NPORT-EX 2 FMSF.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
MS-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
2
Franklin
Mutual
European
Fund
5
Franklin
Mutual
Financial
Services
Fund
9
Franklin
Mutual
Global
Discovery
Fund
12
Franklin
Mutual
Quest
Fund
17
Franklin
Mutual
Shares
Fund
24
Notes
to
Schedules
of
Investments
30
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Mutual
Beacon
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.4%
Aerospace
&
Defense
3.4%
Airbus
SE
...........................................
France
744,047
$
99,385,100
Automobile
Components
0.0%
†
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
2,846,329
88,000
Banks
9.5%
BNP
Paribas
SA
......................................
France
1,247,577
74,505,723
DBS
Group
Holdings
Ltd.
...............................
Singapore
3,653,252
90,826,204
JPMorgan
Chase
&
Co.
.................................
United
States
871,018
113,502,356
278,834,283
Beverages
3.5%
Heineken
NV
........................................
Netherlands
972,873
104,540,842
Building
Products
3.2%
Johnson
Controls
International
plc
.........................
United
States
1,574,077
94,790,917
Capital
Markets
3.1%
BlackRock,
Inc.
.......................................
United
States
136,080
91,053,850
Containers
&
Packaging
2.6%
International
Paper
Co.
.................................
United
States
2,107,492
75,996,162
Diversified
Telecommunication
Services
3.6%
Deutsche
Telekom
AG
..................................
Germany
4,316,623
104,606,514
Electrical
Equipment
3.4%
Sensata
Technologies
Holding
plc
.........................
United
States
1,983,225
99,200,914
Energy
Equipment
&
Services
2.3%
Schlumberger
NV
.....................................
United
States
1,363,409
66,943,382
Entertainment
2.3%
Activision
Blizzard,
Inc.
.................................
United
States
806,292
69,010,532
Financial
Services
3.4%
Global
Payments,
Inc.
..................................
United
States
939,117
98,832,673
Food
Products
2.4%
Kraft
Heinz
Co.
(The)
..................................
United
States
1,858,243
71,858,257
Health
Care
Equipment
&
Supplies
3.7%
Medtronic
plc
........................................
United
States
1,354,332
109,186,246
Health
Care
Providers
&
Services
2.3%
Elevance
Health,
Inc.
..................................
United
States
148,223
68,154,418
Household
Products
3.6%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
1,406,984
107,048,544
Insurance
3.1%
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
1,293,495
90,143,667
Interactive
Media
&
Services
2.9%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
406,362
86,124,362
Media
3.3%
b
Charter
Communications,
Inc.,
A
..........................
United
States
273,236
97,711,926
Metals
&
Mining
2.5%
Rio
Tinto
plc
.........................................
Australia
1,104,246
74,960,076
Oil,
Gas
&
Consumable
Fuels
4.1%
BP
plc
..............................................
United
Kingdom
18,946,438
119,761,140
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
See
Abbreviations
on
page
42
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Personal
Care
Products
3.5%
Haleon
plc
..........................................
United
States
25,684,695
$
102,039,123
Pharmaceuticals
12.0%
b
Elanco
Animal
Health,
Inc.
...............................
United
States
1,459,110
13,715,634
Eli
Lilly
&
Co.
........................................
United
States
205,617
70,612,990
GSK
plc
............................................
United
States
5,236,438
92,531,833
Merck
&
Co.,
Inc.
.....................................
United
States
637,237
67,795,644
Novartis
AG,
ADR
.....................................
Switzerland
1,196,007
110,032,644
354,688,745
Retail
REITs
2.2%
Brixmor
Property
Group,
Inc.
.............................
United
States
3,003,199
64,628,842
Software
1.8%
Gen
Digital,
Inc.
......................................
United
States
3,047,595
52,296,730
Textiles,
Apparel
&
Luxury
Goods
8.7%
adidas
AG
...........................................
Germany
433,153
76,789,666
Cie
Financiere
Richemont
SA
............................
Switzerland
602,829
96,672,629
Tapestry,
Inc.
........................................
United
States
1,883,549
81,199,797
254,662,092
Total
Common
Stocks
(Cost
$2,270,739,300)
....................................
2,836,547,337
Companies
in
Liquidation
0.0%
a,b,d
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
5,229,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$2,270,739,300)
.............................
2,836,547,337
a
Short
Term
Investments
2.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.4%
e
FHLB
,
4/03/23
...........................................
United
States
48,800,000
48,800,000
4/04/23
...........................................
United
States
19,200,000
19,197,601
67,997,601
e
U.S.
Treasury
Bills,
6/22/23
..............................
United
States
1,500,000
1,484,688
Total
U.S.
Government
and
Agency
Securities
(Cost
$69,466,231)
.................
69,482,289
Total
Short
Term
Investments
(Cost
$69,466,231
)
................................
69,482,289
a
Total
Investments
(Cost
$2,340,205,531)
98.8%
..................................
$2,906,029,626
Other
Assets,
less
Liabilities
1.2%
.............................................
36,674,364
Net
Assets
100.0%
...........................................................
$2,942,703,990
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
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.
e
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Mutual
European
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
95.5%
Aerospace
&
Defense
3.6%
Airbus
SE
...........................................
France
129,877
$
17,348,149
a
Babcock
International
Group
plc
..........................
United
Kingdom
2,630,268
9,717,482
27,065,631
Automobile
Components
2.4%
Cie
Generale
des
Etablissements
Michelin
SCA
..............
France
579,268
17,708,047
Banks
8.9%
BNP
Paribas
SA
......................................
France
449,070
26,818,613
ING
Groep
NV
.......................................
Netherlands
1,892,919
22,480,106
UniCredit
SpA
........................................
Italy
925,588
17,446,164
66,744,883
Beverages
6.1%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
236,319
15,753,726
a
Coca-Cola
HBC
AG
...................................
Italy
521,679
14,282,231
Heineken
NV
........................................
Netherlands
142,108
15,270,328
45,306,285
Capital
Markets
1.8%
Deutsche
Bank
AG
....................................
Germany
1,352,155
13,750,968
Chemicals
3.3%
b
Covestro
AG,
144A,
Reg
S
..............................
Germany
588,577
24,376,063
Diversified
Telecommunication
Services
9.2%
Deutsche
Telekom
AG
..................................
Germany
1,138,088
27,579,758
Hellenic
Telecommunications
Organization
SA
................
Greece
1,169,461
17,128,494
Koninklijke
KPN
NV
...................................
Netherlands
6,920,361
24,454,702
69,162,954
Energy
Equipment
&
Services
1.9%
Baker
Hughes
Co.
.....................................
United
States
498,160
14,376,898
Food
Products
2.7%
Danone
SA
..........................................
France
327,214
20,361,379
Health
Care
Providers
&
Services
2.7%
Fresenius
SE
&
Co.
KGaA
...............................
Germany
744,557
20,106,388
Household
Durables
1.8%
Berkeley
Group
Holdings
plc
.............................
United
Kingdom
168,967
8,754,546
Persimmon
plc
.......................................
United
Kingdom
322,849
5,013,515
13,768,061
Household
Products
2.2%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
220,602
16,784,216
Independent
Power
and
Renewable
Electricity
Producers
2.5%
RWE
AG
............................................
Germany
434,288
18,687,574
Industrial
Conglomerates
2.6%
Siemens
AG
.........................................
Germany
121,662
19,710,628
Insurance
5.7%
ASR
Nederland
NV
....................................
Netherlands
549,935
21,882,880
NN
Group
NV
........................................
Netherlands
573,475
20,823,797
42,706,677
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
European
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)
IT
Services
2.6%
Capgemini
SE
........................................
France
104,705
$
19,458,807
Machinery
4.6%
Alstom
SA
...........................................
France
570,966
15,546,014
Vossloh
AG
..........................................
Germany
406,437
18,887,298
34,433,312
Metals
&
Mining
3.0%
Rio
Tinto
plc
.........................................
Australia
335,628
22,783,601
Oil,
Gas
&
Consumable
Fuels
6.6%
BP
plc
..............................................
United
Kingdom
3,948,943
24,961,416
Shell
plc
............................................
Netherlands
859,766
24,504,114
49,465,530
Personal
Care
Products
2.6%
Haleon
plc
..........................................
United
States
4,813,434
19,122,617
Pharmaceuticals
6.3%
GSK
plc
............................................
United
States
1,084,724
19,167,896
Novartis
AG
.........................................
Switzerland
306,877
28,178,537
47,346,433
Real
Estate
Management
&
Development
1.9%
Savills
plc
...........................................
United
Kingdom
1,177,740
14,372,620
Textiles,
Apparel
&
Luxury
Goods
3.9%
adidas
AG
...........................................
Germany
89,036
15,784,364
Cie
Financiere
Richemont
SA
............................
Switzerland
83,856
13,447,562
29,231,926
Tobacco
1.9%
British
American
Tobacco
plc
.............................
United
Kingdom
405,933
14,230,899
Trading
Companies
&
Distributors
4.7%
a
AerCap
Holdings
NV
...................................
Ireland
340,212
19,130,121
Rexel
SA
...........................................
France
685,327
16,294,214
35,424,335
Total
Common
Stocks
(Cost
$658,191,533)
.....................................
716,486,732
Warrants
Warrants
0.1%
Textiles,
Apparel
&
Luxury
Goods
0.1%
a
Cie
Financiere
Richemont
SA,
11/22/23
.....................
Switzerland
472,886
594,402
Total
Warrants
(Cost
$–)
......................................................
594,402
Total
Long
Term
Investments
(Cost
$658,191,533)
...............................
717,081,134
a
Short
Term
Investments
3.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
3.0%
c
FHLB
,
4/03/23
...........................................
United
States
12,200,000
12,200,000
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
European
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
c
FHLB,
(continued)
4/04/23
...........................................
United
States
4,800,000
$
4,799,400
16,999,400
c,d
U.S.
Treasury
Bills
,
6/08/23
...........................................
United
States
2,500,000
2,479,129
7/13/23
...........................................
United
States
1,500,000
1,480,336
7/20/23
...........................................
United
States
1,500,000
1,479,176
5,438,641
Total
U.S.
Government
and
Agency
Securities
(Cost
$22,432,851)
.................
22,438,041
Total
Short
Term
Investments
(Cost
$22,432,851
)
................................
22,438,041
a
Total
Investments
(Cost
$680,624,384)
98.6%
...................................
$739,519,175
Other
Assets,
less
Liabilities
1.4%
.............................................
10,952,193
Net
Assets
100.0%
...........................................................
$750,471,368
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2023,
the
value
of
this
security
was
$24,376,063,
representing
3.3%
of
net
assets.
c
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
d
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
open
forward
exchange
contracts.
At
March
31,
2023,
the
value
of
this
security
pledged
amounted
to
$3,156,555,
representing
0.4%
of
net
assets.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Long
18
$
1,886,850
6/16/23
$
52,673
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
809
110,261,644
6/16/23
(2,059,818)
Foreign
Exchange
GBP/USD
...................
Short
451
34,825,656
6/16/23
(796,002)
Total
Futures
Contracts
......................................................................
$(2,803,147)
*
As
of
period
end.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
European
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
At
March
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
42
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
10,862,422
11,571,431
4/11/23
$
213,895
$
—
Euro
.............
BOFA
Sell
4,827,709
5,160,800
4/11/23
2,181
(79,269)
Euro
.............
HSBK
Buy
345,514
371,113
4/11/23
3,757
—
Euro
.............
HSBK
Sell
45,051,084
47,852,406
4/11/23
—
(1,026,353)
Euro
.............
UBSW
Sell
48,576,013
51,705,702
4/11/23
8,821
(1,006,296)
British
Pound
......
BOFA
Buy
1,153,726
1,381,321
4/17/23
42,391
—
British
Pound
......
HSBK
Buy
3,015,152
3,667,663
4/17/23
55,719
(2,645)
British
Pound
......
UBSW
Buy
3,026,786
3,668,775
4/17/23
68,587
(2,272)
British
Pound
......
UBSW
Sell
51,162,590
62,531,173
4/17/23
—
(604,075)
Swiss
Franc
.......
SSBT
Buy
700,000
769,727
4/20/23
—
(3,229)
Swiss
Franc
.......
UBSW
Buy
214,659
232,640
4/20/23
2,411
—
Swiss
Franc
.......
UBSW
Sell
35,263,853
38,868,058
4/20/23
315,578
(61,353)
Total
Forward
Exchange
Contracts
...................................................
$713,340
$(2,785,492)
Net
unrealized
appreciation
(depreciation)
............................................
$(2,072,152)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Mutual
Financial
Services
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
92.9%
Banks
31.7%
a
AB&T
Financial
Corp.
..................................
United
States
226,100
$
117,572
Bank
of
America
Corp.
.................................
United
States
204,796
5,857,166
b,c
BAWAG
Group
AG,
144A,
Reg
S
..........................
Austria
60,094
2,918,843
BNP
Paribas
SA
......................................
France
151,062
9,021,474
CaixaBank
SA
........................................
Spain
1,079,441
4,212,124
Citizens
Financial
Group,
Inc.
............................
United
States
314,953
9,565,123
Columbia
Banking
System,
Inc.
...........................
United
States
433,881
9,293,731
DBS
Group
Holdings
Ltd.
...............................
Singapore
147,729
3,672,800
First
Horizon
Corp.
....................................
United
States
331,858
5,900,435
ING
Groep
NV
.......................................
Netherlands
727,182
8,635,937
JPMorgan
Chase
&
Co.
.................................
United
States
84,981
11,073,874
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
53,850
6,844,335
Primis
Financial
Corp.
..................................
United
States
393,187
3,786,391
Synovus
Financial
Corp.
................................
United
States
249,318
7,686,474
UniCredit
SpA
........................................
Italy
463,323
8,733,053
Wells
Fargo
&
Co.
.....................................
United
States
242,145
9,051,380
106,370,712
Capital
Markets
5.1%
BlackRock,
Inc.
.......................................
United
States
12,709
8,503,846
Deutsche
Bank
AG
....................................
Germany
855,644
8,701,616
17,205,462
Consumer
Finance
2.6%
Capital
One
Financial
Corp.
.............................
United
States
91,224
8,772,100
Financial
Services
9.9%
b
Fiserv,
Inc.
..........................................
United
States
79,647
9,002,500
Global
Payments,
Inc.
..................................
United
States
81,258
8,551,592
Voya
Financial,
Inc.
....................................
United
States
220,359
15,746,853
33,300,945
Household
Durables
2.8%
d
Cairn
Homes
plc
......................................
Ireland
8,521,149
9,461,287
Insurance
34.4%
ASR
Nederland
NV
....................................
Netherlands
309,174
12,302,577
b
BRP
Group,
Inc.,
A
....................................
United
States
320,764
8,166,651
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
2,084,821
5,527,020
Conduit
Holdings
Ltd.
..................................
United
States
1,667,976
10,083,132
b,e,f,g
Cyber
Re
Ltd.
........................................
United
Kingdom
2,000,000
2,000,000
Direct
Line
Insurance
Group
plc
..........................
United
Kingdom
2,642,587
4,489,498
Everest
Re
Group
Ltd.
.................................
United
States
43,470
15,563,129
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
186,963
13,029,452
International
General
Insurance
Holdings
Ltd.
................
Jordan
1,335,093
11,067,921
MetLife,
Inc.
.........................................
United
States
138,895
8,047,576
NN
Group
NV
........................................
Netherlands
307,559
11,167,961
Willis
Towers
Watson
plc
................................
United
States
58,769
13,656,740
115,101,657
Media
0.0%
†
b
Loyalty
Ventures,
Inc.
..................................
United
States
182,982
3,678
Office
REITs
1.2%
Vornado
Realty
Trust
...................................
United
States
249,971
3,842,054
Professional
Services
0.5%
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
29,894
1,688,114
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Financial
Services
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)
Real
Estate
Management
&
Development
2.7%
b
Cushman
&
Wakefield
plc
...............................
United
States
333,883
$
3,519,127
Savills
plc
...........................................
United
Kingdom
449,657
5,487,416
9,006,543
Trading
Companies
&
Distributors
2.0%
b
AerCap
Holdings
NV
...................................
Ireland
117,429
6,603,033
Total
Common
Stocks
(Cost
$300,430,699)
.....................................
311,355,585
Short
Term
Investments
5.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
5.4%
h
FHLB
,
4/03/23
...........................................
United
States
11,200,000
11,200,000
4/04/23
...........................................
United
States
4,400,000
4,399,451
15,599,451
h
U.S.
Treasury
Bills
,
i
5/11/23
...........................................
United
States
1,000,000
995,098
6/01/23
...........................................
United
States
1,500,000
1,488,857
2,483,955
Total
U.S.
Government
and
Agency
Securities
(Cost
$18,079,343)
.................
18,083,406
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Money
Market
Funds
0.0%
†
j,k
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
....
United
States
12,000
12,000
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$12,000)
...............................................................
12,000
Total
Short
Term
Investments
(Cost
$18,091,343
)
................................
18,095,406
a
Total
Investments
(Cost
$318,522,042)
98.3%
...................................
$329,450,991
Other
Assets,
less
Liabilities
1.7%
.............................................
5,650,556
Net
Assets
100.0%
...........................................................
$335,101,547
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
regarding
holdings
of
5%
voting
securities.
b
Non-income
producing.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2023,
the
value
of
this
security
was
$2,918,843,
representing
0.9%
of
net
assets.
d
A
portion
or
all
of
the
security
is
on
loan
at
March
31,
2023.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
f
See
Note
3
regarding
restricted
securities.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Financial
Services
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
42
.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
i
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
open
forward
exchange
contracts.
At
March
31,
2023,
the
value
of
this
security
pledged
amounted
to
$931,271,
representing
0.3%
of
net
assets.
j
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
k
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
62
$
8,450,212
6/16/23
$
(157,846)
Foreign
Exchange
GBP/USD
...................
Short
56
4,324,250
6/16/23
(98,838)
Total
Futures
Contracts
......................................................................
$(256,684)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
11,139,287
11,944,553
4/11/23
$
141,161
$
—
Euro
.............
HSBK
Buy
402,741
432,579
4/11/23
4,379
—
Euro
.............
HSBK
Sell
17,121,624
18,192,162
4/11/23
—
(384,166)
Euro
.............
UBSW
Buy
1,872,222
2,013,453
4/11/23
17,839
—
Euro
.............
UBSW
Sell
16,264,633
17,285,076
4/11/23
—
(361,449)
British
Pound
......
BOFA
Buy
348,064
424,766
4/17/23
5,333
(583)
British
Pound
......
HSBK
Buy
1,429,405
1,758,731
4/17/23
7,205
(2,035)
British
Pound
......
UBSW
Buy
2,391,398
2,949,566
4/17/23
9,214
(7,766)
British
Pound
......
UBSW
Sell
12,665,727
15,480,114
4/17/23
—
(149,544)
Total
Forward
Exchange
Contracts
...................................................
$185,131
$(905,543)
Net
unrealized
appreciation
(depreciation)
............................................
$(720,412)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Mutual
Global
Discovery
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
94.9%
Aerospace
&
Defense
1.6%
Airbus
SE
...........................................
France
1,016,566
$
135,786,467
Automobile
Components
1.9%
Denso
Corp.
.........................................
Japan
2,878,154
162,488,926
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
3,819,425
118,085
162,607,011
Automobiles
1.6%
General
Motors
Co.
....................................
United
States
3,702,134
135,794,275
Banks
5.7%
BNP
Paribas
SA
......................................
France
405,337
24,206,864
DBS
Group
Holdings
Ltd.
...............................
Singapore
5,989,586
148,911,534
First
Horizon
Corp.
....................................
United
States
2,528,274
44,952,712
ING
Groep
NV
.......................................
Netherlands
9,656,273
114,676,879
JPMorgan
Chase
&
Co.
.................................
United
States
1,283,420
167,242,460
499,990,449
Biotechnology
0.6%
b
Horizon
Therapeutics
plc
................................
United
States
515,645
56,277,495
Building
Products
1.8%
Johnson
Controls
International
plc
.........................
United
States
2,662,795
160,353,515
Capital
Markets
1.6%
BlackRock,
Inc.
.......................................
United
States
207,617
138,920,687
Chemicals
2.0%
d
Covestro
AG,
144A,
Reg
S
..............................
Germany
4,171,269
172,754,141
Consumer
Finance
1.4%
Capital
One
Financial
Corp.
.............................
United
States
1,275,209
122,624,097
Diversified
Telecommunication
Services
3.0%
Deutsche
Telekom
AG
..................................
Germany
10,734,020
260,121,954
Electrical
Equipment
1.8%
Mitsubishi
Electric
Corp.
................................
Japan
13,104,264
156,621,314
Energy
Equipment
&
Services
2.0%
Schlumberger
NV
.....................................
United
States
3,538,450
173,737,895
Entertainment
3.6%
Activision
Blizzard,
Inc.
.................................
United
States
2,186,717
187,161,108
b
Walt
Disney
Co.
(The)
..................................
United
States
1,288,062
128,973,648
316,134,756
Financial
Services
5.4%
b
Fiserv,
Inc.
..........................................
United
States
1,380,750
156,066,173
Global
Payments,
Inc.
..................................
United
States
1,401,913
147,537,324
Voya
Financial,
Inc.
....................................
United
States
2,284,522
163,251,942
466,855,439
Food
Products
4.5%
Danone
SA
..........................................
France
3,469,891
215,919,145
Kraft
Heinz
Co.
(The)
..................................
United
States
4,503,331
174,143,810
390,062,955
Health
Care
Equipment
&
Supplies
2.1%
Medtronic
plc
........................................
United
States
2,263,951
182,519,730
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
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)
Health
Care
Providers
&
Services
7.3%
CVS
Health
Corp.
.....................................
United
States
2,381,274
$
176,952,471
Elevance
Health,
Inc.
..................................
United
States
347,770
159,908,124
Fresenius
SE
&
Co.
KGaA
...............................
Germany
5,940,043
160,407,879
Humana,
Inc.
........................................
United
States
295,099
143,258,760
640,527,234
Household
Durables
1.7%
DR
Horton,
Inc.
.......................................
United
States
1,550,543
151,472,546
Household
Products
1.8%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
2,086,254
158,729,916
Industrial
Conglomerates
1.6%
Siemens
AG
.........................................
Germany
865,294
140,187,474
Insurance
5.7%
Everest
Re
Group
Ltd.
.................................
United
States
411,594
147,358,884
NN
Group
NV
........................................
Netherlands
4,664,045
169,358,954
Willis
Towers
Watson
plc
................................
United
States
764,202
177,585,261
494,303,099
Interactive
Media
&
Services
1.8%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
728,738
154,448,732
IT
Services
1.8%
Capgemini
SE
........................................
France
844,890
157,017,825
Machinery
1.8%
Parker-Hannifin
Corp.
..................................
United
States
478,263
160,748,977
Media
2.1%
b
Charter
Communications,
Inc.,
A
..........................
United
States
510,181
182,445,827
Metals
&
Mining
1.6%
Rio
Tinto
plc
.........................................
Australia
2,095,517
142,251,015
Oil,
Gas
&
Consumable
Fuels
5.6%
BP
plc
..............................................
United
Kingdom
35,290,103
223,070,055
Suncor
Energy,
Inc.
....................................
Canada
4,070,447
126,365,756
Williams
Cos.,
Inc.
(The)
................................
United
States
4,757,375
142,055,218
491,491,029
Personal
Care
Products
2.0%
Haleon
plc
..........................................
United
States
42,910,792
170,474,269
Pharmaceuticals
6.8%
e
Eli
Lilly
&
Co.
........................................
United
States
381,911
131,155,876
GSK
plc
............................................
United
States
9,653,704
170,588,274
Merck
&
Co.,
Inc.
.....................................
United
States
736,564
78,363,044
Novartis
AG,
ADR
.....................................
Switzerland
2,335,621
214,877,132
594,984,326
Real
Estate
Management
&
Development
1.7%
b
CBRE
Group,
Inc.,
A
...................................
United
States
2,065,293
150,373,983
Semiconductors
&
Semiconductor
Equipment
3.0%
b
Renesas
Electronics
Corp.
..............................
Japan
11,851,375
171,643,402
b
Tower
Semiconductor
Ltd.
...............................
Israel
2,107,861
89,520,856
261,164,258
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
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)
Software
1.5%
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
1,005,966
$
130,775,580
Specialized
REITs
0.6%
Life
Storage,
Inc.
......................................
United
States
374,000
49,027,660
Technology
Hardware,
Storage
&
Peripherals
2.0%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
3,521,636
173,527,143
Tobacco
2.0%
British
American
Tobacco
plc
.............................
United
Kingdom
5,092,568
178,531,487
Trading
Companies
&
Distributors
1.9%
b
AerCap
Holdings
NV
...................................
Ireland
2,910,228
163,642,120
Total
Common
Stocks
(Cost
$6,778,078,182)
....................................
8,277,286,680
Preferred
Stocks
1.4%
Automobiles
1.4%
f
Volkswagen
AG,
21.15%
................................
Germany
907,138
123,804,955
Total
Preferred
Stocks
(Cost
$142,440,308)
.....................................
123,804,955
Principal
Amount
*
Corporate
Bonds
0.6%
Passenger
Airlines
0.1%
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
9,845,000
10,780,767
Pharmaceuticals
0.4%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
33,966,000
25,233,849
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
15,606,000
7,150,433
d
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
1,290,000
1,028,422
33,412,704
Software
0.1%
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
8,153,000
6,145,445
Total
Corporate
Bonds
(Cost
$68,318,675)
......................................
50,338,916
Shares
a
Companies
in
Liquidation
0.0%
a,b,g
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
30,996,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$6,988,837,165)
.............................
8,451,430,551
a
Short
Term
Investments
2.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.0%
h
FHLB
,
4/03/23
...........................................
United
States
97,800,000
97,800,000
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
h
FHLB,
(continued)
4/04/23
...........................................
United
States
38,300,000
$
38,295,215
136,095,215
e,h
U.S.
Treasury
Bills
,
5/18/23
...........................................
United
States
3,000,000
2,982,469
5/25/23
...........................................
United
States
3,000,000
2,980,023
6/01/23
...........................................
United
States
10,000,000
9,925,717
6/15/23
...........................................
United
States
5,000,000
4,952,994
7/06/23
...........................................
United
States
4,000,000
3,951,564
7/13/23
...........................................
United
States
5,000,000
4,934,452
8/03/23
...........................................
United
States
5,000,000
4,920,276
34,647,495
Total
U.S.
Government
and
Agency
Securities
(Cost
$170,706,363)
................
170,742,710
Total
Short
Term
Investments
(Cost
$170,706,363
)
...............................
170,742,710
a
Total
Investments
(Cost
$7,159,543,528)
98.9%
..................................
$8,622,173,261
Securities
Sold
Short
(0.1)%
..................................................
(11,300,036)
Other
Assets,
less
Liabilities
1.2%
.............................................
113,347,396
Net
Assets
100.0%
...........................................................
$8,724,220,621
Shares
Securities
Sold
Short
(0.1)%
Common
Stocks
(0.1)%
Specialized
REITs
(0.1)%
Public
Storage
.......................................
United
States
37,400
(11,300,036)
Total
Common
Stocks
(Proceeds
$11,143,978)
..................................
(11,300,036)
Total
Securities
Sold
Short
(Proceeds
$11,143,978)
..............................
$(11,300,036)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2023,
the
aggregate
value
of
these
securities
was
$223,093,057,
representing
2.6%
of
net
assets.
e
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short
and
open
forward
exchange
contracts.
At
March
31,
2023,
the
aggregate
value
of
these
securities
pledged
amounted
to
$25,899,072,
representing
0.3%
of
net
assets.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
g
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
42
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
1,915
$
261,002,531
6/16/23
$
(4,875,648)
Foreign
Exchange
GBP/USD
...................
Short
355
27,412,656
6/16/23
(626,564)
Total
Futures
Contracts
......................................................................
$(5,502,212)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
38,987,133
41,503,850
4/11/23
$
816,921
$
(21,174)
Euro
.............
HSBK
Buy
9,114,039
9,818,509
4/11/23
87,617
(17,731)
Euro
.............
HSBK
Sell
110,558,592
117,614,848
4/11/23
9,066
(2,346,197)
Euro
.............
UBSW
Buy
25,638,315
27,734,477
4/11/23
188,973
(106,826)
Euro
.............
UBSW
Sell
109,495,310
116,363,320
4/11/23
—
(2,435,037)
British
Pound
......
BOFA
Buy
1,998,650
2,426,952
4/17/23
39,406
—
British
Pound
......
BOFA
Sell
4,744,095
5,735,223
4/17/23
—
(119,048)
British
Pound
......
HSBK
Buy
2,796,732
3,425,903
4/17/23
25,295
—
British
Pound
......
UBSW
Buy
1,200,000
1,461,580
4/17/23
19,235
—
British
Pound
......
UBSW
Sell
22,200,382
27,049,987
4/17/23
—
(345,551)
South
Korean
Won
..
HSBK
Buy
11,317,334,496
8,916,205
5/12/23
—
(233,648)
South
Korean
Won
..
HSBK
Sell
85,788,595,955
64,488,237
5/12/23
1,173,179
(2,501,180)
South
Korean
Won
..
UBSW
Sell
81,361,131,541
58,863,076
5/12/23
—
(3,556,452)
Japanese
Yen
......
BOFA
Sell
19,112,057,441
144,674,450
5/17/23
—
(244,293)
Total
Forward
Exchange
Contracts
...................................................
$2,359,692
$(11,927,137)
Net
unrealized
appreciation
(depreciation)
............................................
$(9,567,445)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Mutual
Quest
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
69.7%
Automobile
Components
1.1%
Denso
Corp.
.........................................
Japan
536,376
$
30,281,618
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
2,548,299
78,786
30,360,404
Automobiles
0.5%
General
Motors
Co.
....................................
United
States
380,292
13,949,111
Banks
5.6%
d
First
Horizon
Corp.
....................................
United
States
4,824,172
85,773,778
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
234,574
29,814,355
Wells
Fargo
&
Co.
.....................................
United
States
904,468
33,809,014
149,397,147
Beverages
0.5%
Heineken
NV
........................................
Netherlands
131,135
14,091,216
Biotechnology
4.2%
b
Horizon
Therapeutics
plc
................................
United
States
1,026,027
111,980,587
Broadline
Retail
0.5%
eBay,
Inc.
...........................................
United
States
290,949
12,909,407
Chemicals
3.1%
Avient
Corp.
.........................................
United
States
731,744
30,118,583
e
Covestro
AG,
144A,
Reg
S
..............................
Germany
1,281,394
53,069,251
83,187,834
Communications
Equipment
0.3%
a,b,c,f
Inclusive
Language
Services
LLC,
Membership
Interests,
B
......
United
States
106,532
7,888,670
a,b,c
Sorenson
Communications
LLC,
Membership
Interests
.........
United
States
224,279
—
7,888,670
Containers
&
Packaging
1.0%
International
Paper
Co.
.................................
United
States
749,807
27,038,040
Diversified
Telecommunication
Services
0.9%
Deutsche
Telekom
AG
..................................
Germany
558,741
13,540,202
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
1,623,438
10,262,745
23,802,947
Electric
Utilities
1.2%
Entergy
Corp.
........................................
United
States
285,201
30,727,556
Entertainment
3.9%
d
Activision
Blizzard,
Inc.
.................................
United
States
906,180
77,559,946
b,g
Walt
Disney
Co.
(The)
..................................
United
States
268,380
26,872,890
104,432,836
Financial
Services
3.5%
b
Fiserv,
Inc.
..........................................
United
States
284,453
32,151,723
Global
Payments,
Inc.
..................................
United
States
305,335
32,133,455
g
Voya
Financial,
Inc.
....................................
United
States
401,677
28,703,838
92,989,016
Food
Products
0.9%
Danone
SA
..........................................
France
375,249
23,350,429
Health
Care
Equipment
&
Supplies
2.0%
Medtronic
plc
........................................
United
States
648,225
52,259,899
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
4.2%
CVS
Health
Corp.
.....................................
United
States
602,873
$
44,799,493
Elevance
Health,
Inc.
..................................
United
States
77,273
35,530,898
Humana,
Inc.
........................................
United
States
66,575
32,319,499
112,649,890
Household
Products
1.3%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
443,937
33,776,368
Insurance
8.6%
ASR
Nederland
NV
....................................
Netherlands
686,214
27,305,661
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
10,133,831
26,865,562
Conduit
Holdings
Ltd.
..................................
United
States
3,154,832
19,071,369
a,b,c,h
Cyber
Re
Ltd.
........................................
United
Kingdom
15,000,000
15,000,000
Direct
Line
Insurance
Group
plc
..........................
United
Kingdom
8,185,696
13,906,701
Everest
Re
Group
Ltd.
.................................
United
States
111,806
40,028,784
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
284,862
19,852,033
NN
Group
NV
........................................
Netherlands
893,024
32,427,134
Willis
Towers
Watson
plc
................................
United
States
148,520
34,513,077
228,970,321
Media
3.8%
b
Charter
Communications,
Inc.,
A
..........................
United
States
132,419
47,354,359
b
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
5,567,327
6,680,792
Comcast
Corp.,
A
.....................................
United
States
1,252,116
47,467,718
b
Loyalty
Ventures,
Inc.
..................................
United
States
329,767
6,628
a,b,c
Tenerity,
Inc.
.........................................
United
States
1
49
101,509,546
Office
REITs
1.3%
Vornado
Realty
Trust
...................................
United
States
2,294,245
35,262,546
Oil,
Gas
&
Consumable
Fuels
3.4%
BP
plc
..............................................
United
Kingdom
4,720,210
29,836,623
Suncor
Energy,
Inc.
....................................
Canada
914,653
28,395,117
g
Williams
Cos.,
Inc.
(The)
................................
United
States
1,101,439
32,888,969
91,120,709
Passenger
Airlines
0.3%
Spirit
Airlines,
Inc.
.....................................
United
States
505,084
8,672,292
Personal
Care
Products
0.7%
Haleon
plc
..........................................
United
States
4,358,420
17,314,956
Pharmaceuticals
6.3%
b
Bausch
Health
Cos.,
Inc.
................................
United
States
780,420
6,321,402
b
Elanco
Animal
Health,
Inc.
...............................
United
States
1,019,370
9,582,078
g
Eli
Lilly
&
Co.
........................................
United
States
78,179
26,848,232
GSK
plc
............................................
United
States
2,431,576
42,967,793
Merck
&
Co.,
Inc.
.....................................
United
States
207,990
22,128,056
Novartis
AG,
ADR
.....................................
Switzerland
635,142
58,433,064
166,280,625
Real
Estate
Management
&
Development
1.0%
b
Cushman
&
Wakefield
plc
...............................
United
States
1,233,535
13,001,459
Savills
plc
...........................................
United
Kingdom
1,155,329
14,099,126
27,100,585
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
2.7%
b
Tower
Semiconductor
Ltd.
...............................
Israel
1,692,150
$
71,865,610
Software
3.0%
b
ACI
Worldwide,
Inc.
....................................
United
States
935,396
25,236,984
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
295,398
38,401,740
g
Gen
Digital,
Inc.
......................................
United
States
864,406
14,833,207
78,471,931
Specialized
REITs
1.8%
Life
Storage,
Inc.
......................................
United
States
256,600
33,637,694
Uniti
Group,
Inc.
......................................
United
States
4,068,001
14,441,404
48,079,098
Specialty
Retail
0.0%
a,b,c,f
Wayne
Services
Legacy,
Inc.
.............................
United
States
7,104
—
Tobacco
2.0%
British
American
Tobacco
plc
.............................
United
Kingdom
1,481,381
51,933,161
Wireless
Telecommunication
Services
0.1%
b
Intelsat
SA
..........................................
Luxembourg
106,029
2,756,754
Total
Common
Stocks
(Cost
$1,937,360,980)
....................................
1,854,129,491
Preferred
Stocks
0.5%
Automobiles
0.5%
i
Volkswagen
AG,
21.15%
................................
Germany
104,994
14,329,438
Total
Preferred
Stocks
(Cost
$15,088,765)
......................................
14,329,438
Rights
Rights
0.0%
†
Diversified
Telecommunication
Services
0.0%
†
b
Intelsat
Jackson
Holdings
SA,
B,
12/05/25
...................
Luxembourg
128,313
855,399
Total
Rights
(Cost
$–)
........................................................
855,399
Warrants
Warrants
0.1%
Diversified
Telecommunication
Services
0.0%
†
a,b,c
Windstream
Holdings,
Inc.,
9/21/55
........................
United
States
91,545
578,712
Media
0.1%
a,b,c
Tenerity,
Inc.,
4/10/24
..................................
United
States
48,380
930,380
Wireless
Telecommunication
Services
0.0%
†
b
Intelsat
Emergence
SA,
2/17/27
..........................
Luxembourg
323,376
894,984
894,984
Total
Warrants
(Cost
$9,489,651)
..............................................
2,404,076
Units
Limited
Partnerships
0.4%
Hotels,
Restaurants
&
Leisure
0.4%
Cedar
Fair
LP
........................................
United
States
204,540
9,345,432
Total
Limited
Partnerships
(Cost
$8,789,287)
...................................
9,345,432
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
14.2%
Diversified
REITs
0.4%
e
Uniti
Group
LP
/
Uniti
Fiber
Holdings,
Inc.
/
CSL
Capital
LLC
,
Senior
Note
,
144A,
6
%
,
1/15/30
..............................
United
States
1,000,000
$
586,250
e
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
,
Senior
Secured
Note
,
144A,
10.5
%
,
2/15/28
.....................
United
States
10,000,000
9,709,000
10,295,250
Diversified
Telecommunication
Services
2.1%
Frontier
Communications
Holdings
LLC
,
Secured
Note
,
5.875
%
,
11/01/29
..........................................
United
States
19,628,717
14,987,801
e
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.75
%
,
8/15/28
................
United
States
49,363,000
40,477,660
55,465,461
Health
Care
Providers
&
Services
0.1%
e
Envision
Healthcare
Corp.
,
Senior
Note
,
144A,
8.75
%
,
10/15/26
..
United
States
10,000,000
1,926,400
Media
1.7%
e
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
31,000,000
23,277,900
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
19,000,000
13,520,400
e
DISH
Network
Corp.
,
Senior
Secured
Note
,
144A,
11.75
%
,
11/15/27
United
States
7,756,000
7,531,503
44,329,803
Passenger
Airlines
0.9%
e
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
22,260,000
24,375,813
Pharmaceuticals
4.6%
e
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
55,459,000
41,201,319
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
35,481,000
16,256,857
e
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
7.25%,
5/30/29
......................
United
States
80,000,000
30,710,773
Senior
Note,
144A,
9%,
12/15/25
.......................
United
States
17,107,000
13,638,159
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
30,000,000
19,446,600
121,253,708
Software
2.4%
e
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
85,772,000
64,651,918
Specialty
Retail
2.0%
e
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
62,226,000
45,196,299
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
10,581,000
9,280,595
54,476,894
Total
Corporate
Bonds
(Cost
$505,526,080)
.....................................
376,775,247
Senior
Floating
Rate
Interests
6.1%
Communications
Equipment
3.9%
a,c,j
Sorenson
Communications
LLC
,
Term
Loan,
A,
PIK,
10%,
4/01/30
........................
United
States
24,776,325
23,189,394
Term
Loan,
B,
PIK,
8%,
4/01/30
.........................
United
States
100,415,114
79,280,481
102,469,875
a
a
a
a
a
a
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Health
Care
Providers
&
Services
0.4%
k
Covetrus
Midco
2
LP
,
First
Lien,
Initial
CME
Term
Loan
,
9.898
%
,
(
3-month
SOFR
+
5
%
),
10/13/29
........................
United
States
12,251,963
$
11,608,735
Media
0.1%
k
Loyalty
Ventures,
Inc.
,
Term
Loan,
B
,
11.5
%
,
(
3-month
USD
LIBOR
+
3.5
%
),
11/03/27
.....................................
United
States
27,715,757
3,210,316
k
Software
1.7%
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.326
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
46,841,437
29,041,691
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
9.84
%
,
(
1-month
USD
LIBOR
+
5
%
),
9/01/25
................................
United
States
22,366,177
17,103,863
46,145,554
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$227,177,515)
.........................
163,434,480
Shares
a
Companies
in
Liquidation
0.0%
a,b,l
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
159,828
—
a,b,l
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
7,443,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$2,703,432,278)
.............................
2,421,273,563
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
†
Puts
-
Exchange-Traded
Equity
Options
Carvana
Co.,
January
Strike
Price
$2.50,
Expires
1/19/24
.......
3,000
2,937,000
223,500
Total
Options
Purchased
(Cost
$275,855)
......................................
223,500
Short
Term
Investments
5.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
5.9%
m
FHLB
,
4/03/23
...........................................
United
States
102,300,000
102,300,000
4/04/23
...........................................
United
States
40,200,000
40,194,977
142,494,977
g,m
U.S.
Treasury
Bills
,
5/04/23
...........................................
United
States
10,000,000
9,960,271
5/18/23
...........................................
United
States
1,000,000
994,156
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
g,m
U.S.
Treasury
Bills,
(continued)
6/01/23
...........................................
United
States
5,000,000
$
4,962,859
15,917,286
Total
U.S.
Government
and
Agency
Securities
(Cost
$158,376,520)
................
158,412,263
Total
Short
Term
Investments
(Cost
$158,376,520
)
...............................
158,412,263
a
Total
Investments
(Cost
$2,862,084,653)
96.9%
..................................
$2,579,909,326
Options
Written
(0.0)%
†
......................................................
(516,000)
Securities
Sold
Short
(0.7)%
..................................................
(19,193,855)
Other
Assets,
less
Liabilities
3.8%
.............................................
98,985,576
Net
Assets
100.0%
...........................................................
$2,659,185,047
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Calls
-
Exchange-Traded
Equity
Options
Activision
Blizzard,
Inc.,
April
Strike
Price
$85.00,
Expires
4/21/23
.
800
6,847,200
(172,000)
Activision
Blizzard,
Inc.,
May
Strike
Price
$85.00,
Expires
5/19/23
.
800
6,847,200
(344,000)
First
Horizon
Corp.,
May
Strike
Price
$23.00,
Expires
5/19/23
....
2,000
3,556,000
—
(516,000)
Total
Options
Written
(Premiums
received
$560,531)
............................
$
(516,000)
Country
Shares
Securities
Sold
Short
(0.7)%
Common
Stocks
(0.7)%
Diversified
Telecommunication
Services
(0.4)%
Frontier
Communications
Parent,
Inc.
......................
United
States
470,937
(10,723,236)
Specialized
REITs
(0.3)%
Extra
Space
Storage,
Inc.
...............................
United
States
4,405
(717,707)
Public
Storage
.......................................
United
States
25,660
(7,752,912)
(8,470,619)
Total
Common
Stocks
(Proceeds
$21,814,940)
..................................
(19,193,855)
Total
Securities
Sold
Short
(Proceeds
$21,814,940)
..............................
$(19,193,855)
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
42
.
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
March
31,
2023,
the
aggregate
value
of
these
securities
was
$414,856,697,
representing
15.6%
of
net
assets.
f
See
Note
4
regarding
holdings
of
5%
voting
securities.
g
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short,
open
forward
exchange
contracts
and
open
written
options
contracts.
At
March
31,
2023,
the
aggregate
value
of
these
securities
pledged
amounted
to
$67,539,825,
representing
2.5%
of
net
assets.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
i
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
j
Income
may
be
received
in
additional
securities
and/or
cash.
k
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
l
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.
m
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
143
$
19,490,006
6/16/23
$
(363,951)
Foreign
Exchange
GBP/USD
...................
Short
275
21,235,156
6/16/23
(485,367)
Total
Futures
Contracts
......................................................................
$(849,318)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
5,198,231
5,526,760
4/11/23
$
113,129
$
—
Euro
.............
HSBK
Buy
8,000,000
8,592,712
4/11/23
86,992
—
Euro
.............
HSBK
Sell
17,817,229
18,925,122
4/11/23
—
(405,912)
Euro
.............
UBSW
Buy
2,501,880
2,677,852
4/11/23
36,595
—
Euro
.............
UBSW
Sell
17,816,865
18,934,695
4/11/23
—
(395,944)
British
Pound
......
BOFA
Buy
4,103,449
4,972,276
4/17/23
95,654
(4,224)
British
Pound
......
HSBK
Buy
5,718,802
6,985,803
4/17/23
76,322
(5,054)
British
Pound
......
UBSW
Buy
14,018,796
17,048,483
4/17/23
262,242
(11,364)
British
Pound
......
UBSW
Sell
50,113,757
61,249,285
4/17/23
—
(591,692)
Total
Forward
Exchange
Contracts
...................................................
$670,934
$(1,414,190)
Net
unrealized
appreciation
(depreciation)
............................................
$(743,256)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2023
Franklin
Mutual
Shares
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
89.4%
Automobile
Components
0.0%
†
a,b,c,d
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
7,234,813
$
223,679
Automobiles
1.9%
General
Motors
Co.
....................................
United
States
3,557,202
130,478,169
Banks
5.6%
Bank
of
America
Corp.
.................................
United
States
4,916,834
140,621,452
First
Horizon
Corp.
....................................
United
States
2,901,455
51,587,870
JPMorgan
Chase
&
Co.
.................................
United
States
1,417,449
184,707,779
376,917,101
Biotechnology
0.7%
b
Horizon
Therapeutics
plc
................................
United
States
415,550
45,353,127
Building
Products
1.8%
Johnson
Controls
International
plc
.........................
United
States
2,071,866
124,767,771
Capital
Markets
1.7%
BlackRock,
Inc.
.......................................
United
States
171,554
114,790,212
Consumer
Finance
2.1%
Bread
Financial
Holdings,
Inc.
............................
United
States
1,466,606
44,467,494
Capital
One
Financial
Corp.
.............................
United
States
1,031,656
99,204,041
143,671,535
Containers
&
Packaging
1.9%
International
Paper
Co.
.................................
United
States
3,492,896
125,953,830
Diversified
Telecommunication
Services
0.2%
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
2,123,740
13,425,460
Electronic
Equipment,
Instruments
&
Components
2.3%
b
Flex
Ltd.
............................................
United
States
6,689,973
153,936,279
Energy
Equipment
&
Services
2.4%
Schlumberger
NV
.....................................
United
States
3,289,690
161,523,779
Entertainment
4.3%
Activision
Blizzard,
Inc.
.................................
United
States
1,870,881
160,128,705
b
Walt
Disney
Co.
(The)
..................................
United
States
1,283,479
128,514,752
288,643,457
Financial
Services
6.8%
b
Fiserv,
Inc.
..........................................
United
States
1,528,322
172,746,235
Global
Payments,
Inc.
..................................
United
States
1,315,433
138,436,169
Voya
Financial,
Inc.
....................................
United
States
2,071,828
148,052,829
459,235,233
Food
Products
2.5%
Kraft
Heinz
Co.
(The)
..................................
United
States
4,276,007
165,353,191
Health
Care
Equipment
&
Supplies
2.1%
Medtronic
plc
........................................
United
States
1,730,730
139,531,453
Health
Care
Providers
&
Services
5.8%
CVS
Health
Corp.
.....................................
United
States
2,109,344
156,745,352
Elevance
Health,
Inc.
..................................
United
States
271,296
124,744,614
Humana,
Inc.
........................................
United
States
233,632
113,418,991
394,908,957
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Durables
2.2%
DR
Horton,
Inc.
.......................................
United
States
1,511,575
$
147,665,762
Insurance
4.1%
a,b,c,e
Cyber
Re
Ltd.
........................................
United
Kingdom
35,000,000
35,000,000
Everest
Re
Group
Ltd.
.................................
United
States
268,755
96,219,665
Willis
Towers
Watson
plc
................................
United
States
624,260
145,065,539
276,285,204
Interactive
Media
&
Services
2.6%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
821,920
174,197,725
Machinery
2.1%
Parker-Hannifin
Corp.
..................................
United
States
429,621
144,399,914
Media
3.8%
b
Charter
Communications,
Inc.,
A
..........................
United
States
377,249
134,908,015
Comcast
Corp.,
A
.....................................
United
States
3,231,399
122,502,336
257,410,351
Metals
&
Mining
1.1%
Alcoa
Corp.
..........................................
United
States
1,777,415
75,646,782
Oil,
Gas
&
Consumable
Fuels
5.4%
BP
plc
..............................................
United
Kingdom
21,182,711
133,896,705
Chevron
Corp.
.......................................
United
States
702,996
114,700,827
Williams
Cos.,
Inc.
(The)
................................
United
States
3,787,152
113,084,359
361,681,891
Pharmaceuticals
8.0%
b
Elanco
Animal
Health,
Inc.
...............................
United
States
2,382,540
22,395,876
f
Eli
Lilly
&
Co.
........................................
United
States
302,258
103,801,442
GSK
plc
............................................
United
States
7,917,848
139,914,382
Merck
&
Co.,
Inc.
.....................................
United
States
967,049
102,884,343
Novartis
AG,
ADR
.....................................
Switzerland
1,883,640
173,294,880
542,290,923
Professional
Services
3.4%
KBR,
Inc.
...........................................
United
States
2,176,026
119,790,231
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
1,978,222
111,710,197
231,500,428
Real
Estate
Management
&
Development
2.3%
b
CBRE
Group,
Inc.,
A
...................................
United
States
2,111,230
153,718,656
Retail
REITs
2.0%
Brixmor
Property
Group,
Inc.
.............................
United
States
6,163,965
132,648,527
Software
3.7%
Gen
Digital,
Inc.
......................................
United
States
5,125,534
87,954,164
Oracle
Corp.
.........................................
United
States
1,757,309
163,289,152
251,243,316
Specialized
REITs
0.6%
Life
Storage,
Inc.
......................................
United
States
301,200
39,484,308
Specialty
Retail
0.0%
a,b,c,d
Wayne
Services
Legacy,
Inc.
.............................
United
States
7,469
—
Textiles,
Apparel
&
Luxury
Goods
2.0%
Tapestry,
Inc.
........................................
United
States
3,207,904
138,292,741
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Tobacco
1.9%
British
American
Tobacco
plc
.............................
United
Kingdom
3,624,865
$
127,077,840
Wireless
Telecommunication
Services
2.1%
b
T-Mobile
US,
Inc.
.....................................
United
States
987,826
143,076,718
Total
Common
Stocks
(Cost
$4,936,062,965)
....................................
6,035,334,319
Warrants
Warrants
0.0%
†
Diversified
Telecommunication
Services
0.0%
†
a,b,c
Windstream
Holdings,
Inc.,
9/21/55
........................
United
States
119,757
757,057
Total
Warrants
(Cost
$1,519,716)
..............................................
757,057
Principal
Amount
*
Corporate
Bonds
3.3%
Diversified
Telecommunication
Services
0.1%
Frontier
Communications
Holdings
LLC
,
Secured
Note
,
5.875
%
,
11/01/29
..........................................
United
States
10,568,178
8,069,491
Hotels,
Restaurants
&
Leisure
0.2%
g
Carnival
Holdings
Bermuda
Ltd.
,
Senior
Note
,
144A,
10.375
%
,
5/01/28
...........................................
United
States
9,230,300
9,938,218
Media
0.2%
g
DISH
Network
Corp.
,
Senior
Secured
Note
,
144A,
11.75
%
,
11/15/27
United
States
16,705,000
16,221,474
Oil,
Gas
&
Consumable
Fuels
0.6%
g
Citgo
Holding,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
8/01/24
..
United
States
42,922,000
43,043,040
Passenger
Airlines
0.1%
g
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
8,774,000
9,607,969
Pharmaceuticals
0.1%
g
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
1/31/27
..
United
States
12,778,000
5,854,686
g
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
1,057,000
842,669
6,697,355
Software
1.0%
g
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
86,667,000
65,326,537
Specialty
Retail
1.0%
g
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
66,378,000
48,212,001
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
21,151,000
18,551,542
66,763,543
Total
Corporate
Bonds
(Cost
$262,854,861)
.....................................
225,667,627
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
1.2%
h
Software
1.2%
Banff
Guarantor,
Inc.
,
Second
Lien,
Initial
Term
Loan
,
10.34
%
,
(
1-month
USD
LIBOR
+
5.5
%
),
2/27/26
...................
United
States
20,487,800
$
19,854,010
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.326
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
40,126,436
24,878,390
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
9.84
%
,
(
1-month
USD
LIBOR
+
5
%
),
9/01/25
................................
United
States
47,333,120
36,196,584
80,928,984
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$107,138,267)
.........................
80,928,984
Shares
a
Companies
in
Liquidation
0.0%
a,b,i
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
555,154
—
a,b,i
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
20,046,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$5,307,575,809)
.............................
6,342,687,987
a
Short
Term
Investments
4.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
4.0%
j
FHLB
,
4/03/23
...........................................
United
States
189,600,000
189,600,000
4/04/23
...........................................
United
States
74,400,000
74,390,704
263,990,704
j
U.S.
Treasury
Bills
,
f
4/20/23
...........................................
United
States
1,000,000
997,808
f
4/27/23
...........................................
United
States
1,000,000
996,937
f
5/11/23
...........................................
United
States
1,000,000
995,098
f
5/18/23
...........................................
United
States
1,000,000
994,156
6/08/23
...........................................
United
States
5,000,000
4,958,257
8,942,256
Total
U.S.
Government
and
Agency
Securities
(Cost
$272,869,089)
................
272,932,960
Total
Short
Term
Investments
(Cost
$272,869,089
)
...............................
272,932,960
a
Total
Investments
(Cost
$5,580,444,898)
97.9%
..................................
$6,615,620,947
Securities
Sold
Short
(0.1)%
..................................................
(9,100,457)
Other
Assets,
less
Liabilities
2.2%
.............................................
145,440,906
Net
Assets
100.0%
...........................................................
$6,751,961,396
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
At
March
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
3
1
,
202
3
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
a
a
a
Country
Shares
a
Value
Securities
Sold
Short
(0.1)%
Common
Stocks
(0.1)%
Specialized
REITs
(0.1)%
Public
Storage
.......................................
United
States
30,120
(9,100,457)
Total
Common
Stocks
(Proceeds
$8,974,804)
...................................
(9,100,457)
Total
Securities
Sold
Short
(Proceeds
$8,974,804)
...............................
$(9,100,457)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
See
Note
4
regarding
holdings
of
5%
voting
securities.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short
and
open
forward
exchange
contracts.
At
March
31,
2023,
the
aggregate
value
of
these
securities
pledged
amounted
to
$15,289,466,
representing
0.2%
of
net
assets.
g
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2023,
the
aggregate
value
of
these
securities
was
$217,598,136,
representing
3.2%
of
net
assets.
h
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
i
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
j
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
GBP/USD
...................
Short
347
$
26,794,906
6/16/23
$
(612,445)
Total
Futures
Contracts
......................................................................
$(612,445)
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
28,754,656
31,335,094
4/11/23
$
—
$
(137,356)
Euro
.............
HSBK
Buy
13,822,377
14,866,660
4/11/23
130,107
—
Euro
.............
HSBK
Sell
29,266,266
31,086,072
4/11/23
—
(666,744)
Euro
.............
UBSW
Buy
15,954,901
17,377,029
4/11/23
—
(66,551)
Euro
.............
UBSW
Sell
29,265,669
31,101,796
4/11/23
—
(650,370)
British
Pound
......
BOFA
Buy
686,682
840,224
4/17/23
7,150
—
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
See
Abbreviations
on
page
42
.
Forward
Exchange
Contracts
(continued)
Currency
Counter-
party
a
Type
Quantity
Contract
Amount*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
(continued)
British
Pound
......
BOFA
Sell
7,891,501
9,515,068
4/17/23
$
—
$
(223,140)
British
Pound
......
HSBK
Buy
1,032,248
1,261,000
4/17/23
12,806
—
British
Pound
......
UBSW
Sell
13,079,153
15,947,531
4/17/23
—
(192,301)
Total
Forward
Exchange
Contracts
...................................................
$150,063
$(1,936,462)
Net
unrealized
appreciation
(depreciation)
............................................
$(1,786,399)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
30
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Mutual
Series
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of six
separate
funds
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. 
Effective
May
1,
2023,
Franklin
Mutual
European
Fund
was
renamed
Franklin
Mutual
International
Value
Fund.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined. 
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
31
Quarterly
Schedules
of
Investments
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
March
31,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
March
31,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Beacon
Fund
2,846,329
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
1,890,264
$
88,000
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$1,890,264
$88,000
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Financial
Services
Fund
2,000,000
Cyber
Re
Ltd.
..............................
2/08/23
$
2,000,000
$
2,000,000
Total
Restricted
Securities
(Value
is
0.6%
of
Net
Assets)
..............
$2,000,000
$2,000,000
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Global
Discovery
Fund
3,819,425
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
2,536,499
$
118,085
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$2,536,499
$118,085
2. Financial
Instrument
Valuation
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
32
Quarterly
Schedules
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
March
31,
2023,
investments
in
“affiliated
companies”
were
as
follows: 
Principal
Amount
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Quest
Fund
15,000,000
Cyber
Re
Ltd.
..............................
2/08/23
$
15,000,000
$
15,000,000
106,532
Inclusive
Language
Services
LLC,
Membership
Interests,
B
...............................
4/30/14
—
7,888,670
2,548,299
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
1,692,334
78,786
224,279
Sorenson
Communications
LLC,
Membership
Interests
.
4/01/22
—
—
24,776,325
Sorenson
Communications
LLC,
Term
Loan,
A,
PIK,
10%,
4/01/30
.............................
4/01/22
-
12/30/22
24,629,377
23,189,394
100,415,114
Sorenson
Communications
LLC,
Term
Loan,
B,
PIK,
8%,
4/01/30
..................................
4/01/22
-
12/30/22
99,315,377
79,280,481
1
Tenerity,
Inc.
...............................
1/31/22
204
49
48,380
Tenerity,
Inc.,
4/10/24
.........................
5/11/17
6,590,959
930,380
7,104
Wayne
Services
Legacy,
Inc.
...................
1/22/19
—
—
1,623,438
Windstream
Holdings,
Inc.
.....................
9/21/20
12,859,476
10,262,745
91,545
Windstream
Holdings,
Inc.,
9/21/55
..............
9/21/20
1,161,706
578,712
Total
Restricted
Securities
(Value
is
5.2%
of
Net
Assets)
..............
$161,249,433
$137,209,217
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
Fund
35,000,000
Cyber
Re
Ltd.
..............................
2/08/23
$
35,000,000
$
35,000,000
7,234,813
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
4,804,678
223,679
7,469
Wayne
Services
Legacy,
Inc.
...................
1/22/19
—
—
2,123,740
Windstream
Holdings,
Inc.
.....................
9/21/20
16,822,436
13,425,460
119,757
Windstream
Holdings,
Inc.,
9/21/55
..............
9/21/20
1,519,716
757,057
Total
Restricted
Securities
(Value
is
0.7%
of
Net
Assets)
..............
$58,146,830
$49,406,196
†
Rounds
to
less
than
0.1%
of
net
assets.
3.
Restricted
Securities
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
33
Quarterly
Schedules
of
Investments
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
at
End
of
Period
Investment
Income
Franklin
Mutual
Financial
Services
Fund
Non-Controlled
Affiliates
Dividends
AB&T
Financial
Corp
...
$
136,791
$
—
$
—
$
—
$
(19,219)
$
117,572
226,100
$
288
Total
Affiliated
Securities
(Value
is
0.0%
*
of
Net
Assets)
............
$136,791
$—
$—
$
—
$
(19,219)
$117,572
$288
Franklin
Mutual
Quest
Fund
Non-Controlled
Affiliates
Dividends
Inclusive
Language
Services
LLC,
Membership
Interests,
B
..........
9,476,129
—
—
—
(1,587,459)
7,888,670
106,532
—
Sorenson
Communications
LLC,
Membership
Interests
—
—
—
—
—
a
—
a
—
a
—
Wayne
Services
Legacy,
Inc.
...............
—
—
—
—
—
—
7,104
—
Interest
Sorenson
Communications
LLC,
Term
Loan,
A,
PIK,
10%,
4/01/30
........
23,170,071
—
—
—
—
a
—
a
—
a
579,247
Sorenson
Communications
LLC,
Term
Loan,
B,
PIK,
8%,
4/01/30
.........
78,322,185
—
—
—
—
a
—
a
—
a
1,568,784
Total
Affiliated
Securities
(Value
is
0.3%
of
Net
Assets)
............
$110,968,385
$—
$—
$
—
$
(1,587,459)
$7,888,670
$2,148,031
Franklin
Mutual
Shares
Fund
Non-Controlled
Affiliates
Dividends
International
Automotive
Components
Group
Brazil
LLC
...............
254,651
—
—
—
(30,972)
223,679
7,234,813
—
Wayne
Services
Legacy,
Inc.
...............
—
—
—
—
—
—
7,469
—
Total
Affiliated
Securities
(Value
is
0.0%
*
of
Net
Assets)
............
$254,651
$—
$—
$
—
$
(30,972)
$223,679
$—
*
Rounds
to
less
than
0.1%
of
net
assets.
a
As
of
March
31,
2023,
no
longer
an
affiliate.
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
34
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
March
31,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows: 
6. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
March
31,
2023,
in
valuing
the
Funds’
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Mutual
Financial
Services
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$3,000
$123,000
$(114,000)
$—
$—
$12,000
12,000
$292
Total
Affiliated
Securities
...
$3,000
$123,000
$(114,000)
$—
$—
$12,000
$292
Franklin
Mutual
Quest
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.371%
$—
$10,941,000
$(10,941,000)
$—
$—
$—
—
$7,688
Total
Affiliated
Securities
...
$—
$10,941,000
$(10,941,000)
$—
$—
$—
$7,688
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
35
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Beacon
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
99,385,100
$
—
$
99,385,100
Automobile
Components
.................
—
—
88,000
88,000
Banks
...............................
113,502,356
165,331,927
—
278,834,283
Beverages
...........................
—
104,540,842
—
104,540,842
Building
Products
......................
94,790,917
—
—
94,790,917
Capital
Markets
........................
91,053,850
—
—
91,053,850
Containers
&
Packaging
.................
75,996,162
—
—
75,996,162
Diversified
Telecommunication
Services
.....
—
104,606,514
—
104,606,514
Electrical
Equipment
....................
99,200,914
—
—
99,200,914
Energy
Equipment
&
Services
.............
66,943,382
—
—
66,943,382
Entertainment
.........................
69,010,532
—
—
69,010,532
Financial
Services
......................
98,832,673
—
—
98,832,673
Food
Products
........................
71,858,257
—
—
71,858,257
Health
Care
Equipment
&
Supplies
.........
109,186,246
—
—
109,186,246
Health
Care
Providers
&
Services
..........
68,154,418
—
—
68,154,418
Household
Products
....................
—
107,048,544
—
107,048,544
Insurance
............................
90,143,667
—
—
90,143,667
Interactive
Media
&
Services
..............
86,124,362
—
—
86,124,362
Media
...............................
97,711,926
—
—
97,711,926
Metals
&
Mining
.......................
—
74,960,076
—
74,960,076
Oil,
Gas
&
Consumable
Fuels
.............
—
119,761,140
—
119,761,140
Personal
Care
Products
.................
—
102,039,123
—
102,039,123
Pharmaceuticals
.......................
262,156,912
92,531,833
—
354,688,745
Retail
REITs
..........................
64,628,842
—
—
64,628,842
Software
.............................
52,296,730
—
—
52,296,730
Textiles,
Apparel
&
Luxury
Goods
..........
81,199,797
173,462,295
—
254,662,092
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
69,482,289
—
69,482,289
Total
Investments
in
Securities
...........
$1,692,791,943
$1,213,149,683
b
$88,000
$2,906,029,626
Franklin
Mutual
European
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
27,065,631
—
27,065,631
Automobile
Components
.................
—
17,708,047
—
17,708,047
Banks
...............................
—
66,744,883
—
66,744,883
Beverages
...........................
—
45,306,285
—
45,306,285
Capital
Markets
........................
—
13,750,968
—
13,750,968
Chemicals
...........................
—
24,376,063
—
24,376,063
Diversified
Telecommunication
Services
.....
—
69,162,954
—
69,162,954
Energy
Equipment
&
Services
.............
14,376,898
—
—
14,376,898
Food
Products
........................
—
20,361,379
—
20,361,379
Health
Care
Providers
&
Services
..........
—
20,106,388
—
20,106,388
Household
Durables
....................
—
13,768,061
—
13,768,061
Household
Products
....................
—
16,784,216
—
16,784,216
Independent
Power
and
Renewable
Electricity
Producers
............................
—
18,687,574
—
18,687,574
Industrial
Conglomerates
................
—
19,710,628
—
19,710,628
Insurance
............................
—
42,706,677
—
42,706,677
IT
Services
...........................
—
19,458,807
—
19,458,807
Machinery
............................
—
34,433,312
—
34,433,312
Metals
&
Mining
.......................
—
22,783,601
—
22,783,601
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
36
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
European
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Oil,
Gas
&
Consumable
Fuels
.............
$
—
$
49,465,530
$
—
$
49,465,530
Personal
Care
Products
.................
—
19,122,617
—
19,122,617
Pharmaceuticals
.......................
—
47,346,433
—
47,346,433
Real
Estate
Management
&
Development
....
—
14,372,620
—
14,372,620
Textiles,
Apparel
&
Luxury
Goods
..........
—
29,231,926
—
29,231,926
Tobacco
.............................
—
14,230,899
—
14,230,899
Trading
Companies
&
Distributors
..........
19,130,121
16,294,214
—
35,424,335
Warrants
...............................
594,402
—
—
594,402
Short
Term
Investments
...................
—
22,438,041
—
22,438,041
Total
Investments
in
Securities
...........
$34,101,421
$705,417,754
c
$—
$739,519,175
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
713,340
$
—
$
713,340
Futures
contracts
........................
52,673
—
—
52,673
Total
Other
Financial
Instruments
.........
$52,673
$713,340
$—
$766,013
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
2,785,492
$
—
$
2,785,492
Futures
contracts
........................
2,855,820
—
—
2,855,820
Total
Other
Financial
Instruments
.........
$2,855,820
$2,785,492
$—
$5,641,312
Franklin
Mutual
Financial
Services
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Banks
...............................
69,176,481
37,194,231
—
106,370,712
Capital
Markets
........................
8,503,846
8,701,616
—
17,205,462
Consumer
Finance
.....................
8,772,100
—
—
8,772,100
Financial
Services
......................
33,300,945
—
—
33,300,945
Household
Durables
....................
9,461,287
—
—
9,461,287
Insurance
............................
79,614,601
33,487,056
2,000,000
115,101,657
Media
...............................
3,678
—
—
3,678
Office
REITs
..........................
3,842,054
—
—
3,842,054
Professional
Services
...................
1,688,114
—
—
1,688,114
Real
Estate
Management
&
Development
....
3,519,127
5,487,416
—
9,006,543
Trading
Companies
&
Distributors
..........
6,603,033
—
—
6,603,033
Short
Term
Investments
...................
12,000
18,083,406
—
18,095,406
Total
Investments
in
Securities
...........
$224,497,266
$102,953,725
d
$2,000,000
$329,450,991
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$185,131
$—
$185,131
Total
Other
Financial
Instruments
.........
$—
$185,131
$—
$185,131
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$—
$905,543
$—
$905,543
Futures
contracts
........................
256,684
—
—
256,684
Total
Other
Financial
Instruments
.........
$256,684
$905,543
$—
$1,162,227
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
37
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
135,786,467
$
—
$
135,786,467
Automobile
Components
.................
—
162,488,926
118,085
162,607,011
Automobiles
..........................
135,794,275
—
—
135,794,275
Banks
...............................
212,195,172
287,795,277
—
499,990,449
Biotechnology
.........................
56,277,495
—
—
56,277,495
Building
Products
......................
160,353,515
—
—
160,353,515
Capital
Markets
........................
138,920,687
—
—
138,920,687
Chemicals
...........................
—
172,754,141
—
172,754,141
Consumer
Finance
.....................
122,624,097
—
—
122,624,097
Diversified
Telecommunication
Services
.....
—
260,121,954
—
260,121,954
Electrical
Equipment
....................
—
156,621,314
—
156,621,314
Energy
Equipment
&
Services
.............
173,737,895
—
—
173,737,895
Entertainment
.........................
316,134,756
—
—
316,134,756
Financial
Services
......................
466,855,439
—
—
466,855,439
Food
Products
........................
174,143,810
215,919,145
—
390,062,955
Health
Care
Equipment
&
Supplies
.........
182,519,730
—
—
182,519,730
Health
Care
Providers
&
Services
..........
480,119,355
160,407,879
—
640,527,234
Household
Durables
....................
151,472,546
—
—
151,472,546
Household
Products
....................
—
158,729,916
—
158,729,916
Industrial
Conglomerates
................
—
140,187,474
—
140,187,474
Insurance
............................
324,944,145
169,358,954
—
494,303,099
Interactive
Media
&
Services
..............
154,448,732
—
—
154,448,732
IT
Services
...........................
—
157,017,825
—
157,017,825
Machinery
............................
160,748,977
—
—
160,748,977
Media
...............................
182,445,827
—
—
182,445,827
Metals
&
Mining
.......................
—
142,251,015
—
142,251,015
Oil,
Gas
&
Consumable
Fuels
.............
268,420,974
223,070,055
—
491,491,029
Personal
Care
Products
.................
—
170,474,269
—
170,474,269
Pharmaceuticals
.......................
424,396,052
170,588,274
—
594,984,326
Real
Estate
Management
&
Development
....
150,373,983
—
—
150,373,983
Semiconductors
&
Semiconductor
Equipment
.
89,520,856
171,643,402
—
261,164,258
Software
.............................
130,775,580
—
—
130,775,580
Specialized
REITs
......................
49,027,660
—
—
49,027,660
Technology
Hardware,
Storage
&
Peripherals
.
—
173,527,143
—
173,527,143
Tobacco
.............................
—
178,531,487
—
178,531,487
Trading
Companies
&
Distributors
..........
163,642,120
—
—
163,642,120
Preferred
Stocks
.........................
—
123,804,955
—
123,804,955
Corporate
Bonds
........................
—
50,338,916
—
50,338,916
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
170,742,710
—
170,742,710
Total
Investments
in
Securities
...........
$4,869,893,678
$3,752,161,498
e
$118,085
$8,622,173,261
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$2,359,692
$—
$2,359,692
Total
Other
Financial
Instruments
.........
$—
$2,359,692
$—
$2,359,692
Liabilities:
Other
Financial
Instruments:
Securities
Sold
Short
.....................
$11,300,036
$—
$—
$11,300,036
Forward
exchange
contracts
................
—
11,927,13
7
—
11,927,13
7
Futures
contracts
........................
5,502,212
—
—
5,502,212
Total
Other
Financial
Instruments
.........
$16,802,248
$11,927,137
$—
$28,729,385
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
38
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobile
Components
.................
$
—
$
30,281,618
$
78,786
$
30,360,404
Automobiles
..........................
13,949,111
—
—
13,949,111
Banks
...............................
149,397,147
—
—
149,397,147
Beverages
...........................
—
14,091,216
—
14,091,216
Biotechnology
.........................
111,980,587
—
—
111,980,587
Broadline
Retail
.......................
12,909,407
—
—
12,909,407
Chemicals
...........................
30,118,583
53,069,251
—
83,187,834
Communications
Equipment
..............
—
—
7,888,670
a
7,888,670
Containers
&
Packaging
.................
27,038,040
—
—
27,038,040
Diversified
Telecommunication
Services
.....
—
13,540,202
10,262,745
23,802,947
Electric
Utilities
........................
30,727,556
—
—
30,727,556
Entertainment
.........................
104,432,836
—
—
104,432,836
Financial
Services
......................
92,989,016
—
—
92,989,016
Food
Products
........................
—
23,350,429
—
23,350,429
Health
Care
Equipment
&
Supplies
.........
52,259,899
—
—
52,259,899
Health
Care
Providers
&
Services
..........
112,649,890
—
—
112,649,890
Household
Products
....................
—
33,776,368
—
33,776,368
Insurance
............................
113,465,263
100,505,058
15,000,000
228,970,321
Media
...............................
101,509,497
—
49
101,509,546
Office
REITs
..........................
35,262,546
—
—
35,262,546
Oil,
Gas
&
Consumable
Fuels
.............
61,284,086
29,836,623
—
91,120,709
Passenger
Airlines
.....................
8,672,292
—
—
8,672,292
Personal
Care
Products
.................
—
17,314,956
—
17,314,956
Pharmaceuticals
.......................
123,312,832
42,967,793
—
166,280,625
Real
Estate
Management
&
Development
....
13,001,459
14,099,126
—
27,100,585
Semiconductors
&
Semiconductor
Equipment
.
71,865,610
—
—
71,865,610
Software
.............................
78,471,931
—
—
78,471,931
Specialized
REITs
......................
48,079,098
—
—
48,079,098
Specialty
Retail
........................
—
—
—
a
—
Tobacco
.............................
—
51,933,161
—
51,933,161
Wireless
Telecommunication
Services
.......
2,756,754
—
—
2,756,754
Preferred
Stocks
.........................
—
14,329,438
—
14,329,438
Rights
.................................
—
855,399
—
855,399
Warrants
:
Diversified
Telecommunication
Services
.....
—
—
578,712
578,712
Media
...............................
—
—
930,380
930,380
Wireless
Telecommunication
Services
.......
894,984
—
—
894,984
Limited
Partnerships
......................
9,345,432
—
—
9,345,432
Corporate
Bonds
........................
—
376,775,247
—
376,775,247
Senior
Floating
Rate
Interests
...............
—
60,964,605
102,469,875
163,434,480
Companies
in
Liquidation
..................
—
—
—
a
—
Options
purchased
.......................
223,500
—
—
223,500
Short
Term
Investments
...................
—
158,412,263
—
158,412,263
Total
Investments
in
Securities
...........
$1,406,597,356
$1,036,102,753
f
$137,209,217
$2,579,909,326
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$670,934
$—
$670,934
Total
Other
Financial
Instruments
.........
$—
$670,934
$—
$670,934
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
516,000
$
—
$
—
$
516,000
Securities
Sold
Short
.....................
19,193,855
—
—
19,193,855
Forward
exchange
contracts
................
—
1,414,190
—
1,414,190
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
39
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Quest
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
$
849,318
$
—
$
—
$
849,318
Total
Other
Financial
Instruments
.........
$20,559,173
$1,414,190
$—
$21,973,363
Franklin
Mutual
Shares
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobile
Components
.................
—
—
223,679
223,679
Automobiles
..........................
130,478,169
—
—
130,478,169
Banks
...............................
376,917,101
—
—
376,917,101
Biotechnology
.........................
45,353,127
—
—
45,353,127
Building
Products
......................
124,767,771
—
—
124,767,771
Capital
Markets
........................
114,790,212
—
—
114,790,212
Consumer
Finance
.....................
143,671,535
—
—
143,671,535
Containers
&
Packaging
.................
125,953,830
—
—
125,953,830
Diversified
Telecommunication
Services
.....
—
—
13,425,460
13,425,460
Electronic
Equipment,
Instruments
&
Components
..........................
153,936,279
—
—
153,936,279
Energy
Equipment
&
Services
.............
161,523,779
—
—
161,523,779
Entertainment
.........................
288,643,457
—
—
288,643,457
Financial
Services
......................
459,235,233
—
—
459,235,233
Food
Products
........................
165,353,191
—
—
165,353,191
Health
Care
Equipment
&
Supplies
.........
139,531,453
—
—
139,531,453
Health
Care
Providers
&
Services
..........
394,908,957
—
—
394,908,957
Household
Durables
....................
147,665,762
—
—
147,665,762
Insurance
............................
241,285,204
—
35,000,000
276,285,204
Interactive
Media
&
Services
..............
174,197,725
—
—
174,197,725
Machinery
............................
144,399,914
—
—
144,399,914
Media
...............................
257,410,351
—
—
257,410,351
Metals
&
Mining
.......................
75,646,782
—
—
75,646,782
Oil,
Gas
&
Consumable
Fuels
.............
227,785,186
133,896,705
—
361,681,891
Pharmaceuticals
.......................
402,376,541
139,914,382
—
542,290,923
Professional
Services
...................
231,500,428
—
—
231,500,428
Real
Estate
Management
&
Development
....
153,718,656
—
—
153,718,656
Retail
REITs
..........................
132,648,527
—
—
132,648,527
Software
.............................
251,243,316
—
—
251,243,316
Specialized
REITs
......................
39,484,308
—
—
39,484,308
Specialty
Retail
........................
—
—
—
a
—
Textiles,
Apparel
&
Luxury
Goods
..........
138,292,741
—
—
138,292,741
Tobacco
.............................
—
127,077,840
—
127,077,840
Wireless
Telecommunication
Services
.......
143,076,718
—
—
143,076,718
Warrants
...............................
—
—
757,057
757,057
Corporate
Bonds
........................
—
225,667,627
—
225,667,627
Senior
Floating
Rate
Interests
...............
—
80,928,984
—
80,928,984
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
272,932,960
—
272,932,960
Total
Investments
in
Securities
...........
$5,585,796,253
$980,418,498
g
$49,406,196
$6,615,620,947
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$150,063
$—
$150,063
Total
Other
Financial
Instruments
.........
$—
$150,063
$—
$150,063
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
40
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
March
31,
2023,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Securities
Sold
Short
.....................
$
9,100,457
$
—
$
—
$
9,100,457
Forward
exchange
contracts
................
—
1,936,462
—
1,936,462
Futures
contracts
........................
612,445
—
—
612,445
Total
Other
Financial
Instruments
.........
$9,712,902
$1,936,462
$—
$11,649,364
a
Includes
financial
instruments
determined
to
have
no
value
at
March
31,
2023.
b
Includes
foreign
securities
valued
at
$1,143,667,394,
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
$682,979,713,
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
$84,870,319,
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
$3,531,079,872,
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
$439,095,239,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
g
Includes
foreign
securities
valued
at
$400,888,927,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobile
Components
$
89,695
$
—
$
—
$
—
$
—
$
—
$
—
$
(10,909)
$
78,786
$
(10,909)
Communications
Equipment
.......
9,476,129
b
—
—
—
—
—
—
(1,587,459)
7,888,670
b
(1,587,459)
Diversified
Telecommunication
Services
........
15,568,639
—
—
—
—
—
—
(5,305,894)
10,262,745
(5,305,894)
Insurance
.........
—
15,000,000
—
—
—
—
—
—
15,000,000
—
Media
...........
44
—
—
—
—
—
—
5
49
5
Specialty
Retail
.....
—
b
—
—
—
—
—
—
—
—
b
—
Warrants
:
Diversified
Telecommunication
Services
........
877,909
—
—
—
—
—
—
(299,197)
578,712
(299,197)
Media
...........
792,276
—
—
—
—
—
—
138,104
930,380
138,104
Senior
Floating
Rate
Interests
:
Communications
Equipment
.......
101,492,256
—
—
—
—
27,355
—
950,264
102,469,875
950,264
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
41
Quarterly
Schedules
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
March
31,
2023,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Mutual
Quest
Fund
(continued)
Assets:
Investments
in
Securities:
Companies
in
Liquidation
 $—
b
 $—
 $—
 $—
 $—
 $—
 $—
 $—
 $—
b
 $—
Total
Investments
in
Securities
............
$128,296,948
$15,000,000
$—
$—
$—
$27,355
$—
$(6,115,086)
$137,209,217
$(6,115,086)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests:
Communications
Equipment
.......
$102,469,875
Discounted
cash
flow
Discount
rate
10.8%
-
11.3%
(11.2%)
Decrease
All
Other
Investments....................
34,739,342
c,d
Total...............................................
$137,209,217
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
Includes
financial
instruments
determined
to
have
no
value
at
March
31,
2023.
6. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
42
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BOFA
Bank
of
America
N.A.
HSBK
HSBC
Bank
plc
SSBT
State
Street
Bank
and
Trust
Co.
UBSW
UBS
AG
Cu
r
rency
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Index
EAFE
Europe,
Australasia
and
the
Far
East
MSCI
Morgan
Stanley
Capital
International
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FHLB
Federal
Home
Loan
Banks
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.