Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
MS-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
2
Franklin
Mutual
Financial
Services
Fund
5
Franklin
Mutual
Global
Discovery
Fund
8
Franklin
Mutual
International
Value
Fund
13
Franklin
Mutual
Quest
Fund
16
Franklin
Mutual
Shares
Fund
23
Notes
to
Schedules
of
Investments
28
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Mutual
Beacon
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.5%
Aerospace
&
Defense
3.2%
Airbus
SE
...........................................
France
578,913
$
106,647,506
Air
Freight
&
Logistics
2.9%
United
Parcel
Service,
Inc.
,
B
............................
United
States
642,874
95,550,362
Automobiles
1.8%
General
Motors
Co.
....................................
United
States
1,300,248
58,966,247
Banks
9.7%
BNP
Paribas
SA
......................................
France
1,215,677
86,545,985
DBS
Group
Holdings
Ltd.
...............................
Singapore
3,788,035
101,094,393
JPMorgan
Chase
&
Co.
.................................
United
States
671,786
134,558,736
322,199,114
Beverages
3.3%
Heineken
NV
........................................
Netherlands
1,144,733
110,355,888
Building
Products
3.5%
Johnson
Controls
International
plc
.........................
United
States
1,775,071
115,947,638
Capital
Markets
3.0%
BlackRock,
Inc.
.......................................
United
States
120,382
100,362,473
Consumer
Staples
Distribution
&
Retail
2.6%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
5,850,099
85,264,746
Diversified
Telecommunication
Services
2.5%
Deutsche
Telekom
AG
..................................
Germany
3,436,634
83,418,732
Energy
Equipment
&
Services
2.2%
Schlumberger
NV
.....................................
United
States
1,354,596
74,245,407
Entertainment
4.0%
Walt
Disney
Co.
(The)
..................................
United
States
1,079,974
132,145,619
Financial
Services
3.1%
Global
Payments,
Inc.
..................................
United
States
770,186
102,943,061
Health
Care
Equipment
&
Supplies
3.8%
Medtronic
plc
........................................
United
States
1,458,744
127,129,539
Health
Care
Providers
&
Services
2.5%
Elevance
Health,
Inc.
..................................
United
States
158,483
82,179,775
Household
Products
3.0%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
1,740,295
99,197,730
Insurance
5.8%
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
1,056,663
108,889,122
Progressive
Corp.
(The)
................................
United
States
413,383
85,495,872
194,384,994
Machinery
3.2%
Parker-Hannifin
Corp.
..................................
United
States
189,281
105,200,487
Media
1.8%
a
Charter
Communications,
Inc.
,
A
..........................
United
States
211,351
61,424,941
Metals
&
Mining
1.7%
Rio
Tinto
plc
.........................................
Australia
916,251
57,925,292
Oil,
Gas
&
Consumable
Fuels
5.5%
Chevron
Corp.
.......................................
United
States
401,246
63,292,544
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
38
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Shell
plc
............................................
Netherlands
3,589,050
$
119,073,454
182,365,998
Personal
Care
Products
3.2%
Haleon
plc
..........................................
United
States
25,785,952
108,054,677
Pharmaceuticals
11.9%
GSK
plc
............................................
United
States
4,592,268
98,590,011
Merck
&
Co.,
Inc.
.....................................
United
States
770,643
101,686,344
Novartis
AG
,
ADR
.....................................
Switzerland
1,022,220
98,879,340
b
Roche
Holding
AG
....................................
United
States
386,073
98,577,255
397,732,950
Retail
REITs
2.0%
Brixmor
Property
Group,
Inc.
.............................
United
States
2,807,885
65,844,903
Software
2.1%
Gen
Digital,
Inc.
......................................
United
States
3,174,212
71,102,349
Technology
Hardware,
Storage
&
Peripherals
3.5%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
1,946,367
116,673,253
Textiles,
Apparel
&
Luxury
Goods
2.8%
Cie
Financiere
Richemont
SA
............................
Switzerland
615,424
93,697,596
Trading
Companies
&
Distributors
3.9%
Ferguson
plc
.........................................
United
States
590,505
128,984,007
Total
Common
Stocks
(Cost
$
2,497,670,151
)
....................................
3,279,945,284
Companies
in
Liquidation
0.0%
a,c,d
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
5,229,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
......................................
—
Total
Long
Term
Investments
(Cost
$
2,497,670,151
)
.............................
3,279,945,284
a
Short
Term
Investments
0.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.7%
e
FHLB
,
4/01/24
.......................................
United
States
24,500,000
24,485,926
Total
U.S.
Government
and
Agency
Securities
(Cost
$
24,500,000
)
.................
24,485,926
Total
Short
Term
Investments
(Cost
$
24,500,000
)
................................
24,485,926
a
Total
Investments
(Cost
$
2,522,170,151
)
99.2
%
..................................
$3,304,431,210
Other
Assets,
less
Liabilities
0.8
%
.............................................
26,233,857
Net
Assets
100.0%
...........................................................
$3,330,665,067
a
a
a
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
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,
2024
Franklin
Mutual
Financial
Services
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.9%
Banks
39.0%
a,b
AB&T
Financial
Corp.
..................................
United
States
226,100
$
157,366
Bank
of
America
Corp.
.................................
United
States
281,772
10,684,794
c
BAWAG
Group
AG
,
144A
,
Reg
S
..........................
Austria
77,389
4,897,837
d
BNP
Paribas
SA
......................................
France
203,710
14,502,440
CaixaBank
SA
........................................
Spain
1,687,020
8,186,019
Citizens
Financial
Group,
Inc.
............................
United
States
312,909
11,355,468
Columbia
Banking
System,
Inc.
...........................
United
States
366,294
7,087,789
DBS
Group
Holdings
Ltd.
...............................
Singapore
147,729
3,942,565
ING
Groep
NV
.......................................
Netherlands
727,182
11,971,252
JPMorgan
Chase
&
Co.
.................................
United
States
88,808
17,788,242
Mitsubishi
UFJ
Financial
Group,
Inc.
.......................
Japan
805,514
8,194,840
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
94,766
15,314,186
UniCredit
SpA
........................................
Italy
463,323
17,595,868
Wells
Fargo
&
Co.
.....................................
United
States
249,747
14,475,336
146,154,002
Capital
Markets
7.3%
BlackRock,
Inc.
.......................................
United
States
16,565
13,810,240
Deutsche
Bank
AG
....................................
Germany
855,644
13,475,989
27,286,229
Consumer
Finance
3.8%
Capital
One
Financial
Corp.
.............................
United
States
95,804
14,264,258
Financial
Services
10.4%
a
Fiserv,
Inc.
..........................................
United
States
79,647
12,729,183
Global
Payments,
Inc.
..................................
United
States
87,569
11,704,473
Voya
Financial,
Inc.
....................................
United
States
194,127
14,349,868
38,783,524
Insurance
26.1%
ASR
Nederland
NV
....................................
Netherlands
325,696
15,961,543
Conduit
Holdings
Ltd.
..................................
United
States
340,286
2,224,592
Everest
Group
Ltd.
....................................
United
States
40,822
16,226,745
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
145,832
15,027,988
International
General
Insurance
Holdings
Ltd.
................
Jordan
561,364
7,600,869
MetLife,
Inc.
.........................................
United
States
125,861
9,327,559
NN
Group
NV
........................................
Netherlands
326,430
15,068,969
Progressive
Corp.
(The)
................................
United
States
44,764
9,258,090
d
Prudential
plc
........................................
Hong
Kong
766,873
7,191,610
97,887,965
Professional
Services
1.8%
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
103,672
6,673,367
Real
Estate
Management
&
Development
2.3%
a
CBRE
Group,
Inc.
,
A
...................................
United
States
42,882
4,169,846
Savills
plc
...........................................
United
Kingdom
326,879
4,397,651
8,567,497
Trading
Companies
&
Distributors
3.2%
a
AerCap
Holdings
NV
...................................
Ireland
140,018
12,168,964
Total
Common
Stocks
(Cost
$
237,528,208
)
.....................................
351,785,806
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Financial
Services
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
At
March
31,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Short
Term
Investments
8.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
8.5%
e
FHLB
,
4/01/24
.......................................
United
States
31,500,000
$
31,481,905
e
U.S.
Treasury
Bills
,
5/30/24
..............................
United
States
500,000
495,692
Total
U.S.
Government
and
Agency
Securities
(Cost
$
31,995,751
)
.................
31,977,597
Total
Short
Term
Investments
(Cost
$
31,995,751
)
................................
31,977,597
a
Total
Investments
(Cost
$
269,523,959
)
102.4
%
..................................
$383,763,403
Other
Assets,
less
Liabilities
(
2.4
)
%
...........................................
(9,288,526)
Net
Assets
100.0%
...........................................................
$374,474,877
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
See
Note
4
regarding
holdings
of
5%
voting
securities.
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,
2024,
the
value
of
this
security
was
$4,897,837,
representing
1.3%
of
net
assets.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
62
$
8,386,662
6/17/24
$
122,857
Foreign
Exchange
GBP/USD
...................
Short
42
3,314,588
6/17/24
62,109
Total
Futures
Contracts
......................................................................
$184,966
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Buy
1,037,480
1,316,680
4/11/24
$
641
$
(
7,906
)
British
Pound
......
BOFA
Sell
5,160,464
6,534,283
4/11/24
21,202
—
British
Pound
......
HSBK
Buy
587,684
742,503
4/11/24
—
(
781
)
British
Pound
......
UBSW
Buy
1,882,242
2,388,193
4/11/24
3,007
(
15,600
)
British
Pound
......
WFLA
Buy
1,653,058
2,103,939
4/11/24
81
(
17,676
)
Euro
.............
HSBK
Sell
400,000
437,420
4/11/24
5,744
—
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Financial
Services
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
See
Abbreviations
on
page
38
.
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)
Euro
.............
UBSW
Sell
3,060,099
3,318,597
4/11/24
$
16,762
$
(
588
)
Euro
.............
WFLA
Sell
29,073,669
31,912,829
4/11/24
536,861
—
Japanese
Yen
......
BOFA
Sell
1,140,871,410
7,668,164
4/11/24
121,743
—
Japanese
Yen
......
UBSW
Sell
29,689,260
200,002
4/11/24
3,620
—
Japanese
Yen
......
WFLA
Sell
40,404,774
270,172
4/11/24
2,910
—
Total
Forward
Exchange
Contracts
...................................................
$712,571
$(42,551)
Net
unrealized
appreciation
(depreciation)
............................................
$670,020
*
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,
2024
Franklin
Mutual
Global
Discovery
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.6%
Aerospace
&
Defense
1.6%
Airbus
SE
...........................................
France
814,052
$
149,964,875
Air
Freight
&
Logistics
2.0%
United
Parcel
Service,
Inc.
,
B
............................
United
States
1,265,514
188,093,346
Automobile
Components
1.8%
Denso
Corp.
.........................................
Japan
8,724,753
167,082,584
Automobiles
2.1%
General
Motors
Co.
....................................
United
States
4,269,406
193,617,562
Banks
6.7%
BNP
Paribas
SA
......................................
France
2,777,875
197,761,352
DBS
Group
Holdings
Ltd.
...............................
Singapore
6,214,414
165,849,158
JPMorgan
Chase
&
Co.
.................................
United
States
778,344
155,902,303
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
693,537
112,075,579
631,588,392
Building
Products
2.0%
Johnson
Controls
International
plc
.........................
United
States
2,940,163
192,051,447
Capital
Markets
1.6%
BlackRock,
Inc.
.......................................
United
States
184,936
154,181,143
Chemicals
1.6%
a,b
Covestro
AG
,
144A
,
Reg
S
..............................
Germany
2,661,508
145,577,620
Consumer
Finance
1.8%
Capital
One
Financial
Corp.
.............................
United
States
1,134,849
168,967,668
Consumer
Staples
Distribution
&
Retail
2.1%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
13,287,564
193,665,232
Diversified
Telecommunication
Services
2.1%
Deutsche
Telekom
AG
..................................
Germany
8,134,404
197,449,501
Electrical
Equipment
1.7%
Mitsubishi
Electric
Corp.
................................
Japan
9,640,259
161,357,144
Energy
Equipment
&
Services
1.9%
Schlumberger
NV
.....................................
United
States
3,281,483
179,858,083
Entertainment
2.0%
Walt
Disney
Co.
(The)
..................................
United
States
1,545,310
189,084,132
Financial
Services
5.5%
a
Fiserv,
Inc.
..........................................
United
States
931,335
148,845,960
Global
Payments,
Inc.
..................................
United
States
1,512,083
202,105,014
Voya
Financial,
Inc.
....................................
United
States
2,289,761
169,259,133
520,210,107
Food
Products
3.4%
Danone
SA
..........................................
France
2,192,566
141,731,517
Kraft
Heinz
Co.
(The)
..................................
United
States
4,796,388
176,986,717
318,718,234
Health
Care
Equipment
&
Supplies
2.2%
Medtronic
plc
........................................
United
States
2,345,804
204,436,819
Health
Care
Providers
&
Services
7.2%
CVS
Health
Corp.
.....................................
United
States
2,631,984
209,927,044
Elevance
Health,
Inc.
..................................
United
States
331,985
172,147,502
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Fresenius
SE
&
Co.
KGaA
...............................
Germany
4,797,473
$
129,366,571
Humana,
Inc.
........................................
United
States
476,411
165,181,222
676,622,339
Household
Durables
1.5%
DR
Horton,
Inc.
.......................................
United
States
859,985
141,510,532
Household
Products
1.5%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
2,474,941
141,072,938
Industrial
Conglomerates
1.7%
Siemens
AG
.........................................
Germany
836,432
159,699,981
Insurance
5.0%
Everest
Group
Ltd.
....................................
United
States
494,841
196,699,298
NN
Group
NV
........................................
Netherlands
4,023,742
185,747,764
c
Prudential
plc
........................................
Hong
Kong
9,438,661
88,514,224
470,961,286
Interactive
Media
&
Services
1.6%
Tencent
Holdings
Ltd.
..................................
China
3,786,895
147,500,290
IT
Services
1.3%
Capgemini
SE
........................................
France
538,651
123,943,670
Media
1.8%
a
Charter
Communications,
Inc.
,
A
..........................
United
States
588,886
171,147,938
Metals
&
Mining
1.4%
Rio
Tinto
plc
.........................................
Australia
2,095,517
132,478,364
Oil,
Gas
&
Consumable
Fuels
6.7%
BP
plc
..............................................
United
Kingdom
29,325,486
183,956,792
Hess
Corp.
..........................................
United
States
316,119
48,252,404
Shell
plc
............................................
Netherlands
7,097,279
235,465,520
Williams
Cos.,
Inc.
(The)
................................
United
States
4,220,869
164,487,265
632,161,981
Personal
Care
Products
3.4%
Haleon
plc
..........................................
United
States
40,164,536
168,307,377
Kenvue,
Inc.
.........................................
United
States
7,033,308
150,934,790
319,242,167
Pharmaceuticals
7.1%
GSK
plc
............................................
United
States
8,236,816
176,833,708
Merck
&
Co.,
Inc.
.....................................
United
States
1,253,840
165,444,188
Novartis
AG
,
ADR
.....................................
Switzerland
1,762,554
170,491,848
Roche
Holding
AG
....................................
United
States
594,108
151,695,497
664,465,241
Real
Estate
Management
&
Development
1.7%
a
CBRE
Group,
Inc.
,
A
...................................
United
States
1,668,427
162,237,841
Semiconductors
&
Semiconductor
Equipment
1.3%
Renesas
Electronics
Corp.
..............................
Japan
6,972,247
124,241,829
Technology
Hardware,
Storage
&
Peripherals
1.9%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
3,043,126
182,417,504
Textiles,
Apparel
&
Luxury
Goods
2.3%
a
Capri
Holdings
Ltd.
....................................
United
States
1,479,087
67,002,641
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
(continued)
Cie
Financiere
Richemont
SA
............................
Switzerland
957,339
$
145,753,761
212,756,402
Tobacco
1.7%
British
American
Tobacco
plc
.............................
United
Kingdom
5,092,568
154,552,767
Trading
Companies
&
Distributors
3.4%
a
AerCap
Holdings
NV
...................................
Ireland
2,116,108
183,910,946
Ferguson
plc
.........................................
United
States
622,969
136,075,119
319,986,065
Total
Common
Stocks
(Cost
$
6,572,637,596
)
....................................
8,892,903,024
Principal
Amount
*
Corporate
Bonds
0.9%
Media
0.3%
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
11/15/24
..............
United
States
28,912,000
27,725,726
Pharmaceuticals
0.5%
b
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
......................
United
States
33,966,000
31,965,742
Senior
Note
,
144A,
8.5
%
,
1/31/27
.......................
United
States
15,606,000
9,188,156
b
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
1,290,000
1,232,718
42,386,616
Professional
Services
0.1%
b
CoreLogic,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
12,662,000
11,367,345
Total
Corporate
Bonds
(Cost
$
88,932,496
)
......................................
81,479,687
Senior
Floating
Rate
Interests
1.8%
Commercial
Services
&
Supplies
0.9%
d
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A
,
10.173
%
,
(
3-month
SOFR
+
4.75
%
),
10/11/28
....................................
United
States
48,444,918
44,500,290
First
Lien,
Dollar
CME
Term
Loan,
B
,
10.423
%
,
(
3-month
SOFR
+
5
%
),
4/11/29
.......................................
United
States
45,353,719
41,921,123
86,421,413
a
a
a
a
a
a
Professional
Services
0.4%
d
CoreLogic,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.945
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
40,454,969
39,655,376
Specialty
Retail
0.5%
d
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.821
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
52,292,665
47,051,633
Total
Senior
Floating
Rate
Interests
(Cost
$
167,185,946
)
.........................
173,128,422
Shares
a
Companies
in
Liquidation
0.0%
a,e,f
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
30,996,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
......................................
—
Total
Long
Term
Investments
(Cost
$
6,828,756,038
)
.............................
9,147,511,133
a
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
At
March
31,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Short
Term
Investments
2.2%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.2%
g
FHLB
,
4/01/24
.......................................
United
States
196,900,000
$
196,786,893
g
U.S.
Treasury
Bills
,
6/13/24
..............................
United
States
10,000,000
9,894,342
Total
U.S.
Government
and
Agency
Securities
(Cost
$
206,797,014
)
................
206,681,235
Total
Short
Term
Investments
(Cost
$
206,797,014
)
...............................
206,681,235
a
Total
Investments
(Cost
$
7,035,553,052
)
99.5
%
..................................
$9,354,192,368
Other
Assets,
less
Liabilities
0.5
%
.............................................
43,967,648
Net
Assets
100.0%
...........................................................
$9,398,160,016
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2024,
the
aggregate
value
of
these
securities
was
$199,331,581,
representing
2.1%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
f
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
g
The
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
1,915
$
259,039,656
6/17/24
$
3,810,082
Foreign
Exchange
GBP/USD
...................
Short
319
25,175,081
6/17/24
471,731
Total
Futures
Contracts
......................................................................
$4,281,813
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
South
Korean
Won
..
HSBK
Sell
85,477,703,646
65,459,239
5/07/24
$
2,010,423
$
—
South
Korean
Won
..
UBSW
Sell
81,361,131,541
62,381,546
5/07/24
1,988,399
—
Japanese
Yen
......
BOFA
Sell
26,986,308,770
182,480,917
5/20/24
2,859,587
—
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
See
Abbreviations
on
page
38
.
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)
Japanese
Yen
......
UBSW
Sell
808,202,523
5,476,948
5/20/24
$
97,538
$
—
Japanese
Yen
......
WFLA
Sell
23,011,192,656
155,567,750
5/20/24
2,404,860
—
Euro
.............
BOFA
Buy
754,557
813,465
7/11/24
3,956
—
Euro
.............
BOFA
Sell
59,259,082
65,327,212
7/11/24
1,131,062
—
Euro
.............
HSBK
Buy
12,130,000
13,211,831
7/11/24
—
(
71,241
)
Euro
.............
UBSW
Buy
2,900,000
3,148,054
7/11/24
—
(
6,446
)
Euro
.............
WFLA
Sell
61,932,904
68,281,646
7/11/24
1,188,909
—
British
Pound
......
BOFA
Sell
15,056,081
19,063,408
7/18/24
50,605
—
Total
Forward
Exchange
Contracts
...................................................
$11,735,339
$(77,687)
Net
unrealized
appreciation
(depreciation)
............................................
$11,657,652
*
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,
2024
Franklin
Mutual
International
Value
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.2%
Aerospace
&
Defense
3.5%
Airbus
SE
...........................................
France
82,940
$
15,279,229
Babcock
International
Group
plc
..........................
United
Kingdom
1,954,742
12,827,224
28,106,453
Automobile
Components
3.9%
Cie
Generale
des
Etablissements
Michelin
SCA
..............
France
243,674
9,337,976
Denso
Corp.
.........................................
Japan
1,156,653
22,150,378
31,488,354
Banks
12.8%
BNP
Paribas
SA
......................................
France
389,540
27,731,974
DBS
Group
Holdings
Ltd.
...............................
Singapore
947,318
25,281,852
ING
Groep
NV
.......................................
Netherlands
1,084,379
17,851,617
Mitsubishi
UFJ
Financial
Group,
Inc.
.......................
Japan
1,947,474
19,812,491
UniCredit
SpA
........................................
Italy
348,142
13,221,577
103,899,511
Beverages
3.5%
Coca-Cola
HBC
AG
...................................
Italy
384,103
12,136,803
Heineken
NV
........................................
Netherlands
165,632
15,967,450
28,104,253
Capital
Markets
2.9%
Deutsche
Bank
AG
....................................
Germany
1,511,298
23,802,230
Chemicals
2.7%
a,b
Covestro
AG
,
144A
,
Reg
S
..............................
Germany
282,012
15,425,329
DSM-Firmenich
AG
....................................
Switzerland
56,506
6,426,245
21,851,574
Consumer
Staples
Distribution
&
Retail
3.2%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
1,762,503
25,688,347
Diversified
Telecommunication
Services
7.1%
Deutsche
Telekom
AG
..................................
Germany
825,616
20,040,493
Hellenic
Telecommunications
Organization
SA
................
Greece
538,318
7,938,681
Koninklijke
KPN
NV
...................................
Netherlands
5,322,950
19,909,079
Nippon
Telegraph
&
Telephone
Corp.
......................
Japan
8,233,393
9,806,174
57,694,427
Electrical
Equipment
1.6%
Mitsubishi
Electric
Corp.
................................
Japan
780,282
13,060,238
Electronic
Equipment,
Instruments
&
Components
1.8%
Murata
Manufacturing
Co.
Ltd.
...........................
Japan
788,098
14,738,362
Energy
Equipment
&
Services
2.2%
Schlumberger
NV
.....................................
United
States
328,706
18,016,376
Food
Products
1.1%
Danone
SA
..........................................
France
134,625
8,702,409
Health
Care
Equipment
&
Supplies
2.5%
Olympus
Corp.
.......................................
Japan
1,405,336
20,233,135
Household
Durables
1.7%
Sony
Group
Corp.
.....................................
Japan
158,570
13,596,595
Household
Products
1.7%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
241,134
13,744,765
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
International
Value
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Industrial
Conglomerates
2.4%
Siemens
AG
.........................................
Germany
103,326
$
19,728,035
Insurance
6.1%
ASR
Nederland
NV
....................................
Netherlands
298,741
14,640,547
NN
Group
NV
........................................
Netherlands
471,995
21,788,677
c
Prudential
plc
........................................
Hong
Kong
1,399,892
13,127,959
49,557,183
Interactive
Media
&
Services
1.8%
Tencent
Holdings
Ltd.
..................................
China
381,190
14,847,424
IT
Services
1.6%
Capgemini
SE
........................................
France
57,171
13,155,055
Metals
&
Mining
4.6%
Norsk
Hydro
ASA
.....................................
Norway
2,519,405
13,842,552
Rio
Tinto
plc
.........................................
Australia
366,146
23,147,711
36,990,263
Multi-Utilities
2.0%
National
Grid
plc
......................................
United
Kingdom
1,172,148
15,792,283
Oil,
Gas
&
Consumable
Fuels
7.8%
BP
plc
..............................................
United
Kingdom
4,699,256
29,478,115
Shell
plc
............................................
Netherlands
1,016,994
33,740,680
63,218,795
Personal
Care
Products
2.0%
Haleon
plc
..........................................
United
States
3,802,736
15,935,165
Pharmaceuticals
8.0%
GSK
plc
............................................
United
States
986,936
21,188,230
Novartis
AG
.........................................
Switzerland
245,732
23,802,538
Roche
Holding
AG
....................................
United
States
77,180
19,706,616
64,697,384
Semiconductors
&
Semiconductor
Equipment
1.8%
Renesas
Electronics
Corp.
..............................
Japan
836,825
14,911,788
Technology
Hardware,
Storage
&
Peripherals
3.1%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
418,234
25,070,668
Textiles,
Apparel
&
Luxury
Goods
2.3%
Cie
Financiere
Richemont
SA
............................
Switzerland
120,350
18,323,149
Trading
Companies
&
Distributors
2.5%
a
AerCap
Holdings
NV
...................................
Ireland
227,460
19,768,549
Total
Common
Stocks
(Cost
$
646,004,117
)
.....................................
794,722,770
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
International
Value
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
See
Abbreviations
on
page
38
.
Short
Term
Investments
1.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.7%
d
FHLB
,
4/01/24
.......................................
United
States
13,600,000
$
13,592,188
Total
U.S.
Government
and
Agency
Securities
(Cost
$
13,600,000
)
.................
13,592,188
Total
Short
Term
Investments
(Cost
$
13,600,000
)
................................
13,592,188
a
Total
Investments
(Cost
$
659,604,117
)
99.9
%
...................................
$808,314,958
Other
Assets,
less
Liabilities
0.1
%
.............................................
1,122,778
Net
Assets
100.0%
...........................................................
$809,437,736
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
March
31,
2024,
the
value
of
this
security
was
$15,425,329,
representing
1.9%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
March
31,
2024
Franklin
Mutual
Quest
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
79.0%
Air
Freight
&
Logistics
1.5%
United
Parcel
Service,
Inc.
,
B
............................
United
States
278,028
$
41,323,302
Automobile
Components
1.8%
Denso
Corp.
.........................................
Japan
1,567,059
30,009,820
Lear
Corp.
..........................................
United
States
127,356
18,451,337
48,461,157
Automobiles
1.0%
a,b
General
Motors
Co.
....................................
United
States
618,316
28,040,631
Banks
5.5%
BNP
Paribas
SA
......................................
France
535,343
38,111,922
Citizens
Financial
Group,
Inc.
............................
United
States
305,216
11,076,289
JPMorgan
Chase
&
Co.
.................................
United
States
109,468
21,926,440
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
234,961
37,969,698
Wells
Fargo
&
Co.
.....................................
United
States
717,023
41,558,653
150,643,002
Beverages
1.3%
Heineken
NV
........................................
Netherlands
371,365
35,800,762
Building
Products
1.2%
Johnson
Controls
International
plc
.........................
United
States
513,707
33,555,341
Chemicals
2.5%
Avient
Corp.
.........................................
United
States
878,789
38,139,443
c,d
Covestro
AG
,
144A
,
Reg
S
..............................
Germany
561,717
30,724,470
68,863,913
Communications
Equipment
1.5%
c,e,f,g
Inclusive
Language
Services
LLC,
Membership
Interests
,
B
......
United
States
106,532
41,197,041
Construction
&
Engineering
1.0%
c
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
601,929
27,989,699
Consumer
Staples
Distribution
&
Retail
1.3%
Seven
&
i
Holdings
Co.
Ltd.
..............................
Japan
2,319,525
33,806,900
Containers
&
Packaging
1.0%
International
Paper
Co.
.................................
United
States
699,139
27,280,404
Diversified
Telecommunication
Services
2.2%
Deutsche
Telekom
AG
..................................
Germany
1,583,366
38,433,649
c,e,f
Windstream
Holdings,
Inc.
...............................
United
States
1,714,983
21,395,684
59,829,333
Electric
Utilities
2.8%
Entergy
Corp.
........................................
United
States
350,047
36,992,967
PPL
Corp.
...........................................
United
States
1,400,550
38,557,141
75,550,108
Energy
Equipment
&
Services
3.1%
Baker
Hughes
Co.
,
A
...................................
United
States
1,165,588
39,047,198
Schlumberger
NV
.....................................
United
States
844,415
46,282,386
85,329,584
Entertainment
1.9%
Walt
Disney
Co.
(The)
..................................
United
States
424,385
51,927,749
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
2.9%
Global
Payments,
Inc.
..................................
United
States
372,987
$
49,853,442
Voya
Financial,
Inc.
....................................
United
States
385,750
28,514,640
78,368,082
Food
Products
1.1%
Danone
SA
..........................................
France
467,338
30,209,592
Health
Care
Equipment
&
Supplies
1.6%
Medtronic
plc
........................................
United
States
502,815
43,820,327
Health
Care
Providers
&
Services
6.5%
CVS
Health
Corp.
.....................................
United
States
775,927
61,887,937
Elevance
Health,
Inc.
..................................
United
States
117,113
60,727,775
Fresenius
SE
&
Co.
KGaA
...............................
Germany
718,432
19,372,925
b
Humana,
Inc.
........................................
United
States
99,536
34,511,122
176,499,759
Household
Products
1.7%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
785,084
44,750,201
Independent
Power
and
Renewable
Electricity
Producers
0.9%
AES
Corp.
(The)
......................................
United
States
1,419,466
25,451,025
Insurance
8.6%
ASR
Nederland
NV
....................................
Netherlands
832,528
40,800,108
Everest
Group
Ltd.
....................................
United
States
142,617
56,690,258
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
334,355
34,455,283
NN
Group
NV
........................................
Netherlands
585,318
27,020,000
Progressive
Corp.
(The)
................................
United
States
182,709
37,787,875
h
Prudential
plc
........................................
Hong
Kong
4,012,290
37,626,601
234,380,125
Media
1.7%
c
Charter
Communications,
Inc.
,
A
..........................
United
States
146,439
42,559,567
c
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
2,811,402
4,638,813
e,f
Tenerity,
Inc.
.........................................
United
States
1
38
47,198,418
Metals
&
Mining
2.9%
Rio
Tinto
plc
.........................................
Australia
599,412
37,894,763
United
States
Steel
Corp.
...............................
United
States
1,013,551
41,332,610
79,227,373
Oil,
Gas
&
Consumable
Fuels
3.8%
BP
plc
..............................................
United
Kingdom
7,833,669
49,140,076
Hess
Corp.
..........................................
United
States
95,708
14,608,869
Williams
Cos.,
Inc.
(The)
................................
United
States
981,679
38,256,031
102,004,976
Personal
Care
Products
2.4%
Haleon
plc
..........................................
United
States
7,698,666
32,260,855
Kenvue,
Inc.
.........................................
United
States
1,524,029
32,705,663
64,966,518
Pharmaceuticals
5.5%
GSK
plc
............................................
United
States
1,800,971
38,664,501
Merck
&
Co.,
Inc.
.....................................
United
States
294,336
38,837,635
Novartis
AG
,
ADR
.....................................
Switzerland
356,884
34,521,389
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)
Pharmaceuticals
(continued)
Roche
Holding
AG
....................................
United
States
147,580
$
37,682,074
149,705,599
Professional
Services
1.6%
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
687,482
44,253,216
Real
Estate
Management
&
Development
0.7%
Savills
plc
...........................................
United
Kingdom
1,380,703
18,575,223
Semiconductors
&
Semiconductor
Equipment
0.5%
Renesas
Electronics
Corp.
..............................
Japan
811,246
14,455,983
Software
0.6%
Oracle
Corp.
.........................................
United
States
127,336
15,994,675
Technology
Hardware,
Storage
&
Peripherals
0.5%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
241,372
14,468,832
Textiles,
Apparel
&
Luxury
Goods
1.8%
c
Capri
Holdings
Ltd.
....................................
United
States
597,351
27,060,001
Cie
Financiere
Richemont
SA
............................
Switzerland
138,386
21,069,109
48,129,110
Tobacco
2.5%
British
American
Tobacco
plc
.............................
United
Kingdom
2,207,491
66,994,460
Trading
Companies
&
Distributors
1.5%
c
AerCap
Holdings
NV
...................................
Ireland
469,533
40,807,113
Wireless
Telecommunication
Services
0.1%
c
Intelsat
SA
..........................................
Luxembourg
106,029
2,849,529
Total
Common
Stocks
(Cost
$
1,852,170,439
)
....................................
2,152,709,062
Warrants
Warrants
0.0%
†
Media
0.0%
†
c,e,f
Tenerity,
Inc.
,
4/10/24
..................................
United
States
48,380
390,430
Wireless
Telecommunication
Services
0.0%
†
c
Intelsat
Emergence
SA
,
2/17/27
..........................
Luxembourg
323,376
432,697
432,697
Total
Warrants
(Cost
$
8,327,945
)
..............................................
823,127
Principal
Amount
*
Convertible
Bonds
0.2%
Media
0.2%
DISH
Network
Corp.
,
Senior
Bond
,
3.375
%
,
8/15/26
..........................
United
States
3,420,000
2,146,050
Senior
Note
,
Zero
Cpn.,
12/15/25
.......................
United
States
3,975,000
2,921,625
5,067,675
Total
Convertible
Bonds
(Cost
$
4,400,210
)
.....................................
5,067,675
Corporate
Bonds
5.1%
Communications
Equipment
0.1%
d
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
5
%
,
3/15/27
.
United
States
5,000,000
1,943,700
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
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
REITs
0.5%
d
Uniti
Group
LP
/
Uniti
Fiber
Holdings,
Inc.
/
CSL
Capital
LLC
,
Senior
Note
,
144A,
6
%
,
1/15/30
..............................
United
States
2,000,000
$
1,493,268
d
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
,
Senior
Note
,
144A,
6.5
%
,
2/15/29
.......................
United
States
5,000,000
3,879,557
Senior
Secured
Note
,
144A,
10.5
%
,
2/15/28
...............
United
States
8,000,000
8,301,347
13,674,172
Media
2.0%
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.5
%
,
6/01/29
...........................................
United
States
13,500,000
11,176,870
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
11/15/24
.........................
United
States
35,000,000
33,563,933
Senior
Note
,
5.125
%
,
6/01/29
..........................
United
States
18,000,000
7,522,621
d
DISH
Network
Corp.
,
Senior
Secured
Note
,
144A,
11.75
%
,
11/15/27
United
States
2,000,000
2,043,822
54,307,246
Passenger
Airlines
0.0%
†
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
United
States
325,000
343,552
Pharmaceuticals
0.9%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
9.25
%
,
4/01/26
......................
United
States
5,459,000
5,137,520
Senior
Note
,
144A,
8.5
%
,
1/31/27
.......................
United
States
10,481,000
6,170,772
d
Bausch
Health
Cos.,
Inc.
,
Senior
Bond
,
144A,
7.25
%
,
5/30/29
....
United
States
30,000,000
13,015,229
24,323,521
Professional
Services
0.5%
d
CoreLogic,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
16,200,000
14,543,594
Specialty
Retail
1.1%
d
Michaels
Cos.,
Inc.
(The)
,
Senior
Note
,
144A,
7.875
%
,
5/01/29
...
United
States
28,000,000
21,033,412
d
Staples,
Inc.
,
Senior
Note
,
144A,
10.75
%
,
4/15/27
.............
United
States
10,226,000
9,729,622
30,763,034
Total
Corporate
Bonds
(Cost
$
147,102,107
)
.....................................
139,898,819
Senior
Floating
Rate
Interests
11.6%
Aerospace
&
Defense
0.5%
h
TransDigm,
Inc.
,
i
CME
Term
Loan
,
TBD,
8/24/28
..........................
United
States
8,000,000
8,036,280
j
Retired
CME
Term
Loan,
I
,
8.598
%
,
(
3-month
SOFR
+
3.25
%
),
8/24/28
...........................................
United
States
5,000,000
5,022,675
13,058,955
a
a
a
a
a
a
Commercial
Services
&
Supplies
2.3%
j
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A
,
10.173
%
,
(
3-month
SOFR
+
4.75
%
),
10/11/28
....................................
United
States
48,371,882
44,433,201
First
Lien,
Dollar
CME
Term
Loan,
B
,
10.423
%
,
(
3-month
SOFR
+
5
%
),
4/11/29
.......................................
United
States
19,899,749
18,393,637
62,826,838
a
a
a
a
a
a
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Communications
Equipment
5.0%
h
,j
CommScope,
Inc.
,
Initial
CME
Term
Loan
,
8.695
%
,
(
1-month
SOFR
+
3.25
%
),
4/06/26
...................................
United
States
9,973,890
$
9,076,240
e
,f
,g
,k
Sorenson
Communications
LLC
,
Term
Loan,
A
,
PIK,
10
%
,
4/01/30
........................
United
States
27,328,012
28,475,762
Term
Loan,
B
,
PIK,
8
%
,
4/01/30
.........................
United
States
108,658,668
97,657,683
135,209,685
a
a
a
a
a
a
Financial
Services
0.6%
j
Travelport
Finance
Luxembourg
SARL
,
CME
Term
Loan
,
13.61
%
,
(
3-month
SOFR
+
7
%
),
9/29/28
.........................
Luxembourg
17,625,715
16,504,367
Media
0.0%
†
j
,l
Loyalty
Ventures,
Inc.
,
Term
Loan,
B
,
13.25
%
,
(
PRIME
+
5.5
%
),
11/03/26
..........................................
United
States
26,135,994
326,700
Passenger
Airlines
0.8%
j
American
Airlines,
Inc.
,
Initial
CME
Term
Loan
,
8.775
%
,
(
6-month
SOFR
+
3.5
%
),
6/04/29
...............................
United
States
22,058,824
22,155,331
Pharmaceuticals
0.1%
j
Bausch
Health
Cos.,
Inc.
,
Second
Amendment
CME
Term
Loan
,
10.679
%
,
(
1-month
SOFR
+
5.25
%
),
2/01/27
...............
United
States
3,335,931
2,619,756
Professional
Services
0.3%
j
CoreLogic,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.945
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
7,661,069
7,509,648
Software
0.7%
j
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.963
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
46,841,437
20,259,156
Specialty
Retail
1.3%
j
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.821
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
39,770,017
35,784,067
Total
Senior
Floating
Rate
Interests
(Cost
$
367,126,026
)
.........................
316,254,503
Shares
a
Companies
in
Liquidation
0.0%
c,e,m
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
159,828
—
c,e,m
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
7,443,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
......................................
—
Total
Long
Term
Investments
(Cost
$
2,379,126,727
)
.............................
2,614,753,186
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%
n
FHLB
,
4/01/24
.......................................
United
States
87,800,000
87,749,564
n
U.S.
Treasury
Bills
,
4/02/24
...........................................
United
States
10,000,000
9,998,551
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
n
U.S.
Treasury
Bills,
(continued)
b
9/12/24
...........................................
United
States
10,000,000
$
9,767,804
19,766,355
Total
U.S.
Government
and
Agency
Securities
(Cost
$
107,565,487
)
................
107,515,919
Total
Short
Term
Investments
(Cost
$
107,565,487
)
...............................
107,515,919
a
Total
Investments
(Cost
$
2,486,692,214
)
99.9
%
..................................
$2,722,269,105
Options
Written
(
0.1
)
%
.......................................................
(2,226,310)
Other
Assets,
less
Liabilities
0.2
%
.............................................
6,302,042
Net
Assets
100.0%
...........................................................
$2,726,344,837
a
a
a
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.1)%
Calls
-
Exchange-Traded
Equity
Options
General
Motors
Co.
,
April
Strike
Price
$
40.00
,
Expires
4/19/24
...
1,000
4,535,000
(
555,000
)
(
555,000
)
Puts
-
Exchange-Traded
Equity
Options
Humana,
Inc.
,
April
Strike
Price
$
365.00
,
Expires
4/19/24
.......
249
8,633,328
(
483,060
)
United
States
Steel
Corp.
,
April
Strike
Price
$
44.00
,
Expires
4/19/24
1,500
6,117,000
(
585,750
)
United
States
Steel
Corp.
,
June
Strike
Price
$
45.00
,
Expires
6/21/24
1,000
4,078,000
(
602,500
)
(
1,671,310
)
Total
Options
Written
(Premiums
received
$
1,293,802
)
...........................
$
(
2,226,310
)
#
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
A
portion
or
all
of
the
security
is
held
in
connection
with
written
option
contracts
open
at
period
end.
b
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
open
forward
exchange
contracts
and
open
written
options
contracts.
At
March
31,
2024,
the
aggregate
value
of
these
securities
pledged
amounted
to
$13,650,835,
representing
0.5%
of
net
assets.
c
Non-income
producing.
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,
2024,
the
aggregate
value
of
these
securities
was
$129,536,735,
representing
4.8%
of
net
assets.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
f
See
Note
3
regarding
restricted
securities.
g
See
Note
4
regarding
holdings
of
5%
voting
securities.
h
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
i
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
Income
may
be
received
in
additional
securities
and/or
cash.
l
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
At
March
31,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
38
.
m
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.
n
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
92
$
12,444,725
6/17/24
$
178,958
Foreign
Exchange
GBP/USD
...................
Short
20
1,578,375
6/17/24
29,576
Total
Futures
Contracts
......................................................................
$208,534
*
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
Swiss
Franc
.......
BOFA
Buy
263,000
298,915
4/29/24
$
—
$
(
6,416
)
Swiss
Franc
.......
HSBK
Buy
2,581,347
2,957,310
4/29/24
—
(
86,431
)
Swiss
Franc
.......
UBSW
Buy
10,856,043
12,403,826
4/29/24
—
(
330,135
)
Swiss
Franc
.......
UBSW
Sell
2,880,000
3,337,787
4/29/24
134,757
—
Swiss
Franc
.......
WFLA
Sell
29,467,904
34,365,063
4/29/24
1,591,945
—
South
Korean
Won
..
HSBK
Sell
13,233,219,900
10,017,578
5/07/24
194,757
—
Japanese
Yen
......
BOFA
Sell
2,476,601,339
16,747,055
5/20/24
262,755
—
Japanese
Yen
......
WFLA
Sell
2,230,171,957
15,077,134
5/20/24
233,071
—
Euro
.............
BOFA
Sell
20,529,013
22,631,184
7/11/24
391,832
—
Euro
.............
HSBK
Buy
146,111
159,810
7/11/24
—
(
1,526
)
Euro
.............
WFLA
Sell
21,455,300
23,654,683
7/11/24
411,872
—
British
Pound
......
BOFA
Buy
20,781,000
26,517,886
7/18/24
—
(
275,662
)
British
Pound
......
BOFA
Sell
49,310,266
62,434,686
7/18/24
165,736
—
British
Pound
......
UBSW
Buy
12,507,408
15,955,963
7/18/24
—
(
161,622
)
Total
Forward
Exchange
Contracts
...................................................
$3,386,725
$(861,792)
Net
unrealized
appreciation
(depreciation)
............................................
$2,524,933
*
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,
2024
Franklin
Mutual
Shares
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.1%
Air
Freight
&
Logistics
2.2%
United
Parcel
Service,
Inc.
,
B
............................
United
States
1,089,553
$
161,940,262
Automobiles
2.3%
General
Motors
Co.
....................................
United
States
3,738,878
169,558,117
Banks
7.4%
Bank
of
America
Corp.
.................................
United
States
4,584,587
173,847,539
JPMorgan
Chase
&
Co.
.................................
United
States
1,395,696
279,557,909
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
574,727
92,875,883
546,281,331
Building
Products
2.3%
Johnson
Controls
International
plc
.........................
United
States
2,614,288
170,765,292
Capital
Markets
1.6%
BlackRock,
Inc.
.......................................
United
States
145,262
121,104,929
Construction
&
Engineering
1.7%
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
2,662,735
123,817,178
Consumer
Finance
2.0%
Capital
One
Financial
Corp.
.............................
United
States
996,895
148,427,697
Containers
&
Packaging
1.7%
International
Paper
Co.
.................................
United
States
3,140,412
122,538,876
Diversified
Telecommunication
Services
0.4%
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
2,243,497
27,989,288
Electric
Utilities
1.2%
PPL
Corp.
...........................................
United
States
3,209,524
88,358,196
Electronic
Equipment,
Instruments
&
Components
1.3%
a
Flex
Ltd.
............................................
United
States
3,465,505
99,148,098
Energy
Equipment
&
Services
2.0%
Schlumberger
NV
.....................................
United
States
2,667,507
146,206,059
Entertainment
2.2%
Walt
Disney
Co.
(The)
..................................
United
States
1,309,507
160,231,277
Financial
Services
6.1%
a
Fiserv,
Inc.
..........................................
United
States
980,095
156,638,783
Global
Payments,
Inc.
..................................
United
States
1,223,384
163,517,505
Voya
Financial,
Inc.
....................................
United
States
1,806,668
133,548,899
453,705,187
Food
Products
2.3%
Kraft
Heinz
Co.
(The)
..................................
United
States
4,695,705
173,271,514
Health
Care
Equipment
&
Supplies
4.1%
Baxter
International,
Inc.
................................
United
States
2,993,103
127,925,222
Medtronic
plc
........................................
United
States
2,027,126
176,664,031
304,589,253
Health
Care
Providers
&
Services
5.8%
CVS
Health
Corp.
.....................................
United
States
2,349,309
187,380,886
Elevance
Health,
Inc.
..................................
United
States
241,970
125,471,123
Humana,
Inc.
........................................
United
States
330,522
114,598,588
427,450,597
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
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
(continued)
Household
Durables
1.8%
DR
Horton,
Inc.
.......................................
United
States
825,737
$
135,875,023
Insurance
3.6%
Everest
Group
Ltd.
....................................
United
States
356,787
141,822,833
Progressive
Corp.
(The)
................................
United
States
591,849
122,406,210
264,229,043
Machinery
2.9%
Dover
Corp.
.........................................
United
States
675,734
119,733,307
Parker-Hannifin
Corp.
..................................
United
States
168,282
93,529,453
213,262,760
Media
3.1%
a
Charter
Communications,
Inc.
,
A
..........................
United
States
377,249
109,639,877
Comcast
Corp.
,
A
.....................................
United
States
2,838,462
123,047,328
232,687,205
Metals
&
Mining
1.9%
Rio
Tinto
plc
.........................................
Australia
1,363,549
86,203,424
United
States
Steel
Corp.
...............................
United
States
1,407,194
57,385,372
143,588,796
Oil,
Gas
&
Consumable
Fuels
6.7%
BP
plc
..............................................
United
Kingdom
22,392,227
140,464,927
Chevron
Corp.
.......................................
United
States
1,099,607
173,452,008
Hess
Corp.
..........................................
United
States
247,708
37,810,149
Williams
Cos.,
Inc.
(The)
................................
United
States
3,798,037
148,009,502
499,736,586
Personal
Care
Products
1.8%
Kenvue,
Inc.
.........................................
United
States
6,289,375
134,969,988
Pharmaceuticals
6.4%
GSK
plc
............................................
United
States
7,485,745
160,709,192
Merck
&
Co.,
Inc.
.....................................
United
States
1,139,028
150,294,745
Novartis
AG
,
ADR
.....................................
Switzerland
1,712,830
165,682,046
476,685,983
Professional
Services
3.2%
KBR,
Inc.
...........................................
United
States
1,576,948
100,388,510
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
2,098,415
135,074,973
235,463,483
Real
Estate
Management
&
Development
2.0%
a
CBRE
Group,
Inc.
,
A
...................................
United
States
1,511,015
146,931,099
Retail
REITs
2.1%
Brixmor
Property
Group,
Inc.
.............................
United
States
6,802,750
159,524,487
Software
3.3%
Gen
Digital,
Inc.
......................................
United
States
4,315,082
96,657,837
Oracle
Corp.
.........................................
United
States
1,168,576
146,784,831
243,442,668
Specialized
REITs
1.0%
American
Tower
Corp.
..................................
United
States
374,992
74,094,669
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)
Textiles,
Apparel
&
Luxury
Goods
1.4%
Tapestry,
Inc.
........................................
United
States
2,258,027
$
107,211,122
Tobacco
1.7%
British
American
Tobacco
plc
.............................
United
Kingdom
4,117,617
124,964,281
Trading
Companies
&
Distributors
3.4%
a
AerCap
Holdings
NV
...................................
Ireland
1,397,931
121,494,183
Ferguson
plc
.........................................
United
States
606,859
132,556,212
254,050,395
Wireless
Telecommunication
Services
1.2%
T-Mobile
US,
Inc.
.....................................
United
States
556,611
90,850,047
Total
Common
Stocks
(Cost
$
5,088,540,755
)
....................................
6,982,950,786
Principal
Amount
*
Corporate
Bonds
0.9%
Media
0.3%
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
11/15/24
..............
United
States
22,418,000
21,498,178
Passenger
Airlines
0.0%
†
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
5/15/29
United
States
436,000
460,888
Pharmaceuticals
0.1%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note
,
144A,
8.5
%
,
1/31/27
..
United
States
12,778,000
7,523,149
Professional
Services
0.1%
d
CoreLogic,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
5/01/28
......
United
States
9,805,000
8,802,465
Specialty
Retail
0.4%
d
Staples,
Inc.
,
Senior
Note
,
144A,
10.75
%
,
4/15/27
.............
United
States
26,551,000
25,262,193
Total
Corporate
Bonds
(Cost
$
67,843,771
)
......................................
63,546,873
Senior
Floating
Rate
Interests
2.6%
Commercial
Services
&
Supplies
0.9%
e
Neptune
BidCo
US,
Inc.
,
First
Lien,
CME
Term
Loan,
A
,
10.173
%
,
(
3-month
SOFR
+
4.75
%
),
10/11/28
....................................
United
States
37,996,026
34,902,200
First
Lien,
Dollar
CME
Term
Loan,
B
,
10.423
%
,
(
3-month
SOFR
+
5
%
),
4/11/29
.......................................
United
States
35,094,331
32,438,217
67,340,417
a
a
a
a
a
a
Passenger
Airlines
0.4%
e
American
Airlines,
Inc.
,
Initial
CME
Term
Loan
,
8.775
%
,
(
6-month
SOFR
+
3.5
%
),
6/04/29
...............................
United
States
29,595,000
29,724,478
Professional
Services
0.4%
e
CoreLogic,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.945
%
,
(
1-month
SOFR
+
3.5
%
),
6/02/28
...............................
United
States
31,166,526
30,550,520
Software
0.2%
e
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.963
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
40,126,436
17,354,884
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
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Specialty
Retail
0.7%
e
,f
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.821
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
55,313,871
$
49,770,038
Total
Senior
Floating
Rate
Interests
(Cost
$
211,021,722
)
.........................
194,740,337
Shares
a
Companies
in
Liquidation
0.0%
a,b,g
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
555,154
—
a,b,g
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
20,046,000
—
Total
Companies
in
Liquidation
(Cost
$
–
)
......................................
—
Total
Long
Term
Investments
(Cost
$
5,367,406,248
)
.............................
7,241,237,996
a
Short
Term
Investments
2.1%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.1%
h
FHLB
,
4/01/24
.......................................
United
States
148,000,000
147,914,983
h
U.S.
Treasury
Bills
,
4/02/24
...........................................
United
States
5,000,000
4,999,275
9/12/24
...........................................
United
States
5,000,000
4,883,902
9,883,177
Total
U.S.
Government
and
Agency
Securities
(Cost
$
157,882,744
)
................
157,798,160
Total
Short
Term
Investments
(Cost
$
157,882,744
)
...............................
157,798,160
a
Total
Investments
(Cost
$
5,525,288,992
)
99.7
%
..................................
$7,399,036,156
Other
Assets,
less
Liabilities
0.3
%
.............................................
17,467,242
Net
Assets
100.0%
...........................................................
$7,416,503,398
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
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,
2024,
the
aggregate
value
of
these
securities
was
$42,048,695,
representing
0.6%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
h
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
At
March
31,
2024,
the
Fund
had
the
following futures
contracts
outstanding.
At
March
31,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
38
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
GBP/USD
...................
Short
299
$
23,596,706
6/17/24
$
442,155
Total
Futures
Contracts
......................................................................
$442,155
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
British
Pound
......
BOFA
Sell
19,038,107
24,105,290
7/18/24
$
63,989
$
—
Total
Forward
Exchange
Contracts
...................................................
$63,989
$—
Net
unrealized
appreciation
(depreciation)
............................................
$63,989
*
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)
28
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, six
of
which
are
included
in
this
report
(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
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
exchange
traded
funds,
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.
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
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. 
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
29
Quarterly
Schedules
of
Investments
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,
2024,
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,
2024,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Quest
Fund
106,532
Inclusive
Language
Services
LLC,
Membership
Interests,
B
...............................
4/30/14
$
—
$
41,197,041
27,328,012
Sorenson
Communications
LLC,
Term
Loan,
A,
PIK,
10%,
4/01/30
.............................
4/01/22
-
12/31/23
27,241,350
28,475,762
108,658,668
Sorenson
Communications
LLC,
Term
Loan,
B,
PIK,
8%,
4/01/30
..................................
4/01/22
-
12/31/23
106,618,701
97,657,683
1
Tenerity,
Inc.
...............................
1/31/22
204
38
48,380
Tenerity,
Inc.,
4/10/24
.........................
5/11/17
6,590,959
390,430
1,714,983
Windstream
Holdings,
Inc.
.....................
9/21/20
-
6/09/23
14,021,182
21,395,684
Total
Restricted
Securities
(Value
is
6.9%
of
Net
Assets)
..............
$154,472,396
$189,116,638
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
Fund
2,243,497
Windstream
Holdings,
Inc.
.....................
9/21/20
-
6/09/23
$
18,342,152
$
27,989,288
Total
Restricted
Securities
(Value
is
0.4%
of
Net
Assets)
..............
$18,342,152
$27,989,288
*
In
U.S.
dollars
unless
otherwise
indicated.
2. Financial
Instrument
Valuation
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
30
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,
2024,
investments
in
“affiliated
companies”
were
as
follows: 
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
Held
at
End
of
Period
Investment
Income
Franklin
Mutual
Financial
Services
Fund
Non-Controlled
Affiliates
Dividends
AB&T
Financial
Corp
...
$
113,615
$
—
$
—
$
—
$
43,751
$
157,366
226,100
$
—
Total
Affiliated
Securities
(Value
is
0.0%
*
of
Net
Assets)
............
$113,615
$—
$—
$—
$43,751
$157,366
$—
Franklin
Mutual
Quest
Fund
Non-Controlled
Affiliates
Dividends
Inclusive
Language
Services
LLC,
Membership
Interests,
B
..........
25,234,214
—
—
—
15,962,827
41,197,041
106,532
—
Wayne
Services
Legacy,
Inc.
...............
93,178
—
(268,664)
268,664
(93,178)
—
a
—
—
Interest
Sorenson
Communications
LLC,
Term
Loan,
A,
PIK,
10%,
4/01/30
........
28,538,278
—
—
—
(62,516)
28,475,762
27,328,012
754,446
Sorenson
Communications
LLC,
Term
Loan,
B,
PIK,
8%,
4/01/30
.........
96,971,368
—
—
—
686,315
97,657,683
108,658,668
1,757,480
Total
Affiliated
Securities
(Value
is
6.1%
of
Net
Assets)
............
$150,837,038
$—
$(268,664)
$268,664
$16,493,448
$167,330,486
$2,511,926
Franklin
Mutual
Shares
Fund
Non-Controlled
Affiliates
Dividends
International
Automotive
Components
Group
Brazil
LLC
...............
213,449
—
(150,618)
(4,654,060)
4,591,229
—
a
—
—
Wayne
Services
Legacy,
Inc.
...............
97,962
—
(282,458)
282,458
(97,962)
—
a
—
—
Total
Affiliated
Securities
(Value
is
—%
of
Net
Assets)
............
$311,411
$—
$(433,076)
$(4,371,602)
$4,493,267
$—
$—
*
Rounds
to
less
than
0.1%
of
net
assets.
a
As
of
March
31,
2024,
no
longer
held
by
the
fund.
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
31
Quarterly
Schedules
of
Investments
5. 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,
2024,
in
valuing
the
Funds’
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Beacon
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
106,647,506
$
—
$
106,647,506
Air
Freight
&
Logistics
...................
95,550,362
—
—
95,550,362
Automobiles
..........................
58,966,247
—
—
58,966,247
Banks
...............................
134,558,736
187,640,378
—
322,199,114
Beverages
...........................
—
110,355,888
—
110,355,888
Building
Products
......................
115,947,638
—
—
115,947,638
Capital
Markets
........................
100,362,473
—
—
100,362,473
Consumer
Staples
Distribution
&
Retail
......
—
85,264,746
—
85,264,746
Diversified
Telecommunication
Services
.....
—
83,418,732
—
83,418,732
Energy
Equipment
&
Services
.............
74,245,407
—
—
74,245,407
Entertainment
.........................
132,145,619
—
—
132,145,619
Financial
Services
......................
102,943,061
—
—
102,943,061
Health
Care
Equipment
&
Supplies
.........
127,129,539
—
—
127,129,539
Health
Care
Providers
&
Services
..........
82,179,775
—
—
82,179,775
Household
Products
....................
—
99,197,730
—
99,197,730
Insurance
............................
194,384,994
—
—
194,384,994
Machinery
............................
105,200,487
—
—
105,200,487
Media
...............................
61,424,941
—
—
61,424,941
Metals
&
Mining
.......................
—
57,925,292
—
57,925,292
Oil,
Gas
&
Consumable
Fuels
.............
63,292,544
119,073,454
—
182,365,998
Personal
Care
Products
.................
—
108,054,677
—
108,054,677
Pharmaceuticals
.......................
200,565,684
197,167,266
—
397,732,950
Retail
REITs
..........................
65,844,903
—
—
65,844,903
Software
.............................
71,102,349
—
—
71,102,349
Technology
Hardware,
Storage
&
Peripherals
.
—
116,673,253
—
116,673,253
Textiles,
Apparel
&
Luxury
Goods
..........
—
93,697,596
—
93,697,596
Trading
Companies
&
Distributors
..........
128,984,007
—
—
128,984,007
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
24,485,926
—
24,485,926
Total
Investments
in
Securities
...........
$1,914,828,766
$1,389,602,444
b
$—
$3,304,431,210
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
32
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Financial
Services
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Banks
...............................
$
76,705,815
$
69,448,187
$
—
$
146,154,002
Capital
Markets
........................
13,810,240
13,475,989
—
27,286,229
Consumer
Finance
.....................
14,264,258
—
—
14,264,258
Financial
Services
......................
38,783,524
—
—
38,783,524
Insurance
............................
59,665,843
38,222,122
—
97,887,965
Professional
Services
...................
6,673,367
—
—
6,673,367
Real
Estate
Management
&
Development
....
8,567,497
—
—
8,567,497
Trading
Companies
&
Distributors
..........
12,168,964
—
—
12,168,964
Short
Term
Investments
...................
—
31,977,597
—
31,977,597
Total
Investments
in
Securities
...........
$230,639,508
$153,123,895
c
$—
$383,763,403
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$712,571
$—
$712,571
Futures
contracts
........................
184,966
—
—
184,966
Total
Other
Financial
Instruments
.........
$184,966
$712,571
$—
$897,537
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
42,551
$
—
$
42,551
Total
Other
Financial
Instruments
.........
$—
$42,551
$—
$42,551
Franklin
Mutual
Global
Discovery
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
149,964,875
—
149,964,875
Air
Freight
&
Logistics
...................
188,093,346
—
—
188,093,346
Automobile
Components
.................
—
167,082,584
—
167,082,584
Automobiles
..........................
193,617,562
—
—
193,617,562
Banks
...............................
267,977,882
363,610,510
—
631,588,392
Building
Products
......................
192,051,447
—
—
192,051,447
Capital
Markets
........................
154,181,143
—
—
154,181,143
Chemicals
...........................
—
145,577,620
—
145,577,620
Consumer
Finance
.....................
168,967,668
—
—
168,967,668
Consumer
Staples
Distribution
&
Retail
......
—
193,665,232
—
193,665,232
Diversified
Telecommunication
Services
.....
—
197,449,501
—
197,449,501
Electrical
Equipment
....................
—
161,357,144
—
161,357,144
Energy
Equipment
&
Services
.............
179,858,083
—
—
179,858,083
Entertainment
.........................
189,084,132
—
—
189,084,132
Financial
Services
......................
520,210,107
—
—
520,210,107
Food
Products
........................
176,986,717
141,731,517
—
318,718,234
Health
Care
Equipment
&
Supplies
.........
204,436,819
—
—
204,436,819
Health
Care
Providers
&
Services
..........
547,255,768
129,366,571
—
676,622,339
Household
Durables
....................
141,510,532
—
—
141,510,532
Household
Products
....................
—
141,072,938
—
141,072,938
Industrial
Conglomerates
................
—
159,699,981
—
159,699,981
Insurance
............................
196,699,298
274,261,988
—
470,961,286
Interactive
Media
&
Services
..............
—
147,500,290
—
147,500,290
IT
Services
...........................
—
123,943,670
—
123,943,670
Media
...............................
171,147,938
—
—
171,147,938
Metals
&
Mining
.......................
—
132,478,364
—
132,478,364
Oil,
Gas
&
Consumable
Fuels
.............
212,739,669
419,422,312
—
632,161,981
Personal
Care
Products
.................
150,934,790
168,307,377
—
319,242,167
Pharmaceuticals
.......................
335,936,036
328,529,205
—
664,465,241
5. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
33
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Real
Estate
Management
&
Development
....
$
162,237,841
$
—
$
—
$
162,237,841
Semiconductors
&
Semiconductor
Equipment
.
—
124,241,829
—
124,241,829
Technology
Hardware,
Storage
&
Peripherals
.
—
182,417,504
—
182,417,504
Textiles,
Apparel
&
Luxury
Goods
..........
67,002,641
145,753,761
—
212,756,402
Tobacco
.............................
—
154,552,767
—
154,552,767
Trading
Companies
&
Distributors
..........
319,986,065
—
—
319,986,065
Corporate
Bonds
........................
—
81,479,687
—
81,479,687
Senior
Floating
Rate
Interests
...............
—
173,128,422
—
173,128,422
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
206,681,235
—
206,681,235
Total
Investments
in
Securities
...........
$4,740,915,484
$4,613,276,884
d
$—
$9,354,192,368
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$11,735,339
$—
$11,735,339
Futures
contracts
........................
4,281,813
—
—
4,281,813
Total
Other
Financial
Instruments
.........
$4,281,813
$11,735,339
$—
$16,017,152
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
—
77,687
—
77,687
Total
Other
Financial
Instruments
.........
$—
$77,687
$—
$77,687
Franklin
Mutual
International
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
28,106,453
—
28,106,453
Automobile
Components
.................
—
31,488,354
—
31,488,354
Banks
...............................
—
103,899,511
—
103,899,511
Beverages
...........................
—
28,104,253
—
28,104,253
Capital
Markets
........................
—
23,802,230
—
23,802,230
Chemicals
...........................
—
21,851,574
—
21,851,574
Consumer
Staples
Distribution
&
Retail
......
—
25,688,347
—
25,688,347
Diversified
Telecommunication
Services
.....
7,938,681
49,755,746
—
57,694,427
Electrical
Equipment
....................
—
13,060,238
—
13,060,238
Electronic
Equipment,
Instruments
&
Components
..........................
—
14,738,362
—
14,738,362
Energy
Equipment
&
Services
.............
18,016,376
—
—
18,016,376
Food
Products
........................
—
8,702,409
—
8,702,409
Health
Care
Equipment
&
Supplies
.........
—
20,233,135
—
20,233,135
Household
Durables
....................
—
13,596,595
—
13,596,595
Household
Products
....................
—
13,744,765
—
13,744,765
Industrial
Conglomerates
................
—
19,728,035
—
19,728,035
Insurance
............................
—
49,557,183
—
49,557,183
Interactive
Media
&
Services
..............
—
14,847,424
—
14,847,424
IT
Services
...........................
—
13,155,055
—
13,155,055
Metals
&
Mining
.......................
—
36,990,263
—
36,990,263
Multi-Utilities
..........................
—
15,792,283
—
15,792,283
Oil,
Gas
&
Consumable
Fuels
.............
—
63,218,795
—
63,218,795
Personal
Care
Products
.................
—
15,935,165
—
15,935,165
Pharmaceuticals
.......................
—
64,697,384
—
64,697,384
Semiconductors
&
Semiconductor
Equipment
.
—
14,911,788
—
14,911,788
Technology
Hardware,
Storage
&
Peripherals
.
—
25,070,668
—
25,070,668
Textiles,
Apparel
&
Luxury
Goods
..........
—
18,323,149
—
18,323,149
5. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
34
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
International
Value
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Trading
Companies
&
Distributors
..........
$
19,768,549
$
—
$
—
$
19,768,549
Short
Term
Investments
...................
—
13,592,188
—
13,592,188
Total
Investments
in
Securities
...........
$45,723,606
$762,591,352
e
$—
$808,314,958
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
41,323,302
—
—
41,323,302
Automobile
Components
.................
18,451,337
30,009,820
—
48,461,157
Automobiles
..........................
28,040,631
—
—
28,040,631
Banks
...............................
112,531,080
38,111,922
—
150,643,002
Beverages
...........................
—
35,800,762
—
35,800,762
Building
Products
......................
33,555,341
—
—
33,555,341
Chemicals
...........................
38,139,443
30,724,470
—
68,863,913
Communications
Equipment
..............
—
—
41,197,041
41,197,041
Construction
&
Engineering
...............
27,989,699
—
—
27,989,699
Consumer
Staples
Distribution
&
Retail
......
—
33,806,900
—
33,806,900
Containers
&
Packaging
.................
27,280,404
—
—
27,280,404
Diversified
Telecommunication
Services
.....
—
38,433,649
21,395,684
59,829,333
Electric
Utilities
........................
75,550,108
—
—
75,550,108
Energy
Equipment
&
Services
.............
85,329,584
—
—
85,329,584
Entertainment
.........................
51,927,749
—
—
51,927,749
Financial
Services
......................
78,368,082
—
—
78,368,082
Food
Products
........................
—
30,209,592
—
30,209,592
Health
Care
Equipment
&
Supplies
.........
43,820,327
—
—
43,820,327
Health
Care
Providers
&
Services
..........
157,126,834
19,372,925
—
176,499,759
Household
Products
....................
—
44,750,201
—
44,750,201
Independent
Power
and
Renewable
Electricity
Producers
............................
25,451,025
—
—
25,451,025
Insurance
............................
128,933,416
105,446,709
—
234,380,125
Media
...............................
47,198,380
—
38
47,198,418
Metals
&
Mining
.......................
41,332,610
37,894,763
—
79,227,373
Oil,
Gas
&
Consumable
Fuels
.............
52,864,900
49,140,076
—
102,004,976
Personal
Care
Products
.................
32,705,663
32,260,855
—
64,966,518
Pharmaceuticals
.......................
73,359,024
76,346,575
—
149,705,599
Professional
Services
...................
44,253,216
—
—
44,253,216
Real
Estate
Management
&
Development
....
18,575,223
—
—
18,575,223
Semiconductors
&
Semiconductor
Equipment
.
—
14,455,983
—
14,455,983
Software
.............................
15,994,675
—
—
15,994,675
Technology
Hardware,
Storage
&
Peripherals
.
—
14,468,832
—
14,468,832
Textiles,
Apparel
&
Luxury
Goods
..........
27,060,001
21,069,109
—
48,129,110
Tobacco
.............................
—
66,994,460
—
66,994,460
Trading
Companies
&
Distributors
..........
40,807,113
—
—
40,807,113
Wireless
Telecommunication
Services
.......
2,849,529
—
—
2,849,529
Warrants
:
Media
...............................
—
—
390,430
390,430
Wireless
Telecommunication
Services
.......
432,697
—
—
432,697
Convertible
Bonds
.......................
—
5,067,675
—
5,067,675
Corporate
Bonds
........................
—
139,898,819
—
139,898,819
Senior
Floating
Rate
Interests
...............
—
190,121,058
126,133,445
316,254,503
Companies
in
Liquidation
..................
—
—
—
a
—
5. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
35
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Quest
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Short
Term
Investments
...................
$
—
$
107,515,919
$
—
$
107,515,919
Total
Investments
in
Securities
...........
$1,371,251,393
$1,161,901,074
f
$189,116,638
$2,722,269,105
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$3,386,725
$—
$3,386,725
Futures
contracts
........................
208,534
—
—
208,534
Total
Other
Financial
Instruments
.........
$208,534
$3,386,725
$—
$3,595,259
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
—
861,792
—
861,792
Options
written
..........................
$
2,226,310
$
—
$
—
$
2,226,310
Total
Other
Financial
Instruments
.........
$2,226,310
$861,792
$—
$3,088,102
Franklin
Mutual
Shares
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Air
Freight
&
Logistics
...................
161,940,262
—
—
161,940,262
Automobiles
..........................
169,558,117
—
—
169,558,117
Banks
...............................
546,281,331
—
—
546,281,331
Building
Products
......................
170,765,292
—
—
170,765,292
Capital
Markets
........................
121,104,929
—
—
121,104,929
Construction
&
Engineering
...............
123,817,178
—
—
123,817,178
Consumer
Finance
.....................
148,427,697
—
—
148,427,697
Containers
&
Packaging
.................
122,538,876
—
—
122,538,876
Diversified
Telecommunication
Services
.....
—
—
27,989,288
27,989,288
Electric
Utilities
........................
88,358,196
—
—
88,358,196
Electronic
Equipment,
Instruments
&
Components
..........................
99,148,098
—
—
99,148,098
Energy
Equipment
&
Services
.............
146,206,059
—
—
146,206,059
Entertainment
.........................
160,231,277
—
—
160,231,277
Financial
Services
......................
453,705,187
—
—
453,705,187
Food
Products
........................
173,271,514
—
—
173,271,514
Health
Care
Equipment
&
Supplies
.........
304,589,253
—
—
304,589,253
Health
Care
Providers
&
Services
..........
427,450,597
—
—
427,450,597
Household
Durables
....................
135,875,023
—
—
135,875,023
Insurance
............................
264,229,043
—
—
264,229,043
Machinery
............................
213,262,760
—
—
213,262,760
Media
...............................
232,687,205
—
—
232,687,205
Metals
&
Mining
.......................
57,385,372
86,203,424
—
143,588,796
Oil,
Gas
&
Consumable
Fuels
.............
359,271,659
140,464,927
—
499,736,586
Personal
Care
Products
.................
134,969,988
—
—
134,969,988
Pharmaceuticals
.......................
315,976,791
160,709,192
—
476,685,983
Professional
Services
...................
235,463,483
—
—
235,463,483
Real
Estate
Management
&
Development
....
146,931,099
—
—
146,931,099
Retail
REITs
..........................
159,524,487
—
—
159,524,487
Software
.............................
243,442,668
—
—
243,442,668
Specialized
REITs
......................
74,094,669
—
—
74,094,669
Textiles,
Apparel
&
Luxury
Goods
..........
107,211,122
—
—
107,211,122
Tobacco
.............................
—
124,964,281
—
124,964,281
Trading
Companies
&
Distributors
..........
254,050,395
—
—
254,050,395
5. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
36
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,
2024,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Wireless
Telecommunication
Services
.......
$
90,850,047
$
—
$
—
$
90,850,047
Corporate
Bonds
........................
—
63,546,873
—
63,546,873
Senior
Floating
Rate
Interests
...............
—
194,740,337
—
194,740,337
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
157,798,160
—
157,798,160
Total
Investments
in
Securities
...........
$6,442,619,674
$928,427,194
g
$27,989,288
$7,399,036,156
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$63,989
$—
$63,989
Futures
contracts
........................
442,155
—
—
442,155
Total
Other
Financial
Instruments
.........
$442,155
$63,989
$—
$506,144
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$1,365,116,518,
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
$120,988,932,
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
$4,151,987,540,
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
$748,999,164,
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
$719,297,603,
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
$512,341,824,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
Sales
a
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Automobile
Components
$
75,183
$
—
$
(53,054)
$
—
$
—
$
—
$
(1,639,280)
$
1,617,151
$
—
$
—
Communications
Equipment
.......
25,234,214
—
—
—
—
—
—
15,962,827
41,197,041
15,962,827
Diversified
Telecommunication
Services
........
21,666,778
—
—
—
—
—
—
(271,094)
21,395,684
(271,094)
Media
...........
34
—
—
—
—
—
—
4
38
4
Specialty
Retail
.....
93,178
—
(268,664)
—
—
—
268,664
(93,178)
—
—
Warrants
:
Media
...........
309,776
—
—
—
—
—
—
80,654
390,430
80,654
5. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
37
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,
2024,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
Sales
a
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Mutual
Quest
Fund
(continued)
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests
:
Communications
Equipment
.......
$
125,509,646
$
—
$
—
$
—
$
—
$
—
$
—
$
623,799
$
126,133,445
$
623,799
Companies
in
Liquidation
:
—
b
—
—
—
—
—
—
—
—
b
—
Total
Investments
in
Securities
............
$172,888,809
$—
$(321,718)
$—
$—
$—
$(1,370,616)
$17,920,163
$189,116,638
$16,396,190
a
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
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:
Common
Stocks:
Communications
Equipment.
.
.
.
.
.
.
.
$41,197,041
Market
comparables
Discount
for
lack
of
marketability
7.9%
Decrease
EV/EBITDA
multiple
7.5x
Increase
EV/revenue
multiple
2.0x
Increase
Diversified
Telecommunication
Services
21,395,684
Market
comparables
Discount
for
lack
of
marketability
10.0%
Decrease
EV/EBITDA
multiple
4.2x
Increase
Senior
Floating
Rate
Interests:
Communications
Equipment
.
.
.
.
.
.
126,133,445
Discounted
cash
flow
Discount
rate
9.5%
-
10.0%
(9.9%)
Decrease
All
Other
Investments
.
.
.
.
.
.
.
.
.
390,468
c,d
Total
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
$189,116,638
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.
5. Fair
Value
Measurements 
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
38
Quarterly
Schedules
of
Investments
Abbreviations
Abbreviations
List
EBITDA
-
Earnings
before
interest,
taxes,
depreciation
and
amortization
EV
-
Enterprise
value
Counterparty
BOFA
Bank
of
America
Corp.
HSBK
HSBC
Bank
plc
UBSW
UBS
AG
WFLA
Wells
Fargo
Bank
NA
Cu
r
rency
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FHLB
Federal
Home
Loan
Banks
FRN
Floating
Rate
Note
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
TBD
To
Be
Determined
5. 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.