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Form N-PX · fund registrantSEC filer no. 825063

FRANKLIN MUTUAL SERIES FUNDS

fund voting report, part of Franklin Templeton

Vote records reported
4,331year to 30 June 2026
Against management
5.3%228 of 4,308 marked votes
Say-on-pay support
83.1%for, of for + against + abstain
Shareholder-proposal support
28.6%for, of for + against + abstain
92.2% for6.6% against1.2% other5.3% against management4,308 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

In its Form N-PX for the year to 30 June 2026, FRANKLIN MUTUAL SERIES FUNDS listed 4,331 vote records. Votes against management made up 5.3% of those marked either way (228 of 4,308); the median fund registrant stood at 6.2%.

Weighted by the number of shares voted, the against-management share is 2.1%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 83.1% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 28.6% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SECTION 14A SAY-ON-PAY VOTES (16.4% of 152), COMPENSATION (10.2% of 353) and CORPORATE GOVERNANCE (9.0% of 597).

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share5.3%6.2%10.6%
Say-on-pay support rate83.1%91.6%86.0%
Shareholder-proposal support rate28.6%27.5%33.9%
Shares on loan, share of shares held0.00%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS2,3152,223524.0%
SECTION 14A SAY-ON-PAY VOTES1521182416.4%
AUDIT-RELATED28028000.0%
SHAREHOLDER RIGHTS AND DEFENSES1814450.0%
EXTRAORDINARY TRANSACTIONS262600.0%
CAPITAL STRUCTURE46946722.1%
COMPENSATION3533074610.2%
CORPORATE GOVERNANCE597564339.0%
ENVIRONMENT OR CLIMATE7712650.0%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE2913166.9%
DIVERSITY, EQUITY, AND INCLUSION5011390.0%
OTHER SOCIAL ISSUES14251916.3%
OTHER231760.0%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 20244,9135.1%80.8%26.3%
year to 30 June 20254,4563.5%93.5%17.9%
year to 30 June 20264,3315.3%83.1%28.6%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, FRANKLIN MUTUAL SERIES FUNDS voted against management on 13 of the 67 it marked either way (19.4%) in the year to 30 June 2026.

Shareholder proposals it supported

Of 80 proposals from security holders that could be told apart in the filings and on which it cast a vote, FRANKLIN MUTUAL SERIES FUNDS voted for 25 (31.3%). Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
Amazon.com, Inc.20 May 2026Shareholder proposal requesting a mandatory independent board chair policy
Alphabet Inc.5 Jun 2026Shareholder proposal regarding a report on AI data usage oversight
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
JPMorgan Chase & Co.19 May 2026Independent board chairman
CHEVRON CORPORATION27 May 2026Adopt an Independent Chair
Bank of America Corporation4 May 2026Shareholder proposal requesting independent board chair
Salesforce, Inc.28 May 2026Advisory vote to ratify named executive officers' compensation
Wells Fargo & Company28 Apr 2026Require Independent Board Chair
Wells Fargo & Company28 Apr 2026Shareholder Proposal - Govern by Majority Vote.
CVS Health Corporation14 May 2026Stockholder Proposal for Reducing the Threshold for Our Stockholder Right to Act By Written Consent.
Mondelez International, Inc.20 May 2026Shareholder proposal requesting adoption of an independent board chairman policy
Colgate-Palmolive Company8 May 2026Stockholder proposal entitled "Independent Board Chairman."
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
General Motors Company2 Jun 2026Shareholder Proposal Regarding Separation of Chair and CEO Roles
Fiserv, Inc.21 May 2026Shareholder proposal requesting an independent board chair policy.
The Hartford Insurance Group, Inc.20 May 2026Shareholder proposal that the Company adopt written consent rights for shareholders
Dollar General Corporation28 May 2026To vote on a shareholder proposal asking the Board to take the steps necessary to reduce the minimum...
Dollar General Corporation28 May 2026To vote on a shareholder proposal asking the Board to report on the feasibility of adopting a...
Zimmer Biomet Holdings, Inc.22 May 2026Shareholder Proposal on Independent Board Chairman.
Dover Corporation8 May 2026To consider a shareholder proposal requesting an independent board chair.
PPG Industries, Inc.16 Apr 2026Shareholder proposal to adopt a policy requiring an independent board chair
Charter Communications, Inc.21 Apr 2026Stockholder proposal regarding political expenditures report.
Global Payments Inc.30 Apr 2026Shareholder proposal regarding shareholder right to act by written consent.

Shares on loan

FRANKLIN MUTUAL SERIES FUNDS reported no shares on loan for the year to 30 June 2026. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

5 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
Franklin Mutual Quest Fund1,0125.3%82.5%31.4%
Franklin Mutual Global Discovery Fund9676.5%71.4%29.8%
Franklin Mutual International Value Fund9333.1%not reported11.1%
Franklin Mutual Shares Fund7756.3%88.4%30.5%
Franklin Mutual Beacon Fund6445.4%88.5%25.0%

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did FRANKLIN MUTUAL SERIES FUNDS vote on executive pay?

In the year to 30 June 2026 FRANKLIN MUTUAL SERIES FUNDS reported 142 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 118 were for (83.1%), 24 against and 0 abstentions. Counting one item per company meeting, it voted against management on 13 of the 67 say-on-pay items it marked either way.

How often does FRANKLIN MUTUAL SERIES FUNDS vote against management?

5.3% of the time in the year to 30 June 2026: 228 of the 4,308 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did FRANKLIN MUTUAL SERIES FUNDS support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 65 votes on proposals from security holders in the year to 30 June 2026 and voted for 0 of them (0.0%). Across every category it voted for 28.6% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by FRANKLIN MUTUAL SERIES FUNDS (filer no. 825063), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.