Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

MS-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

2

Franklin

Mutual

Global

Discovery

Fund

5

Franklin

Mutual

International

Value

Fund

9

Franklin

Mutual

Quest

Fund

12

Franklin

Mutual

Shares

Fund

17

Notes

to

Schedules

of

Investments

21

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

September

30,

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

98.6%

Automobiles

2.0%

General

Motors

Co.

..................................

United

States

1,089,551

$

66,429,924

Banks

11.2%

BNP

Paribas

SA

....................................

France

704,839

64,466,547

DBS

Group

Holdings

Ltd.

.............................

Singapore

3,831,901

151,964,790

JPMorgan

Chase

&

Co.

...............................

United

States

512,441

161,639,265

378,070,602

Beverages

2.5%

Heineken

NV

......................................

Netherlands

1,073,910

84,096,829

Broadline

Retail

3.8%

a

Amazon.com,

Inc.

...................................

United

States

584,953

128,438,130

Building

Products

4.2%

Johnson

Controls

International

plc

.......................

United

States

1,284,476

141,228,136

Capital

Markets

4.4%

BlackRock,

Inc.

.....................................

United

States

127,763

148,955,049

Electric

Utilities

2.0%

PPL

Corp.

.........................................

United

States

1,827,245

67,900,424

Health

Care

Equipment

&

Supplies

5.8%

a

Cooper

Cos.,

Inc.

(The)

...............................

United

States

1,602,363

109,858,007

Medtronic

plc

......................................

United

States

912,422

86,899,072

196,757,079

Health

Care

Providers

&

Services

1.4%

Elevance

Health,

Inc.

................................

United

States

149,671

48,361,694

Household

Products

3.1%

Reckitt

Benckiser

Group

plc

...........................

United

Kingdom

1,381,289

106,362,047

Insurance

8.7%

Hartford

Insurance

Group,

Inc.

(The)

.....................

United

States

1,100,992

146,861,323

Progressive

Corp.

(The)

..............................

United

States

592,687

146,364,055

293,225,378

Interactive

Media

&

Services

5.1%

Alphabet,

Inc.

,

A

....................................

United

States

522,430

127,002,733

Meta

Platforms,

Inc.

,

A

...............................

United

States

63,860

46,897,507

173,900,240

Life

Sciences

Tools

&

Services

3.0%

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

209,300

101,514,686

Machinery

3.8%

Parker-Hannifin

Corp.

................................

United

States

169,902

128,811,201

Metals

&

Mining

3.2%

Reliance,

Inc.

......................................

United

States

384,578

108,001,040

Oil,

Gas

&

Consumable

Fuels

5.3%

Chevron

Corp.

.....................................

United

States

388,507

60,331,252

EOG

Resources,

Inc.

................................

United

States

516,697

57,932,067

Shell

plc

..........................................

United

States

1,680,199

59,884,038

178,147,357

Pharmaceuticals

11.5%

Haleon

plc

........................................

United

States

30,677,100

138,052,516

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)

Merck

&

Co.,

Inc.

...................................

United

States

698,181

$

58,598,331

Novartis

AG

,

ADR

...................................

United

States

743,367

95,329,384

Roche

Holding

AG

..................................

United

States

290,678

96,790,997

388,771,228

Retail

REITs

3.1%

Brixmor

Property

Group,

Inc.

...........................

United

States

3,822,533

105,807,713

Semiconductors

&

Semiconductor

Equipment

1.9%

NXP

Semiconductors

NV

.............................

Netherlands

284,286

64,740,451

Software

1.8%

Gen

Digital,

Inc.

....................................

United

States

2,136,835

60,664,746

Specialty

Retail

3.1%

a

Ulta

Beauty,

Inc.

....................................

United

States

188,956

103,311,693

Textiles,

Apparel

&

Luxury

Goods

3.5%

Cie

Financiere

Richemont

SA

..........................

Switzerland

623,704

119,730,219

Trading

Companies

&

Distributors

4.2%

Ferguson

Enterprises,

Inc.

............................

United

States

633,095

142,180,475

Total

Common

Stocks

(Cost

$

2,281,767,780

)

..................................

3,335,406,341

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

$

2,281,767,780

)

...........................

3,335,406,341

a

Short

Term

Investments

1.2%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

1.2%

d,e

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

.........................................

United

States

41,605,122

41,605,122

Total

Money

Market

Funds

(Cost

$

41,605,122

)

................................

41,605,122

Total

Short

Term

Investments

(Cost

$

41,605,122

)

..............................

41,605,122

a

Total

Investments

(Cost

$

2,323,372,902

)

99.8

%

................................

$3,377,011,463

Other

Assets,

less

Liabilities

0.2

%

...........................................

6,214,281

Net

Assets

100.0%

.........................................................

$3,383,225,744

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

31

.

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

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

September

30,

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

93.2%

Aerospace

&

Defense

2.2%

Airbus

SE

.........................................

France

905,439

$

211,443,537

Automobile

Components

3.7%

a

Aptiv

plc

..........................................

Jersey

2,156,092

185,898,252

Denso

Corp.

.......................................

Japan

11,513,943

165,705,051

351,603,303

Automobiles

1.7%

Toyota

Motor

Corp.

..................................

Japan

8,253,747

158,525,313

Banks

9.6%

Bank

of

America

Corp.

...............................

United

States

3,122,212

161,074,917

BNP

Paribas

SA

....................................

France

2,705,365

247,440,252

DBS

Group

Holdings

Ltd.

.............................

Singapore

4,562,657

180,944,971

JPMorgan

Chase

&

Co.

...............................

United

States

479,019

151,096,963

Wells

Fargo

&

Co.

...................................

United

States

1,945,627

163,082,455

903,639,558

Beverages

1.6%

Heineken

NV

......................................

Netherlands

1,983,768

155,346,909

Capital

Markets

3.5%

BlackRock,

Inc.

.....................................

United

States

139,612

162,769,442

Deutsche

Bank

AG

..................................

Germany

4,699,791

166,446,813

329,216,255

Chemicals

1.7%

BASF

SE

.........................................

Germany

3,241,767

161,972,455

Consumer

Finance

1.5%

Capital

One

Financial

Corp.

...........................

United

States

664,026

141,158,647

Consumer

Staples

Distribution

&

Retail

1.5%

Seven

&

i

Holdings

Co.

Ltd.

............................

Japan

10,771,908

144,541,976

Containers

&

Packaging

1.8%

International

Paper

Co.

...............................

United

States

3,636,770

168,746,128

Diversified

Telecommunication

Services

1.8%

Deutsche

Telekom

AG

................................

Germany

5,053,259

172,161,854

Electrical

Equipment

1.6%

Mitsubishi

Electric

Corp.

..............................

Japan

5,925,914

152,199,630

Energy

Equipment

&

Services

1.0%

Schlumberger

NV

...................................

United

States

2,756,286

94,733,550

Entertainment

1.5%

Walt

Disney

Co.

(The)

................................

United

States

1,271,492

145,585,834

Financial

Services

2.7%

a

Fiserv,

Inc.

........................................

United

States

1,165,819

150,309,044

Global

Payments,

Inc.

................................

United

States

1,228,463

102,060,706

252,369,750

Food

Products

3.8%

Danone

SA

........................................

France

1,727,780

150,547,115

Kellanova

.........................................

United

States

786,093

64,475,348

Mondelez

International,

Inc.

,

A

..........................

United

States

2,344,263

146,446,110

361,468,573

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)

Ground

Transportation

1.0%

Union

Pacific

Corp.

..................................

United

States

413,560

$

97,753,177

Health

Care

Equipment

&

Supplies

3.6%

Medtronic

plc

......................................

United

States

1,856,578

176,820,489

Zimmer

Biomet

Holdings,

Inc.

..........................

United

States

1,694,167

166,875,449

343,695,938

Health

Care

Providers

&

Services

4.9%

CVS

Health

Corp.

...................................

United

States

2,301,554

173,514,156

Elevance

Health,

Inc.

................................

United

States

350,083

113,118,819

Fresenius

SE

&

Co.

KGaA

.............................

Germany

3,086,558

172,493,898

459,126,873

Household

Products

1.8%

Reckitt

Benckiser

Group

plc

...........................

United

Kingdom

2,146,500

165,284,842

Industrial

Conglomerates

1.1%

Siemens

AG

.......................................

Germany

372,371

100,531,989

Insurance

2.2%

Prudential

plc

......................................

Hong

Kong

14,927,075

208,974,894

Interactive

Media

&

Services

4.4%

Alphabet,

Inc.

,

A

....................................

United

States

953,689

231,841,796

Tencent

Holdings

Ltd.

................................

China

2,152,238

183,391,344

415,233,140

IT

Services

1.7%

Capgemini

SE

......................................

France

1,125,622

164,202,802

Media

1.7%

a

Charter

Communications,

Inc.

,

A

........................

United

States

577,623

158,906,976

Metals

&

Mining

1.7%

Rio

Tinto

plc

.......................................

Australia

2,446,097

161,203,786

Multi-Utilities

1.1%

National

Grid

plc

....................................

United

Kingdom

7,545,498

108,418,775

Oil,

Gas

&

Consumable

Fuels

3.9%

BP

plc

............................................

United

States

31,628,101

181,597,576

Shell

plc

..........................................

United

States

5,171,592

184,320,911

365,918,487

Pharmaceuticals

7.8%

Haleon

plc

........................................

United

States

38,412,849

172,864,790

Merck

&

Co.,

Inc.

...................................

United

States

1,856,906

155,850,121

Novartis

AG

,

ADR

...................................

United

States

1,593,094

204,298,374

Roche

Holding

AG

..................................

United

States

606,634

201,999,153

735,012,438

Semiconductors

&

Semiconductor

Equipment

1.5%

Renesas

Electronics

Corp.

............................

Japan

12,081,688

139,002,154

Software

1.8%

a

Adobe,

Inc.

........................................

United

States

468,948

165,421,407

Specialized

REITs

1.7%

American

Tower

Corp.

................................

United

States

814,991

156,739,069

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

2.1%

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

3,293,227

$

197,430,038

Textiles,

Apparel

&

Luxury

Goods

2.8%

Cie

Financiere

Richemont

SA

..........................

Switzerland

865,842

166,212,581

Kering

SA

.........................................

France

295,447

99,003,508

265,216,089

Tobacco

1.6%

British

American

Tobacco

plc

...........................

United

Kingdom

2,906,886

154,609,446

Trading

Companies

&

Distributors

3.6%

AerCap

Holdings

NV

.................................

Ireland

1,597,071

193,245,591

Ferguson

Enterprises,

Inc.

............................

United

States

638,307

143,350,986

336,596,577

Total

Common

Stocks

(Cost

$

6,529,835,135

)

..................................

8,803,992,169

Principal

Amount

*

Corporate

Bonds

0.3%

Specialty

Retail

0.3%

b

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875

%

,

5/01/29

.

United

States

33,950,000

28,518,000

Total

Corporate

Bonds

(Cost

$

22,436,033

)

....................................

28,518,000

Senior

Floating

Rate

Interests

2.4%

c

Commercial

Services

&

Supplies

1.0%

Neptune

Bidco

US,

Inc.,

First

Lien,

CME

Term

Loan,

A

,

9.179

%

,

(

3-month

SOFR

+

4.75

%

),

10/11/28

....................

United

States

47,712,753

45,506,038

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.429

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

.................

United

States

49,798,043

47,532,480

93,038,518

a

a

a

a

a

a

Media

0.3%

c

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.053

%

,

(

1-month

SOFR

+

5.775

%

),

5/01/29

.....

United

States

25,797,040

22,604,656

Professional

Services

0.4%

c

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.778

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

39,832,584

39,907,271

Specialty

Retail

0.7%

c

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.807

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

.....................

United

States

71,189,212

67,415,116

Total

Senior

Floating

Rate

Interests

(Cost

$

216,146,420

)

.......................

222,965,561

Shares

a

Companies

in

Liquidation

0.0%

a,d,e

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

....

United

States

30,996,000

—

Total

Companies

in

Liquidation

(Cost

$

–

)

....................................

—

Total

Long

Term

Investments

(Cost

$

6,768,417,588

)

...........................

9,055,475,730

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

See

Abbreviations

on

page

31

.

Short

Term

Investments

3.9%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.3%

f

U.S.

Treasury

Bills

,

2.01

%,

10/02/25

...................................

United

States

5,000,000

$

4,999,442

3.61

%,

10/09/25

...................................

United

States

10,000,000

9,990,986

3.8

%,

10/16/25

...................................

United

States

5,000,000

4,991,565

3.92

%,

10/30/25

...................................

United

States

5,000,000

4,983,713

24,965,706

Total

U.S.

Government

and

Agency

Securities

(Cost

$

24,965,671

)

...............

24,965,706

Shares

Money

Market

Funds

3.6%

g,h

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

.........................................

United

States

339,156,509

339,156,509

Total

Money

Market

Funds

(Cost

$

339,156,509

)

...............................

339,156,509

Total

Short

Term

Investments

(Cost

$

364,122,180

)

.............................

364,122,215

a

Total

Investments

(Cost

$

7,132,539,768

)

99.8

%

................................

$9,419,597,945

Other

Assets,

less

Liabilities

0.2

%

...........................................

25,635,529

Net

Assets

100.0%

.........................................................

$9,445,233,474

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,

2025,

the

value

of

this

security

was

$28,518,000,

representing

0.3%

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

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

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

rate

shown

represents

the

yield

at

period

end.

g

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

September

30,

2025

Franklin

Mutual

International

Value

Fund

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

96.3%

Aerospace

&

Defense

4.7%

Airbus

SE

.........................................

France

102,049

$

23,831,094

Babcock

International

Group

plc

........................

United

Kingdom

978,518

17,604,023

Melrose

Industries

plc

................................

United

Kingdom

1,803,360

14,846,840

56,281,957

Automobile

Components

1.7%

Denso

Corp.

.......................................

Japan

1,434,095

20,639,045

Automobiles

3.6%

Stellantis

NV

.......................................

United

States

2,241,347

20,803,199

Toyota

Motor

Corp.

..................................

Japan

1,171,201

22,494,633

43,297,832

Banks

13.2%

BNP

Paribas

SA

....................................

France

431,957

39,507,996

CaixaBank

SA

......................................

Spain

2,542,420

26,852,825

DBS

Group

Holdings

Ltd.

.............................

Singapore

698,428

27,698,123

Mitsubishi

UFJ

Financial

Group,

Inc.

.....................

Japan

1,674,753

27,016,075

Mizuho

Financial

Group,

Inc.

...........................

Japan

504,984

16,975,479

UniCredit

SpA

......................................

Italy

278,597

21,199,869

159,250,367

Beverages

5.2%

Asahi

Group

Holdings

Ltd.

.............................

Japan

1,712,735

20,533,865

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

..................

Japan

1,380,591

24,626,502

Heineken

NV

......................................

Netherlands

228,358

17,882,489

63,042,856

Building

Products

1.8%

Cie

de

Saint-Gobain

SA

..............................

France

198,707

21,530,214

Capital

Markets

7.2%

Deutsche

Bank

AG

..................................

Germany

937,415

33,199,293

SBI

Holdings,

Inc.

...................................

Japan

723,276

31,489,612

St.

James's

Place

plc

................................

United

Kingdom

1,253,267

21,450,292

86,139,197

Chemicals

1.5%

BASF

SE

.........................................

Germany

350,657

17,520,314

Consumer

Staples

Distribution

&

Retail

3.3%

Seven

&

i

Holdings

Co.

Ltd.

............................

Japan

1,224,877

16,435,913

a

Zabka

Group

SA

....................................

Poland

3,504,326

22,654,994

39,090,907

Diversified

Telecommunication

Services

5.0%

Deutsche

Telekom

AG

................................

Germany

728,051

24,804,311

Hellenic

Telecommunications

Organization

SA

..............

Greece

829,568

15,700,144

Koninklijke

KPN

NV

.................................

Netherlands

3,959,296

19,002,798

59,507,253

Electrical

Equipment

1.4%

Mitsubishi

Electric

Corp.

..............................

Japan

659,447

16,937,065

Electronic

Equipment,

Instruments

&

Components

1.2%

Murata

Manufacturing

Co.

Ltd.

.........................

Japan

757,964

14,389,232

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

International

Value

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)

Energy

Equipment

&

Services

1.7%

Schlumberger

NV

...................................

United

States

577,791

$

19,858,677

Food

Products

1.5%

Mondelez

International,

Inc.

,

A

..........................

United

States

278,891

17,422,321

Health

Care

Equipment

&

Supplies

1.4%

Olympus

Corp.

.....................................

Japan

1,327,869

16,788,274

Household

Durables

1.1%

Sony

Group

Corp.

...................................

Japan

479,438

13,782,261

Household

Products

1.0%

Reckitt

Benckiser

Group

plc

...........................

United

Kingdom

150,317

11,574,713

Insurance

6.7%

ASR

Nederland

NV

..................................

Netherlands

350,645

23,861,158

Aviva

plc

..........................................

United

Kingdom

2,265,637

20,958,954

Prudential

plc

......................................

Hong

Kong

2,526,793

35,374,398

a

Sony

Financial

Group,

Inc.

............................

Japan

479,438

531,682

80,726,192

Interactive

Media

&

Services

1.9%

Tencent

Holdings

Ltd.

................................

China

273,537

23,307,979

IT

Services

1.6%

Capgemini

SE

......................................

France

132,733

19,362,744

Machinery

2.4%

CNH

Industrial

NV

...................................

United

States

1,352,652

14,676,274

Metso

OYJ

........................................

Finland

1,056,873

14,568,247

29,244,521

Metals

&

Mining

2.7%

Norsk

Hydro

ASA

...................................

Norway

2,409,321

16,381,260

Rio

Tinto

plc

.......................................

Australia

242,368

15,972,645

32,353,905

Multi-Utilities

1.5%

National

Grid

plc

....................................

United

Kingdom

1,282,392

18,426,268

Oil,

Gas

&

Consumable

Fuels

4.4%

BP

plc

............................................

United

States

4,943,623

28,384,567

Shell

plc

..........................................

United

States

686,167

24,455,705

52,840,272

Paper

&

Forest

Products

1.7%

Mondi

plc

.........................................

Austria

1,496,194

20,695,491

Personal

Care

Products

1.3%

Unilever

plc

........................................

United

Kingdom

270,803

16,006,799

Pharmaceuticals

7.5%

Haleon

plc

........................................

United

States

4,874,887

21,937,876

Novartis

AG

.......................................

United

States

246,900

31,746,005

Roche

Holding

AG

..................................

United

States

109,764

36,549,608

90,233,489

Professional

Services

0.8%

Teleperformance

SE

.................................

France

126,919

9,480,012

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

See

Abbreviations

on

page

31

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Technology

Hardware,

Storage

&

Peripherals

1.8%

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

359,453

$

21,549,325

Textiles,

Apparel

&

Luxury

Goods

3.3%

Cie

Financiere

Richemont

SA

..........................

Switzerland

98,553

18,918,866

Kering

SA

.........................................

France

61,878

20,735,154

39,654,020

Trading

Companies

&

Distributors

2.2%

AerCap

Holdings

NV

.................................

Ireland

217,028

26,260,388

Total

Common

Stocks

(Cost

$

900,645,439

)

...................................

1,157,193,890

Short

Term

Investments

3.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.3%

b

U.S.

Treasury

Bills

,

3.75

%,

10/14/25

...................................

United

States

2,000,000

1,997,086

3.92

%,

10/30/25

...................................

United

States

1,000,000

996,743

2,993,829

Total

U.S.

Government

and

Agency

Securities

(Cost

$

2,993,610

)

................

2,993,829

Shares

Money

Market

Funds

2.8%

c,d

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

.........................................

United

States

33,695,063

33,695,063

Total

Money

Market

Funds

(Cost

$

33,695,063

)

................................

33,695,063

Total

Short

Term

Investments

(Cost

$

36,688,673

)

..............................

36,688,892

a

Total

Investments

(Cost

$

937,334,112

)

99.4

%

.................................

$1,193,882,782

Other

Assets,

less

Liabilities

0.6

%

...........................................

8,148,919

Net

Assets

100.0%

.........................................................

$1,202,031,701

a

a

a

*

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

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

September

30,

2025

Franklin

Mutual

Quest

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

80.1%

Aerospace

&

Defense

1.0%

Airbus

SE

.........................................

France

119,031

$

27,796,832

Automobile

Components

3.6%

a

Aptiv

plc

..........................................

Jersey

684,801

59,043,542

Denso

Corp.

.......................................

Japan

2,590,235

37,277,849

96,321,391

Banks

5.6%

Bank

of

America

Corp.

...............................

United

States

709,130

36,584,017

BNP

Paribas

SA

....................................

France

515,971

47,192,151

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

158,687

31,884,979

Wells

Fargo

&

Co.

...................................

United

States

415,220

34,803,740

150,464,887

Beverages

1.4%

Heineken

NV

......................................

Netherlands

489,648

38,343,850

Building

Products

1.2%

Johnson

Controls

International

plc

.......................

United

States

283,012

31,117,169

Capital

Markets

1.0%

St.

James's

Place

plc

................................

United

Kingdom

1,560,874

26,715,140

Chemicals

2.3%

a

Covestro

AG

.......................................

Germany

545,815

37,359,462

PPG

Industries,

Inc.

.................................

United

States

242,308

25,468,994

62,828,456

Communications

Equipment

3.1%

Cisco

Systems,

Inc.

.................................

United

States

529,405

36,221,890

a

CommScope

Holding

Co.,

Inc.

.........................

United

States

440,396

6,817,330

a,b,c,d

Inclusive

Language

Services

LLC,

Membership

Interests

,

B

....

United

States

106,532

40,236,014

83,275,234

Consumer

Staples

Distribution

&

Retail

1.3%

Dollar

General

Corp.

.................................

United

States

329,336

34,036,876

Containers

&

Packaging

0.8%

International

Paper

Co.

...............................

United

States

439,168

20,377,395

Diversified

Telecommunication

Services

2.2%

Deutsche

Telekom

AG

................................

Germany

890,181

30,327,995

a

Frontier

Communications

Parent,

Inc.

....................

United

States

279,418

10,436,262

a,b,c

Uniti

Group,

Inc.

....................................

United

States

1,714,983

9,568,554

a,b,c

Uniti

Group,

Inc.

....................................

United

States

10,941

9,475,493

59,808,304

Electric

Utilities

3.8%

Entergy

Corp.

......................................

United

States

372,420

34,705,820

Evergy,

Inc.

........................................

United

States

382,452

29,074,001

PPL

Corp.

.........................................

United

States

1,082,445

40,223,656

104,003,477

Energy

Equipment

&

Services

2.7%

Baker

Hughes

Co.

,

A

.................................

United

States

791,869

38,579,858

Schlumberger

NV

...................................

United

States

980,053

33,684,421

72,264,279

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

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

(continued)

Entertainment

1.2%

Walt

Disney

Co.

(The)

................................

United

States

295,261

$

33,807,385

Financial

Services

2.4%

Apollo

Global

Management,

Inc.

........................

United

States

95,270

12,696,633

Global

Payments,

Inc.

................................

United

States

329,028

27,335,646

Voya

Financial,

Inc.

..................................

United

States

349,041

26,108,267

66,140,546

Food

Products

4.1%

Danone

SA

........................................

France

439,703

38,312,759

Kellanova

.........................................

United

States

898,048

73,657,897

111,970,656

Ground

Transportation

0.7%

Union

Pacific

Corp.

..................................

United

States

82,885

19,591,527

Health

Care

Equipment

&

Supplies

2.2%

a

Cooper

Cos.,

Inc.

(The)

...............................

United

States

279,173

19,140,101

Zimmer

Biomet

Holdings,

Inc.

..........................

United

States

413,275

40,707,587

59,847,688

Health

Care

Providers

&

Services

2.3%

Elevance

Health,

Inc.

................................

United

States

102,312

33,059,054

Fresenius

SE

&

Co.

KGaA

.............................

Germany

535,270

29,913,842

62,972,896

Household

Products

1.8%

Reckitt

Benckiser

Group

plc

...........................

United

Kingdom

637,342

49,076,623

Industrial

Conglomerates

1.0%

Siemens

AG

.......................................

Germany

102,843

27,765,351

Insurance

9.5%

Arthur

J

Gallagher

&

Co.

..............................

United

States

112,617

34,881,989

ASR

Nederland

NV

..................................

Netherlands

698,895

47,559,337

Everest

Group

Ltd.

..................................

United

States

109,825

38,464,010

Hartford

Insurance

Group,

Inc.

(The)

.....................

United

States

318,307

42,458,971

Progressive

Corp.

(The)

..............................

United

States

175,486

43,336,268

Prudential

plc

......................................

Hong

Kong

3,583,514

50,168,198

256,868,773

Interactive

Media

&

Services

1.8%

Alphabet,

Inc.

,

A

....................................

United

States

198,503

48,256,079

Machinery

1.6%

CNH

Industrial

NV

...................................

United

States

1,527,386

16,572,138

Dover

Corp.

.......................................

United

States

156,378

26,088,542

42,660,680

Media

1.1%

a

Charter

Communications,

Inc.

,

A

........................

United

States

88,196

24,263,161

a

Clear

Channel

Outdoor

Holdings,

Inc.

....................

United

States

2,903,448

4,587,448

a

SES

SA

..........................................

Luxembourg

106,029

59,376

28,909,985

Metals

&

Mining

1.8%

Rio

Tinto

plc

.......................................

Australia

745,439

49,126,257

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)

Oil,

Gas

&

Consumable

Fuels

3.1%

BP

plc

............................................

United

States

7,437,892

$

42,705,794

EOG

Resources,

Inc.

................................

United

States

356,155

39,932,098

82,637,892

Pharmaceuticals

5.0%

Merck

&

Co.,

Inc.

...................................

United

States

452,494

37,977,821

Novartis

AG

,

ADR

...................................

United

States

326,491

41,869,206

Roche

Holding

AG

..................................

United

States

125,107

41,658,575

a

Verona

Pharma

plc

,

ADR

.............................

United

Kingdom

125,646

13,407,685

134,913,287

Software

1.5%

a

Adobe,

Inc.

........................................

United

States

113,377

39,993,737

Specialized

REITs

0.9%

American

Tower

Corp.

................................

United

States

128,214

24,658,116

Specialty

Retail

2.2%

Dick's

Sporting

Goods,

Inc.

............................

United

States

112,334

24,962,861

Gap,

Inc.

(The)

.....................................

United

States

1,621,591

34,685,832

59,648,693

Technology

Hardware,

Storage

&

Peripherals

2.1%

Samsung

Electronics

Co.

Ltd.

..........................

South

Korea

968,864

58,083,714

Tobacco

1.1%

British

American

Tobacco

plc

...........................

United

Kingdom

547,702

29,130,796

Trading

Companies

&

Distributors

2.7%

AerCap

Holdings

NV

.................................

Ireland

255,531

30,919,251

United

Rentals,

Inc.

..................................

United

States

44,596

42,574,017

73,493,268

Total

Common

Stocks

(Cost

$

1,739,086,856

)

..................................

2,166,907,239

Rights

Rights

0.1%

Media

0.1%

a,b

SES

SA

,

1/17/33

....................................

Luxembourg

106,029

1,272,348

Total

Rights

(Cost

$

–

)

......................................................

1,272,348

Warrants

Warrants

0.1%

Diversified

Telecommunication

Services

0.1%

a,b,c

Uniti

Group,

Inc.

,

8/01/35

.............................

United

States

334,087

1,576,618

Total

Warrants

(Cost

$

1,603,618

)

............................................

1,576,618

Principal

Amount

*

Convertible

Bonds

0.3%

Automobiles

0.3%

e

Lucid

Group,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

12/15/26

.......

United

States

7,500,000

6,993,750

Total

Convertible

Bonds

(Cost

$

6,978,655

)

...................................

6,993,750

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

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

2.6%

Media

0.9%

e

DISH

Network

Corp.

,

Senior

Secured

Note

,

144A,

11.75

%

,

11/15/27

........................................

United

States

22,000,000

$

23,299,694

e

iHeartCommunications,

Inc.

,

Secured

Note

,

144A,

10.875

%

,

5/01/30

.........................................

United

States

1,000,000

680,496

23,980,190

Specialty

Retail

1.7%

e

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875

%

,

5/01/29

.

United

States

16,500,000

13,860,000

e

Staples,

Inc.

,

Secured

Note

,

144A,

12.75

%

,

1/15/30

..................

United

States

32,000,000

25,849,495

Senior

Secured

Note

,

144A,

10.75

%

,

9/01/29

............

United

States

8,000,000

7,950,156

47,659,651

Total

Corporate

Bonds

(Cost

$

65,896,211

)

....................................

71,639,841

Senior

Floating

Rate

Interests

12.6%

f

Commercial

Services

&

Supplies

2.8%

Neptune

Bidco

US,

Inc.,

First

Lien,

CME

Term

Loan,

A

,

9.179

%

,

(

3-month

SOFR

+

4.75

%

),

10/11/28

....................

United

States

42,640,821

40,668,683

Neptune

Bidco

US,

Inc.,

Second

Lien,

CME

Term

Loan

,

14.179

%

,

(

3-month

SOFR

+

9.75

%

),

10/11/29

....................

United

States

33,970,233

33,800,381

74,469,064

a

a

a

a

a

a

Communications

Equipment

0.4%

f

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.913

%

,

(

1-month

SOFR

+

4.75

%

),

12/18/29

....................

United

States

12,000,000

12,162,300

Financial

Services

1.0%

f,g,h

Travelport

Finance

Luxembourg

SARL,

First

Lien,

Priority

CME

Term

Loan

,

PIK,

9.993

%

,

(

3-month

SOFR

+

5.441

%

),

9/29/28

Luxembourg

33,740,808

28,325,408

f

Media

1.0%

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.053

%

,

(

1-month

SOFR

+

5.775

%

),

5/01/29

.....

United

States

27,792,487

24,353,167

i

Loyalty

Ventures,

Inc.,

First

Lien,

Term

Loan,

B

,

12.75

%

,

(

PRIME

+

5.5

%

),

11/03/27

..................................

United

States

26,135,994

2,090,880

26,444,047

a

a

a

a

a

a

f

Passenger

Airlines

0.7%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.575

%

,

(

3-month

SOFR

+

2.25

%

),

4/20/28

.....................

United

States

1,767,809

1,767,200

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.258

%

,

(

6-month

SOFR

+

2.25

%

),

6/04/29

.....................

United

States

17,878,236

17,872,604

19,639,804

a

a

a

a

a

a

Professional

Services

0.3%

f

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.778

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

7,543,206

7,557,350

f

Specialty

Retail

1.2%

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.807

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

.....................

United

States

21,059,508

19,943,038

Staples,

Inc.,

First

Lien,

Closing

Date

CME

Term

Loan

,

10.046

%

,

(

3-month

SOFR

+

5.75

%

),

8/23/29

.....................

United

States

12,870,000

12,237,246

32,180,284

a

a

a

a

a

a

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

See

Abbreviations

on

page

31

.

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Wireless

Telecommunication

Services

5.2%

b,d,g

Sorenson

Holdings

LLC,

First

Lien,

Term

Loan,

A

,

PIK,

10

%

,

4/01/30

.........................................

United

States

31,710,957

$

32,481,939

b,d,g

Sorenson

Holdings

LLC,

First

Lien,

Term

Loan,

B

,

PIK,

8

%

,

4/01/30

.........................................

United

States

122,461,386

107,673,757

140,155,696

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$

369,973,031

)

.......................

340,933,953

Shares

a

Companies

in

Liquidation

0.0%

a,b,j

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

..............................

Netherlands

159,828

—

a,b,j

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

....

United

States

7,443,000

—

Total

Companies

in

Liquidation

(Cost

$

–

)

....................................

—

Total

Long

Term

Investments

(Cost

$

2,183,538,371

)

...........................

2,589,323,749

a

Short

Term

Investments

3.3%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.3%

k,l

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

.........................................

United

States

90,463,671

90,463,671

Total

Money

Market

Funds

(Cost

$

90,463,671

)

................................

90,463,671

Total

Short

Term

Investments

(Cost

$

90,463,671

)

..............................

90,463,671

a

Total

Investments

(Cost

$

2,274,002,042

)

99.1

%

................................

$2,679,787,420

Other

Assets,

less

Liabilities

0.9

%

...........................................

23,987,704

Net

Assets

100.0%

.........................................................

$2,703,775,124

a

a

a

*

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

See

Note

4

regarding

restricted

securities.

d

See

Note

5

regarding

holdings

of

5%

voting

securities.

e

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,

2025,

the

aggregate

value

of

these

securities

was

$78,633,591,

representing

2.9%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

i

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

j

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.

k

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

l

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

September

30,

2025

Franklin

Mutual

Shares

Fund

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

92.2%

Automobiles

1.6%

General

Motors

Co.

..................................

United

States

1,873,026

$

114,198,395

Banks

9.4%

Bank

of

America

Corp.

...............................

United

States

2,729,124

140,795,507

BNP

Paribas

SA

....................................

France

1,314,887

120,263,244

JPMorgan

Chase

&

Co.

...............................

United

States

429,964

135,623,545

PNC

Financial

Services

Group,

Inc.

(The)

.................

United

States

670,802

134,784,246

Wells

Fargo

&

Co.

...................................

United

States

1,563,209

131,028,178

662,494,720

Broadline

Retail

2.3%

a

Amazon.com,

Inc.

...................................

United

States

753,367

165,416,792

Building

Products

1.9%

Johnson

Controls

International

plc

.......................

United

States

1,239,702

136,305,235

Capital

Markets

2.1%

BlackRock,

Inc.

.....................................

United

States

124,720

145,407,306

Chemicals

1.0%

PPG

Industries,

Inc.

.................................

United

States

654,635

68,808,685

Communications

Equipment

1.7%

Cisco

Systems,

Inc.

.................................

United

States

1,718,891

117,606,522

Consumer

Finance

1.7%

Capital

One

Financial

Corp.

...........................

United

States

549,255

116,760,628

Consumer

Staples

Distribution

&

Retail

1.8%

Dollar

General

Corp.

.................................

United

States

1,223,978

126,498,126

Containers

&

Packaging

1.6%

International

Paper

Co.

...............................

United

States

2,412,029

111,918,146

Diversified

Telecommunication

Services

0.3%

a,b,c

Uniti

Group,

Inc.

....................................

United

States

2,243,497

12,517,338

a,b,c

Uniti

Group,

Inc..

....................................

United

States

14,312

12,395,599

24,912,937

Electric

Utilities

4.0%

Entergy

Corp.

......................................

United

States

1,347,248

125,550,041

PPL

Corp.

.........................................

United

States

4,189,028

155,664,281

281,214,322

Electronic

Equipment,

Instruments

&

Components

1.3%

a

Flex

Ltd.

..........................................

United

States

1,618,126

93,802,764

Energy

Equipment

&

Services

1.1%

Schlumberger

NV

...................................

United

States

2,358,853

81,073,778

Entertainment

1.6%

Walt

Disney

Co.

(The)

................................

United

States

983,405

112,599,873

Financial

Services

3.8%

Apollo

Global

Management,

Inc.

........................

United

States

773,831

103,128,457

a

Fiserv,

Inc.

........................................

United

States

841,560

108,502,331

Global

Payments,

Inc.

................................

United

States

657,935

54,661,240

266,292,028

Food

Products

1.1%

Kellanova

.........................................

United

States

915,404

75,081,436

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Shares

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)

Ground

Transportation

1.0%

Union

Pacific

Corp.

..................................

United

States

308,789

$

72,988,456

Health

Care

Equipment

&

Supplies

3.5%

Medtronic

plc

......................................

United

States

1,356,384

129,182,012

Zimmer

Biomet

Holdings,

Inc.

..........................

United

States

1,211,160

119,299,260

248,481,272

Health

Care

Providers

&

Services

3.0%

CVS

Health

Corp.

...................................

United

States

1,806,703

136,207,339

Elevance

Health,

Inc.

................................

United

States

242,457

78,342,706

214,550,045

Household

Durables

1.7%

DR

Horton,

Inc.

.....................................

United

States

704,683

119,422,628

Insurance

4.0%

Hartford

Insurance

Group,

Inc.

(The)

.....................

United

States

1,046,977

139,656,262

Progressive

Corp.

(The)

..............................

United

States

562,724

138,964,692

278,620,954

Interactive

Media

&

Services

2.8%

Alphabet,

Inc.

,

A

....................................

United

States

799,105

194,262,425

Life

Sciences

Tools

&

Services

2.1%

Thermo

Fisher

Scientific,

Inc.

..........................

United

States

298,605

144,829,397

Machinery

1.9%

Dover

Corp.

.......................................

United

States

825,775

137,764,043

Media

1.5%

a

Charter

Communications,

Inc.

,

A

........................

United

States

395,949

108,927,550

Metals

&

Mining

2.0%

Reliance,

Inc.

......................................

United

States

494,969

139,002,144

Oil,

Gas

&

Consumable

Fuels

4.1%

Chevron

Corp.

.....................................

United

States

992,082

154,060,414

EOG

Resources,

Inc.

................................

United

States

1,228,342

137,721,705

291,782,119

Personal

Care

Products

1.3%

Estee

Lauder

Cos.,

Inc.

(The)

,

A

........................

United

States

1,009,833

88,986,484

Pharmaceuticals

6.6%

Haleon

plc

........................................

United

States

32,158,000

144,716,835

Merck

&

Co.,

Inc.

...................................

United

States

1,123,808

94,321,205

Novartis

AG

,

ADR

...................................

United

States

862,357

110,588,662

Roche

Holding

AG

..................................

United

States

342,222

113,954,302

463,581,004

Professional

Services

3.1%

KBR,

Inc.

.........................................

United

States

1,897,490

89,732,302

SS&C

Technologies

Holdings,

Inc.

.......................

United

States

1,436,018

127,460,958

217,193,260

Retail

REITs

2.0%

Brixmor

Property

Group,

Inc.

...........................

United

States

5,080,366

140,624,531

Semiconductors

&

Semiconductor

Equipment

1.5%

NXP

Semiconductors

NV

.............................

Netherlands

465,540

106,017,424

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

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

(continued)

Software

3.5%

a

Adobe,

Inc.

........................................

United

States

385,414

$

135,954,788

Gen

Digital,

Inc.

....................................

United

States

3,914,948

111,145,374

247,100,162

Specialized

REITs

1.9%

American

Tower

Corp.

................................

United

States

686,635

132,053,643

Specialty

Retail

1.7%

a

Ulta

Beauty,

Inc.

....................................

United

States

219,940

120,252,195

Tobacco

1.5%

British

American

Tobacco

plc

...........................

United

Kingdom

1,961,814

104,343,609

Trading

Companies

&

Distributors

3.2%

AerCap

Holdings

NV

.................................

Ireland

814,794

98,590,074

Ferguson

Enterprises,

Inc.

............................

United

States

551,969

123,961,198

222,551,272

Total

Common

Stocks

(Cost

$

4,840,109,870

)

..................................

6,493,726,310

Warrants

Warrants

0.0%

†

Diversified

Telecommunication

Services

0.0%

†

a,b,c

Uniti

Group,

Inc.

,

8/01/35

.............................

United

States

437,045

2,062,496

Total

Warrants

(Cost

$

2,097,816

)

............................................

2,062,496

Principal

Amount

*

Corporate

Bonds

0.3%

Specialty

Retail

0.3%

d

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875

%

,

5/01/29

.

United

States

27,229,000

22,872,360

Total

Corporate

Bonds

(Cost

$

18,248,731

)

....................................

22,872,360

Senior

Floating

Rate

Interests

2.5%

e

Commercial

Services

&

Supplies

1.0%

Neptune

Bidco

US,

Inc.,

First

Lien,

CME

Term

Loan,

A

,

9.179

%

,

(

3-month

SOFR

+

4.75

%

),

10/11/28

....................

United

States

37,421,779

35,691,022

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.429

%

,

(

3-month

SOFR

+

5

%

),

4/11/29

.................

United

States

38,868,581

37,100,255

72,791,277

a

a

a

a

a

a

Media

0.3%

e

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.053

%

,

(

1-month

SOFR

+

5.775

%

),

5/01/29

.....

United

States

20,346,275

17,828,423

Professional

Services

0.5%

e

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.778

%

,

(

1-month

SOFR

+

3.5

%

),

6/02/28

......................

United

States

30,687,041

30,744,580

Specialty

Retail

0.7%

e

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.807

%

,

(

3-month

SOFR

+

4.25

%

),

4/17/28

.....................

United

States

54,460,701

51,573,466

Total

Senior

Floating

Rate

Interests

(Cost

$

166,900,021

)

.......................

172,937,746

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

See

Abbreviations

on

page

31

.

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Companies

in

Liquidation

0.0%

a,b,f

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

..............................

Netherlands

555,154

$

—

a,b,f

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

....

United

States

20,046,000

—

Total

Companies

in

Liquidation

(Cost

$

–

)

....................................

—

Total

Long

Term

Investments

(Cost

$

5,027,356,438

)

...........................

6,691,598,912

a

Short

Term

Investments

5.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.1%

g

U.S.

Treasury

Bills

,

3

.61

%

,

10/09/25

.....................

United

States

5,000,000

4,995,493

Total

U.S.

Government

and

Agency

Securities

(Cost

$

4,995,489

)

................

4,995,493

Shares

Money

Market

Funds

5.0%

h,i

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.094

%

.........................................

United

States

351,961,020

351,961,020

Total

Money

Market

Funds

(Cost

$

351,961,020

)

...............................

351,961,020

Total

Short

Term

Investments

(Cost

$

356,956,509

)

.............................

356,956,513

a

Total

Investments

(Cost

$

5,384,312,947

)

100.1

%

..............................

$7,048,555,425

Other

Assets,

less

Liabilities

(

0.1

)

%

.........................................

(6,302,233)

Net

Assets

100.0%

.........................................................

$7,042,253,192

a

a

a

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

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

September

30,

2025,

the

value

of

this

security

was

$22,872,360,

representing

0.3%

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

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

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Mutual

Series

Funds

21

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 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)

22

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

September

30,

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

September

30,

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

Beacon

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$—

$149,543,817

$(107,938,695)

$—

$—

$41,605,122

41,605,122

$499,444

Total

Affiliated

Securities

...

$—

$149,543,817

$(107,938,695)

$—

$—

$41,605,122

$499,444

Franklin

Mutual

Global

Discovery

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$—

$709,510,688

$(370,354,179)

$—

$—

$339,156,509

339,156,509

$2,630,731

2. Financial

Instrument

Valuation

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

23

Quarterly

Schedules

of

Investments

    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

Franklin

Mutual

Global

Discovery

Fund

(continued)

Non-Controlled

Affiliates

Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$—

$617,000

$(617,000)

$—

$—

$—

—

$67

Total

Affiliated

Securities

...

$—

$710,127,688

$(370,971,179)

$—

$—

$339,156,509

$2,630,798

Franklin

Mutual

International

Value

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$—

$99,859,002

$(66,163,939)

$—

$—

$33,695,063

33,695,063

$417,553

Non-Controlled

Affiliates

Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$—

$26,554,000

$(26,554,000)

$—

$—

$—

—

$2,893

Total

Affiliated

Securities

...

$—

$126,413,002

$(92,717,939)

$—

$—

$33,695,063

$420,446

Franklin

Mutual

Quest

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$—

$269,410,524

$(178,946,853)

$—

$—

$90,463,671

90,463,671

$1,347,456

Total

Affiliated

Securities

...

$—

$269,410,524

$(178,946,853)

$—

$—

$90,463,671

$1,347,456

Franklin

Mutual

Shares

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.094%

............

$—

$919,665,298

$(567,704,278)

$—

$—

$351,961,020

351,961,020

$2,810,485

Total

Affiliated

Securities

...

$—

$919,665,298

$(567,704,278)

$—

$—

$351,961,020

$2,810,485

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

24

Quarterly

Schedules

of

Investments

4.

Restricted

Securities

At

September

30,

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

September

30,

2025,

investments

in

“affiliated

companies”

were

as

follows: 

Shares

/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Mutual

Quest

Fund

106,532

Inclusive

Language

Services

LLC,

Membership

Interests,

B

...............................

4/30/14

$

—

$

40,236,014

1,714,983

Uniti

Group,

Inc..

............................

8/04/25

 10,667,194

 9,568,554

10,941

Uniti

Group,

Inc.

.............................

8/04/25

9,523,836

9,475,493

334,087

Uniti

Group,

Inc.,

8/01/35

......................

8/04/25

1,603,618

1,576,618

Total

Restricted

Securities

(Value

is

2.3%

of

Net

Assets)

...............

$21,794,648

$60,856,679

Shares

/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Mutual

Shares

Fund

2,243,497

Uniti

Group,

Inc.

.............................

8/04/25

$

13,954,551

$

12,517,338

14,312

Uniti

Group,

Inc..

............................

8/04/25

 12,458,840

 12,395,599

437,045

Uniti

Group,

Inc.,

8/01/35

......................

8/04/25

2,097,816

2,062,496

Total

Restricted

Securities

(Value

is

0.4%

of

Net

Assets)

...............

$28,511,207

$26,975,433

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

$

—

$

—

$

—

$

(15,269,886)

$

40,236,014

106,532

$

—

Interest

Sorenson

Holdings

LLC,

First

Lien,

Term

Loan,

A,

PIK,

10%,

4/01/30

...

30,350,971

1,552,464

a

—

—

578,504

32,481,939

31,710,957

2,452,402

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

25

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,

2025,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

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/Principal

Amount*

Held

at

End

of

Period

Investment

Income

Franklin

Mutual

Quest

Fund

(continued)

Non-Controlled

Affiliates

Sorenson

Holdings

LLC,

First

Lien,

Term

Loan,

B,

PIK,

8%,

4/01/30

....

$

101,849,438

$

4,449,058

a

$

—

$

—

$

1,375,261

$

107,673,757

122,461,386

$

6,169,646

Total

Affiliated

Securities

(Value

is

6.7%

of

Net

Assets)

...........

$187,706,309

$6,001,522

$—

$—

$(13,316,121)

$180,391,710

$8,622,048

*

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

..........................

$

66,429,924

$

—

$

—

$

66,429,924

Banks

...............................

161,639,265

216,431,337

—

378,070,602

Beverages

...........................

—

84,096,829

—

84,096,829

Broadline

Retail

.......................

128,438,130

—

—

128,438,130

Building

Products

......................

141,228,136

—

—

141,228,136

Capital

Markets

........................

148,955,049

—

—

148,955,049

Electric

Utilities

........................

67,900,424

—

—

67,900,424

Health

Care

Equipment

&

Supplies

.........

196,757,079

—

—

196,757,079

Health

Care

Providers

&

Services

..........

48,361,694

—

—

48,361,694

Household

Products

....................

—

106,362,047

—

106,362,047

Insurance

............................

293,225,378

—

—

293,225,378

Interactive

Media

&

Services

..............

173,900,240

—

—

173,900,240

Life

Sciences

Tools

&

Services

............

101,514,686

—

—

101,514,686

5.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

26

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Beacon

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Machinery

............................

$

128,811,201

$

—

$

—

$

128,811,201

Metals

&

Mining

.......................

108,001,040

—

—

108,001,040

Oil,

Gas

&

Consumable

Fuels

.............

118,263,319

59,884,038

—

178,147,357

Pharmaceuticals

.......................

153,927,715

234,843,513

—

388,771,228

Retail

REITs

..........................

105,807,713

—

—

105,807,713

Semiconductors

&

Semiconductor

Equipment

.

64,740,451

—

—

64,740,451

Software

.............................

60,664,746

—

—

60,664,746

Specialty

Retail

........................

103,311,693

—

—

103,311,693

Textiles,

Apparel

&

Luxury

Goods

..........

—

119,730,219

—

119,730,219

Trading

Companies

&

Distributors

..........

142,180,475

—

—

142,180,475

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

41,605,122

—

—

41,605,122

Total

Investments

in

Securities

...........

$2,555,663,480

$821,347,983

b

$—

$3,377,011,463

Franklin

Mutual

Global

Discovery

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

—

211,443,537

—

211,443,537

Automobile

Components

.................

185,898,252

165,705,051

—

351,603,303

Automobiles

..........................

—

158,525,313

—

158,525,313

Banks

...............................

475,254,335

428,385,223

—

903,639,558

Beverages

...........................

—

155,346,909

—

155,346,909

Capital

Markets

........................

162,769,442

166,446,813

—

329,216,255

Chemicals

...........................

—

161,972,455

—

161,972,455

Consumer

Finance

.....................

141,158,647

—

—

141,158,647

Consumer

Staples

Distribution

&

Retail

......

—

144,541,976

—

144,541,976

Containers

&

Packaging

.................

168,746,128

—

—

168,746,128

Diversified

Telecommunication

Services

.....

—

172,161,854

—

172,161,854

Electrical

Equipment

....................

—

152,199,630

—

152,199,630

Energy

Equipment

&

Services

.............

94,733,550

—

—

94,733,550

Entertainment

.........................

145,585,834

—

—

145,585,834

Financial

Services

......................

252,369,750

—

—

252,369,750

Food

Products

........................

210,921,458

150,547,115

—

361,468,573

Ground

Transportation

..................

97,753,177

—

—

97,753,177

Health

Care

Equipment

&

Supplies

.........

343,695,938

—

—

343,695,938

Health

Care

Providers

&

Services

..........

286,632,975

172,493,898

—

459,126,873

Household

Products

....................

—

165,284,842

—

165,284,842

Industrial

Conglomerates

................

—

100,531,989

—

100,531,989

Insurance

............................

—

208,974,894

—

208,974,894

Interactive

Media

&

Services

..............

231,841,796

183,391,344

—

415,233,140

IT

Services

...........................

—

164,202,802

—

164,202,802

Media

...............................

158,906,976

—

—

158,906,976

Metals

&

Mining

.......................

—

161,203,786

—

161,203,786

Multi-Utilities

..........................

—

108,418,775

—

108,418,775

Oil,

Gas

&

Consumable

Fuels

.............

—

365,918,487

—

365,918,487

Pharmaceuticals

.......................

360,148,495

374,863,943

—

735,012,438

Semiconductors

&

Semiconductor

Equipment

.

—

139,002,154

—

139,002,154

Software

.............................

165,421,407

—

—

165,421,407

Specialized

REITs

......................

156,739,069

—

—

156,739,069

Technology

Hardware,

Storage

&

Peripherals

.

—

197,430,038

—

197,430,038

Textiles,

Apparel

&

Luxury

Goods

..........

—

265,216,089

—

265,216,089

Tobacco

.............................

—

154,609,446

—

154,609,446

6. Fair

Value

Measurements

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

27

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Global

Discovery

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Trading

Companies

&

Distributors

..........

$

336,596,577

$

—

$

—

$

336,596,577

Corporate

Bonds

........................

—

28,518,000

—

28,518,000

Senior

Floating

Rate

Interests

...............

—

222,965,561

—

222,965,561

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

339,156,509

24,965,706

—

364,122,215

Total

Investments

in

Securities

...........

$4,314,330,315

$5,105,267,630

c

$—

$9,419,597,945

Franklin

Mutual

International

Value

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

—

56,281,957

—

56,281,957

Automobile

Components

.................

—

20,639,045

—

20,639,045

Automobiles

..........................

—

43,297,832

—

43,297,832

Banks

...............................

—

159,250,367

—

159,250,367

Beverages

...........................

—

63,042,856

—

63,042,856

Building

Products

......................

—

21,530,214

—

21,530,214

Capital

Markets

........................

—

86,139,197

—

86,139,197

Chemicals

...........................

—

17,520,314

—

17,520,314

Consumer

Staples

Distribution

&

Retail

......

—

39,090,907

—

39,090,907

Diversified

Telecommunication

Services

.....

15,700,144

43,807,109

—

59,507,253

Electrical

Equipment

....................

—

16,937,065

—

16,937,065

Electronic

Equipment,

Instruments

&

Components

........................

—

14,389,232

—

14,389,232

Energy

Equipment

&

Services

.............

19,858,677

—

—

19,858,677

Food

Products

........................

17,422,321

—

—

17,422,321

Health

Care

Equipment

&

Supplies

.........

—

16,788,274

—

16,788,274

Household

Durables

....................

—

13,782,261

—

13,782,261

Household

Products

....................

—

11,574,713

—

11,574,713

Insurance

............................

531,682

80,194,510

—

80,726,192

Interactive

Media

&

Services

..............

—

23,307,979

—

23,307,979

IT

Services

...........................

—

19,362,744

—

19,362,744

Machinery

............................

14,676,274

14,568,247

—

29,244,521

Metals

&

Mining

.......................

—

32,353,905

—

32,353,905

Multi-Utilities

..........................

—

18,426,268

—

18,426,268

Oil,

Gas

&

Consumable

Fuels

.............

—

52,840,272

—

52,840,272

Paper

&

Forest

Products

.................

—

20,695,491

—

20,695,491

Personal

Care

Products

.................

—

16,006,799

—

16,006,799

Pharmaceuticals

.......................

—

90,233,489

—

90,233,489

Professional

Services

...................

—

9,480,012

—

9,480,012

Technology

Hardware,

Storage

&

Peripherals

.

—

21,549,325

—

21,549,325

Textiles,

Apparel

&

Luxury

Goods

..........

—

39,654,020

—

39,654,020

Trading

Companies

&

Distributors

..........

26,260,388

—

—

26,260,388

Short

Term

Investments

...................

33,695,063

2,993,829

—

36,688,892

Total

Investments

in

Securities

...........

$128,144,549

$1,065,738,233

d

$—

$1,193,882,782

Franklin

Mutual

Quest

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

—

27,796,832

—

27,796,832

Automobile

Components

.................

59,043,542

37,277,849

—

96,321,391

Banks

...............................

103,272,736

47,192,151

—

150,464,887

6. Fair

Value

Measurements

(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

Quest

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Beverages

...........................

$

—

$

38,343,850

$

—

$

38,343,850

Building

Products

......................

31,117,169

—

—

31,117,169

Capital

Markets

........................

—

26,715,140

—

26,715,140

Chemicals

...........................

62,828,456

—

—

62,828,456

Communications

Equipment

..............

43,039,220

—

40,236,014

83,275,234

Consumer

Staples

Distribution

&

Retail

......

34,036,876

—

—

34,036,876

Containers

&

Packaging

.................

20,377,395

—

—

20,377,395

Diversified

Telecommunication

Services

.....

10,436,262

30,327,995

19,044,047

59,808,304

Electric

Utilities

........................

104,003,477

—

—

104,003,477

Energy

Equipment

&

Services

.............

72,264,279

—

—

72,264,279

Entertainment

.........................

33,807,385

—

—

33,807,385

Financial

Services

......................

66,140,546

—

—

66,140,546

Food

Products

........................

73,657,897

38,312,759

—

111,970,656

Ground

Transportation

..................

19,591,527

—

—

19,591,527

Health

Care

Equipment

&

Supplies

.........

59,847,688

—

—

59,847,688

Health

Care

Providers

&

Services

..........

33,059,054

29,913,842

—

62,972,896

Household

Products

....................

—

49,076,623

—

49,076,623

Industrial

Conglomerates

................

—

27,765,351

—

27,765,351

Insurance

............................

159,141,238

97,727,535

—

256,868,773

Interactive

Media

&

Services

..............

48,256,079

—

—

48,256,079

Machinery

............................

42,660,680

—

—

42,660,680

Media

...............................

28,909,985

—

—

28,909,985

Metals

&

Mining

.......................

—

49,126,257

—

49,126,257

Oil,

Gas

&

Consumable

Fuels

.............

39,932,098

42,705,794

—

82,637,892

Pharmaceuticals

.......................

93,254,712

41,658,575

—

134,913,287

Software

.............................

39,993,737

—

—

39,993,737

Specialized

REITs

......................

24,658,116

—

—

24,658,116

Specialty

Retail

........................

59,648,693

—

—

59,648,693

Technology

Hardware,

Storage

&

Peripherals

.

—

58,083,714

—

58,083,714

Tobacco

.............................

—

29,130,796

—

29,130,796

Trading

Companies

&

Distributors

..........

73,493,268

—

—

73,493,268

Rights

.................................

—

—

1,272,348

1,272,348

Warrants

...............................

—

—

1,576,618

1,576,618

Convertible

Bonds

.......................

—

6,993,750

—

6,993,750

Corporate

Bonds

........................

—

71,639,841

—

71,639,841

Senior

Floating

Rate

Interests

...............

—

200,778,257

140,155,696

340,933,953

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

90,463,671

—

—

90,463,671

Total

Investments

in

Securities

...........

$1,526,935,786

$950,566,911

e

$202,284,723

$2,679,787,420

Franklin

Mutual

Shares

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Automobiles

..........................

114,198,395

—

—

114,198,395

Banks

...............................

542,231,476

120,263,244

—

662,494,720

Broadline

Retail

.......................

165,416,792

—

—

165,416,792

Building

Products

......................

136,305,235

—

—

136,305,235

Capital

Markets

........................

145,407,306

—

—

145,407,306

Chemicals

...........................

68,808,685

—

—

68,808,685

Communications

Equipment

..............

117,606,522

—

—

117,606,522

Consumer

Finance

.....................

116,760,628

—

—

116,760,628

Consumer

Staples

Distribution

&

Retail

......

126,498,126

—

—

126,498,126

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

Shares

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Containers

&

Packaging

.................

$

111,918,146

$

—

$

—

$

111,918,146

Diversified

Telecommunication

Services

.....

—

—

24,912,937

24,912,937

Electric

Utilities

........................

281,214,322

—

—

281,214,322

Electronic

Equipment,

Instruments

&

Components

........................

93,802,764

—

—

93,802,764

Energy

Equipment

&

Services

.............

81,073,778

—

—

81,073,778

Entertainment

.........................

112,599,873

—

—

112,599,873

Financial

Services

......................

266,292,028

—

—

266,292,028

Food

Products

........................

75,081,436

—

—

75,081,436

Ground

Transportation

..................

72,988,456

—

—

72,988,456

Health

Care

Equipment

&

Supplies

.........

248,481,272

—

—

248,481,272

Health

Care

Providers

&

Services

..........

214,550,045

—

—

214,550,045

Household

Durables

....................

119,422,628

—

—

119,422,628

Insurance

............................

278,620,954

—

—

278,620,954

Interactive

Media

&

Services

..............

194,262,425

—

—

194,262,425

Life

Sciences

Tools

&

Services

............

144,829,397

—

—

144,829,397

Machinery

............................

137,764,043

—

—

137,764,043

Media

...............................

108,927,550

—

—

108,927,550

Metals

&

Mining

.......................

139,002,144

—

—

139,002,144

Oil,

Gas

&

Consumable

Fuels

.............

291,782,119

—

—

291,782,119

Personal

Care

Products

.................

88,986,484

—

—

88,986,484

Pharmaceuticals

.......................

204,909,867

258,671,137

—

463,581,004

Professional

Services

...................

217,193,260

—

—

217,193,260

Retail

REITs

..........................

140,624,531

—

—

140,624,531

Semiconductors

&

Semiconductor

Equipment

.

106,017,424

—

—

106,017,424

Software

.............................

247,100,162

—

—

247,100,162

Specialized

REITs

......................

132,053,643

—

—

132,053,643

Specialty

Retail

........................

120,252,195

—

—

120,252,195

Tobacco

.............................

—

104,343,609

—

104,343,609

Trading

Companies

&

Distributors

..........

222,551,272

—

—

222,551,272

Warrants

...............................

—

—

2,062,496

2,062,496

Corporate

Bonds

........................

—

22,872,360

—

22,872,360

Senior

Floating

Rate

Interests

...............

—

172,937,746

—

172,937,746

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

351,961,020

4,995,493

—

356,956,513

Total

Investments

in

Securities

...........

$6,337,496,403

$684,083,589

f

$26,975,433

$7,048,555,425

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$821,347,983,

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

$4,828,818,363,

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

$1,062,744,404,

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

$671,155,063,

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

$483,277,990,

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)

30

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,

2025,

the

reconciliation

is

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

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

$

—

$

—

$

—

$

—

$

—

$

—

$

(15,269,886)

$

40,236,014

$

(15,269,886)

Diversified

Telecommunication

Services

........

30,751,158

20,191,030

(28,826,078)

—

—

—

14,804,896

(17,876,959)

19,044,047

(1,146,983)

Media

...........

26

—

(35)

—

—

—

(169)

178

—

—

Rights

:

Media

...........

—

—

c

—

—

—

—

—

1,272,348

1,272,348

1,272,348

Warrants

:

Diversified

Telecommunication

Services

........

—

1,603,618

—

—

—

—

—

(27,000)

1,576,618

(27,000)

Senior

Floating

Rate

Interests

:

Wireless

Telecommunication

Services

........

132,200,409

5,725,396

—

—

—

276,126

—

1,953,765

140,155,696

1,953,765

Companies

in

Liquidation

:

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$218,457,493

$27,520,044

$(28,826,113)

$—

$—

$276,126

$14,804,727

$(29,947,554)

$202,284,723

$(13,217,756)

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.

6. Fair

Value

Measurements

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

31

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,

2025,

are

as

follows:

Abbreviations

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.

.

.

.

.

.

.

.

$40,236,014

Market

comparables

Discount

for

lack

of

marketability

4.6%

Decrease

Estimated

EBITDA

$204.5

mil

Increase

Estimated

Revenue

$754.1

mil

Increase

EV

/

EBITDA

multiple

8.1x

Increase

EV

/

revenue

multiple

1.7x

Increase

Senior

Floating

Rate

Interests:

Communications

Equipment

.

.

.

.

.

.

140,155,696

Discounted

cash

flow

Discount

rate

9.7%

-

11.2%

(10.9%)

Decrease

All

Other

Investments

.

.

.

.

.

.

.

.

.

21,893,013

c,d

Total

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$202,284,723

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

the

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

d

Includes

financial

instruments

determined

to

have

no

value.

Abbreviations

List

EBITDA

-

Earnings

before

interest,

taxes,

depreciation

and

amortization

EV

-

Enterprise

value

Selected

Portfolio

ADR

American

Depositary

Receipt

CME

Chicago

Mercantile

Exchange

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.