633
121,084,690
Trading
Companies
&
Distributors
3.5%
Ferguson
Enterprises,
Inc.
............................
United
States
686,371
109,977,225
Total
Common
Stocks
(Cost
$
2,305,990,187
)
..................................
3,126,910,885
Companies
in
Liquidation
0.0%
a,b,c
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
....
United
States
5,229,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
....................................
—
Total
Long
Term
Investments
(Cost
$
2,305,990,187
)
...........................
3,126,910,885
a
Short
Term
Investments
0.3%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.3%
d
FHLB
,
4
.21
%
,
4/01/25
................................
United
States
8,200,000
8,199,041
Total
U.S.
Government
and
Agency
Securities
(Cost
$
8,200,000
)
................
8,199,041
Total
Short
Term
Investments
(Cost
$
8,200,000
)
...............................
8,199,041
a
Total
Investments
(Cost
$
2,314,190,187
)
98.6
%
................................
$3,135,109,926
Other
Assets,
less
Liabilities
1.4
%
...........................................
45,499,140
Net
Assets
100.0%
.........................................................
$3,180,609,066
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
34
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
c
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.
d
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2025
Franklin
Mutual
Global
Discovery
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
94.9%
Aerospace
&
Defense
1.6%
Airbus
SE
.........................................
France
844,031
$
148,621,778
Automobile
Components
2.8%
a
Aptiv
plc
..........................................
Jersey
2,156,092
128,287,474
Denso
Corp.
.......................................
Japan
10,463,663
129,818,239
258,105,713
Automobiles
1.1%
Toyota
Motor
Corp.
..................................
Japan
5,580,926
98,655,715
Banks
8.9%
Bank
of
America
Corp.
...............................
United
States
3,434,365
143,316,051
BNP
Paribas
SA
....................................
France
2,949,707
246,534,629
DBS
Group
Holdings
Ltd.
.............................
Singapore
4,562,657
156,687,702
JPMorgan
Chase
&
Co.
...............................
United
States
510,955
125,337,262
Wells
Fargo
&
Co.
...................................
United
States
1,937,446
139,089,248
810,964,892
Beverages
1.3%
Heineken
NV
......................................
Netherlands
1,504,626
122,687,809
Building
Products
1.4%
Johnson
Controls
International
plc
.......................
United
States
1,594,596
127,743,086
Capital
Markets
3.2%
BlackRock,
Inc.
.....................................
United
States
105,081
99,457,065
Deutsche
Bank
AG
..................................
Germany
7,974,935
190,099,864
289,556,929
Chemicals
0.5%
a
Covestro
AG
.......................................
Germany
682,412
43,830,791
Consumer
Finance
1.9%
Capital
One
Financial
Corp.
...........................
United
States
981,642
176,008,411
Consumer
Staples
Distribution
&
Retail
1.6%
Seven
&
i
Holdings
Co.
Ltd.
............................
Japan
9,790,539
141,775,893
Containers
&
Packaging
1.5%
International
Paper
Co.
...............................
United
States
2,504,855
133,634,014
Diversified
Telecommunication
Services
1.7%
Deutsche
Telekom
AG
................................
Germany
4,129,074
152,445,353
Electrical
Equipment
1.7%
Mitsubishi
Electric
Corp.
..............................
Japan
8,315,157
153,350,484
Energy
Equipment
&
Services
2.1%
Schlumberger
NV
...................................
United
States
4,518,502
188,873,384
Entertainment
1.3%
Walt
Disney
Co.
(The)
................................
United
States
1,187,484
117,204,671
Financial
Services
4.9%
a
Fiserv,
Inc.
........................................
United
States
628,336
138,755,439
Global
Payments,
Inc.
................................
United
States
1,640,654
160,652,840
Voya
Financial,
Inc.
..................................
United
States
2,234,394
151,402,537
450,810,816
Food
Products
3.8%
Danone
SA
........................................
France
1,976,853
151,200,143
Kellanova
.........................................
United
States
786,093
64,844,812
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
Mondelez
International,
Inc.,
A
..........................
United
States
1,918,387
$
130,162,558
346,207,513
Health
Care
Equipment
&
Supplies
3.7%
Medtronic
plc
......................................
United
States
1,856,578
166,832,099
Zimmer
Biomet
Holdings,
Inc.
..........................
United
States
1,468,306
166,182,873
333,014,972
Health
Care
Providers
&
Services
6.1%
CVS
Health
Corp.
...................................
United
States
2,603,814
176,408,398
Elevance
Health,
Inc.
................................
United
States
509,609
221,659,531
a
Fresenius
SE
&
Co.
KGaA
.............................
Germany
3,633,913
155,145,083
553,213,012
Household
Durables
0.5%
DR
Horton,
Inc.
.....................................
United
States
331,839
42,186,692
Household
Products
1.7%
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
2,245,916
151,870,031
Industrial
Conglomerates
0.9%
Siemens
AG
.......................................
Germany
372,371
85,997,707
Insurance
5.8%
Everest
Group
Ltd.
..................................
United
States
407,316
147,990,122
NN
Group
NV
......................................
Netherlands
2,821,303
156,993,592
Prudential
plc
......................................
Hong
Kong
20,962,148
226,203,092
531,186,806
Interactive
Media
&
Services
1.7%
Tencent
Holdings
Ltd.
................................
China
2,391,375
152,799,188
Media
2.5%
a
Charter
Communications,
Inc.,
A
........................
United
States
608,024
224,075,085
Metals
&
Mining
1.6%
Rio
Tinto
plc
.......................................
Australia
2,446,097
146,790,797
Oil,
Gas
&
Consumable
Fuels
4.7%
BP
plc
............................................
United
States
34,499,452
193,592,118
Hess
Corp.
........................................
United
States
312,738
49,953,641
Shell
plc
..........................................
United
States
5,171,592
188,247,646
431,793,405
Personal
Care
Products
1.2%
Kenvue,
Inc.
.......................................
United
States
4,465,584
107,084,704
Pharmaceuticals
9.4%
GSK
plc
..........................................
United
States
9,847,240
188,182,785
Haleon
plc
........................................
United
States
29,639,378
149,685,012
Merck
&
Co.,
Inc.
...................................
United
States
1,576,651
141,520,194
Novartis
AG,
ADR
...................................
United
States
1,593,094
177,598,119
Roche
Holding
AG
..................................
United
States
606,634
199,660,013
856,646,123
Semiconductors
&
Semiconductor
Equipment
1.7%
Renesas
Electronics
Corp.
............................
Japan
11,305,843
151,641,317
Specialized
REITs
2.0%
American
Tower
Corp.
................................
United
States
841,268
183,059,917
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Technology
Hardware,
Storage
&
Peripherals
1.7%
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
4,022,273
$
159,464,917
Textiles,
Apparel
&
Luxury
Goods
3.0%
Cie
Financiere
Richemont
SA
..........................
Switzerland
813,836
142,068,039
Kering
SA
.........................................
France
627,483
130,541,736
272,609,775
Tobacco
1.8%
British
American
Tobacco
plc
...........................
United
Kingdom
3,957,665
162,360,742
Trading
Companies
&
Distributors
3.6%
AerCap
Holdings
NV
.................................
Ireland
2,000,745
204,416,116
Ferguson
Enterprises,
Inc.
............................
United
States
760,090
121,789,221
326,205,337
Total
Common
Stocks
(Cost
$6,594,785,475)
..................................
8,632,477,779
Principal
Amount
*
Corporate
Bonds
0.2%
Specialty
Retail
0.2%
b
Michaels
Cos.,
Inc.
(The)
,
Senior
Note
,
144A,
7.875
%
,
5/01/29
.
United
States
33,950,000
18,179,763
Total
Corporate
Bonds
(Cost
$21,415,016)
....................................
18,179,763
Senior
Floating
Rate
Interests
2.3%
c
Commercial
Services
&
Supplies
1.0%
Neptune
Bidco
US,
Inc.,
First
Lien,
CME
Term
Loan,
A,
9.139%,
(3-month
SOFR
+
4.75%),
10/11/28
....................
United
States
47,956,808
41,370,419
Neptune
Bidco
US,
Inc.,
First
Lien,
Dollar
CME
Term
Loan,
B,
9.389%,
(3-month
SOFR
+
5%),
4/11/29
.................
United
States
55,395,755
47,908,742
89,279,161
a
a
a
a
a
a
Media
0.2%
c,d
iHeartCommunications,
Inc.,
First
Lien,
Refinanced
CME
Term
Loan,
B,
10.209%,
(1-month
SOFR
+
5.775%),
5/01/29
.....
United
States
25,935,000
21,147,788
Professional
Services
0.5%
c
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.939%,
(1-month
SOFR
+
3.5%),
6/02/28
......................
United
States
40,040,046
39,372,779
Specialty
Retail
0.6%
c
Michaels
Cos.,
Inc.
(The),
First
Lien,
CME
Term
Loan,
B,
8.84%,
(3-month
SOFR
+
4.25%),
4/17/28
.....................
United
States
71,560,957
53,337,602
Total
Senior
Floating
Rate
Interests
(Cost
$219,883,235)
.......................
203,137,330
Shares
a
Companies
in
Liquidation
0.0%
a,e,f
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
....
United
States
30,996,000
—
Total
Companies
in
Liquidation
(Cost
$–)
....................................
—
Total
Long
Term
Investments
(Cost
$6,836,083,726)
...........................
8,853,794,872
a
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
Short
Term
Investments
0.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.5%
g
FHLB,
4.21%,
4/01/25
................................
United
States
38,800,000
$
38,795,463
g,h
U.S.
Treasury
Bills,
4.15%,
8/21/25
......................
United
States
10,000,000
9,837,686
Total
U.S.
Government
and
Agency
Securities
(Cost
$48,637,686)
...............
48,633,149
Total
Short
Term
Investments
(Cost
$48,637,686
)
..............................
48,633,149
a
Total
Investments
(Cost
$6,884,721,412)
97.9%
................................
$8,902,428,021
Other
Assets,
less
Liabilities
2.1%
...........................................
192,193,153
Net
Assets
100.0%
.........................................................
$9,094,621,174
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
March
31,
2025,
the
value
of
this
security
was
$18,179,763,
representing
0.2%
of
net
assets.
c
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
f
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.
g
The
rate
shown
represents
the
yield
at
period
end.
h
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
open
forward
exchange
contracts.
At
March
31,
2025,
the
value
of
this
security
pledged
amounted
to
$5,964,591,
representing
0.1%
of
net
assets.
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
At
March
31,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
34
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
2,095
$
284,448,625
6/16/25
$
665,225
Total
Futures
Contracts
......................................................................
$665,225
*
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
South
Korean
Won
..
HSBK
Buy
17,225,464,464
12,252,143
4/29/25
$
—
$
(549,542)
South
Korean
Won
..
HSBK
Sell
109,246,421,725
78,261,684
4/29/25
4,042,070
—
South
Korean
Won
..
UBSW
Sell
81,361,131,541
59,144,203
4/29/25
3,869,240
—
Japanese
Yen
......
HSBK
Buy
299,911,990
2,009,940
5/20/25
532
—
Japanese
Yen
......
UBSW
Buy
2,041,187,493
13,737,720
5/20/25
—
(54,536)
Japanese
Yen
......
UBSW
Sell
29,892,487,691
199,410,849
5/20/25
265,260
(1,239,928)
Euro
.............
BOFA
Buy
4,213,000
4,421,973
7/14/25
160,365
—
Euro
.............
BOFA
Sell
145,869,357
152,768,624
7/14/25
46,740
(5,935,319)
Euro
.............
UBSW
Buy
3,400,000
3,579,601
7/14/25
118,464
—
Euro
.............
UBSW
Sell
64,678,047
69,931,676
7/14/25
272,138
(688,599)
Euro
.............
WFLA
Sell
113,245,117
117,874,011
7/14/25
—
(5,298,900)
Total
Forward
Exchange
Contracts
...................................................
$8,774,809
$(13,766,824)
Net
unrealized
appreciation
(depreciation)
............................................
$(4,992,015)
*
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),
March
31,
2025
Franklin
Mutual
International
Value
Fund
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
97.2%
Aerospace
&
Defense
4.5%
Airbus
SE
.........................................
France
77,565
$
13,658,086
Babcock
International
Group
plc
........................
United
Kingdom
1,435,309
13,507,137
Melrose
Industries
plc
................................
United
Kingdom
2,168,845
13,387,892
40,553,115
Air
Freight
&
Logistics
1.9%
Deutsche
Post
AG
...................................
Germany
390,664
16,772,493
Automobile
Components
1.6%
Denso
Corp.
.......................................
Japan
1,140,385
14,148,274
Automobiles
1.7%
Toyota
Motor
Corp.
..................................
Japan
856,781
15,145,577
Banks
12.6%
BNP
Paribas
SA
....................................
France
421,128
35,197,610
CaixaBank
SA
......................................
Spain
2,542,420
19,804,780
DBS
Group
Holdings
Ltd.
.............................
Singapore
698,428
23,984,945
Mitsubishi
UFJ
Financial
Group,
Inc.
.....................
Japan
1,813,777
24,728,706
UniCredit
SpA
......................................
Italy
157,173
8,822,459
112,538,500
Beverages
2.5%
Asahi
Group
Holdings
Ltd.
.............................
Japan
864,233
11,041,933
Heineken
NV
......................................
Netherlands
140,760
11,477,627
22,519,560
Capital
Markets
8.6%
Deutsche
Bank
AG
..................................
Germany
1,465,400
34,930,986
SBI
Holdings,
Inc.
...................................
Japan
807,549
21,806,190
St.
James's
Place
plc
................................
United
Kingdom
1,608,006
20,440,802
77,177,978
Consumer
Staples
Distribution
&
Retail
3.0%
Seven
&
i
Holdings
Co.
Ltd.
............................
Japan
752,087
10,890,902
a
Zabka
Group
SA
....................................
Luxembourg
3,078,942
16,444,503
27,335,405
Diversified
Telecommunication
Services
4.9%
Deutsche
Telekom
AG
................................
Germany
531,119
19,608,906
Hellenic
Telecommunications
Organization
SA
..............
Greece
593,697
9,658,662
Koninklijke
KPN
NV
.................................
Netherlands
3,426,195
14,512,194
43,779,762
Electrical
Equipment
1.6%
Mitsubishi
Electric
Corp.
..............................
Japan
801,536
14,782,154
Electronic
Equipment,
Instruments
&
Components
1.5%
Murata
Manufacturing
Co.
Ltd.
.........................
Japan
871,545
13,443,537
Energy
Equipment
&
Services
2.7%
Schlumberger
NV
...................................
United
States
577,791
24,151,664
Food
Products
1.5%
Mondelez
International,
Inc.
,
A
..........................
United
States
196,807
13,353,355
Health
Care
Equipment
&
Supplies
1.3%
Olympus
Corp.
.....................................
Japan
920,916
12,055,463
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
International
Value
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
Common
Stocks
(continued)
Household
Durables
1.4%
Sony
Group
Corp.
...................................
Japan
479,438
$
12,131,223
Household
Products
1.5%
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
194,623
13,160,510
Insurance
8.0%
ASR
Nederland
NV
..................................
Netherlands
360,384
20,717,624
Direct
Line
Insurance
Group
plc
........................
United
Kingdom
1,379,825
5,020,770
NN
Group
NV
......................................
Netherlands
272,344
15,154,793
Prudential
plc
......................................
Hong
Kong
2,875,618
31,030,870
71,924,057
Interactive
Media
&
Services
1.7%
Tencent
Holdings
Ltd.
................................
China
233,873
14,943,539
IT
Services
1.6%
Capgemini
SE
......................................
France
97,120
14,593,064
Machinery
1.6%
CNH
Industrial
NV
...................................
United
States
1,194,314
14,666,176
Metals
&
Mining
3.3%
Norsk
Hydro
ASA
...................................
Norway
2,593,508
14,993,055
Rio
Tinto
plc
.......................................
Australia
242,368
14,544,555
29,537,610
Multi-Utilities
1.8%
National
Grid
plc
....................................
United
Kingdom
1,242,770
16,210,978
Oil,
Gas
&
Consumable
Fuels
5.8%
BP
plc
............................................
United
States
4,943,623
27,740,917
Shell
plc
..........................................
United
States
657,760
23,942,680
51,683,597
Pharmaceuticals
9.8%
GSK
plc
..........................................
United
States
947,600
18,108,831
Haleon
plc
........................................
United
States
3,226,978
16,296,909
Novartis
AG
.......................................
United
States
234,212
26,013,880
Roche
Holding
AG
..................................
United
States
82,711
27,222,476
87,642,096
Professional
Services
2.0%
Teleperformance
SE
.................................
France
181,423
18,242,294
Semiconductors
&
Semiconductor
Equipment
1.7%
Renesas
Electronics
Corp.
............................
Japan
1,134,375
15,214,975
Technology
Hardware,
Storage
&
Peripherals
1.3%
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
289,790
11,488,862
Textiles,
Apparel
&
Luxury
Goods
3.4%
Cie
Financiere
Richemont
SA
..........................
Switzerland
98,553
17,203,996
Kering
SA
.........................................
France
61,878
12,873,116
30,077,112
Trading
Companies
&
Distributors
2.4%
AerCap
Holdings
NV
.................................
Ireland
208,627
21,315,421
Total
Common
Stocks
(Cost
$
715,938,970
)
...................................
870,588,351
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
International
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
See
Abbreviations
on
page
34
.
Short
Term
Investments
0.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.9%
b
FHLB
,
4
.21
%
,
4/01/25
................................
United
States
4,500,000
$
4,499,474
b
,c
U.S.
Treasury
Bills
,
4.16
%,
6/12/25
...................................
United
States
2,500,000
2,479,075
4.19
%,
7/17/25
...................................
United
States
500,000
493,788
4.15
%,
8/21/25
...................................
United
States
1,000,000
983,768
3,956,631
Total
U.S.
Government
and
Agency
Securities
(Cost
$
8,456,638
)
................
8,456,105
Total
Short
Term
Investments
(Cost
$
8,456,638
)
...............................
8,456,105
a
Total
Investments
(Cost
$
724,395,608
)
98.1
%
.................................
$879,044,456
Securities
Sold
Short
(
0.3
)
%
................................................
(2,851,099)
Other
Assets,
less
Liabilities
2.2
%
...........................................
19,139,340
Net
Assets
100.0%
.........................................................
$895,332,697
a
a
a
Shares
Securities
Sold
Short
(
0
.3
)
%
Common
Stocks
(0.3)%
Insurance
(0.3)%
Aviva
plc
..........................................
United
Kingdom
395,596
(2,851,099)
Total
Common
Stocks
(Proceeds
$
(
2,377,033
)
)
................................
(2,851,099)
Total
Securities
Sold
Short
(Proceeds
$
(
2,377,033
)
)
...........................
$(2,851,099)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
The
rate
shown
represents
the
yield
at
period
end.
c
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short.
At
March
31,
2025,
the
value
of
this
security
pledged
amounted
to
$3,956,631,
representing
0.4%
of
net
assets.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2025
Franklin
Mutual
Quest
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
78.1%
Aerospace
&
Defense
0.5%
Melrose
Industries
plc
................................
United
Kingdom
2,305,601
$
14,232,062
Air
Freight
&
Logistics
1.2%
United
Parcel
Service,
Inc.
,
B
..........................
United
States
289,017
31,788,980
Automobile
Components
3.6%
a
Aptiv
plc
..........................................
Jersey
684,801
40,745,659
Denso
Corp.
.......................................
Japan
2,590,235
32,135,950
Lear
Corp.
........................................
United
States
261,147
23,038,388
95,919,997
Banks
5.2%
Bank
of
America
Corp.
...............................
United
States
709,130
29,591,995
BNP
Paribas
SA
....................................
France
602,356
50,344,530
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
158,687
27,892,414
b
Wells
Fargo
&
Co.
...................................
United
States
415,220
29,808,644
137,637,583
Beverages
1.4%
Heineken
NV
......................................
Netherlands
458,636
37,397,364
Building
Products
1.1%
Johnson
Controls
International
plc
.......................
United
States
358,297
28,703,173
Capital
Markets
1.1%
St.
James's
Place
plc
................................
United
Kingdom
2,191,881
27,862,959
Chemicals
2.4%
Avient
Corp.
.......................................
United
States
816,495
30,340,954
a
Covestro
AG
.......................................
Germany
512,327
32,906,364
63,247,318
Communications
Equipment
3.6%
Cisco
Systems,
Inc.
.................................
United
States
529,405
32,669,583
a,c,d,e
Inclusive
Language
Services
LLC,
Membership
Interests
,
B
....
United
States
106,532
57,608,867
Juniper
Networks,
Inc.
................................
United
States
99,868
3,614,223
93,892,673
Construction
&
Engineering
1.3%
WillScot
Holdings
Corp.
...............................
United
States
1,220,899
33,940,992
Consumer
Staples
Distribution
&
Retail
1.0%
Dollar
General
Corp.
.................................
United
States
291,194
25,604,688
Containers
&
Packaging
1.0%
International
Paper
Co.
...............................
United
States
493,648
26,336,121
Distributors
1.0%
Genuine
Parts
Co.
..................................
United
States
222,519
26,510,914
Diversified
Telecommunication
Services
2.4%
Deutsche
Telekom
AG
................................
Germany
618,098
22,820,169
a
Frontier
Communications
Parent,
Inc.
....................
United
States
279,418
10,019,929
a,c,d
Windstream
Holdings,
Inc.
.............................
United
States
1,714,983
30,856,971
63,697,069
Electric
Utilities
3.7%
Entergy
Corp.
......................................
United
States
372,420
31,838,186
Evergy,
Inc.
........................................
United
States
341,865
23,571,591
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
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)
Electric
Utilities
(continued)
PPL
Corp.
.........................................
United
States
1,132,445
$
40,892,589
96,302,366
Energy
Equipment
&
Services
2.7%
Baker
Hughes
Co.
,
A
.................................
United
States
784,192
34,465,238
Schlumberger
NV
...................................
United
States
899,987
37,619,457
72,084,695
Entertainment
1.1%
b
Walt
Disney
Co.
(The)
................................
United
States
295,261
29,142,261
Financial
Services
2.9%
Apollo
Global
Management,
Inc.
........................
United
States
152,174
20,838,707
Global
Payments,
Inc.
................................
United
States
329,028
32,218,422
Voya
Financial,
Inc.
..................................
United
States
349,041
23,651,018
76,708,147
Food
Products
3.3%
Danone
SA
........................................
France
469,930
35,942,725
Kellanova
.........................................
United
States
628,298
51,828,302
87,771,027
Health
Care
Equipment
&
Supplies
2.2%
Medtronic
plc
......................................
United
States
322,450
28,975,357
Zimmer
Biomet
Holdings,
Inc.
..........................
United
States
247,012
27,956,818
56,932,175
Health
Care
Providers
&
Services
3.1%
b
CVS
Health
Corp.
...................................
United
States
195,458
13,242,279
Elevance
Health,
Inc.
................................
United
States
102,312
44,501,628
a
Fresenius
SE
&
Co.
KGaA
.............................
Germany
587,109
25,065,838
82,809,745
Household
Products
1.6%
Reckitt
Benckiser
Group
plc
...........................
United
Kingdom
637,342
43,097,404
Industrial
Conglomerates
0.6%
Siemens
AG
.......................................
Germany
64,879
14,983,565
Insurance
9.2%
ASR
Nederland
NV
..................................
Netherlands
785,541
45,158,895
Direct
Line
Insurance
Group
plc
........................
United
Kingdom
4,630,044
16,847,344
Everest
Group
Ltd.
..................................
United
States
146,503
53,228,935
Hartford
Insurance
Group,
Inc.
(The)
.....................
United
States
297,171
36,768,968
Progressive
Corp.
(The)
..............................
United
States
143,010
40,473,260
Prudential
plc
......................................
Hong
Kong
4,632,311
49,987,390
242,464,792
Media
1.5%
a,b
Charter
Communications,
Inc.
,
A
........................
United
States
98,317
36,232,764
a
Clear
Channel
Outdoor
Holdings,
Inc.
....................
United
States
2,405,414
2,670,010
38,902,774
Metals
&
Mining
1.7%
Rio
Tinto
plc
.......................................
Australia
745,439
44,733,952
Oil,
Gas
&
Consumable
Fuels
3.1%
BP
plc
............................................
United
States
7,437,892
41,737,396
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
EOG
Resources,
Inc.
................................
United
States
307,247
$
39,401,355
81,138,751
Personal
Care
Products
0.9%
Kenvue,
Inc.
.......................................
United
States
1,001,009
24,004,196
Pharmaceuticals
5.9%
GSK
plc
..........................................
United
States
2,160,803
41,293,390
Merck
&
Co.,
Inc.
...................................
United
States
416,963
37,426,599
Novartis
AG
,
ADR
...................................
United
States
326,491
36,397,217
Roche
Holding
AG
..................................
United
States
125,107
41,176,171
156,293,377
Professional
Services
1.0%
SS&C
Technologies
Holdings,
Inc.
.......................
United
States
300,554
25,105,276
Semiconductors
&
Semiconductor
Equipment
0.5%
Renesas
Electronics
Corp.
............................
Japan
1,063,497
14,264,313
Specialized
REITs
1.5%
American
Tower
Corp.
................................
United
States
182,558
39,724,621
Specialty
Retail
0.8%
Dick's
Sporting
Goods,
Inc.
............................
United
States
68,223
13,751,028
Gap,
Inc.
(The)
.....................................
United
States
294,811
6,076,055
19,827,083
Technology
Hardware,
Storage
&
Peripherals
1.4%
Samsung
Electronics
Co.
Ltd.
..........................
South
Korea
903,439
35,817,267
Tobacco
0.8%
British
American
Tobacco
plc
...........................
United
Kingdom
483,644
19,841,194
Trading
Companies
&
Distributors
1.7%
AerCap
Holdings
NV
.................................
Ireland
326,674
33,376,282
H&E
Equipment
Services,
Inc.
..........................
United
States
76,211
7,224,041
United
Rentals,
Inc.
..................................
United
States
8,000
5,013,600
45,613,923
Wireless
Telecommunication
Services
0.1%
a
Intelsat
SA
........................................
Luxembourg
106,029
3,916,499
Total
Common
Stocks
(Cost
$
1,730,867,183
)
..................................
2,058,251,296
Warrants
Warrants
0.1%
Wireless
Telecommunication
Services
0.1%
a
Intelsat
Emergence
SA
,
2/17/27
........................
Luxembourg
323,376
2,272,282
2,272,282
Total
Warrants
(Cost
$
1,736,986
)
............................................
2,272,282
Principal
Amount
*
Corporate
Bonds
2.9%
Commercial
Services
&
Supplies
0.1%
f
Neptune
Bidco
US,
Inc.
,
Senior
Secured
Note
,
144A,
9.29
%
,
4/15/29
.........................................
United
States
5,000,000
4,342,302
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
0.7%
f
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
6/01/29
.........................................
United
States
13,500,000
$
11,165,805
f
DISH
Network
Corp.
,
Senior
Secured
Note
,
144A,
11.75
%
,
11/15/27
........................................
United
States
2,000,000
2,107,403
f
iHeartCommunications,
Inc.
,
Secured
Note
,
144A,
10.875
%
,
5/01/30
.........................................
United
States
10,000,000
4,967,700
18,240,908
Specialty
Retail
2.1%
f
Michaels
Cos.,
Inc.
(The)
,
Senior
Note
,
144A,
7.875
%
,
5/01/29
.
United
States
55,000,000
29,451,752
f
Staples,
Inc.
,
Secured
Note
,
144A,
12.75
%
,
1/15/30
..................
United
States
28,000,000
18,999,758
Senior
Secured
Note
,
144A,
10.75
%
,
9/01/29
............
United
States
8,000,000
7,237,518
55,689,028
Total
Corporate
Bonds
(Cost
$
89,030,532
)
....................................
78,272,238
Senior
Floating
Rate
Interests
14.1%
Aerospace
&
Defense
0.5%
g
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
1
,
7.049
%
,
(
3-month
SOFR
+
2.75
%
),
8/24/28
............................
United
States
12,890,031
12,900,795
g
Commercial
Services
&
Supplies
3.0%
Neptune
Bidco
US,
Inc.,
First
Lien,
CME
Term
Loan,
A
,
9.139
%
,
(
3-month
SOFR
+
4.75
%
),
10/11/28
....................
United
States
47,884,508
41,308,050
h
Neptune
Bidco
US,
Inc.,
Second
Lien,
CME
Term
Loan
,
14.139
%
,
(
3-month
SOFR
+
9.75
%
),
10/11/29
....................
United
States
38,000,000
37,620,000
78,928,050
a
a
a
a
a
a
Communications
Equipment
5.5%
g,h
CommScope,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
9.575
%
,
(
1-month
SOFR
+
5.25
%
),
12/18/29
....................
United
States
12,000,000
11,967,480
c,e,i
Sorenson
Communications
LLC,
First
Lien,
Term
Loan,
B,
PIK,
8
%
,
4/01/30
..................................
United
States
117,726,177
103,473,468
PIK,
10
%
,
4/01/30
.................................
United
States
30,192,923
30,713,979
146,154,927
a
a
a
a
a
a
Financial
Services
1.1%
g,i
Travelport
Finance
Luxembourg
SARL,
First
Lien,
Priority
CME
Term
Loan
,
PIK,
9.979
%
,
(
3-month
SOFR
+
5.407
%
),
5/31/25
Luxembourg
31,395,991
28,446,966
g
Media
0.9%
h
iHeartCommunications,
Inc.,
First
Lien,
Refinanced
CME
Term
Loan,
B
,
10.209
%
,
(
1-month
SOFR
+
5.775
%
),
5/01/29
.....
United
States
26,932,500
21,961,164
j
Loyalty
Ventures,
Inc.,
First
Lien,
Term
Loan,
B
,
13
%
,
(
PRIME
+
5.5
%
),
11/03/27
...................................
United
States
26,135,994
1,960,200
23,921,364
a
a
a
a
a
a
g
Passenger
Airlines
0.7%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan
,
6.543
%
,
(
1-month
SOFR
+
2.25
%
),
4/20/28
.....................
United
States
1,772,240
1,754,101
American
Airlines,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
6.507
%
,
(
6-month
SOFR
+
2.25
%
),
6/04/29
.....................
United
States
17,878,236
17,648,053
19,402,154
a
a
a
a
a
a
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
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Professional
Services
0.3%
g
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan
,
7.939
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
......................
United
States
7,582,494
$
7,456,131
g
Specialty
Retail
2.1%
h
Michaels
Cos.,
Inc.
(The),
First
Lien,
CME
Term
Loan,
B
,
8.84
%
,
(
3-month
SOFR
+
4.25
%
),
4/17/28
.....................
United
States
57,132,579
42,583,482
Staples,
Inc.,
First
Lien,
Closing
Date
CME
Term
Loan
,
10.041
%
,
(
3-month
SOFR
+
5.75
%
),
8/23/29
.....................
United
States
12,935,000
11,525,085
54,108,567
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
415,237,706
)
.......................
371,318,954
Shares
a
Companies
in
Liquidation
0.0%
a,c,k
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
..............................
Netherlands
159,828
—
a,c,k
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
....
United
States
7,443,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
....................................
—
Total
Long
Term
Investments
(Cost
$
2,236,872,407
)
...........................
2,510,114,770
a
Short
Term
Investments
1.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.4%
l
FHLB
,
4
.21
%
,
4/01/25
................................
United
States
30,800,000
30,796,398
b,l
U.S.
Treasury
Bills
,
4
.18
%
,
8/07/25
......................
United
States
5,000,000
4,926,147
Total
U.S.
Government
and
Agency
Securities
(Cost
$
35,725,822
)
...............
35,722,545
Total
Short
Term
Investments
(Cost
$
35,725,822
)
..............................
35,722,545
a
Total
Investments
(Cost
$
2,272,598,229
)
96.6
%
................................
$2,545,837,315
Securities
Sold
Short
(
0.4
)
%
................................................
(9,566,948)
Other
Assets,
less
Liabilities
3.8
%
...........................................
99,426,575
Net
Assets
100.0%
.........................................................
$2,635,696,942
a
a
a
Shares
Securities
Sold
Short
(
0
.4
)
%
Common
Stocks
(0.4)%
Insurance
(0.4)%
Aviva
plc
..........................................
United
Kingdom
1,327,434
(9,566,948)
Total
Common
Stocks
(Proceeds
$
(
7,976,259
)
)
................................
(9,566,948)
Total
Securities
Sold
Short
(Proceeds
$
(
7,976,259
)
)
...........................
$(9,566,948)
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
At
March
31,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2025
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
34
.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short
and
open
forward
exchange
contracts.
At
March
31,
2025,
the
aggregate
value
of
these
securities
pledged
amounted
to
$22,259,185,
representing
0.8%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
4
regarding
restricted
securities.
e
See
Note
5
regarding
holdings
of
5%
voting
securities.
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
March
31,
2025,
the
aggregate
value
of
these
securities
was
$78,272,238,
representing
3.0%
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
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
i
Income
may
be
received
in
additional
securities
and/or
cash.
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
rate
shown
represents
the
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
92
$
12,491,300
6/16/25
$
29,213
Foreign
Exchange
GBP/USD
...................
Short
20
1,613,875
6/16/25
(
5,572
)
Total
Futures
Contracts
......................................................................
$23,641
*
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
South
Korean
Won
..
HSBK
Buy
2,203,487,721
1,569,466
4/29/25
$
—
$
(
72,464
)
South
Korean
Won
..
HSBK
Sell
41,146,677,535
29,689,733
4/29/25
1,735,585
—
Euro
.............
BOFA
Sell
19,463,383
20,258,314
7/14/25
—
(
911,355
)
Euro
.............
UBSW
Sell
1,553,526
1,630,970
7/14/25
—
(
58,748
)
Euro
.............
WFLA
Sell
18,846,424
19,616,771
7/14/25
—
(
881,851
)
British
Pound
......
HSBK
Sell
1,728,597
2,231,564
7/21/25
1,503
(
2,534
)
British
Pound
......
UBSW
Buy
505,794
637,477
7/21/25
15,789
—
British
Pound
......
WFLA
Buy
1,667,957
2,090,667
7/21/25
63,609
—
British
Pound
......
WFLA
Sell
20,461,207
24,977,543
7/21/25
1,885
(
1,451,333
)
Total
Forward
Exchange
Contracts
...................................................
$1,818,371
$(3,378,285)
Net
unrealized
appreciation
(depreciation)
............................................
$(1,559,914)
*
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),
March
31,
2025
Franklin
Mutual
Shares
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.9%
Automobiles
1.6%
General
Motors
Co.
..................................
United
States
2,380,590
$
111,959,148
Banks
9.8%
Bank
of
America
Corp.
...............................
United
States
4,203,321
175,404,585
BNP
Paribas
SA
....................................
France
1,609,347
134,508,196
JPMorgan
Chase
&
Co.
...............................
United
States
542,204
133,002,641
PNC
Financial
Services
Group,
Inc.
(The)
.................
United
States
766,110
134,659,155
Wells
Fargo
&
Co.
...................................
United
States
1,563,209
112,222,774
689,797,351
Building
Products
1.7%
Johnson
Controls
International
plc
.......................
United
States
1,482,583
118,769,724
Capital
Markets
1.7%
BlackRock,
Inc.
.....................................
United
States
126,995
120,198,228
Communications
Equipment
1.5%
Cisco
Systems,
Inc.
.................................
United
States
1,718,891
106,072,764
Construction
&
Engineering
1.2%
WillScot
Holdings
Corp.
...............................
United
States
2,931,903
81,506,903
Consumer
Finance
1.5%
Capital
One
Financial
Corp.
...........................
United
States
585,264
104,937,835
Consumer
Staples
Distribution
&
Retail
3.2%
Dollar
General
Corp.
.................................
United
States
1,287,825
113,238,452
Target
Corp.
.......................................
United
States
1,096,468
114,427,401
227,665,853
Containers
&
Packaging
1.8%
International
Paper
Co.
...............................
United
States
2,417,589
128,978,373
Diversified
Telecommunication
Services
0.6%
a,b,c
Windstream
Holdings,
Inc.
.............................
United
States
2,243,497
40,366,301
Electric
Utilities
3.7%
Entergy
Corp.
......................................
United
States
1,502,587
128,456,163
PPL
Corp.
.........................................
United
States
3,575,929
129,126,796
257,582,959
Electronic
Equipment,
Instruments
&
Components
1.2%
b
Flex
Ltd.
..........................................
United
States
2,513,359
83,141,916
Energy
Equipment
&
Services
2.0%
Schlumberger
NV
...................................
United
States
3,298,162
137,863,172
Entertainment
1.7%
Walt
Disney
Co.
(The)
................................
United
States
1,213,516
119,774,029
Financial
Services
7.3%
Apollo
Global
Management,
Inc.
........................
United
States
779,902
106,799,780
b
Fiserv,
Inc.
........................................
United
States
709,486
156,675,794
Global
Payments,
Inc.
................................
United
States
1,357,935
132,968,995
Voya
Financial,
Inc.
..................................
United
States
1,699,687
115,170,791
511,615,360
Food
Products
1.1%
Kellanova
.........................................
United
States
915,404
75,511,676
Health
Care
Equipment
&
Supplies
5.3%
Baxter
International,
Inc.
..............................
United
States
3,310,797
113,328,581
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Medtronic
plc
......................................
United
States
1,621,701
$
145,726,052
Zimmer
Biomet
Holdings,
Inc.
..........................
United
States
1,005,368
113,787,550
372,842,183
Health
Care
Providers
&
Services
4.3%
CVS
Health
Corp.
...................................
United
States
2,001,872
135,626,828
Elevance
Health,
Inc.
................................
United
States
387,457
168,528,297
304,155,125
Household
Durables
1.2%
DR
Horton,
Inc.
.....................................
United
States
644,337
81,914,563
Insurance
3.5%
Everest
Group
Ltd.
..................................
United
States
321,108
116,668,170
Progressive
Corp.
(The)
..............................
United
States
465,359
131,701,250
248,369,420
Machinery
1.7%
Dover
Corp.
.......................................
United
States
694,872
122,075,113
Media
3.9%
b
Charter
Communications,
Inc.,
A
........................
United
States
454,407
167,462,612
Comcast
Corp.,
A
...................................
United
States
2,900,895
107,043,025
274,505,637
Metals
&
Mining
1.8%
Reliance,
Inc.
......................................
United
States
446,534
128,936,692
Oil,
Gas
&
Consumable
Fuels
5.5%
Chevron
Corp.
.....................................
United
States
1,086,709
181,795,548
EOG
Resources,
Inc.
................................
United
States
1,269,925
162,855,182
Hess
Corp.
........................................
United
States
247,708
39,566,399
384,217,129
Personal
Care
Products
1.9%
Kenvue,
Inc.
.......................................
United
States
5,465,266
131,057,079
Pharmaceuticals
6.3%
GSK
plc
..........................................
United
States
7,132,535
136,304,214
Merck
&
Co.,
Inc.
...................................
United
States
1,564,240
140,406,182
Novartis
AG,
ADR
...................................
United
States
1,484,055
165,442,451
442,152,847
Professional
Services
3.1%
KBR,
Inc.
.........................................
United
States
1,972,577
98,254,060
SS&C
Technologies
Holdings,
Inc.
.......................
United
States
1,436,018
119,950,584
218,204,644
Real
Estate
Management
&
Development
1.0%
b
CBRE
Group,
Inc.,
A
.................................
United
States
528,443
69,109,775
Retail
REITs
1.8%
Brixmor
Property
Group,
Inc.
...........................
United
States
4,668,981
123,961,446
Semiconductors
&
Semiconductor
Equipment
1.6%
NXP
Semiconductors
NV
.............................
China
587,572
111,673,934
Software
2.8%
Gen
Digital,
Inc.
....................................
United
States
3,431,245
91,065,243
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
Oracle
Corp.
.......................................
United
States
769,709
$
107,613,015
198,678,258
Specialized
REITs
2.0%
American
Tower
Corp.
................................
United
States
650,758
141,604,941
Specialty
Retail
1.1%
b
Ulta
Beauty,
Inc.
....................................
United
States
219,940
80,616,808
Tobacco
1.6%
British
American
Tobacco
plc
...........................
United
Kingdom
2,808,424
115,213,845
Trading
Companies
&
Distributors
3.9%
AerCap
Holdings
NV
.................................
Ireland
1,326,644
135,543,218
Ferguson
Enterprises,
Inc.
............................
United
States
889,976
142,600,854
278,144,072
Total
Common
Stocks
(Cost
$5,189,488,390)
..................................
6,743,175,103
Principal
Amount
*
Corporate
Bonds
0.2%
Specialty
Retail
0.2%
d
Michaels
Cos.,
Inc.
(The)
,
Senior
Note
,
144A,
7.875
%
,
5/01/29
.
United
States
25,700,000
13,762,000
Total
Corporate
Bonds
(Cost
$16,210,226)
....................................
13,762,000
Senior
Floating
Rate
Interests
2.2%
e
Commercial
Services
&
Supplies
1.0%
Neptune
Bidco
US,
Inc.,
First
Lien,
CME
Term
Loan,
A,
9.139%,
(3-month
SOFR
+
4.75%),
10/11/28
....................
United
States
37,613,195
32,447,399
Neptune
Bidco
US,
Inc.,
First
Lien,
Dollar
CME
Term
Loan,
B,
9.389%,
(3-month
SOFR
+
5%),
4/11/29
.................
United
States
43,240,736
37,396,534
69,843,933
a
a
a
a
a
a
Media
0.2%
e,f
iHeartCommunications,
Inc.,
First
Lien,
Refinanced
CME
Term
Loan,
B,
10.209%,
(1-month
SOFR
+
5.775%),
5/01/29
.....
United
States
20,448,750
16,674,217
Professional
Services
0.4%
e
CoreLogic,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.939%,
(1-month
SOFR
+
3.5%),
6/02/28
......................
United
States
30,846,870
30,332,807
Specialty
Retail
0.6%
e
Michaels
Cos.,
Inc.
(The),
First
Lien,
CME
Term
Loan,
B,
8.84%,
(3-month
SOFR
+
4.25%),
4/17/28
.....................
United
States
54,745,091
40,803,980
Total
Senior
Floating
Rate
Interests
(Cost
$169,705,071)
.......................
157,654,937
Shares
a
Companies
in
Liquidation
0.0%
a,b,g
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
..............................
Netherlands
555,154
—
a,b,g
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
....
United
States
20,046,000
—
Total
Companies
in
Liquidation
(Cost
$–)
....................................
—
Total
Long
Term
Investments
(Cost
$5,375,403,687)
...........................
6,914,592,040
a
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
Short
Term
Investments
0.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.4%
h
FHLB,
4.21%,
4/01/25
................................
United
States
24,800,000
$
24,797,100
h,i
U.S.
Treasury
Bills,
4.19%,
7/17/25
......................
United
States
5,000,000
4,937,880
Total
U.S.
Government
and
Agency
Securities
(Cost
$29,738,252)
...............
29,734,980
Total
Short
Term
Investments
(Cost
$29,738,252
)
..............................
29,734,980
a
Total
Investments
(Cost
$5,405,141,939)
98.7%
................................
$6,944,327,020
Other
Assets,
less
Liabilities
1.3%
...........................................
87,446,804
Net
Assets
100.0%
.........................................................
$7,031,773,824
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
4
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
March
31,
2025,
the
value
of
this
security
was
$13,762,000,
representing
0.2%
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
rate
shown
represents
the
yield
at
period
end.
i
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
open
forward
exchange
contracts.
At
March
31,
2025,
the
value
of
this
security
pledged
amounted
to
$2,642,161,
representing
less
than
0.1%
of
net
assets.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
At
March
31,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
34
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
GBP/USD
...................
Short
299
$
24,127,431
6/16/25
$
(83,314)
Total
Futures
Contracts
......................................................................
$(83,314)
*
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
Euro
.............
BOFA
Sell
57,777,073
61,095,168
7/14/25
$
13,351
$
(1,760,365)
Euro
.............
UBSW
Sell
24,329,221
25,923,311
7/14/25
3,286
(542,051)
Euro
.............
WFLA
Sell
38,113,634
39,693,531
7/14/25
—
(1,761,389)
British
Pound
......
UBSW
Buy
600,676
776,519
7/21/25
—
(707)
British
Pound
......
WFLA
Buy
2,187,973
2,750,849
7/21/25
75,063
—
British
Pound
......
WFLA
Sell
19,655,797
24,014,473
7/21/25
—
(1,372,279)
Total
Forward
Exchange
Contracts
...................................................
$91,700
$(5,436,791)
Net
unrealized
appreciation
(depreciation)
............................................
$(5,345,091)
*
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
Notes
to
Schedules
of
Investments
(unaudited)
24
Quarterly
Schedules
of
Investments
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 five 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.
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.
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
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
25
Quarterly
Schedules
of
Investments
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
March
31,
2025,
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.
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
March
31,
2025,
investments
in
affiliated
management
investment
companies
were
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
Global
Discovery
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$—
$617,000
$(617,000)
$—
$—
$—
—
$67
Total
Affiliated
Securities
...
$—
$617,000
$(617,000)
$—
$—
$—
$67
Franklin
Mutual
International
Value
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.052%
$—
$26,552,000
$(26,552,000)
$—
$—
$—
—
$2,893
Total
Affiliated
Securities
...
$—
$26,552,000
$(26,552,000)
$—
$—
$—
$2,893
2. Financial
Instrument
Valuation
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
26
Quarterly
Schedules
of
Investments
4.
Restricted
Securities
At
March
31,
2025,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
5.
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
March
31,
2025,
investments
in
“affiliated
companies”
were
as
follows: 
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Quest
Fund
106,532
Inclusive
Language
Services
LLC,
Membership
Interests,
B
...............................
4/30/14
$
—
$
57,608,867
1,714,983
Windstream
Holdings,
Inc.
.....................
9/21/20
-
6/09/23
14,021,182
30,856,971
Total
Restricted
Securities
(Value
is
3.4%
of
Net
Assets)
...............
$14,021,182
$88,465,838
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
Fund
2,243,497
Windstream
Holdings,
Inc.
.....................
9/21/20
-
6/09/23
$
18,342,152
$
40,366,301
Total
Restricted
Securities
(Value
is
0.6%
of
Net
Assets)
...............
$18,342,152
$40,366,301
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount*
Held
at
End
of
Period
Investment
Income
Franklin
Mutual
Quest
Fund
Non-Controlled
Affiliates
Dividends
Inclusive
Language
Services
LLC,
Membership
Interests,
B
$
55,505,900
$
—
$
—
$
—
$
2,102,967
$
57,608,867
106,532
$
—
Interest
Sorenson
Communications
LLC,
First
Lien,
Term
Loan,
B,
PIK,
8%,
4/01/30
..........
 101,849,438
 87,771
a
 —
 —
 1,536,259
 103,473,468
117,726,177
 1,865,845
Sorenson
Communications
LLC,
First
Lien,
Term
Loan,
B,
PIK,
10%,
4/01/30
..........
 30,350,971
 —
 (5,218)
a
 —
 368,226
 30,713,979
30,192,923
 825,796
Total
Affiliated
Securities
(Value
is
7.3%
of
Net
Assets)
..........
$187,706,309
$87,771
$(5,218)
$—
$4,007,452
$191,796,314
$2,691,641
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
27
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
March
31,
2025,
in
valuing
the
Funds'
assets
and
liabilities carried
at
fair
value,
is
as
follows:
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
include
accretion,
amortization,
and/or
other
cost
basis
adjustments.
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Beacon
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobiles
..........................
$
64,548,299
$
—
$
—
$
64,548,299
Banks
...............................
145,416,048
217,659,952
—
363,076,000
Beverages
...........................
—
107,923,533
—
107,923,533
Building
Products
......................
124,050,736
—
—
124,050,736
Capital
Markets
........................
111,671,389
—
—
111,671,389
Consumer
Staples
Distribution
&
Retail
......
65,314,958
—
—
65,314,958
Energy
Equipment
&
Services
.............
61,068,964
—
—
61,068,964
Entertainment
.........................
77,607,711
—
—
77,607,711
Financial
Services
......................
64,877,288
—
—
64,877,288
Health
Care
Equipment
&
Supplies
.........
137,945,254
—
—
137,945,254
Health
Care
Providers
&
Services
..........
63,239,704
—
—
63,239,704
Household
Products
....................
—
123,924,629
—
123,924,629
Insurance
............................
266,476,510
—
—
266,476,510
Machinery
............................
111,863,243
—
—
111,863,243
Media
...............................
86,962,024
—
—
86,962,024
Metals
&
Mining
.......................
82,586,543
—
—
82,586,543
Oil,
Gas
&
Consumable
Fuels
.............
76,082,154
69,364,611
—
145,446,765
Pharmaceuticals
.......................
162,335,977
340,913,213
—
503,249,190
Retail
REITs
..........................
84,684,756
—
—
84,684,756
Semiconductors
&
Semiconductor
Equipment
.
61,869,092
—
—
61,869,092
Software
.............................
61,175,151
—
—
61,175,151
Specialty
Retail
........................
66,925,073
—
—
66,925,073
Technology
Hardware,
Storage
&
Peripherals
.
—
59,362,158
—
59,362,158
Textiles,
Apparel
&
Luxury
Goods
..........
—
121,084,690
—
121,084,690
Trading
Companies
&
Distributors
..........
109,977,225
—
—
109,977,225
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
8,199,041
—
8,199,041
Total
Investments
in
Securities
...........
$2,086,678,099
$1,048,431,827
b
$—
$3,135,109,926
5.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
28
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
148,621,778
$
—
$
148,621,778
Automobile
Components
.................
128,287,474
129,818,239
—
258,105,713
Automobiles
..........................
—
98,655,715
—
98,655,715
Banks
...............................
407,742,561
403,222,331
—
810,964,892
Beverages
...........................
—
122,687,809
—
122,687,809
Building
Products
......................
127,743,086
—
—
127,743,086
Capital
Markets
........................
99,457,065
190,099,864
—
289,556,929
Chemicals
...........................
43,830,791
—
—
43,830,791
Consumer
Finance
.....................
176,008,411
—
—
176,008,411
Consumer
Staples
Distribution
&
Retail
......
—
141,775,893
—
141,775,893
Containers
&
Packaging
.................
133,634,014
—
—
133,634,014
Diversified
Telecommunication
Services
.....
—
152,445,353
—
152,445,353
Electrical
Equipment
....................
—
153,350,484
—
153,350,484
Energy
Equipment
&
Services
.............
188,873,384
—
—
188,873,384
Entertainment
.........................
117,204,671
—
—
117,204,671
Financial
Services
......................
450,810,816
—
—
450,810,816
Food
Products
........................
195,007,370
151,200,143
—
346,207,513
Health
Care
Equipment
&
Supplies
.........
333,014,972
—
—
333,014,972
Health
Care
Providers
&
Services
..........
398,067,929
155,145,083
—
553,213,012
Household
Durables
....................
42,186,692
—
—
42,186,692
Household
Products
....................
—
151,870,031
—
151,870,031
Industrial
Conglomerates
................
—
85,997,707
—
85,997,707
Insurance
............................
147,990,122
383,196,684
—
531,186,806
Interactive
Media
&
Services
..............
—
152,799,188
—
152,799,188
Media
...............................
224,075,085
—
—
224,075,085
Metals
&
Mining
.......................
—
146,790,797
—
146,790,797
Oil,
Gas
&
Consumable
Fuels
.............
49,953,641
381,839,764
—
431,793,405
Personal
Care
Products
.................
107,084,704
—
—
107,084,704
Pharmaceuticals
.......................
319,118,313
537,527,810
—
856,646,123
Semiconductors
&
Semiconductor
Equipment
.
—
151,641,317
—
151,641,317
Specialized
REITs
......................
183,059,917
—
—
183,059,917
Technology
Hardware,
Storage
&
Peripherals
.
—
159,464,917
—
159,464,917
Textiles,
Apparel
&
Luxury
Goods
..........
—
272,609,775
—
272,609,775
Tobacco
.............................
—
162,360,742
—
162,360,742
Trading
Companies
&
Distributors
..........
326,205,337
—
—
326,205,337
Corporate
Bonds
........................
—
18,179,763
—
18,179,763
Senior
Floating
Rate
Interests
...............
—
203,137,330
—
203,137,330
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
48,633,149
—
48,633,149
Total
Investments
in
Securities
...........
$4,199,356,355
$4,703,071,666
c
$—
$8,902,428,021
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$8,774,809
$—
$8,774,809
Futures
Contracts
.......................
665,225
—
—
665,225
Total
Other
Financial
Instruments
.........
$665,225
$8,774,809
$—
$9,440,034
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
13,766,824
$
—
$
13,766,824
Total
Other
Financial
Instruments
.........
$—
$13,766,824
$—
$13,766,824
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
29
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
International
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
40,553,115
$
—
$
40,553,115
Air
Freight
&
Logistics
...................
—
16,772,493
—
16,772,493
Automobile
Components
.................
—
14,148,274
—
14,148,274
Automobiles
..........................
—
15,145,577
—
15,145,577
Banks
...............................
—
112,538,500
—
112,538,500
Beverages
...........................
—
22,519,560
—
22,519,560
Capital
Markets
........................
—
77,177,978
—
77,177,978
Consumer
Staples
Distribution
&
Retail
......
16,444,503
10,890,902
—
27,335,405
Diversified
Telecommunication
Services
.....
—
43,779,762
—
43,779,762
Electrical
Equipment
....................
—
14,782,154
—
14,782,154
Electronic
Equipment,
Instruments
&
Components
........................
—
13,443,537
—
13,443,537
Energy
Equipment
&
Services
.............
24,151,664
—
—
24,151,664
Food
Products
........................
13,353,355
—
—
13,353,355
Health
Care
Equipment
&
Supplies
.........
—
12,055,463
—
12,055,463
Household
Durables
....................
—
12,131,223
—
12,131,223
Household
Products
....................
—
13,160,510
—
13,160,510
Insurance
............................
—
71,924,057
—
71,924,057
Interactive
Media
&
Services
..............
—
14,943,539
—
14,943,539
IT
Services
...........................
—
14,593,064
—
14,593,064
Machinery
............................
14,666,176
—
—
14,666,176
Metals
&
Mining
.......................
—
29,537,610
—
29,537,610
Multi-Utilities
..........................
—
16,210,978
—
16,210,978
Oil,
Gas
&
Consumable
Fuels
.............
—
51,683,597
—
51,683,597
Pharmaceuticals
.......................
—
87,642,096
—
87,642,096
Professional
Services
...................
—
18,242,294
—
18,242,294
Semiconductors
&
Semiconductor
Equipment
.
—
15,214,975
—
15,214,975
Technology
Hardware,
Storage
&
Peripherals
.
—
11,488,862
—
11,488,862
Textiles,
Apparel
&
Luxury
Goods
..........
—
30,077,112
—
30,077,112
Trading
Companies
&
Distributors
..........
21,315,421
—
—
21,315,421
Short
Term
Investments
...................
—
8,456,105
—
8,456,105
Total
Investments
in
Securities
...........
$89,931,119
$789,113,337
d
$—
$879,044,456
Liabilities:
Other
Financial
Instruments:
Securities
Sold
Short
.....................
$
—
$
2,851,099
e
$
—
$
2,851,099
Total
Other
Financial
Instruments
.........
$—
$2,851,099
$—
$2,851,099
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
14,232,062
—
14,232,062
Air
Freight
&
Logistics
...................
31,788,980
—
—
31,788,980
Automobile
Components
.................
63,784,047
32,135,950
—
95,919,997
Banks
...............................
87,293,053
50,344,530
—
137,637,583
Beverages
...........................
—
37,397,364
—
37,397,364
Building
Products
......................
28,703,173
—
—
28,703,173
Capital
Markets
........................
—
27,862,959
—
27,862,959
Chemicals
...........................
63,247,318
—
—
63,247,318
Communications
Equipment
..............
36,283,806
—
57,608,867
93,892,673
Construction
&
Engineering
...............
33,940,992
—
—
33,940,992
Consumer
Staples
Distribution
&
Retail
......
25,604,688
—
—
25,604,688
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
30
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Quest
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Containers
&
Packaging
.................
$
26,336,121
$
—
$
—
$
26,336,121
Distributors
...........................
26,510,914
—
—
26,510,914
Diversified
Telecommunication
Services
.....
10,019,929
22,820,169
30,856,971
63,697,069
Electric
Utilities
........................
96,302,366
—
—
96,302,366
Energy
Equipment
&
Services
.............
72,084,695
—
—
72,084,695
Entertainment
.........................
29,142,261
—
—
29,142,261
Financial
Services
......................
76,708,147
—
—
76,708,147
Food
Products
........................
51,828,302
35,942,725
—
87,771,027
Health
Care
Equipment
&
Supplies
.........
56,932,175
—
—
56,932,175
Health
Care
Providers
&
Services
..........
57,743,907
25,065,838
—
82,809,745
Household
Products
....................
—
43,097,404
—
43,097,404
Industrial
Conglomerates
................
—
14,983,565
—
14,983,565
Insurance
............................
130,471,163
111,993,629
—
242,464,792
Media
...............................
38,902,774
—
—
38,902,774
Metals
&
Mining
.......................
—
44,733,952
—
44,733,952
Oil,
Gas
&
Consumable
Fuels
.............
39,401,355
41,737,396
—
81,138,751
Personal
Care
Products
.................
24,004,196
—
—
24,004,196
Pharmaceuticals
.......................
73,823,816
82,469,561
—
156,293,377
Professional
Services
...................
25,105,276
—
—
25,105,276
Semiconductors
&
Semiconductor
Equipment
.
—
14,264,313
—
14,264,313
Specialized
REITs
......................
39,724,621
—
—
39,724,621
Specialty
Retail
........................
19,827,083
—
—
19,827,083
Technology
Hardware,
Storage
&
Peripherals
.
—
35,817,267
—
35,817,267
Tobacco
.............................
—
19,841,194
—
19,841,194
Trading
Companies
&
Distributors
..........
45,613,923
—
—
45,613,923
Wireless
Telecommunication
Services
.......
3,916,499
—
—
3,916,499
Warrants
...............................
2,272,282
—
—
2,272,282
Corporate
Bonds
........................
—
78,272,238
—
78,272,238
Senior
Floating
Rate
Interests
...............
—
237,131,507
134,187,447
371,318,954
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
35,722,545
—
35,722,545
Total
Investments
in
Securities
...........
$1,317,317,862
$1,005,866,168
f
$222,653,285
$2,545,837,315
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$1,818,371
$—
$1,818,371
Futures
Contracts
.......................
29,213
—
—
29,213
Total
Other
Financial
Instruments
.........
$29,213
$1,818,371
$—
$1,847,584
Liabilities:
Other
Financial
Instruments:
Securities
Sold
Short
.....................
$
—
$
9,566,948
g
$
—
$
9,566,948
Forward
Exchange
Contracts
...............
—
3,378,285
—
3,378,285
Futures
Contracts
........................
5,572
—
—
5,572
Total
Other
Financial
Instruments
.........
$5,572
$12,945,233
$—
$12,950,805
Franklin
Mutual
Shares
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobiles
..........................
111,959,148
—
—
111,959,148
Banks
...............................
555,289,155
134,508,196
—
689,797,351
Building
Products
......................
118,769,724
—
—
118,769,724
Capital
Markets
........................
120,198,228
—
—
120,198,228
Communications
Equipment
..............
106,072,764
—
—
106,072,764
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
31
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Common
Stocks:
(continued)
Construction
&
Engineering
...............
$
81,506,903
$
—
$
—
$
81,506,903
Consumer
Finance
.....................
104,937,835
—
—
104,937,835
Consumer
Staples
Distribution
&
Retail
......
227,665,853
—
—
227,665,853
Containers
&
Packaging
.................
128,978,373
—
—
128,978,373
Diversified
Telecommunication
Services
.....
—
—
40,366,301
40,366,301
Electric
Utilities
........................
257,582,959
—
—
257,582,959
Electronic
Equipment,
Instruments
&
Components
........................
83,141,916
—
—
83,141,916
Energy
Equipment
&
Services
.............
137,863,172
—
—
137,863,172
Entertainment
.........................
119,774,029
—
—
119,774,029
Financial
Services
......................
511,615,360
—
—
511,615,360
Food
Products
........................
75,511,676
—
—
75,511,676
Health
Care
Equipment
&
Supplies
.........
372,842,183
—
—
372,842,183
Health
Care
Providers
&
Services
..........
304,155,125
—
—
304,155,125
Household
Durables
....................
81,914,563
—
—
81,914,563
Insurance
............................
248,369,420
—
—
248,369,420
Machinery
............................
122,075,113
—
—
122,075,113
Media
...............................
274,505,637
—
—
274,505,637
Metals
&
Mining
.......................
128,936,692
—
—
128,936,692
Oil,
Gas
&
Consumable
Fuels
.............
384,217,129
—
—
384,217,129
Personal
Care
Products
.................
131,057,079
—
—
131,057,079
Pharmaceuticals
.......................
305,848,633
136,304,214
—
442,152,847
Professional
Services
...................
218,204,644
—
—
218,204,644
Real
Estate
Management
&
Development
....
69,109,775
—
—
69,109,775
Retail
REITs
..........................
123,961,446
—
—
123,961,446
Semiconductors
&
Semiconductor
Equipment
.
111,673,934
—
—
111,673,934
Software
.............................
198,678,258
—
—
198,678,258
Specialized
REITs
......................
141,604,941
—
—
141,604,941
Specialty
Retail
........................
80,616,808
—
—
80,616,808
Tobacco
.............................
—
115,213,845
—
115,213,845
Trading
Companies
&
Distributors
..........
278,144,072
—
—
278,144,072
Corporate
Bonds
........................
—
13,762,000
—
13,762,000
Senior
Floating
Rate
Interests
...............
—
157,654,937
—
157,654,937
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
29,734,980
—
29,734,980
Total
Investments
in
Securities
...........
$6,316,782,547
$587,178,172
h
$40,366,301
$6,944,327,020
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$91,700
$—
$91,700
Total
Other
Financial
Instruments
.........
$—
$91,700
$—
$91,700
Liabilities:
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$
—
$
5,436,791
$
—
$
5,436,791
Futures
Contracts
........................
83,314
—
—
83,314
Total
Other
Financial
Instruments
.........
$83,314
$5,436,791
$—
$5,520,105
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$1,040,232,786,
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
$4,433,121,424,
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.
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
32
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
March
31,
2025,
the
reconciliation
is
as
follows:
d
Includes
foreign
securities
valued
at
$780,657,232,
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
$2,851,099,
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
$654,739,878,
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
$9,566,948,
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.
h
Includes
foreign
securities
valued
at
$386,026,255,
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
Sales
a
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
:
Communications
Equipment
.......
$
55,505,900
$
—
$
—
$
—
$
—
$
—
$
—
$
2,102,967
$
57,608,867
$
2,102,967
Diversified
Telecommunication
Services
........
30,751,158
—
—
—
—
—
—
105,813
30,856,971
105,813
Media
...........
26
—
(35)
—
—
—
(169)
178
—
—
Senior
Floating
Rate
Interests
:
Communications
Equipment
.......
132,200,409
—
—
—
—
82,553
—
1,904,485
134,187,447
1,904,485
Companies
in
Liquidation
:
—
b
—
—
—
—
—
—
—
—
b
—
Total
Investments
in
Securities
............
$218,457,493
$—
$(35)
$—
$—
$82,553
$(169)
$4,113,443
$222,653,285
$4,113,265
a
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
b
Includes
financial
instruments
determined
to
have
no
value.
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
33
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
March
31,
2025,
are
as
follows:
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.
.
.
.
.
.
.
.
$57,608,867
Market
comparables
Discount
for
lack
of
marketability
9.9%
Decrease
Estimated
Revenue
$805.4
mil
Increase
Estimated
EBITDA
$219.4
mil
Increase
EV
/
EBITDA
multiple
8.5x
Increase
EV
/
revenue
multiple
1.9x
Increase
Diversified
Telecommunication
Services
30,856,971
Market
comparables
Discount
for
lack
of
marketability
9.4%
Decrease
Estimated
EBITDA
$912.1
mil
Increase
EV
/
EBITDA
multiple
4.5x
Increase
Senior
Floating
Rate
Interests:
Communications
Equipment
.
.
.
.
.
.
134,187,447
Discounted
cash
flow
Discount
rate
9.9%
-
10.9%
(10.7%)
Decrease
All
Other
Investments
.
.
.
.
.
.
.
.
.
0
c
Total
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$222,653,285
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
financial
instruments
determined
to
have
no
value.
Abbreviations
List
EBITDA
-
Earnings
before
interest,
taxes,
depreciation
and
amortization
EV
-
Enterprise
value
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
34
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BOFA
Bank
of
America
N.A.
HSBK
HSBC
Bank
plc
UBSW
UBS
AG
WFLA
Wells
Fargo
Bank
NA
Cu
r
rency
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FHLB
Federal
Home
Loan
Banks
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.