Franklin Mutual Quest Fund March 31, 2018 Portfolio Holdings The following portfolio data for the Franklin Templeton funds is made available to the public under our Portfolio Holdings Release Policy and is "as of" the date indicated. This portfolio data should not be relied upon as a complete listing of a fund's holdings (or of a fund's top holdings) as information on particular holdings may be withheld if it is in the fund's interest to do so. Additionally, foreign currency forwards are not included in the portfolio data. Instead, the net market value of all currency forward contracts is included in cash and other net assets of the fund. Further, portfolio holdings data of over-the-counter derivative investments such as Credit Default Swaps, Interest Swaps or other Swap contracts list only the name of counterparty to the derivative contract, not the details of the derivative. Complete portfolio data can be found in the semi- and annual financial statements of the fund. 00770C101 ADVANCED EMISSIONS SOLUTIONS INC 1,724,209 $19,690,466 0.39% N/A N/A 00828DAP6 AFFINION GROUP INC 85,578,503 $79,267,088 1.58% N/A 11/10/22 DDD663311 AFFINION GROUP INC 74,250,000 $77,127,187 1.54% FLOATER 05/10/22 DDD665854 AFFINION GROUP INC 549,716 $5,804,411 0.12% N/A 11/10/22 B86S2N0 AGEAS 527,660 $27,240,702 0.54% N/A N/A 02005N100 ALLY FINANCIAL INC 24 $651 0.00% N/A N/A 026874784 AMERICAN INTERNATIONAL GROUP INC 395,586 $21,527,790 0.43% N/A N/A BD9PNF2 ASR NEDERLAND NV 2,800,648 $119,637,379 2.39% N/A N/A 05351X101 AVAYA HOLDINGS CORP 822,528 $18,424,627 0.37% N/A N/A 05351X119 AVAYA HOLDINGS CORP 338,090 $1,859,495 0.04% N/A 12/15/22 053ESCAJ8 AVAYA HOLDINGS CORP 82,902,380 $0 0.00% N/A N/A DDD820328 AVAYA INC 35,237,649 $0 0.00% N/A N/A DDD820329 AVAYA INC 8,399,638 $0 0.00% N/A N/A DDD820330 AVAYA INC 17,350,320 $0 0.00% N/A N/A B0FXT17 BAIDU INC 244,769 $54,629,993 1.09% N/A N/A 054937107 BB&T CORP 429,077 $22,329,167 0.45% N/A N/A DDD617617 BELK INC 7,165,673 $6,237,976 0.12% FLOATER 12/12/22 DDD617711 BELK INC 25,000,000 $22,375,000 0.45% FLOATER 06/12/23 DDD599928 BLUESTEM BRANDS INC 67,498,358 $47,586,343 0.95% FLOATER 11/09/20 0798059 BP PLC 13,916,288 $93,571,412 1.87% N/A N/A 0287580 BRITISH AMERICAN TOBACCO PLC 1,250,000 $72,447,409 1.45% N/A N/A DDD472645 BROADBAND VENTURES III LLC 9,271 $0 0.00% 5.00% 02/20/49 14040H105 CAPITAL ONE FINANCIAL CORP 698,300 $66,911,106 1.34% N/A N/A DDD438274 CB FIM COINVESTORS LLC 1,439,820 $0 0.00% N/A N/A M22465104 CHECK POINT SOFTWARE TECHNOLOGIES LTD 846,738 $84,114,952 1.68% N/A N/A 125581801 CIT GROUP INC 882,183 $45,432,424 0.91% N/A N/A 174610105 CITIZENS FINANCIAL GROUP INC 780,750 $32,775,885 0.66% N/A N/A 1
20030N101 COMCAST CORP 2,059,900 $70,386,783 1.41% N/A N/A B67C970 CRESCENT POINT ENERGY CORP 8,512,600 $57,876,033 1.16% N/A N/A DDD567308 CUMULUS MEDIA HOLDINGS INC 19,175,109 $16,418,687 0.33% FLOATER 12/23/20 25470M109 DISH NETWORK CORP 460,500 $17,448,345 0.35% N/A N/A DDD367901 DOW CORNING CORP 2,850,000 $0 0.00% N/A N/A DDD367906 DOW CORNING CORP 7,437,829 $0 0.00% N/A N/A DDD367908 DOW CORNING CORP 1,801,364 $0 0.00% N/A N/A 532457108 ELI LILLY & CO 979,247 $75,764,340 1.51% N/A N/A DDD686052 EUR/USD -814 $644,600 0.01% N/A 06/18/18 DDD461928 FIM COINVESTOR HOLDINGS I LLC 17,934,688 $0 0.00% N/A N/A 35906AAW8 FRONTIER COMMUNICATIONS CORP 77,063,000 $64,835,413 1.30% 10.50% 09/15/22 35906AAZ1 FRONTIER COMMUNICATIONS CORP 41,812,000 $31,541,927 0.63% 11.00% 09/15/25 DDD686053 GBP/USD -955 -$874,331-0.02% N/A 06/18/18 369604103 GENERAL ELECTRIC CO 4,027,000 $54,283,960 1.09% N/A N/A 0925288 GLAXOSMITHKLINE PLC 4,970,464 $97,211,436 1.94% N/A N/A 382550101 GOODYEAR TIRE & RUBBER CO/THE 1,291,372 $34,324,667 0.69% N/A N/A 40075T607 GUARANTY BANCORP 347,127 $9,841,050 0.20% N/A N/A 402629117 GULFMARK OFFSHORE INC 1,712 $1,883 0.00% N/A 11/14/24 402629505 GULFMARK OFFSHORE INC 158 $4,582 0.00% N/A N/A 416515104 HARTFORD FINANCIAL SERVICES GROUP INC 1,825,990 $94,075,004 1.88% N/A N/A 184502BL5 IHEARTCOMMUNICATIONS INC 72,867,000 $58,202,516 1.16% 9.00% 12/15/19 DDD551308 IHEARTCOMMUNICATIONS INC 46,662,631 $37,001,366 0.74% FLOATER 01/30/19 DDD567408 IHEARTCOMMUNICATIONS INC 14,995,597 $11,858,443 0.24% FLOATER 07/30/19 2398822 INFOSYS LTD 2,791,311 $49,824,901 1.00% N/A N/A 45904F983 DDD384756 INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP BRAZIL LLC INTERNATIONAL AUTOMOTIVE COMPONENTS GROUP NA LLC 2,548,299 $105,894 0.00% N/A N/A 19,924,658 $9,773,563 0.20% N/A N/A B627LW9 JXTG HOLDINGS INC 15,844,655 $96,598,170 1.93% N/A N/A 49456B101 KINDER MORGAN INC 2,458,870 $37,030,582 0.74% N/A N/A 5956078 KONINKLIJKE KPN NV 28,618,114 $85,807,487 1.72% N/A N/A 523768109 LEE ENTERPRISES INC 4,824,268 $9,407,322 0.19% N/A N/A 523768AF6 LEE ENTERPRISES INC 99,050,000 $104,002,500 2.08% 9.50% 03/15/22 DDD573683 LEE ENTERPRISES INC 1,110,000 $342,457 0.01% N/A 12/31/22 DDD600014 LEE ENTERPRISES INC 53,727,139 $55,876,225 1.12% FLOATER 12/15/22 DDD550967 LEHMAN BROTHERS HOLDINGS INC 459,471,220 $10,262,289 0.21% N/A N/A G5960L103 MEDTRONIC PLC 1,245,243 $99,893,393 2.00% N/A N/A 58933Y105 MERCK & CO INC 1,455,970 $79,306,685 1.59% N/A N/A DDD600022 NEW MEDIA HOLDINGS II LLC 110,760,646 $111,522,125 2.23% FLOATER 07/14/22 64704V106 NEW MEDIA INVESTMENT GROUP INC 4,831,182 $82,806,459 1.66% N/A N/A DDD540331 NEWPAGE CORP 723,000 $0 0.00% N/A N/A 2
656ESCAE0 NORTEL NETWORKS CORP 12,968,000 $453,880 0.01% N/A N/A 656ESCAF7 NORTEL NETWORKS CORP 18,224,000 $637,840 0.01% N/A N/A 665ESC885 NORTEL NETWORKS LTD 20,912,000 $522,800 0.01% N/A N/A 66987V109 NOVARTIS AG 1,423,506 $115,090,460 2.30% N/A N/A 7103526 PEUGEOT SA 4,111,080 $98,885,209 1.98% N/A N/A 69331C108 PG&E CORP 618,600 $27,175,098 0.54% N/A N/A 767754104 RITE AID CORP 15,422,700 $25,910,136 0.52% N/A N/A B09CBL4 ROYAL DUTCH SHELL PLC 3,899,615 $123,713,620 2.47% N/A N/A BKKMKR2 RSA INSURANCE GROUP PLC 2,630,267 $23,248,666 0.46% N/A N/A 6773812 SAMSUNG ELECTRONICS CO LTD 23,596 $45,513,798 0.91% N/A N/A 0141192 SKY PLC 3,948,759 $71,882,910 1.44% N/A N/A 835834AF9 SORENSON COMMUNICATIONS LLC 96,671,937 $98,170,352 1.96% 9.00% 10/31/20 DDD575606 SORENSON COMMUNICATIONS LLC 224,278 $173,816,145 3.47% N/A N/A DDD600027 SORENSON COMMUNICATIONS LLC 140,263,819 $141,228,132 2.82% FLOATER 04/30/20 83583TAA5 SORENSON HOLDINGS LLC/FINANCE CORP 20,117,561 $20,721,087 0.41% 13.85% 10/31/21 867842AA4 SUNSHINE OILSANDS LTD 17,873,000 $10,051,362 0.20% 10.00% 02/20/49 867914103 SUNTRUST BANKS INC 493,567 $33,582,298 0.67% N/A N/A 871503108 SYMANTEC CORP 861,457 $22,268,663 0.45% N/A N/A 881624209 BYWKW32 TEVA PHARMACEUTICAL INDUSTRIES LTD TEVA PHARMACEUTICAL INDUSTRIES LTD 1,597,910 $27,308,281 0.55% N/A N/A 104,000 $34,228,480 0.68% N/A 12/15/18 887317303 TIME WARNER INC 607,220 $57,430,867 1.15% N/A N/A DDD600037 TOYS R US-DELAWARE INC 73,423,169 $28,792,528 0.58% FLOATER 04/24/20 DDD674777 TOYS R US-DELAWARE INC 41,186,601 $41,289,568 0.83% FLOATER 01/18/19 DDD539161 TRIBUNE MEDIA CO 1,534,136 $0 0.00% N/A N/A 912796LX5 UNITED STATES TREASURY BILL 50,000,000 $49,947,000 1.00% N/A 04/26/18 912796NV7 UNITED STATES TREASURY BILL 50,000,000 $49,577,727 0.99% N/A 09/13/18 912796NY1 UNITED STATES TREASURY BILL 45,000,000 $44,993,921 0.90% N/A 04/05/18 912796PA1 UNITED STATES TREASURY BILL 40,000,000 $39,981,878 0.80% N/A 04/12/18 912796PB9 UNITED STATES TREASURY BILL 25,000,000 $24,980,771 0.50% N/A 04/19/18 912796PC7 UNITED STATES TREASURY BILL 25,000,000 $24,965,109 0.50% N/A 05/03/18 912796PM5 UNITED STATES TREASURY BILL 50,000,000 $49,797,302 1.00% N/A 06/28/18 912796PN3 UNITED STATES TREASURY BILL 25,000,000 $24,888,678 0.50% N/A 07/05/18 912796PQ6 UNITED STATES TREASURY BILL 45,000,000 $44,780,867 0.90% N/A 07/12/18 912796PR4 UNITED STATES TREASURY BILL 50,000,000 $49,719,406 0.99% N/A 07/26/18 912796PS2 UNITED STATES TREASURY BILL 25,000,000 $24,848,042 0.50% N/A 08/02/18 912796PU7 UNITED STATES TREASURY BILL 50,000,000 $49,673,067 0.99% N/A 08/09/18 912796PZ6 UNITED STATES TREASURY BILL 56,000,000 $55,502,247 1.11% N/A 09/20/18 912796QA0 UNITED STATES TREASURY BILL 50,000,000 $49,537,076 0.99% N/A 09/27/18 DDD632083 VARIATION MARGIN-JPMORGAN-USD 4,627,206 $4,627,206 0.09% N/A 02/20/49 3
DDD636934 VARIATION MARGIN-MORGAN STANLEY-USD 1,166,980 $1,166,980 0.02% N/A 02/20/49 925652109 VICI PROPERTIES INC 321,315 $5,886,490 0.12% N/A N/A 882ESCAM8 VISTRA ENERGY CORP 40,665,000 $406,650 0.01% N/A N/A 92840M102 VISTRA ENERGY CORP 2,433,367 $50,687,034 1.01% N/A N/A 92840M110 VISTRA ENERGY CORP 2,433,367 $1,581,688 0.03% N/A N/A DDD647946 VISTRA ENERGY CORP 104,175,133 $1,041,751 0.02% N/A N/A BH4HKS3 VODAFONE GROUP PLC 47,816,110 $130,294,429 2.60% N/A N/A 5497168 VOLKSWAGEN AG 108,674 $21,577,643 0.43% N/A N/A 929042109 VORNADO REALTY TRUST 1,391,563 $93,652,189 1.87% N/A N/A BKWQ2N2 VOYA FINANCIAL INC 1,628,800 $82,254,400 1.64% N/A N/A 254687106 WALT DISNEY CO 543,800 $54,619,272 1.09% N/A N/A DDD805566 WARRIOR MET COAL INC 431,052 $12,073,766 0.24% N/A N/A 949746101 WELLS FARGO & CO 915,124 $47,961,648 0.96% N/A N/A 4
Important Legal Information Portfolio holdings are subject to change without notice and may not represent current or future portfolio composition. The portfolio data is as of the date indicated and we disclaim any responsibility to update the information. The net market value of all currency forward contracts is included in cash and other net assets, reflected in the base currency of the fund. The net market value of any Credit Default, Interest and/or other Swap contract positions are displayed as exposure to the issuing counterparty (i.e. "Citibank"). Unlike the fund s regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments provided in the first and third quarter SEC Form N-Q filings for each fiscal year. The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments. Investors should carefully consider a fund s investment goals, risks, charges and expenses before investing. To obtain a prospectus, which contains this and other information, talk to your financial advisor, call us at 1-800/DIAL BEN (1-800/342-5236) or visit our website at. Please read the prospectus carefully before investing. Franklin Templeton Distributors Inc., One Franklin Parkway, San Mateo, CA 94403. Franklin Templeton Distributors, Inc. One Franklin Parkway San Mateo, CA 94403 (800) DIAL BEN/342-5236 2018 Franklin Templeton Investments. All rights reserved. 5