Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
MS-Q3PH
1
Schedules
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
2
Franklin
Mutual
European
Fund
5
Franklin
Mutual
Financial
Services
Fund
9
Franklin
Mutual
Global
Discovery
Fund
12
Franklin
Mutual
Quest
Fund
17
Franklin
Mutual
Shares
Fund
26
Notes
to
Schedules
of
Investments
32
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Mutual
Beacon
Fund
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
98.0%
Aerospace
&
Defense
2.7%
Airbus
SE
...........................................
France
834,317
$
71,922,107
Auto
Components
0.0%
†
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
2,846,329
93,889
Banks
9.1%
BNP
Paribas
SA
......................................
France
1,462,268
61,768,266
ING
Groep
NV
.......................................
Netherlands
6,618,893
56,716,393
JPMorgan
Chase
&
Co.
.................................
United
States
1,143,718
119,518,530
238,003,189
Beverages
3.2%
Heineken
NV
........................................
Netherlands
971,497
84,846,204
Building
Products
3.4%
Johnson
Controls
International
plc
.........................
United
States
1,806,353
88,908,695
Capital
Markets
3.8%
BlackRock,
Inc.
.......................................
United
States
180,408
99,274,914
Construction
Materials
2.2%
HeidelbergCement
AG
.................................
Germany
1,440,026
56,889,920
Containers
&
Packaging
2.0%
International
Paper
Co.
.................................
United
States
1,637,421
51,906,246
Diversified
Telecommunication
Services
3.5%
Deutsche
Telekom
AG
..................................
Germany
5,479,106
93,268,310
Electrical
Equipment
3.8%
Sensata
Technologies
Holding
plc
.........................
United
States
2,692,837
100,388,963
Entertainment
2.3%
Activision
Blizzard,
Inc.
.................................
United
States
806,292
59,939,747
Equity
Real
Estate
Investment
Trusts
(REITs)
2.3%
Brixmor
Property
Group,
Inc.
.............................
United
States
3,346,499
61,809,836
Food
Products
2.2%
Kraft
Heinz
Co.
(The)
..................................
United
States
1,717,399
57,275,257
Health
Care
Equipment
&
Supplies
4.5%
Medtronic
plc
........................................
United
States
1,470,124
118,712,513
Health
Care
Providers
&
Services
2.3%
Elevance
Health,
Inc.
..................................
United
States
135,714
61,646,727
Household
Products
3.0%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
1,209,373
80,155,464
Insurance
3.5%
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
1,472,455
91,203,863
Interactive
Media
&
Services
2.3%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
447,198
60,675,825
IT
Services
4.0%
Global
Payments,
Inc.
..................................
United
States
966,489
104,429,136
Media
3.0%
b
Charter
Communications,
Inc.,
A
..........................
United
States
260,849
79,128,544
Oil,
Gas
&
Consumable
Fuels
4.0%
BP
plc
..............................................
United
Kingdom
21,871,615
104,506,442
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Personal
Products
3.8%
b
Haleon
plc
..........................................
United
Kingdom
31,950,053
$
99,614,711
Pharmaceuticals
16.2%
b
Elanco
Animal
Health,
Inc.
...............................
United
States
5,252,223
65,180,088
Eli
Lilly
&
Co.
........................................
United
States
244,061
78,917,124
GSK
plc
............................................
United
States
5,771,401
83,350,927
Merck
&
Co.,
Inc.
.....................................
United
States
1,002,201
86,309,550
Novartis
AG,
ADR
.....................................
Switzerland
1,456,663
110,720,955
424,478,644
Technology
Hardware,
Storage
&
Peripherals
2.5%
b
Western
Digital
Corp.
..................................
United
States
2,019,421
65,732,154
Textiles,
Apparel
&
Luxury
Goods
8.4%
adidas
AG
...........................................
Germany
638,784
73,439,145
Cie
Financiere
Richemont
SA
............................
Switzerland
724,520
68,391,374
Tapestry,
Inc.
........................................
United
States
2,730,858
77,638,293
219,468,812
Total
Common
Stocks
(Cost
$2,678,962,044)
....................................
2,574,280,112
Companies
in
Liquidation
0.0%
a,b,d
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
5,229,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$2,678,962,044)
.............................
2,574,280,112
a
Short
Term
Investments
2.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.2%
e
FHLB,
10/03/22
.......................................
United
States
27,200,000
27,200,000
e
U.S.
Treasury
Bills
,
f
12/15/22
..........................................
United
States
2,000,000
1,988,607
1/05/23
...........................................
United
States
1,500,000
1,487,328
1/19/23
...........................................
United
States
1,000,000
989,921
4,465,856
Total
U.S.
Government
and
Agency
Securities
(Cost
$31,667,727)
.................
31,665,856
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Beacon
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
4
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
45
.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
g
Repurchase
Agreements
1.3%
Credit
Suisse
First
Boston,
2.95%,
10/03/22
(Maturity
Value
$33,608,260)
Collateralized
by
U.S.
Treasury
Bonds,
Strips,
8/15/28
-
2/15/49
(valued
at
$34,272,000)
...............................
33,600,000
$
33,600,000
Total
Repurchase
Agreements
(Cost
$33,600,000)
...............................
33,600,000
Total
Short
Term
Investments
(Cost
$65,267,727
)
................................
65,265,856
a
Total
Investments
(Cost
$2,744,229,771)
100.5%
................................
$2,639,545,968
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(13,556,212)
Net
Assets
100.0%
...........................................................
$2,625,989,756
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
e
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
f
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
open
forward
exchange
contracts.
At
September
30,
2022,
the
value
of
this
security
pledged
amounted
to
$537,918,
representing
less
than
0.1%
of
net
assets.
g
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
4,573,735
4,931,689
10/12/22
$
—
$
(446,423)
Euro
.............
BOFA
Sell
4,573,735
4,997,263
10/12/22
511,996
—
Euro
.............
SSBT
Sell
4,573,735
4,998,635
10/12/22
513,369
—
Euro
.............
UBSW
Buy
4,573,735
4,928,945
10/12/22
—
(443,678)
Total
Forward
Exchange
Contracts
...................................................
$1,025,365
$(890,101)
Net
unrealized
appreciation
(depreciation)
............................................
$135,264
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Mutual
European
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
90.5%
Aerospace
&
Defense
4.0%
Airbus
SE
...........................................
France
179,183
$
15,446,430
BAE
Systems
plc
.....................................
United
Kingdom
1,073,576
9,432,471
24,878,901
Auto
Components
2.1%
Cie
Generale
des
Etablissements
Michelin
SCA
..............
France
579,268
12,979,565
Banks
9.2%
BNP
Paribas
SA
......................................
France
445,731
18,828,307
CaixaBank
SA
........................................
Spain
5,874,771
18,922,873
ING
Groep
NV
.......................................
Netherlands
2,272,456
19,472,366
57,223,546
Beverages
3.6%
Anheuser-Busch
InBev
SA/NV
...........................
Belgium
225,804
10,228,683
Heineken
NV
........................................
Netherlands
142,108
12,411,077
22,639,760
Chemicals
2.0%
a
Covestro
AG,
144A,
Reg
S
..............................
Germany
443,626
12,684,654
Construction
Materials
1.9%
HeidelbergCement
AG
.................................
Germany
292,889
11,570,924
Diversified
Telecommunication
Services
8.6%
Deutsche
Telekom
AG
..................................
Germany
1,138,088
19,373,151
Hellenic
Telecommunications
Organization
SA
................
Greece
1,169,461
16,982,140
Koninklijke
KPN
NV
...................................
Netherlands
6,342,303
17,165,469
53,520,760
Food
Products
2.7%
Danone
SA
..........................................
France
362,001
17,118,211
Health
Care
Providers
&
Services
2.2%
Fresenius
SE
&
Co.
KGaA
...............................
Germany
659,430
14,056,601
Household
Durables
1.7%
Berkeley
Group
Holdings
plc
.............................
United
Kingdom
168,967
6,173,005
Persimmon
plc
.......................................
United
Kingdom
322,849
4,415,173
10,588,178
Household
Products
2.2%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
210,045
13,921,474
Independent
Power
and
Renewable
Electricity
Producers
2.7%
RWE
AG
............................................
Germany
459,297
16,882,785
Industrial
Conglomerates
2.3%
Siemens
AG
.........................................
Germany
146,584
14,328,272
Insurance
8.6%
ASR
Nederland
NV
....................................
Netherlands
507,896
19,525,981
Conduit
Holdings
Ltd.
..................................
United
States
251,223
976,107
Direct
Line
Insurance
Group
plc
..........................
United
Kingdom
7,050,831
14,546,329
NN
Group
NV
........................................
Netherlands
486,261
18,913,572
53,961,989
IT
Services
2.7%
Capgemini
SE
........................................
France
104,705
16,764,182
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
European
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
3.5%
Alstom
SA
...........................................
France
570,966
$
9,236,281
Vossloh
AG
..........................................
Germany
406,437
12,328,395
21,564,676
Metals
&
Mining
2.1%
Rio
Tinto
plc
.........................................
Australia
245,922
13,305,230
Oil,
Gas
&
Consumable
Fuels
7.0%
BP
plc
..............................................
United
Kingdom
4,998,780
23,885,054
Shell
plc
............................................
Netherlands
789,878
19,594,361
43,479,415
Personal
Products
1.9%
b
Haleon
plc
..........................................
United
Kingdom
3,889,374
12,126,392
Pharmaceuticals
5.8%
GSK
plc
............................................
United
States
1,044,281
15,081,570
Novartis
AG
.........................................
Switzerland
277,243
21,136,172
36,217,742
Real
Estate
Management
&
Development
1.6%
Savills
plc
...........................................
United
Kingdom
1,147,388
10,071,434
Software
1.8%
Software
AG
.........................................
Germany
492,425
11,227,826
Textiles,
Apparel
&
Luxury
Goods
2.7%
adidas
AG
...........................................
Germany
77,510
8,911,100
Cie
Financiere
Richemont
SA
............................
Switzerland
83,856
7,915,623
16,826,723
Tobacco
2.7%
British
American
Tobacco
plc
.............................
United
Kingdom
477,735
17,129,632
Trading
Companies
&
Distributors
4.9%
b
AerCap
Holdings
NV
...................................
Ireland
443,034
18,753,629
Rexel
SA
...........................................
France
786,541
11,788,303
30,541,932
Total
Common
Stocks
(Cost
$694,118,595)
.....................................
565,610,804
Warrants
Warrants
0.0%
†
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
b
Cie
Financiere
Richemont
SA,
11/22/23
.....................
Switzerland
472,886
210,875
Total
Warrants
(Cost
$–)
......................................................
210,875
Total
Long
Term
Investments
(Cost
$694,118,595)
...............................
565,821,679
a
Short
Term
Investments
5.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.5%
c
FHLB,
10/03/22
.......................................
United
States
14,500,000
14,500,000
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
European
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
7
At
September
30,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
c,d
U.S.
Treasury
Bills,
1/05/23
..............................
United
States
1,000,000
$
991,552
Total
U.S.
Government
and
Agency
Securities
(Cost
$15,491,304)
.................
15,491,552
e
Repurchase
Agreements
2.9%
Credit
Suisse
First
Boston,
2.95%,
10/03/22
(Maturity
Value
$18,004,425)
Collateralized
by
U.S.
Treasury
Bonds,
Strips,
5/15/30
-
2/15/49;
U.S.
Treasury
Note,
Strip,
1/31/27
(valued
at
$18,360,000)
.....
18,000,000
18,000,000
Total
Repurchase
Agreements
(Cost
$18,000,000)
...............................
18,000,000
Total
Short
Term
Investments
(Cost
$33,491,304
)
................................
33,491,552
a
Total
Investments
(Cost
$727,609,899)
95.9%
...................................
$599,313,231
Other
Assets,
less
Liabilities
4.1%
.............................................
25,938,155
Net
Assets
100.0%
...........................................................
$625,251,386
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
value
of
this
security
was
$12,684,654,
representing
2.0%
of
net
assets.
b
Non-income
producing.
c
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
d
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
open
forward
exchange
contracts.
At
September
30,
2022,
the
value
of
this
security
pledged
amounted
to
$232,023,
representing
less
than
0.1%
of
net
assets.
e
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Equity
contracts
MSCI
EAFE
Index
............................
Long
13
$
1,079,390
12/16/22
$
(121,902)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
1,013
124,871,244
12/19/22
3,170,447
Foreign
Exchange
GBP/USD
...................
Short
905
63,242,531
12/19/22
2,429,952
Total
Futures
Contracts
......................................................................
$5,478,497
*
As
of
period
end.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
European
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
8
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
45
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BNY
Buy
4,080,827
4,086,540
10/12/22
$
—
$
(84,647)
Euro
.............
BOFA
Buy
17,325,566
16,809,121
10/12/22
201,841
(20,519)
Euro
.............
BOFA
Sell
39,337,461
42,841,586
10/12/22
4,265,019
—
Euro
.............
HSBK
Buy
9,123,501
8,867,574
10/12/22
91,302
(11,851)
Euro
.............
HSBK
Sell
706,233
773,919
10/12/22
81,346
—
Euro
.............
SSBT
Sell
36,589,895
39,879,531
10/12/22
3,997,383
—
Euro
.............
UBSW
Buy
17,308,600
16,950,620
10/12/22
77,983
(54,798)
Euro
.............
UBSW
Sell
26,218,389
26,969,798
10/12/22
1,258,544
—
Euro
.............
BOFA
Sell
4,159,852
4,306,489
1/09/23
196,034
—
Euro
.............
HSBK
Sell
36,131,315
37,276,300
1/09/23
1,574,018
—
Euro
.............
UBSW
Sell
29,685,109
30,630,877
1/09/23
1,298,256
—
British
Pound
......
BNY
Buy
1,400,000
1,621,523
1/17/23
—
(56,302)
British
Pound
......
BOFA
Buy
8,203,261
8,873,313
1/17/23
312,334
(14,273)
British
Pound
......
BOFA
Sell
45,877,124
56,404,318
1/17/23
5,112,982
—
British
Pound
......
HSBK
Buy
4,632,853
5,046,739
1/17/23
132,863
—
British
Pound
......
UBSW
Buy
8,903,896
10,350,939
1/17/23
—
(396,245)
Swiss
Franc
.......
BNY
Buy
73,346
74,648
1/20/23
560
—
Swiss
Franc
.......
BOFA
Buy
305,695
315,598
1/20/23
—
(2,141)
Swiss
Franc
.......
BOFA
Sell
29,611,527
30,807,633
1/20/23
444,219
—
Swiss
Franc
.......
UBSW
Buy
1,953,438
2,041,979
1/20/23
—
(38,941)
Swiss
Franc
.......
UBSW
Sell
1,331,843
1,404,392
1/20/23
38,732
—
Total
Forward
Exchange
Contracts
...................................................
$19,083,416
$(679,717)
Net
unrealized
appreciation
(depreciation)
............................................
$18,403,699
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Mutual
Financial
Services
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
9
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.9%
Banks
37.5%
a
AB&T
Financial
Corp.
..................................
United
States
226,100
$
135,547
Bank
of
America
Corp.
.................................
United
States
204,796
6,184,839
b,c
BAWAG
Group
AG,
144A,
Reg
S
..........................
Austria
60,094
2,583,470
BNP
Paribas
SA
......................................
France
259,382
10,956,662
CaixaBank
SA
........................................
Spain
3,775,286
12,160,347
Citizens
Financial
Group,
Inc.
............................
United
States
351,952
12,093,071
Columbia
Banking
System,
Inc.
...........................
United
States
362,449
10,471,152
First
Horizon
Corp.
....................................
United
States
331,858
7,599,548
ING
Groep
NV
.......................................
Netherlands
1,219,614
10,450,706
JPMorgan
Chase
&
Co.
.................................
United
States
81,046
8,469,307
Primis
Financial
Corp.
..................................
United
States
518,975
6,295,167
b
SVB
Financial
Group
...................................
United
States
11,718
3,934,670
Synovus
Financial
Corp.
................................
United
States
260,225
9,761,040
UniCredit
SpA
........................................
Italy
1,053,699
10,668,283
Wells
Fargo
&
Co.
.....................................
United
States
264,391
10,633,806
122,397,615
Capital
Markets
5.3%
BlackRock,
Inc.
.......................................
United
States
12,709
6,993,508
Deutsche
Bank
AG
....................................
Germany
1,162,459
8,607,264
c
Guotai
Junan
Securities
Co.
Ltd.,
H,
144A,
Reg
S
.............
China
1,567,148
1,664,702
17,265,474
Consumer
Finance
3.3%
Bread
Financial
Holdings,
Inc.
............................
United
States
96,060
3,021,087
Capital
One
Financial
Corp.
.............................
United
States
85,204
7,853,253
10,874,340
Diversified
Financial
Services
5.4%
M&G
plc
............................................
United
Kingdom
2,197,280
4,047,475
Voya
Financial,
Inc.
....................................
United
States
226,764
13,719,222
17,766,697
Equity
Real
Estate
Investment
Trusts
(REITs)
1.4%
Vornado
Realty
Trust
...................................
United
States
200,435
4,642,074
Household
Durables
2.6%
Cairn
Homes
plc
......................................
Ireland
8,521,149
6,945,120
DR
Horton,
Inc.
.......................................
United
States
22,744
1,531,808
8,476,928
Insurance
35.2%
ASR
Nederland
NV
....................................
Netherlands
288,787
11,102,370
b
BRP
Group,
Inc.,
A
....................................
United
States
363,264
9,572,007
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
2,334,045
4,286,172
Conduit
Holdings
Ltd.
..................................
United
States
1,667,976
6,480,787
Direct
Line
Insurance
Group
plc
..........................
United
Kingdom
5,087,282
10,495,398
Everest
Re
Group
Ltd.
.................................
United
States
52,024
13,653,179
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
205,050
12,700,797
International
General
Insurance
Holdings
Ltd.
................
Jordan
1,326,993
9,819,748
MetLife,
Inc.
.........................................
United
States
215,041
13,070,192
NN
Group
NV
........................................
Netherlands
267,310
10,397,270
Willis
Towers
Watson
plc
................................
United
States
67,094
13,481,868
115,059,788
IT
Services
4.1%
b
Fiserv,
Inc.
..........................................
United
States
69,574
6,510,039
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Financial
Services
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
IT
Services
(continued)
Global
Payments,
Inc.
..................................
United
States
61,994
$
6,698,452
13,208,491
Media
0.1%
b
Loyalty
Ventures,
Inc.
..................................
United
States
182,982
221,408
Real
Estate
Management
&
Development
1.0%
Savills
plc
...........................................
United
Kingdom
377,964
3,317,657
Trading
Companies
&
Distributors
1.0%
b
AerCap
Holdings
NV
...................................
Ireland
78,905
3,340,049
Total
Common
Stocks
(Cost
$349,222,412)
.....................................
316,570,521
Short
Term
Investments
1.8%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.8%
d
FHLB,
10/03/22
.......................................
United
States
2,600,000
2,600,000
Total
U.S.
Government
and
Agency
Securities
(Cost
$2,599,627)
..................
2,600,000
e
Repurchase
Agreements
1.0%
Credit
Suisse
First
Boston,
2.95%,
10/03/22
(Maturity
Value
$3,200,787)
Collateralized
by
U.S.
Treasury
Bonds,
Strips,
11/15/39
-
11/15/45;
U.S.
Treasury
Note,
Index
Linked,
0.125%,
10/15/25
(valued
at
$3,264,000)
........................................
3,200,000
3,200,000
Total
Repurchase
Agreements
(Cost
$3,200,000)
................................
3,200,000
Total
Short
Term
Investments
(Cost
$5,799,627
)
.................................
5,800,000
a
Total
Investments
(Cost
$355,022,039)
98.7%
...................................
$322,370,521
Other
Assets,
less
Liabilities
1.3%
.............................................
4,358,762
Net
Assets
100.0%
...........................................................
$326,729,283
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
See
Note
4
regarding
holdings
of
5%
voting
securities.
b
Non-income
producing.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$4,248,172,
representing
1.3%
of
net
assets.
d
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
e
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Financial
Services
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
11
At
September
30,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
45
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
62
$
7,642,662
12/19/22
$
194,042
Foreign
Exchange
GBP/USD
...................
Short
56
3,913,350
12/19/22
150,362
Total
Futures
Contracts
......................................................................
$344,404
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Sell
5,169,247
5,647,920
10/12/22
$
578,660
$
—
Euro
.............
SSBT
Sell
5,169,247
5,649,470
10/12/22
580,210
—
Japanese
Yen
......
UBSW
Buy
319,169,958
2,387,426
11/18/22
—
(172,286)
Japanese
Yen
......
UBSW
Sell
319,169,958
2,499,694
11/18/22
284,553
—
Euro
.............
BNY
Sell
343,220
346,616
1/09/23
7,472
—
Euro
.............
HSBK
Sell
11,073,158
11,311,871
1/09/23
402,468
(32,269)
Euro
.............
UBSW
Sell
9,300,407
9,596,718
1/09/23
406,746
—
British
Pound
......
BOFA
Buy
304,631
331,905
1/17/23
8,678
—
British
Pound
......
BOFA
Sell
16,613,674
20,419,359
1/17/23
1,845,014
—
British
Pound
......
HSBK
Buy
1,363,021
1,484,789
1/17/23
39,089
—
British
Pound
......
UBSW
Buy
2,082,018
2,454,732
1/17/23
—
(127,004)
British
Pound
......
UBSW
Sell
180,299
207,941
1/17/23
6,365
—
Total
Forward
Exchange
Contracts
...................................................
$4,159,255
$(331,559)
Net
unrealized
appreciation
(depreciation)
............................................
$3,827,696
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Mutual
Global
Discovery
Fund
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.1%
Aerospace
&
Defense
1.5%
Airbus
SE
...........................................
France
1,372,701
$
118,333,377
Auto
Components
0.9%
Denso
Corp.
.........................................
Japan
1,598,666
73,088,505
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
3,819,425
125,988
73,214,493
Automobiles
1.6%
General
Motors
Co.
....................................
United
States
3,934,464
126,256,950
Banks
8.3%
BNP
Paribas
SA
......................................
France
3,741,014
158,025,715
CaixaBank
SA
........................................
Spain
39,731,097
127,975,454
First
Horizon
Corp.
....................................
United
States
2,528,274
57,897,475
ING
Groep
NV
.......................................
Netherlands
18,302,286
156,829,797
Wells
Fargo
&
Co.
.....................................
United
States
3,609,722
145,183,019
645,911,460
Building
Products
2.1%
Johnson
Controls
International
plc
.........................
United
States
3,252,536
160,089,822
Capital
Markets
1.8%
BlackRock,
Inc.
.......................................
United
States
248,584
136,790,803
Chemicals
1.5%
d
Covestro
AG,
144A,
Reg
S
..............................
Germany
4,162,610
119,022,031
Diversified
Financial
Services
2.3%
Voya
Financial,
Inc.
....................................
United
States
2,905,386
175,775,853
Diversified
Telecommunication
Services
2.6%
Deutsche
Telekom
AG
..................................
Germany
11,927,474
203,035,922
Electrical
Equipment
1.5%
Mitsubishi
Electric
Corp.
................................
Japan
12,575,610
113,772,945
Energy
Equipment
&
Services
2.1%
Baker
Hughes
Co.
.....................................
United
States
4,763,272
99,838,181
Schlumberger
NV
.....................................
United
States
1,691,353
60,719,573
160,557,754
Entertainment
3.5%
Activision
Blizzard,
Inc.
.................................
United
States
2,155,063
160,207,383
b
Walt
Disney
Co.
(The)
..................................
United
States
1,213,241
114,445,024
274,652,407
Food
Products
3.8%
Danone
SA
..........................................
France
2,878,807
136,132,289
Kraft
Heinz
Co.
(The)
..................................
United
States
4,740,348
158,090,606
294,222,895
Health
Care
Equipment
&
Supplies
2.0%
Medtronic
plc
........................................
United
States
1,888,991
152,536,023
Health
Care
Providers
&
Services
7.6%
CVS
Health
Corp.
.....................................
United
States
1,899,779
181,181,923
Elevance
Health,
Inc.
..................................
United
States
300,575
136,533,188
Fresenius
SE
&
Co.
KGaA
...............................
Germany
4,779,656
101,884,535
Humana,
Inc.
........................................
United
States
345,093
167,435,673
587,035,319
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Household
Durables
1.9%
DR
Horton,
Inc.
.......................................
United
States
2,222,642
$
149,694,939
Household
Products
1.5%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
1,697,657
112,518,210
Industrial
Conglomerates
1.6%
Siemens
AG
.........................................
Germany
1,228,211
120,054,994
Insurance
7.8%
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
51,845,269
95,207,124
Everest
Re
Group
Ltd.
.................................
United
States
655,756
172,096,605
NN
Group
NV
........................................
Netherlands
4,331,380
168,473,040
Willis
Towers
Watson
plc
................................
United
States
838,789
168,546,262
604,323,031
Interactive
Media
&
Services
2.4%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
1,023,755
138,903,079
b
Twitter,
Inc.
..........................................
United
States
1,068,804
46,856,367
185,759,446
Internet
&
Direct
Marketing
Retail
1.0%
eBay,
Inc.
...........................................
United
States
2,208,145
81,281,817
IT
Services
5.4%
Capgemini
SE
........................................
France
844,890
135,274,248
b
Fiserv,
Inc.
..........................................
United
States
1,380,750
129,196,777
Global
Payments,
Inc.
..................................
United
States
1,401,913
151,476,700
415,947,725
Machinery
3.2%
Alstom
SA
...........................................
France
5,875,926
95,052,425
Parker-Hannifin
Corp.
..................................
United
States
616,279
149,330,565
244,382,990
Media
1.7%
b
Charter
Communications,
Inc.,
A
..........................
United
States
439,343
133,274,699
Metals
&
Mining
1.6%
Rio
Tinto
plc
.........................................
Australia
2,268,806
122,750,249
Oil,
Gas
&
Consumable
Fuels
4.8%
BP
plc
..............................................
United
Kingdom
44,519,281
212,720,994
Suncor
Energy,
Inc.
....................................
Canada
1,462,333
41,182,041
Williams
Cos.,
Inc.
(The)
................................
United
States
4,148,974
118,785,126
372,688,161
Personal
Products
1.8%
b
Haleon
plc
..........................................
United
Kingdom
45,063,824
140,501,169
Pharmaceuticals
6.0%
GSK
plc
............................................
United
States
10,120,764
146,164,695
Merck
&
Co.,
Inc.
.....................................
United
States
1,632,395
140,581,857
Novartis
AG,
ADR
.....................................
Switzerland
2,335,621
177,530,552
464,277,104
Real
Estate
Management
&
Development
1.5%
b
CBRE
Group,
Inc.,
A
...................................
United
States
1,723,013
116,320,608
Semiconductors
&
Semiconductor
Equipment
2.7%
b
Renesas
Electronics
Corp.
..............................
Japan
15,502,134
129,944,635
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
(continued)
b
Tower
Semiconductor
Ltd.
...............................
Israel
1,745,479
$
76,696,347
206,640,982
Software
1.4%
b,e
Avaya
Holdings
Corp.
..................................
United
States
537
854
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
966,583
108,276,627
108,277,481
Technology
Hardware,
Storage
&
Peripherals
2.7%
Samsung
Electronics
Co.
Ltd.
............................
South
Korea
2,864,372
104,356,650
b
Western
Digital
Corp.
..................................
United
States
3,177,556
103,429,447
207,786,097
Tobacco
1.9%
British
American
Tobacco
plc
.............................
United
Kingdom
3,999,945
143,421,740
Trading
Companies
&
Distributors
2.1%
b
AerCap
Holdings
NV
...................................
Ireland
3,839,863
162,541,401
Total
Common
Stocks
(Cost
$7,608,462,291)
....................................
7,433,650,897
Preferred
Stocks
1.3%
Automobiles
1.3%
f
Volkswagen
AG,
6.06%
.................................
Germany
848,690
103,708,406
Total
Preferred
Stocks
(Cost
$143,582,957)
.....................................
103,708,406
Warrants
Warrants
0.0%
†
Software
0.0%
†
b
Avaya
Holdings
Corp.,
12/15/22
..........................
United
States
280,051
8,401
Total
Warrants
(Cost
$–)
......................................................
8,401
Principal
Amount
*
Corporate
Bonds
0.6%
Airlines
0.1%
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
9,845,000
10,297,083
Pharmaceuticals
0.4%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
33,966,000
20,198,222
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
15,606,000
6,667,351
d
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
1,290,000
820,872
27,686,445
Software
0.1%
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
5,441,000
4,174,879
Total
Corporate
Bonds
(Cost
$66,100,463)
......................................
42,158,407
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Companies
in
Liquidation
0.0%
a,b,g
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
30,996,000
$
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$7,818,145,711)
.............................
7,579,526,111
a
Short
Term
Investments
1.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.4%
h
FHLB,
10/03/22
.......................................
United
States
35,200,000
35,200,000
Total
U.S.
Government
and
Agency
Securities
(Cost
$35,194,943)
.................
35,200,000
i
Repurchase
Agreements
0.6%
Credit
Suisse
First
Boston,
2.95%,
10/03/22
(Maturity
Value
$43,510,694)
Collateralized
by
U.S.
Treasury
Bonds,
Strips,
2/15/31
-
2/15/44;
U.S.
Treasury
Note,
Strip,
7/31/24
(valued
at
$44,370,000)
.....
43,500,000
43,500,000
Total
Repurchase
Agreements
(Cost
$43,500,000)
...............................
43,500,000
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Repurchase
Agreements
0.0%
†
j
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
2.94%,
10/03/22
(Maturity
Value
$897)
Collateralized
by
U.S.
Treasury
Bills,
Discount
Note,
10/18/22
-
1/26/23;
U.S.
Treasury
Bonds,
6.625%
-
7.5%,
11/15/24
-
2/15/27;
U.S.
Treasury
Bond,
Strip,
5/15/27;
U.S.
Treasury
Notes,
0.25%
-
2.5%,
7/31/24
-
2/28/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%,
7/15/26
-
4/15/27
(valued
at
$915)
................
897
897
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$897)
.................................................................
897
Total
Short
Term
Investments
(Cost
$78,695,840
)
................................
78,700,897
a
Total
Investments
(Cost
$7,896,841,551)
99.0%
..................................
$7,658,227,008
Other
Assets,
less
Liabilities
1.0%
.............................................
79,376,865
Net
Assets
100.0%
...........................................................
$7,737,603,873
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$161,180,438,
representing
2.1%
of
net
assets.
e
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Global
Discovery
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
16
At
September
30,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
45
.
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.
i
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
j
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
2,236
$
275,628,925
12/19/22
$
6,998,092
Foreign
Exchange
GBP/USD
...................
Short
429
29,979,056
12/19/22
1,151,878
Total
Futures
Contracts
......................................................................
$8,149,970
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
48,755,583
47,579,338
10/12/22
$
470,007
$
(236,826)
Euro
.............
BOFA
Sell
93,081,144
101,800,384
10/12/22
10,519,680
—
Euro
.............
HSBK
Buy
71,356,602
69,485,056
10/12/22
794,930
(303,612)
Euro
.............
HSBK
Sell
6,354,523
6,963,540
10/12/22
731,931
—
Euro
.............
SSBT
Buy
2,518,573
2,570,604
10/12/22
—
(100,747)
Euro
.............
SSBT
Sell
74,879,937
81,836,284
10/12/22
8,404,727
—
Euro
.............
UBSW
Buy
51,684,847
50,773,293
10/12/22
166,550
(254,722)
South
Korean
Won
..
HSBK
Buy
18,778,561,599
13,912,070
11/14/22
—
(877,176)
South
Korean
Won
..
HSBK
Sell
51,061,389,158
39,436,151
11/14/22
3,992,552
—
South
Korean
Won
..
UBSW
Sell
81,361,131,541
63,123,010
11/14/22
6,647,238
—
Japanese
Yen
......
UBSW
Buy
1,374,754,712
10,117,541
11/18/22
—
(576,306)
Japanese
Yen
......
UBSW
Sell
17,779,637,957
139,245,007
11/18/22
15,848,666
—
Euro
.............
BOFA
Buy
4,783,955
4,715,735
1/09/23
11,413
—
Euro
.............
HSBK
Sell
189,808,205
195,768,182
1/09/23
8,213,810
—
Euro
.............
UBSW
Buy
4,783,955
4,704,503
1/09/23
22,646
—
Euro
.............
UBSW
Sell
189,808,205
195,855,494
1/09/23
8,301,122
—
British
Pound
......
BOFA
Sell
12,934,914
15,903,023
1/17/23
1,441,590
—
Total
Forward
Exchange
Contracts
...................................................
$65,566,862
$(2,349,389)
Net
unrealized
appreciation
(depreciation)
............................................
$63,217,473
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Mutual
Quest
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
64.2%
Airlines
0.1%
Spirit
Airlines,
Inc.
.....................................
United
States
121,860
$
2,293,405
Auto
Components
0.0%
†
a,b,c
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
2,548,299
84,058
Automobiles
0.9%
General
Motors
Co.
....................................
United
States
709,718
22,774,851
Banks
6.4%
BNP
Paribas
SA
......................................
France
326,464
13,790,300
CaixaBank
SA
........................................
Spain
2,018,608
6,502,017
First
Horizon
Corp.
....................................
United
States
3,549,662
81,287,260
ING
Groep
NV
.......................................
Netherlands
2,511,576
21,521,353
JPMorgan
Chase
&
Co.
.................................
United
States
91,711
9,583,800
b
SVB
Financial
Group
...................................
United
States
13,645
4,581,718
Wells
Fargo
&
Co.
.....................................
United
States
647,768
26,053,229
163,319,677
Beverages
0.5%
Heineken
NV
........................................
Netherlands
139,586
12,190,817
Chemicals
1.8%
Avient
Corp.
.........................................
United
States
176,826
5,357,828
BASF
SE
...........................................
Germany
385,622
14,800,312
d
Covestro
AG,
144A,
Reg
S
..............................
Germany
927,846
26,530,017
46,688,157
Commercial
Services
&
Supplies
0.5%
b
Stericycle,
Inc.
.......................................
United
States
277,880
11,701,527
Communications
Equipment
0.4%
a,b,c,e
Sorenson
Communications
LLC,
Membership
Interests
.........
United
States
224,279
2,523,137
a,b,c,e
Sorenson
Communications
LLC,
Membership
Interests,
B
.......
United
States
106,532
7,257,719
9,780,856
Consumer
Finance
0.9%
Bread
Financial
Holdings,
Inc.
............................
United
States
715,128
22,490,776
Diversified
Financial
Services
3.2%
M&G
plc
............................................
United
Kingdom
6,099,665
11,235,820
Voya
Financial,
Inc.
....................................
United
States
1,158,535
70,091,367
81,327,187
Diversified
Telecommunication
Services
1.1%
Deutsche
Telekom
AG
..................................
Germany
697,857
11,879,300
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
1,623,438
15,082,174
26,961,474
Electrical
Equipment
0.2%
Sensata
Technologies
Holding
plc
.........................
United
States
162,322
6,051,364
Electronic
Equipment,
Instruments
&
Components
0.8%
b
Flex
Ltd.
............................................
United
States
1,215,930
20,257,394
Entertainment
4.5%
Activision
Blizzard,
Inc.
.................................
United
States
925,008
68,765,095
b,f
Walt
Disney
Co.
(The)
..................................
United
States
485,747
45,820,514
114,585,609
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
1.6%
Uniti
Group,
Inc.
......................................
United
States
1,486,119
$
10,328,527
Vornado
Realty
Trust
...................................
United
States
1,355,788
31,400,050
41,728,577
Food
Products
0.5%
Danone
SA
..........................................
France
263,393
12,455,261
Health
Care
Equipment
&
Supplies
2.2%
b,g
Bausch
+
Lomb
Corp.
..................................
United
States
467,514
7,171,665
Medtronic
plc
........................................
United
States
612,953
49,495,955
56,667,620
Health
Care
Providers
&
Services
0.4%
Humana,
Inc.
........................................
United
States
21,825
10,589,272
Household
Durables
0.9%
DR
Horton,
Inc.
.......................................
United
States
338,617
22,805,855
Household
Products
0.5%
Reckitt
Benckiser
Group
plc
.............................
United
Kingdom
205,314
13,607,910
Insurance
13.3%
ASR
Nederland
NV
....................................
Netherlands
338,826
13,026,111
China
Pacific
Insurance
Group
Co.
Ltd.,
H
...................
China
13,018,000
23,905,872
Conduit
Holdings
Ltd.
..................................
United
States
3,154,832
12,257,847
Direct
Line
Insurance
Group
plc
..........................
United
Kingdom
28,884,875
59,591,402
Everest
Re
Group
Ltd.
.................................
United
States
252,487
66,262,688
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
1,107,649
68,607,779
NN
Group
NV
........................................
Netherlands
700,593
27,250,214
Willis
Towers
Watson
plc
................................
United
States
336,753
67,667,148
338,569,061
Interactive
Media
&
Services
0.6%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
36,010
4,885,837
b
Twitter,
Inc.
..........................................
United
States
225,759
9,897,274
14,783,111
Internet
&
Direct
Marketing
Retail
0.4%
eBay,
Inc.
...........................................
United
States
290,949
10,709,833
IT
Services
3.1%
Cognizant
Technology
Solutions
Corp.,
A
....................
United
States
480,349
27,591,247
b
Fiserv,
Inc.
..........................................
United
States
316,289
29,595,162
Global
Payments,
Inc.
..................................
United
States
198,191
21,414,537
78,600,946
Media
3.3%
b
Charter
Communications,
Inc.,
A
..........................
United
States
124,317
37,711,562
b
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
6,982,002
9,565,343
Comcast
Corp.,
A
.....................................
United
States
1,252,116
36,724,562
b
Loyalty
Ventures,
Inc.
..................................
United
States
329,767
399,018
a,b,c
Tenerity
,
Inc.
.........................................
United
States
1
35
84,400,520
Oil,
Gas
&
Consumable
Fuels
1.5%
BP
plc
..............................................
United
Kingdom
4,939,342
23,601,049
Williams
Cos.,
Inc.
(The)
................................
United
States
516,337
14,782,728
38,383,777
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
19
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Personal
Products
0.5%
b
Haleon
plc
..........................................
United
Kingdom
3,853,342
$
12,014,050
Pharmaceuticals
5.1%
b
Bausch
Health
Cos.,
Inc.
................................
United
States
2,777,301
19,135,604
b
Elanco
Animal
Health,
Inc.
...............................
United
States
2,757,174
34,216,529
GSK
plc
............................................
United
States
1,865,313
26,938,965
Novartis
AG,
ADR
.....................................
Switzerland
665,013
50,547,638
130,838,736
Professional
Services
0.1%
KBR,
Inc.
...........................................
United
States
69,273
2,993,979
Real
Estate
Management
&
Development
0.3%
Savills
plc
...........................................
United
Kingdom
834,307
7,323,301
Semiconductors
&
Semiconductor
Equipment
1.5%
b
Renesas
Electronics
Corp.
..............................
Japan
253,673
2,126,381
b
Tower
Semiconductor
Ltd.
...............................
Israel
854,435
37,543,874
39,670,255
Software
4.2%
b
Avalara,
Inc.
.........................................
United
States
486,229
44,635,822
b
Check
Point
Software
Technologies
Ltd.
....................
Israel
337,083
37,760,038
NortonLifeLock
,
Inc.
...................................
United
States
311,509
6,273,791
Oracle
Corp.
.........................................
United
States
308,211
18,822,446
107,492,097
Specialty
Retail
1.5%
b
Dufry
AG
............................................
Switzerland
855,752
25,980,207
b
ODP
Corp.
(The)
......................................
United
States
368,034
12,936,395
a,b,c,e
Wayne
Services
Legacy,
Inc.
.............................
United
States
7,104
—
38,916,602
Technology
Hardware,
Storage
&
Peripherals
0.3%
b,f
Western
Digital
Corp.
..................................
United
States
239,743
7,803,635
Tobacco
0.5%
Altria
Group,
Inc.
......................................
United
States
158,741
6,409,961
British
American
Tobacco
plc
.............................
United
Kingdom
173,769
6,230,649
12,640,610
Wireless
Telecommunication
Services
0.6%
b
Intelsat
SA
..........................................
Luxembourg
106,029
2,915,797
b
T-Mobile
US,
Inc.
.....................................
United
States
85,116
11,420,014
14,335,811
Total
Common
Stocks
(Cost
$1,955,922,400)
....................................
1,637,837,971
Preferred
Stocks
1.0%
Automobiles
0.9%
h
Volkswagen
AG,
6.06%
.................................
Germany
189,473
23,153,263
Oil,
Gas
&
Consumable
Fuels
0.1%
b
NGL
Energy
Partners
LP,
9.725%,
B
.......................
United
States
298,684
3,285,524
b
Total
Preferred
Stocks
(Cost
$32,259,581)
......................................
26,438,787
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Rights
a
Value
a
a
a
a
a
a
Rights
0.0%
Diversified
Telecommunication
Services
0.0%
a,b,c
Intelsat
Jackson
Holdings
SA,
12/05/25
.....................
Luxembourg
128,313
$
—
Total
Rights
(Cost
$–)
........................................................
—
Warrants
Warrants
0.1%
Diversified
Telecommunication
Services
0.0%
†
a,b,c
Windstream
Holdings,
Inc.,
9/21/55
........................
United
States
91,545
850,478
Media
0.0%
†
a,b,c
Tenerity
,
Inc.,
4/10/24
..................................
United
States
48,380
465,026
Software
0.0%
†
b
Avaya
Holdings
Corp.,
12/15/22
..........................
United
States
235,873
7,076
Wireless
Telecommunication
Services
0.1%
b
Intelsat
Emergence
SA,
2/17/27
..........................
Luxembourg
323,376
1,310,872
1,310,872
Total
Warrants
(Cost
$9,489,651)
..............................................
2,633,452
Units
Private
Limited
Partnership
Funds
0.4%
Hotels,
Restaurants
&
Leisure
0.4%
Cedar
Fair
LP
........................................
United
States
251,444
10,346,921
Total
Private
Limited
Partnership
Funds
(Cost
$12,876,646)
......................
10,346,921
Principal
Amount
*
Corporate
Bonds
21.3%
Airlines
2.7%
d
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
65,260,000
68,256,739
Consumer
Finance
0.6%
d
Bread
Financial
Holdings,
Inc.
,
Senior
Note
,
144A,
7
%
,
1/15/26
...
United
States
16,500,000
14,498,138
Diversified
Telecommunication
Services
2.5%
d
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.25
%
,
2/01/31
.................................
United
States
10,000,000
7,687,399
Frontier
Communications
Holdings
LLC
,
Secured
Note
,
5.875
%
,
11/01/29
..........................................
United
States
34,628,717
27,565,151
d
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.75
%
,
8/15/28
................
United
States
35,000,000
29,051,717
64,304,267
Health
Care
Providers
&
Services
0.1%
d
Envision
Healthcare
Corp.
,
Senior
Note
,
144A,
8.75
%
,
10/15/26
..
United
States
10,000,000
3,223,200
Hotels,
Restaurants
&
Leisure
0.7%
Cedar
Fair
LP
,
Senior
Note
,
5.25
%
,
7/15/29
..................
United
States
20,000,000
17,199,600
Interactive
Media
&
Services
0.3%
d
Twitter,
Inc.
,
Senior
Note
,
144A,
5
%
,
3/01/30
.................
United
States
8,000,000
7,683,240
Media
1.8%
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
31,000,000
23,457,855
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
19,000,000
13,805,115
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
(continued)
DISH
DBS
Corp.
,
Senior
Note
,
5
%
,
3/15/23
..................
United
States
10,000,000
$
9,819,000
47,081,970
Multiline
Retail
1.1%
d
Macy's
Retail
Holdings
LLC
,
Senior
Bond,
144A,
6.125%,
3/15/32
.....................
United
States
22,500,000
17,276,288
Senior
Note,
144A,
5.875%,
3/15/30
.....................
United
States
12,500,000
9,912,187
27,188,475
Oil,
Gas
&
Consumable
Fuels
0.7%
d
Citgo
Holding,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
8/01/24
..
United
States
8,029,000
7,977,855
NGL
Energy
Partners
LP
/
NGL
Energy
Finance
Corp.
,
Senior
Note
,
7.5
%
,
11/01/23
......................................
United
States
10,000,000
9,703,000
17,680,855
Pharmaceuticals
4.6%
d
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
55,459,000
32,979,249
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
35,481,000
15,158,548
d
Bausch
Health
Cos.,
Inc.
,
Senior
Bond,
144A,
7.25%,
5/30/29
......................
United
States
80,000,000
30,776,000
Senior
Note,
144A,
9%,
12/15/25
.......................
United
States
17,107,000
10,885,783
Senior
Secured
Note,
144A,
6.125%,
2/01/27
..............
United
States
30,000,000
20,844,000
Senior
Secured
Note,
144A,
4.875%,
6/01/28
..............
United
States
10,000,000
6,463,800
117,107,380
Software
3.3%
d
Central
Parent,
Inc.
/
CDK
Global,
Inc.
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/15/29
.....................................
United
States
13,000,000
12,386,400
d
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
95,037,000
72,921,890
85,308,290
Specialty
Retail
2.9%
d
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
79,226,000
58,828,870
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
16,581,000
13,945,533
72,774,403
Total
Corporate
Bonds
(Cost
$699,163,977)
.....................................
542,306,557
Senior
Floating
Rate
Interests
6.1%
Communications
Equipment
3.3%
a,c,e,i
Sorenson
Communications
LLC
,
Term
Loan,
A,
PIK,
10%,
3/01/30
........................
United
States
23,563,302
19,520,009
Term
Loan,
B,
PIK,
8%,
3/01/30
.........................
United
States
96,452,822
64,283,439
83,803,448
a
a
a
a
a
a
Media
0.5%
j
Loyalty
Ventures,
Inc.
,
Term
Loan,
B
,
7.615
%
,
(
1-month
USD
LIBOR
+
4.5
%
),
11/03/27
....................................
United
States
35,777,563
12,200,149
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
j
Software
2.3%
Banff
Guarantor,
Inc.
,
Second
Lien,
Initial
Term
Loan
,
8.615
%
,
(
1-month
USD
LIBOR
+
5.5
%
),
2/27/26
...................
United
States
7,871,500
$
7,354,933
Boxer
Parent
Co.,
Inc.
,
2021
Replacement
Dollar
Term
Loan
,
6.865
%
,
(
1-month
USD
LIBOR
+
3.75
%
),
10/02/25
...........
United
States
7,413,439
7,045,621
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
10.227
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
46,841,437
28,251,242
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
8.674
%
,
(
3-month
USD
LIBOR
+
5
%
),
9/01/25
................................
United
States
22,463,193
17,951,797
60,603,593
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$233,310,349)
.........................
156,607,190
Asset-Backed
Securities
0.1%
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2013-2
,
A
,
4.95
%
,
1/15/23
.
.
United
States
2,237,602
2,210,627
Total
Asset-Backed
Securities
(Cost
$2,204,038)
................................
2,210,627
Shares
a
Companies
in
Liquidation
0.0%
a,b,k
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
159,828
—
a,b,k
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
7,443,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$2,945,226,642)
.............................
2,378,381,505
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.0%
†
Calls
-
Exchange-Traded
Equity
Options
Bausch
Health
Cos.,
Inc.,
October
Strike
Price
$25.00,
Expires
10/21/22
..........................................
2,500
1,722,500
5,000
Puts
-
Exchange-Traded
Twitter,
Inc.,
December
Strike
Price
$40.00,
Expires
12/16/22
....
400
1,753,600
188,000
Total
Options
Purchased
(Cost
$496,336)
......................................
193,000
Short
Term
Investments
6.7%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
3.2%
l
FHLB,
10/03/22
.......................................
United
States
70,050,000
70,050,000
l
U.S.
Treasury
Bills
,
12/01/22
..........................................
United
States
10,000,000
9,952,431
f
1/05/23
...........................................
United
States
1,000,000
991,552
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
23
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
l
U.S.
Treasury
Bills,
(continued)
f
1/19/23
...........................................
United
States
1,000,000
$
989,921
11,933,904
Total
U.S.
Government
and
Agency
Securities
(Cost
$81,997,615)
.................
81,983,904
m
Repurchase
Agreements
3.4%
Credit
Suisse
First
Boston,
2.95%,
10/03/22
(Maturity
Value
$86,721,314)
Collateralized
by
U.S.
Treasury
Bonds,
Strips,
8/15/23
-
11/15/27;
U.S.
Treasury
Note,
Strip,
1/31/27
(valued
at
$88,434,010)
.....
86,700,000
86,700,000
Total
Repurchase
Agreements
(Cost
$86,700,000)
...............................
86,700,000
Shares
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
n,o
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.....
United
States
1,775,000
1,775,000
Principal
Amount
*
Repurchase
Agreements
0.0%
†
p
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
2.94%,
10/03/22
(Maturity
Value
$443,879)
Collateralized
by
U.S.
Treasury
Bills,
Discount
Note,
10/18/22
-
1/26/23;
U.S.
Treasury
Bonds,
6.625%
-
7.5%,
11/15/24
-
2/15/27;
U.S.
Treasury
Bond,
Strip,
5/15/27;
U.S.
Treasury
Notes,
0.25%
-
2.5%,
7/31/24
-
2/28/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%,
7/15/26
-
4/15/27
(valued
at
$452,645)
.............
443,770
443,770
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$2,218,770)
............................................................
2,218,770
Total
Short
Term
Investments
(Cost
$170,916,385
)
...............................
170,902,674
a
Total
Investments
(Cost
$3,116,639,363)
99.9%
..................................
$2,549,477,179
Options
Written
(0.0)%
†
......................................................
(84,884)
Securities
Sold
Short
(0.3)%
..................................................
(7,436,071)
Other
Assets,
less
Liabilities
0.4%
.............................................
9,047,620
Net
Assets
100.0%
...........................................................
$2,551,003,844
Number
of
Contracts
Notional
Amount
#
Options
Written
(0.0)%
†
Puts
-
Over-the-Counter
Equity
Options
Haleon
plc,
Counterparty
JPHQ,
December
Strike
Price
5.00
GBP,
Expires
12/16/22
....................................
2,812,500
785,390,625
GBP
(84,884)
(84,884)
Total
Options
Written
(Premiums
received
$160,671)
............................
$
(84,884)
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
24
At
September
30,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
a
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Securities
Sold
Short
(0.3)%
Common
Stocks
(0.3)%
Insurance
(0.3)%
Aon
plc,
A
...........................................
United
States
27,760
(7,436,071)
Total
Common
Stocks
(Proceeds
$6,363,852)
...................................
(7,436,071)
Total
Securities
Sold
Short
(Proceeds
$6,363,852)
...............................
$(7,436,071)
#
Notional
amount
is
the
number
of
units
specified
in
the
contract,
and
can
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$504,549,823,
representing
19.8%
of
net
assets.
e
See
Note
4
regarding
holdings
of
5%
voting
securities.
f
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
securities
sold
short
and
open
forward
exchange
contracts.
At
September
30,
2022,
the
aggregate
value
of
these
securities
pledged
amounted
to
$32,946,589,
representing
1.3%
of
net
assets.
g
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
h
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
i
Income
may
be
received
in
additional
securities
and/or
cash.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
k
Contingent
distributions
represent
the
right
to
receive
additional
distributions,
if
any,
during
the
reorganization
of
the
underlying
company.
Shares
represent
total
underlying
principal
of
debt
securities.
l
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
m
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
n
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
o
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
p
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
143
$
17,627,431
12/19/22
$
447,436
Foreign
Exchange
GBP/USD
...................
Short
275
19,217,344
12/19/22
738,383
Total
Futures
Contracts
......................................................................
$1,185,819
*
As
of
period
end.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Quest
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
25
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
45
.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
16,053,400
17,242,044
10/12/22
$
—
$
(1,499,163)
Euro
.............
BOFA
Sell
31,789,301
34,732,991
10/12/22
3,558,581
—
Euro
.............
HSBK
Buy
2,917,233
3,046,346
10/12/22
6,962
(192,502)
Euro
.............
SSBT
Buy
857,787
876,076
10/12/22
—
(34,881)
Euro
.............
SSBT
Sell
31,789,301
34,742,527
10/12/22
3,568,117
—
Euro
.............
UBSW
Buy
14,880,816
15,939,314
10/12/22
—
(1,346,333)
British
Pound
......
BOFA
Buy
4,672,689
5,021,747
1/17/23
202,392
—
British
Pound
......
BOFA
Sell
31,589,853
38,813,838
1/17/23
3,495,893
—
British
Pound
......
HSBK
Buy
1,220,659
1,329,709
1/17/23
35,007
—
British
Pound
......
HSBK
Sell
2,693,265
3,230,463
1/17/23
219,352
—
British
Pound
......
SSBT
Sell
1,115,343
1,352,650
1/17/23
105,679
—
British
Pound
......
UBSW
Sell
6,453,916
7,507,928
1/17/23
292,350
—
Total
Forward
Exchange
Contracts
...................................................
$11,484,333
$(3,072,879)
Net
unrealized
appreciation
(depreciation)
............................................
$8,411,454
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited),
September
30,
2022
Franklin
Mutual
Shares
Fund
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.3%
Auto
Components
0.0%
†
a,b,c,d
International
Automotive
Components
Group
Brazil
LLC
........
Brazil
7,234,813
$
238,648
Automobiles
2.1%
General
Motors
Co.
....................................
United
States
4,142,418
132,930,194
Banks
8.1%
Bank
of
America
Corp.
.................................
United
States
5,873,469
177,378,764
First
Horizon
Corp.
....................................
United
States
2,901,455
66,443,319
ING
Groep
NV
.......................................
Netherlands
11,714,544
100,380,333
Wells
Fargo
&
Co.
.....................................
United
States
4,102,026
164,983,486
509,185,902
Building
Products
2.2%
Johnson
Controls
International
plc
.........................
United
States
2,875,575
141,535,802
Capital
Markets
2.0%
BlackRock,
Inc.
.......................................
United
States
228,615
125,802,262
Chemicals
1.8%
Ashland,
Inc.
.........................................
United
States
1,172,068
111,311,298
Commercial
Services
&
Supplies
1.2%
b
Stericycle,
Inc.
.......................................
United
States
1,766,846
74,401,885
Consumer
Finance
0.9%
Bread
Financial
Holdings,
Inc.
............................
United
States
1,875,470
58,983,531
Containers
&
Packaging
1.5%
International
Paper
Co.
.................................
United
States
2,907,139
92,156,306
Diversified
Financial
Services
2.2%
Voya
Financial,
Inc.
....................................
United
States
2,315,631
140,095,675
Diversified
Telecommunication
Services
0.3%
a,b,c
Windstream
Holdings,
Inc.
...............................
United
States
2,123,740
19,730,114
Electrical
Equipment
1.2%
Sensata
Technologies
Holding
plc
.........................
United
States
2,056,531
76,667,476
Electronic
Equipment,
Instruments
&
Components
1.9%
b
Flex
Ltd.
............................................
United
States
7,335,363
122,207,148
Energy
Equipment
&
Services
2.2%
Schlumberger
NV
.....................................
United
States
3,894,041
139,796,072
Entertainment
3.7%
Activision
Blizzard,
Inc.
.................................
United
States
1,983,482
147,452,052
b
Walt
Disney
Co.
(The)
..................................
United
States
917,529
86,550,510
234,002,562
Equity
Real
Estate
Investment
Trusts
(REITs)
1.5%
Vornado
Realty
Trust
...................................
United
States
3,991,605
92,445,572
Food
Products
2.6%
Kraft
Heinz
Co.
(The)
..................................
United
States
4,873,464
162,530,024
Health
Care
Equipment
&
Supplies
2.0%
Medtronic
plc
........................................
United
States
1,598,982
129,117,796
Health
Care
Providers
&
Services
7.3%
CVS
Health
Corp.
.....................................
United
States
1,886,116
179,878,883
Elevance
Health,
Inc.
..................................
United
States
277,435
126,022,074
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
27
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
Humana,
Inc.
........................................
United
States
324,492
$
157,440,274
463,341,231
Household
Durables
2.3%
DR
Horton,
Inc.
.......................................
United
States
2,127,798
143,307,195
Insurance
4.1%
Everest
Re
Group
Ltd.
.................................
United
States
472,612
124,032,293
Willis
Towers
Watson
plc
................................
United
States
679,489
136,536,520
260,568,813
Interactive
Media
&
Services
1.8%
b
Meta
Platforms,
Inc.,
A
.................................
United
States
544,893
73,931,082
b
Twitter,
Inc.
..........................................
United
States
872,965
38,270,786
112,201,868
Internet
&
Direct
Marketing
Retail
1.2%
eBay,
Inc.
...........................................
United
States
2,069,389
76,174,209
IT
Services
6.1%
b
Fiserv,
Inc.
..........................................
United
States
1,814,553
169,787,724
Global
Payments,
Inc.
..................................
United
States
1,510,195
163,176,570
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
1,099,826
52,516,691
385,480,985
Machinery
2.1%
Parker-Hannifin
Corp.
..................................
United
States
555,922
134,705,460
Media
3.5%
b
Charter
Communications,
Inc.,
A
..........................
United
States
479,460
145,444,191
Comcast
Corp.,
A
.....................................
United
States
2,582,553
75,746,280
b
Loyalty
Ventures,
Inc.
..................................
United
States
688,567
833,166
222,023,637
Oil,
Gas
&
Consumable
Fuels
4.6%
BP
plc
..............................................
United
Kingdom
39,642,351
189,418,160
Williams
Cos.,
Inc.
(The)
................................
United
States
3,437,897
98,426,991
287,845,151
Pharmaceuticals
8.7%
b
Elanco
Animal
Health,
Inc.
...............................
United
States
5,651,584
70,136,157
Eli
Lilly
&
Co.
........................................
United
States
374,227
121,006,300
GSK
plc
............................................
United
States
5,467,494
78,961,884
Merck
&
Co.,
Inc.
.....................................
United
States
1,621,555
139,648,317
Novartis
AG,
ADR
.....................................
Switzerland
1,851,669
140,745,361
550,498,019
Professional
Services
1.7%
KBR,
Inc.
...........................................
United
States
2,439,273
105,425,379
Real
Estate
Management
&
Development
1.6%
b
CBRE
Group,
Inc.,
A
...................................
United
States
1,459,209
98,511,200
Software
3.4%
b,e
Avaya
Holdings
Corp.
..................................
United
States
364
579
NortonLifeLock
,
Inc.
...................................
United
States
4,774,921
96,166,909
Oracle
Corp.
.........................................
United
States
1,943,538
118,691,865
214,859,353
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
0.0%
a,b,c,d
Wayne
Services
Legacy,
Inc.
.............................
United
States
7,469
$
—
Technology
Hardware,
Storage
&
Peripherals
1.4%
b
Western
Digital
Corp.
..................................
United
States
2,643,470
86,044,949
Textiles,
Apparel
&
Luxury
Goods
2.2%
Tapestry,
Inc.
........................................
United
States
4,868,517
138,411,938
Tobacco
1.7%
British
American
Tobacco
plc
.............................
United
Kingdom
3,028,832
108,601,582
Wireless
Telecommunication
Services
2.2%
b
T-Mobile
US,
Inc.
.....................................
United
States
1,059,804
142,193,903
Total
Common
Stocks
(Cost
$5,960,584,159)
....................................
5,893,333,139
Warrants
Warrants
0.0%
†
Diversified
Telecommunication
Services
0.0%
†
a,b,c
Windstream
Holdings,
Inc.,
9/21/55
........................
United
States
119,757
1,112,575
Software
0.0%
†
b
Avaya
Holdings
Corp.,
12/15/22
..........................
United
States
193,072
5,792
Total
Warrants
(Cost
$1,519,716)
..............................................
1,118,367
Principal
Amount
*
Corporate
Bonds
3.4%
Airlines
0.1%
f
American
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
11.75
%
,
7/15/25
United
States
8,774,000
9,176,902
Diversified
Telecommunication
Services
0.1%
Frontier
Communications
Holdings
LLC
,
Secured
Note
,
5.875
%
,
11/01/29
..........................................
United
States
10,568,178
8,412,481
Oil,
Gas
&
Consumable
Fuels
0.7%
f
Citgo
Holding,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
8/01/24
..
United
States
42,922,000
42,648,587
Pharmaceuticals
0.4%
f
Bausch
Health
Americas,
Inc.
,
Senior
Note,
144A,
9.25%,
4/01/26
......................
United
States
27,812,000
16,538,684
Senior
Note,
144A,
8.5%,
1/31/27
.......................
United
States
12,778,000
5,459,145
f
Bausch
Health
Cos.,
Inc.
,
Senior
Note
,
144A,
9
%
,
12/15/25
......
United
States
1,057,000
672,606
22,670,435
Software
1.0%
f
Veritas
US,
Inc.
/
Veritas
Bermuda
Ltd.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/01/25
......................................
United
States
81,677,000
62,670,762
Specialty
Retail
1.1%
f
Staples,
Inc.
,
Senior
Note,
144A,
10.75%,
4/15/27
.....................
United
States
66,378,000
49,288,652
Senior
Secured
Note,
144A,
7.5%,
4/15/26
................
United
States
21,151,000
17,789,154
67,077,806
Total
Corporate
Bonds
(Cost
$259,966,604)
.....................................
212,656,973
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
1.3%
g
Software
1.3%
Banff
Guarantor,
Inc.
,
Second
Lien,
Initial
Term
Loan
,
8.615
%
,
(
1-month
USD
LIBOR
+
5.5
%
),
2/27/26
...................
United
States
20,487,800
$
19,143,288
Quest
Software
US
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
10.227
%
,
(
3-month
SOFR
+
7.5
%
),
2/01/30
...........
United
States
40,126,436
24,201,257
Veritas
US,
Inc.
,
2021
Dollar
Term
Loan,
B
,
8.674
%
,
(
3-month
USD
LIBOR
+
5
%
),
9/01/25
................................
United
States
47,538,432
37,991,051
81,335,596
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$107,275,675)
.........................
81,335,596
Asset-Backed
Securities
0.1%
Airlines
0.1%
American
Airlines
Pass-Through
Trust
,
2013-2
,
A
,
4.95
%
,
1/15/23
.
.
United
States
5,577,171
5,509,936
Total
Asset-Backed
Securities
(Cost
$5,493,513)
................................
5,509,936
Shares
a
Companies
in
Liquidation
0.0%
a,b,h
Bosgen
Liquidating
Trust
c/o
Verdolino
and
Lowey
P.C.,
Contingent
Distribution
........................................
Netherlands
555,154
—
a,b,h
Walter
Energy,
Inc.,
Litigation
Trust,
Contingent
Distribution
......
United
States
20,046,000
—
Total
Companies
in
Liquidation
(Cost
$–)
......................................
—
Total
Long
Term
Investments
(Cost
$6,334,839,667)
.............................
6,193,954,011
a
Short
Term
Investments
1.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.6%
i
FHLB,
10/03/22
.......................................
United
States
43,600,000
43,600,000
Total
U.S.
Government
and
Agency
Securities
(Cost
$43,593,737)
.................
43,600,000
j
Repurchase
Agreements
0.9%
Credit
Suisse
First
Boston,
2.95%,
10/03/22
(Maturity
Value
$53,913,250)
Collateralized
by
U.S.
Treasury
Bonds,
Strips,
11/15/26
-
8/15/51;
U.S.
Treasury
Notes,
Strips,
1/31/23
-
1/31/27
(valued
at
$54,978,000)
.......................................
53,900,000
53,900,000
Total
Repurchase
Agreements
(Cost
$53,900,000)
...............................
53,900,000
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
Quarterly
Schedules
of
Investments
See
Notes
to
Schedules
of
Investments.
30
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.0%
†
Repurchase
Agreements
0.0%
†
k
Joint
Repurchase
Agreement,
BNP
Paribas
SA,
2.94%,
10/03/22
(Maturity
Value
$526)
Collateralized
by
U.S.
Treasury
Bills,
Discount
Note,
10/18/22
-
1/26/23;
U.S.
Treasury
Bonds,
6.625%
-
7.5%,
11/15/24
-
2/15/27;
U.S.
Treasury
Bond,
Strip,
5/15/27;
U.S.
Treasury
Notes,
0.25%
-
2.5%,
7/31/24
-
2/28/27;
and
U.S.
Treasury
Notes,
Index
Linked,
0.125%,
7/15/26
-
4/15/27
(valued
at
$537)
................
526
$
526
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$526)
.................................................................
526
Total
Short
Term
Investments
(Cost
$97,494,263
)
................................
97,500,526
a
Total
Investments
(Cost
$6,432,333,930)
99.6%
..................................
$6,291,454,537
Other
Assets,
less
Liabilities
0.4%
.............................................
24,480,138
Net
Assets
100.0%
...........................................................
$6,315,934,675
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
See
Note
4
regarding
holdings
of
5%
voting
securities.
e
A
portion
or
all
of
the
security
is
on
loan
at
September
30,
2022.
f
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
September
30,
2022,
the
aggregate
value
of
these
securities
was
$204,244,492,
representing
3.2%
of
net
assets.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
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.
i
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
j
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
k
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
September
30,
2022,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Mutual
Series
Funds
Schedule
of
Investments
(unaudited)
Franklin
Mutual
Shares
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedules
of
Investments
31
At
September
30,
2022,
the
Fund
had
the
following futures
contracts
outstanding.
At
September
30,
2022,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Abbreviations
on
page
45
.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Foreign
exchange
contracts
Foreign
Exchange
EUR/USD
...................
Short
52
$
6,409,975
12/19/22
$
162,801
Foreign
Exchange
GBP/USD
...................
Short
387
27,044,044
12/19/22
1,039,107
Total
Futures
Contracts
......................................................................
$1,201,908
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
BOFA
Buy
286,114
286,071
10/12/22
$
—
$
(5,491)
Euro
.............
BOFA
Sell
10,975,055
11,976,431
10/12/22
1,213,663
—
Euro
.............
HSBK
Sell
2,156,859
2,323,807
10/12/22
208,667
—
Euro
.............
SSBT
Sell
29,396,626
31,529,550
10/12/22
2,701,534
—
Euro
.............
UBSW
Buy
1,738,591
1,736,521
10/12/22
—
(31,558)
Euro
.............
UBSW
Sell
3,325,501
3,591,763
10/12/22
330,586
—
Euro
.............
BNY
Sell
304,111
307,120
1/09/23
6,620
—
Euro
.............
HSBK
Sell
8,865,430
9,143,804
1/09/23
383,645
—
Euro
.............
SSBT
Sell
375,782
378,830
1/09/23
7,510
—
Euro
.............
UBSW
Sell
8,865,430
9,147,882
1/09/23
387,723
—
British
Pound
......
BOFA
Sell
15,356,493
18,880,271
1/17/23
1,711,473
—
Total
Forward
Exchange
Contracts
...................................................
$6,951,421
$(37,049)
Net
unrealized
appreciation
(depreciation)
............................................
$6,914,372
*
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)
32
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Mutual
Series
Funds (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of six
separate
funds
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
2. Financial
Instrument
Valuation
The
Funds'
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
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
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
33
Quarterly
Schedules
of
Investments
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
September
30,
2022,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
September
30,
2022,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Beacon
Fund
2,846,329
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
1,890,264
$
93,889
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$1,890,264
$93,889
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Global
Discovery
Fund
3,819,425
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
2,536,498
$
125,988
Total
Restricted
Securities
(Value
is
0.0%
†
of
Net
Assets)
.............
$2,536,498
$125,988
Principal
Amount
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Quest
Fund
128,313
Intelsat
Jackson
Holdings
SA,
12/05/25
...........
2/18/22
$
—
$
—
2,548,299
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
1,692,334
84,058
224,279
Sorenson
Communica
tions
LLC,
Membership
Interests.
4/01/22
—
2,523,137
106,532
Sorenson
Communications
LLC,
Membership
Interests,
B
......................................
4/30/14
—
7,257,719
2. Financial
Instrument
Valuation
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
34
Quarterly
Schedules
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
September
30,
2022,
investments
in
“affiliated
companies”
were
as
follows:
Principal
Amount/
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Quest
Fund
(continued)
23,563,302
Sorenson
Communications
LLC,
Term
Loan,
A,
PIK,
10%,
3/01/30
.............................
4/01/22
23,563,302
19,520,009
96,452,822
Sorenson
Communications
LLC,
Term
Loan,
B,
PIK,
8%,
3/01/30
..................................
4/01/22
96,452,822
64,283,439
1
Tenerity,
Inc.
...............................
1/31/22
204
35
48,380
Tenerity,
Inc.,
4/10/24
.........................
5/11/17
6,590,959
465,026
7,104
Wayne
Services
Legacy,
Inc.
...................
1/22/19
—
—
1,623,438
Windstream
Holdings,
Inc.
.....................
9/21/20
12,859,476
15,082,174
91,545
Windstream
Holdings,
Inc.,
9/21/55
..............
9/21/20
1,161,706
850,478
Total
Restricted
Securities
(Value
is
4.3%
of
Net
Assets)
..............
$142,320,803
$110,066,075
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Mutual
Shares
Fund
7,234,813
International
Automotive
Components
Group
Brazil
LLC
4/13/06
-
12/26/08
$
4,804,678
$
238,648
7,469
Wayne
Services
Legacy,
Inc.
...................
1/22/19
—
—
2,123,740
Windstream
Holdings,
Inc.
.....................
9/21/20
16,822,436
19,730,114
119,757
Windstream
Holdings,
Inc.,
9/21/55
..............
9/21/20
1,519,716
1,112,575
Total
Restricted
Securities
(Value
is
0.3%
of
Net
Assets)
..............
$23,146,830
$21,081,337
†
Rounds
to
less
than
0.1%
of
net
assets.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
Held
at
End
of
Period
Investment
Income
Franklin
Mutual
Financial
Services
Fund
Non-Controlled
Affiliates
Dividends
AB&T
Financial
Corp
..
$
221,578
$
—
$
—
$
—
$
(86,031)
$
135,547
226,100
$
863
3.
Restricted
Securities
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
35
Quarterly
Schedules
of
Investments
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Principal
Amount
Held
at
End
of
Period
Investment
Income
Franklin
Mutual
Financial
Services
Fund
(continued)
Non-Controlled
Affiliates
Total
Affiliated
Securities
(Value
is
0.0%
†
of
Net
Assets)
...........
$221,578
$—
$—
$
—
$
(86,031)
$135,547
$863
Franklin
Mutual
Quest
Fund
Non-Controlled
Affiliates
Dividends
Sorenson
Communications
LLC,
Membership
Interests.
..........
$—
$—
a
$—
$—
$2,523,137
$2,523,137
224,279
$—
Sorenson
Communications
LLC,
Membership
Interests
168,209,173
—
(155,543,022)
a
155,543,022
(168,209,173)
—
b
—
—
Sorenson
Communications
LLC,
Membership
Interests,
B
.........
—
—
a
—
—
7,257,719
7,257,719
106,532
—
Wayne
Services
Legacy,
Inc.
..............
—
—
(403,772)
a
403,772
—
—
7,104
—
Interest
Sorenson
Communications
LLC,
Term
Loan,
A,
PIK,
10%,
3/01/30
.......
—
23,563,302
a
—
—
(4,043,293)
19,520,009
23,563,302
1,189,978
Sorenson
Communications
LLC,
Term
Loan,
B,
PIK,
8%,
3/01/30
........
—
96,452,822
a
—
—
(32,169,383)
64,283,439
96,452,822
3,906,024
Total
Affiliated
Securities
(Value
is
3.7%
of
Net
Assets)
...........
$168,209,173
$120,016,124
$(155,946,794)
$
155,946,794
$
(194,640,99
3
)
$93,584,304
$5,096,002
Franklin
Mutual
Shares
Fund
Non-Controlled
Affiliates
Dividends
International
Automotive
Components
Group
Brazil
LLC
..............
$273,903
$—
$—
$—
$(35,255)
$238,648
7,234,813
$—
Wayne
Services
Legacy,
Inc.
..............
—
—
(424,504)
a
424,504
—
—
7,469
—
Total
Affiliated
Securities
(Value
is
0.0%
†
of
Net
Assets)
...........
$273,903
$—
$(424,504)
$
424,504
$
(35,255)
$238,648
$—
†
Rounds
to
less
than
0.1%
of
net
assets.
a
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
b
As
of
September
30,
2022,
no
longer
held
by
the
fund.
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
36
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
September
30,
2022,
investments
in
affiliated
management
investment
companies
were
as
follows:
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Mutual
European
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$14,956,000
$(14,956,000)
$—
$—
$—
—
$6,626
Total
Affiliated
Securities
...
$—
$14,956,000
$(14,956,000)
$—
$—
$—
$6,626
Franklin
Mutual
Financial
Services
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$5,276,000
$(5,276,000)
$—
$—
$—
—
$209
Total
Affiliated
Securities
...
$—
$5,276,000
$(5,276,000)
$—
$—
$—
$209
Franklin
Mutual
Global
Discovery
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$14,094,000
$(14,094,000)
$—
$—
$—
—
$6,265
Total
Affiliated
Securities
...
$—
$14,094,000
$(14,094,000)
$—
$—
$—
$6,265
Franklin
Mutual
Quest
Fund
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
2.42%
.
$—
$24,309,000
$(22,534,000)
$—
$—
$1,775,000
1,775,000
$4,505
Total
Affiliated
Securities
...
$—
$24,309,000
$(22,534,000)
$—
$—
$1,775,000
$4,505
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
37
Quarterly
Schedules
of
Investments
6. Fair
Value
Measurements
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
September
30,
2022,
in
valuing
the
Funds’
assets
and
liabilities 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
...................
$
—
$
71,922,107
$
—
$
71,922,107
Auto
Components
......................
—
—
93,889
93,889
Banks
...............................
119,518,530
118,484,659
—
238,003,189
Beverages
...........................
—
84,846,204
—
84,846,204
Building
Products
......................
88,908,695
—
—
88,908,695
Capital
Markets
........................
99,274,914
—
—
99,274,914
Construction
Materials
..................
—
56,889,920
—
56,889,920
Containers
&
Packaging
.................
51,906,246
—
—
51,906,246
Diversified
Telecommunication
Services
.....
—
93,268,310
—
93,268,310
Electrical
Equipment
....................
100,388,963
—
—
100,388,963
Entertainment
.........................
59,939,747
—
—
59,939,747
Equity
Real
Estate
Investment
Trusts
(REITs)
.
61,809,836
—
—
61,809,836
Food
Products
........................
57,275,257
—
—
57,275,257
Health
Care
Equipment
&
Supplies
.........
118,712,513
—
—
118,712,513
Health
Care
Providers
&
Services
..........
61,646,727
—
—
61,646,727
Household
Products
....................
—
80,155,464
—
80,155,464
Insurance
............................
91,203,863
—
—
91,203,863
Interactive
Media
&
Services
..............
60,675,825
—
—
60,675,825
IT
Services
...........................
104,429,136
—
—
104,429,136
Media
...............................
79,128,544
—
—
79,128,544
Oil,
Gas
&
Consumable
Fuels
.............
—
104,506,442
—
104,506,442
Personal
Products
.....................
99,614,711
—
—
99,614,711
Pharmaceuticals
.......................
341,127,717
83,350,927
—
424,478,644
Technology
Hardware,
Storage
&
Peripherals
.
65,732,154
—
—
65,732,154
Textiles,
Apparel
&
Luxury
Goods
..........
77,638,293
141,830,519
—
219,468,812
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
65,265,856
—
65,265,856
Total
Investments
in
Securities
...........
$1,738,931,671
$900,520,408
b
$93,889
$2,639,545,968
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
1,025,365
$
—
$
1,025,365
Total
Other
Financial
Instruments
.........
$—
$1,025,365
$—
$1,025,365
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
38
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Beacon
Fund
(continued)
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
890,101
$
—
$
890,101
..............................................................
Total
Other
Financial
Instruments
.........
$—
$890,101
$—
$890,101
Franklin
Mutual
European
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
24,878,901
$
—
$
24,878,901
Auto
Components
......................
—
12,979,565
—
12,979,565
Banks
...............................
—
57,223,546
—
57,223,546
Beverages
...........................
—
22,639,760
—
22,639,760
Chemicals
...........................
—
12,684,654
—
12,684,654
Construction
Materials
..................
—
11,570,924
—
11,570,924
Diversified
Telecommunication
Services
.....
—
53,520,760
—
53,520,760
Food
Products
........................
—
17,118,211
—
17,118,211
Health
Care
Providers
&
Services
..........
—
14,056,601
—
14,056,601
Household
Durables
....................
—
10,588,178
—
10,588,178
Household
Products
....................
—
13,921,474
—
13,921,474
Independent
Power
and
Renewable
Electricity
Producers
............................
—
16,882,785
—
16,882,785
Industrial
Conglomerates
................
—
14,328,272
—
14,328,272
Insurance
............................
976,107
52,985,882
—
53,961,989
IT
Services
...........................
—
16,764,182
—
16,764,182
Machinery
............................
—
21,564,676
—
21,564,676
Metals
&
Mining
.......................
—
13,305,230
—
13,305,230
Oil,
Gas
&
Consumable
Fuels
.............
—
43,479,415
—
43,479,415
Personal
Products
.....................
12,126,392
—
—
12,126,392
Pharmaceuticals
.......................
—
36,217,742
—
36,217,742
Real
Estate
Management
&
Development
....
—
10,071,434
—
10,071,434
Software
.............................
—
11,227,826
—
11,227,826
Textiles,
Apparel
&
Luxury
Goods
..........
—
16,826,723
—
16,826,723
Tobacco
.............................
—
17,129,632
—
17,129,632
Trading
Companies
&
Distributors
..........
18,753,629
11,788,303
—
30,541,932
Warrants
..............................
210,875
—
—
210,875
Short
Term
Investments
...................
—
33,491,552
—
33,491,552
Total
Investments
in
Securities
...........
$32,067,003
$567,246,228
c
$—
$599,313,231
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
19,083,416
$
—
$
19,083,416
Futures
contracts
........................
5,600,399
—
—
5,600,399
Total
Other
Financial
Instruments
.........
$5,600,399
$19,083,416
$—
$24,683,815
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
679,717
$
—
$
679,717
Futures
contracts
........................
121,902
—
—
121,902
Total
Other
Financial
Instruments
.........
$121,902
$679,717
$—
$801,619
Franklin
Mutual
Financial
Services
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Banks
...............................
$
75,442,600
$
46,955,015
$
—
$
122,397,615
Capital
Markets
........................
6,993,508
10,271,966
—
17,265,474
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
39
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Financial
Services
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Consumer
Finance
.....................
$
10,874,340
$
—
$
—
$
10,874,340
Diversified
Financial
Services
.............
13,719,222
4,047,475
—
17,766,697
Equity
Real
Estate
Investment
Trusts
(REITs)
.
4,642,074
—
—
4,642,074
Household
Durables
....................
8,476,928
—
—
8,476,928
Insurance
............................
78,778,578
36,281,210
—
115,059,788
IT
Services
...........................
13,208,491
—
—
13,208,491
Media
...............................
221,408
—
—
221,408
Real
Estate
Management
&
Development
....
—
3,317,657
—
3,317,657
Trading
Companies
&
Distributors
..........
3,340,049
—
—
3,340,049
Short
Term
Investments
...................
—
5,800,000
—
5,800,000
Total
Investments
in
Securities
...........
$215,697,198
$106,673,323
d
$—
$322,370,521
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
4,159,255
$
—
$
4,159,255
Futures
contracts
........................
344,404
—
—
344,404
Total
Other
Financial
Instruments
.........
$344,404
$4,159,255
$—
$4,503,659
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
331,559
$
—
$
331,559
..............................................................
Total
Other
Financial
Instruments
.........
$—
$331,559
$—
$331,559
Franklin
Mutual
Global
Discovery
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
—
$
118,333,377
$
—
$
118,333,377
Auto
Components
......................
—
73,088,505
125,988
73,214,493
Automobiles
..........................
126,256,950
—
—
126,256,950
Banks
...............................
203,080,494
442,830,966
—
645,911,460
Building
Products
......................
160,089,822
—
—
160,089,822
Capital
Markets
........................
136,790,803
—
—
136,790,803
Chemicals
...........................
—
119,022,031
—
119,022,031
Diversified
Financial
Services
.............
175,775,853
—
—
175,775,853
Diversified
Telecommunication
Services
.....
—
203,035,922
—
203,035,922
Electrical
Equipment
....................
—
113,772,945
—
113,772,945
Energy
Equipment
&
Services
.............
160,557,754
—
—
160,557,754
Entertainment
.........................
274,652,407
—
—
274,652,407
Food
Products
........................
158,090,606
136,132,289
—
294,222,895
Health
Care
Equipment
&
Supplies
.........
152,536,023
—
—
152,536,023
Health
Care
Providers
&
Services
..........
485,150,784
101,884,535
—
587,035,319
Household
Durables
....................
149,694,939
—
—
149,694,939
Household
Products
....................
—
112,518,210
—
112,518,210
Industrial
Conglomerates
................
—
120,054,994
—
120,054,994
Insurance
............................
340,642,867
263,680,164
—
604,323,031
Interactive
Media
&
Services
..............
185,759,446
—
—
185,759,446
Internet
&
Direct
Marketing
Retail
..........
81,281,817
—
—
81,281,817
IT
Services
...........................
280,673,477
135,274,248
—
415,947,725
Machinery
............................
149,330,565
95,052,425
—
244,382,990
Media
...............................
133,274,699
—
—
133,274,699
Metals
&
Mining
.......................
—
122,750,249
—
122,750,249
Oil,
Gas
&
Consumable
Fuels
.............
159,967,167
212,720,994
—
372,688,161
Personal
Products
.....................
140,501,169
—
—
140,501,169
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
40
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Global
Discovery
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Pharmaceuticals
.......................
$
318,112,409
$
146,164,695
$
—
$
464,277,104
Real
Estate
Management
&
Development
....
116,320,608
—
—
116,320,608
Semiconductors
&
Semiconductor
Equipment
.
76,696,347
129,944,635
—
206,640,982
Software
.............................
108,277,481
—
—
108,277,481
Technology
Hardware,
Storage
&
Peripherals
.
103,429,447
104,356,650
—
207,786,097
Tobacco
.............................
—
143,421,740
—
143,421,740
Trading
Companies
&
Distributors
..........
162,541,401
—
—
162,541,401
Preferred
Stocks
........................
—
103,708,406
—
103,708,406
Warrants
..............................
—
8,401
—
8,401
Corporate
Bonds
........................
—
42,158,407
—
42,158,407
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
78,700,897
—
78,700,897
Total
Investments
in
Securities
...........
$4,539,485,335
$3,118,615,685
e
$125,988
$7,658,227,008
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
65,566,862
$
—
$
65,566,862
Futures
contracts
........................
8,149,970
—
—
8,149,970
Total
Other
Financial
Instruments
.........
$8,149,970
$65,566,862
$—
$73,716,832
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
2,349,389
$
—
$
2,349,389
..............................................................
Total
Other
Financial
Instruments
.........
$—
$2,349,389
$—
$2,349,389
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Airlines
..............................
$
2,293,405
$
—
$
—
$
2,293,405
Auto
Components
......................
—
—
84,058
84,058
Automobiles
..........................
22,774,851
—
—
22,774,851
Banks
...............................
121,506,007
41,813,670
—
163,319,677
Beverages
...........................
—
12,190,817
—
12,190,817
Chemicals
...........................
5,357,828
41,330,329
—
46,688,157
Commercial
Services
&
Supplies
...........
11,701,527
—
—
11,701,527
Communications
Equipment
..............
—
—
9,780,856
9,780,856
Consumer
Finance
.....................
22,490,776
—
—
22,490,776
Diversified
Financial
Services
.............
70,091,367
11,235,820
—
81,327,187
Diversified
Telecommunication
Services
.....
—
11,879,300
15,082,174
26,961,474
Electrical
Equipment
....................
6,051,364
—
—
6,051,364
Electronic
Equipment,
Instruments
&
Components
..........................
20,257,394
—
—
20,257,394
Entertainment
.........................
114,585,609
—
—
114,585,609
Equity
Real
Estate
Investment
Trusts
(REITs)
.
41,728,577
—
—
41,728,577
Food
Products
........................
—
12,455,261
—
12,455,261
Health
Care
Equipment
&
Supplies
.........
56,667,620
—
—
56,667,620
Health
Care
Providers
&
Services
..........
10,589,272
—
—
10,589,272
Household
Durables
....................
22,805,855
—
—
22,805,855
Household
Products
....................
—
13,607,910
—
13,607,910
Insurance
............................
214,795,462
123,773,599
—
338,569,061
Interactive
Media
&
Services
..............
14,783,111
—
—
14,783,111
Internet
&
Direct
Marketing
Retail
..........
10,709,833
—
—
10,709,833
IT
Services
...........................
78,600,946
—
—
78,600,946
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
41
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Quest
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Media
...............................
$
84,400,485
$
—
$
35
$
84,400,520
Oil,
Gas
&
Consumable
Fuels
.............
14,782,728
23,601,049
—
38,383,777
Personal
Products
.....................
12,014,050
—
—
12,014,050
Pharmaceuticals
.......................
103,899,771
26,938,965
—
130,838,736
Professional
Services
...................
2,993,979
—
—
2,993,979
Real
Estate
Management
&
Development
....
—
7,323,301
—
7,323,301
Semiconductors
&
Semiconductor
Equipment
.
37,543,874
2,126,381
—
39,670,255
Software
.............................
107,492,097
—
—
107,492,097
Specialty
Retail
........................
12,936,395
25,980,207
—
a
38,916,602
Technology
Hardware,
Storage
&
Peripherals
.
7,803,635
—
—
7,803,635
Tobacco
.............................
6,409,961
6,230,649
—
12,640,610
Wireless
Telecommunication
Services
.......
14,335,811
—
—
14,335,811
Preferred
Stocks
:
Automobiles
..........................
—
23,153,263
—
23,153,263
Oil,
Gas
&
Consumable
Fuels
.............
3,285,524
—
—
3,285,524
Rights
................................
—
—
—
a
—
Warrants
:
Diversified
Telecommunication
Services
.....
—
—
850,478
850,478
Media
...............................
—
—
465,026
465,026
Software
.............................
—
7,076
—
7,076
Wireless
Telecommunication
Services
.......
1,310,872
—
—
1,310,872
Private
Limited
Partnership
Funds
............
10,346,921
—
—
10,346,921
Corporate
Bonds
........................
—
542,306,557
—
542,306,557
Senior
Floating
Rate
Interests
...............
—
72,803,742
83,803,448
156,607,190
Asset-Backed
Securities
..................
—
2,210,627
—
2,210,627
Companies
in
Liquidation
..................
—
—
—
a
—
Options
purchased
.......................
193,000
—
—
193,000
Short
Term
Investments
...................
1,775,000
169,127,674
—
170,902,674
Total
Investments
in
Securities
...........
$1,269,314,907
$1,170,096,197
f
$110,066,075
$2,549,477,179
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
11,484,333
$
—
$
11,484,333
Futures
contracts
........................
1,185,819
—
—
1,185,819
Total
Other
Financial
Instruments
.........
$1,185,819
$11,484,333
$—
$12,670,152
Liabilities:
Other
Financial
Instruments:
Options
written
..........................
$
—
$
84,884
$
—
$
84,884
Securities
Sold
Short
.....................
7,436,071
—
—
7,436,071
Forward
exchange
contracts
................
—
3,072,879
—
3,072,879
Total
Other
Financial
Instruments
.........
$7,436,071
$3,157,763
$—
$10,593,834
Franklin
Mutual
Shares
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Auto
Components
......................
$
—
$
—
$
238,648
$
238,648
Automobiles
..........................
132,930,194
—
—
132,930,194
Banks
...............................
408,805,569
100,380,333
—
509,185,902
Building
Products
......................
141,535,802
—
—
141,535,802
Capital
Markets
........................
125,802,262
—
—
125,802,262
Chemicals
...........................
111,311,298
—
—
111,311,298
Commercial
Services
&
Supplies
...........
74,401,885
—
—
74,401,885
Consumer
Finance
.....................
58,983,531
—
—
58,983,531
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
42
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Mutual
Shares
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Containers
&
Packaging
.................
$
92,156,306
$
—
$
—
$
92,156,306
Diversified
Financial
Services
.............
140,095,675
—
—
140,095,675
Diversified
Telecommunication
Services
.....
—
—
19,730,114
19,730,114
Electrical
Equipment
....................
76,667,476
—
—
76,667,476
Electronic
Equipment,
Instruments
&
Components
..........................
122,207,148
—
—
122,207,148
Energy
Equipment
&
Services
.............
139,796,072
—
—
139,796,072
Entertainment
.........................
234,002,562
—
—
234,002,562
Equity
Real
Estate
Investment
Trusts
(REITs)
.
92,445,572
—
—
92,445,572
Food
Products
........................
162,530,024
—
—
162,530,024
Health
Care
Equipment
&
Supplies
.........
129,117,796
—
—
129,117,796
Health
Care
Providers
&
Services
..........
463,341,231
—
—
463,341,231
Household
Durables
....................
143,307,195
—
—
143,307,195
Insurance
............................
260,568,813
—
—
260,568,813
Interactive
Media
&
Services
..............
112,201,868
—
—
112,201,868
Internet
&
Direct
Marketing
Retail
..........
76,174,209
—
—
76,174,209
IT
Services
...........................
385,480,985
—
—
385,480,985
Machinery
............................
134,705,460
—
—
134,705,460
Media
...............................
222,023,637
—
—
222,023,637
Oil,
Gas
&
Consumable
Fuels
.............
98,426,991
189,418,160
—
287,845,151
Pharmaceuticals
.......................
471,536,135
78,961,884
—
550,498,019
Professional
Services
...................
105,425,379
—
—
105,425,379
Real
Estate
Management
&
Development
....
98,511,200
—
—
98,511,200
Software
.............................
214,859,353
—
—
214,859,353
Specialty
Retail
........................
—
—
—
a
—
Technology
Hardware,
Storage
&
Peripherals
.
86,044,949
—
—
86,044,949
Textiles,
Apparel
&
Luxury
Goods
..........
138,411,938
—
—
138,411,938
Tobacco
.............................
—
108,601,582
—
108,601,582
Wireless
Telecommunication
Services
.......
142,193,903
—
—
142,193,903
Warrants
:
Diversified
Telecommunication
Services
.....
—
—
1,112,575
1,112,575
Software
.............................
—
5,792
—
5,792
Corporate
Bonds
........................
—
212,656,973
—
212,656,973
Senior
Floating
Rate
Interests
...............
—
81,335,596
—
81,335,596
Asset-Backed
Securities
..................
—
5,509,936
—
5,509,936
Companies
in
Liquidation
..................
—
—
—
a
—
Short
Term
Investments
...................
—
97,500,526
—
97,500,526
Total
Investments
in
Securities
...........
$5,396,002,418
$874,370,782
g
$21,081,337
$6,291,454,537
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
6,951,421
$
—
$
6,951,421
Futures
contracts
........................
1,201,908
—
—
1,201,908
Total
Other
Financial
Instruments
.........
$1,201,908
$6,951,421
$—
$8,153,329
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
37,049
$
—
$
37,049
..............................................................
Total
Other
Financial
Instruments
.........
$—
$37,049
$—
$37,049
a
Includes
financial
instruments
determined
to
have
no
value
at
September
30,
2022.
b
Includes
foreign
securities
valued
at
$835,254,552,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
43
Quarterly
Schedules
of
Investments
A
reconciliation
of
assets
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
financial
instruments
at
the
beginning
and/or
end
of
the
period.
The
reconciliation
for
the
nine
months
ended
September
30,
2022,
is
as
follows:
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
September
30,
2022,
are
as
follows:
c
Includes
foreign
securities
valued
at
$533,754,676,
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
$100,737,776,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
e
Includes
foreign
securities
valued
at
$2,997,747,980,
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
$383,640,521,
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
$477,361,959,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Mutual
Quest
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Auto
Components
....
$
96,476
$
—
$
—
$
—
$
—
$
—
$
—
$
(12,418)
$
84,058
$
(12,418)
Communications
Equipment
.......
168,209,173
—
c
(155,543,022)
—
—
—
155,543,022
(158,428,317)
9,780,856
9,780,856
Diversified
Telecommunication
Services
........
28,576,119
—
—
—
—
—
—
(13,493,945)
15,082,174
(13,493,945)
Media
...........
—
204
—
—
—
—
—
(169)
35
(169)
Specialty
Retail
.....
—
c
—
(403,772)
—
—
—
403,772
—
—
c
—
Rights
:
Diversified
Telecommunication
Services
........
—
—
c
—
—
—
—
—
—
—
c
—
Warrants
:
Diversified
Telecommunication
Services
........
1,611,396
—
—
—
—
—
—
(760,918)
850,478
(760,918)
Media
...........
183,988
—
(136)
—
—
—
—
281,174
465,026
281,042
Senior
Floating
Rate
Interests
:
Communications
Equipment
.......
—
120,016,124
—
—
—
—
—
(36,212,676)
83,803,448
(36,
212
,6
7
6)
Companies
in
Liquidation
—
c
—
(85,814)
—
—
—
85,814
—
—
c
—
Total
Investments
in
Securities
............
$198,677,152
$120,016,328
$(156,032,744)
$—
$—
$—
$156,032,608
$(208,627,269)
$110,066,075
$(40,418,228)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Includes
financial
instruments
determined
to
have
no
value.
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
44
Quarterly
Schedules
of
Investments
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.............
$7,257,719
Market
comparables
Discount
for
lack
of
marketability
17.2%
Decrease
EV/EBITDA
multiple
5.8x
Increase
c
EV/revenue
multiple
1.5x
Increase
c
Diversified
Telecommunication
Services
.............
15,082,174
Market
comparables
Discount
for
lack
of
marketability
10.0%
Decrease
d
EV/EBITDA
multiple
3.4x
Increase
c
Senior
Floating
Rate
Interests:.............
Communications
Equipment
.............
83,803,448
Discounted
cash
flow
Discount
rate
12.9%
-
13.9%
(13.7%)
Decrease
c
All
Other
Investments.............
3,922,734
e,f
Total.................................
$110,066,075
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
impacts,
if
any,
to
fair
value
and/or
net
assets
have
been
indicated.
c
Represents
a
significant
impact
to
fair
value
and
net
assets.
d
Represents
a
significant
impact
to
fair
value
but
not
net
assets.
e
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
private
transaction
prices
or
non-public
third
party
pricing
information
which
is
unobservable.
f
Includes
financial
instruments
determined
to
have
no
value
at
September
30,
2022.
Abbreviations
List
EBITDA
-
Earnings
before
interest,
taxes,
depreciation
and
amortization
EV
-
Enterprise
value
6. Fair
Value
Measurements
(continued)
Franklin
Mutual
Series
Funds
Notes
to
Schedules
of
Investments
(unaudited)
45
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
BNY
Bank
of
New
York
BOFA
Bank
of
America
N.A.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
SSBT
State
Street
Bank
and
Trust
Co.
UBSW
UBS
AG
Cu
r
rency
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Index
EAFE
Europe,
Australasia
and
the
Far
East
MSCI
Morgan
Stanley
Capital
International
Selected
Portfolio
ADR
American
Depositary
Receipt
CME
Chicago
Mercantile
Exchange
FHLB
Federal
Home
Loan
Banks
LIBOR
London
Inter-Bank
Offered
Rate
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
6. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.