Franklin Mutual Shares Fund (TESRX) NPORT-P Franklin Mutual Shares Fund (Sep 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

MS-Q3PH

1

Statements

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

2

Franklin

Mutual

European

Fund

6

Franklin

Mutual

Financial

Services

Fund

11

Franklin

Mutual

Global

Discovery

Fund

15

Franklin

Mutual

Quest

Fund

21

Franklin

Mutual

Shares

Fund

27

Notes

to

Statements

of

Investments

33

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited),

September

30,

2021

Franklin

Mutual

Beacon

Fund

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

94.5%

Aerospace

&

Defense

1.8%

a

Airbus

SE

...........................................

France

503,713

$

66,777,333

Auto

Components

3.1%

Cie

Generale

des

Etablissements

Michelin

SCA

..............

France

733,538

112,476,205

a,b,c

International

Automotive

Components

Group

Brazil

LLC

........

Brazil

2,846,329

113,785

112,589,990

Banks

12.9%

BNP

Paribas

SA

......................................

France

1,718,905

109,972,002

ING

Groep

NV

.......................................

Netherlands

6,938,650

100,873,293

JPMorgan

Chase

&

Co.

.................................

United

States

821,000

134,389,490

Wells

Fargo

&

Co.

.....................................

United

States

2,596,864

120,520,458

465,755,243

Beverages

2.8%

Heineken

NV

........................................

Netherlands

976,799

101,948,848

Chemicals

2.6%

BASF

SE

...........................................

Germany

1,241,469

94,112,045

Diversified

Telecommunication

Services

4.6%

Deutsche

Telekom

AG

..................................

Germany

8,320,026

166,844,237

Electrical

Equipment

3.5%

a

Sensata

Technologies

Holding

plc

.........................

United

States

2,283,227

124,938,181

Entertainment

3.0%

a,d

Walt

Disney

Co.

(The)

..................................

United

States

645,057

109,124,293

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

Brixmor

Property

Group,

Inc.

.............................

United

States

3,967,055

87,711,586

Health

Care

Equipment

&

Supplies

3.4%

Medtronic

plc

........................................

United

States

988,867

123,954,478

Health

Care

Providers

&

Services

2.1%

Anthem,

Inc.

.........................................

United

States

208,438

77,705,686

Household

Products

3.2%

Reckitt

Benckiser

Group

plc

.............................

United

Kingdom

1,454,067

114,219,099

Insurance

2.2%

Hartford

Financial

Services

Group,

Inc.

(The)

................

United

States

1,116,379

78,425,625

IT

Services

7.4%

Cognizant

Technology

Solutions

Corp.,

A

....................

United

States

1,467,764

108,922,766

Global

Payments,

Inc.

..................................

United

States

1,005,917

158,512,401

267,435,167

Media

4.5%

a

Charter

Communications,

Inc.,

A

..........................

United

States

222,123

161,607,810

Pharmaceuticals

19.1%

a

Elanco

Animal

Health,

Inc.

...............................

United

States

3,158,444

100,722,779

Eli

Lilly

&

Co.

........................................

United

States

489,581

113,117,690

GlaxoSmithKline

plc

...................................

United

Kingdom

9,562,835

180,460,920

Merck

&

Co.,

Inc.

.....................................

United

States

2,203,084

165,473,639

Novartis

AG,

ADR

.....................................

Switzerland

1,624,175

132,825,032

692,600,060

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Road

&

Rail

0.8%

Kansas

City

Southern

..................................

United

States

105,300

$

28,498,392

Semiconductors

&

Semiconductor

Equipment

0.8%

Xilinx,

Inc.

...........................................

United

States

188,700

28,491,813

Software

3.4%

a

Check

Point

Software

Technologies

Ltd.

....................

Israel

1,097,894

124,105,938

Technology

Hardware,

Storage

&

Peripherals

3.0%

a,d

Western

Digital

Corp.

..................................

United

States

1,906,389

107,596,595

Textiles,

Apparel

&

Luxury

Goods

5.1%

Cie

Financiere

Richemont

SA

............................

Switzerland

930,240

96,464,783

Tapestry,

Inc.

........................................

United

States

2,326,980

86,144,800

182,609,583

Tobacco

2.8%

British

American

Tobacco

plc

.............................

United

Kingdom

2,934,551

102,564,440

Total

Common

Stocks

(Cost

$2,501,598,486)

....................................

3,419,616,442

Preferred

Stocks

2.9%

Technology

Hardware,

Storage

&

Peripherals

2.9%

e

Samsung

Electronics

Co.

Ltd.,

3.84%

......................

South

Korea

1,795,823

104,741,666

Total

Preferred

Stocks

(Cost

$27,272,199)

......................................

104,741,666

Warrants

Warrants

0.1%

Textiles,

Apparel

&

Luxury

Goods

0.1%

a

Cie

Financiere

Richemont

SA,

11/22/23

.....................

Switzerland

2,958,848

1,397,181

Total

Warrants

(Cost

$—)

.....................................................

1,397,181

Principal

Amount

*

f

Senior

Floating

Rate

Interests

0.4%

Software

0.4%

Veritas

US,

Inc.

,

USD

Term

Loan,

B

,

6

%

,

(

3-month

USD

LIBOR

+

5

%

),

9/01/25

.......................................

United

States

16,009,673

16,104,691

Total

Senior

Floating

Rate

Interests

(Cost

$15,931,321)

..........................

16,104,691

Shares

Companies

in

Liquidation

0.0%

a,b,g

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

501,447

—

a,b,g

Vistra

Energy

Corp.,

Litigation

Trust,

Contingent

Distribution

.....

United

States

46,282,735

—

a,b,g

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

5,229,000

—

Total

Companies

in

Liquidation

(Cost

$1,456,075)

...............................

—

Total

Long

Term

Investments

(Cost

$2,546,258,081)

.............................

3,541,859,980

a

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

4

Short

Term

Investments

1.0%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.0%

h

FHLB,

10/01/21

.......................................

United

States

3,600,000

$

3,600,000

h

U.S.

Treasury

Bills

,

10/21/21

..........................................

United

States

3,000,000

2,999,877

10/28/21

..........................................

United

States

8,500,000

8,499,610

11/02/21

..........................................

United

States

5,000,000

4,999,762

12/09/21

..........................................

United

States

2,500,000

2,499,888

1/06/22

...........................................

United

States

3,000,000

2,999,758

2/17/22

...........................................

United

States

10,000,000

9,998,359

31,997,254

Total

U.S.

Government

and

Agency

Securities

(Cost

$35,597,462)

.................

35,597,254

Total

Short

Term

Investments

(Cost

$35,597,462

)

................................

35,597,254

a

Total

Investments

(Cost

$2,581,855,543)

98.9%

..................................

$3,577,457,234

Securities

Sold

Short

(0.9)%

..................................................

(33,463,595)

Other

Assets,

less

Liabilities

2.0%

.............................................

73,375,353

Net

Assets

100.0%

...........................................................

$3,617,368,992

Shares

Securities

Sold

Short

(0.9)%

Common

Stocks

(0.9)%

Semiconductors

&

Semiconductor

Equipment

(0.9)%

Advanced

Micro

Devices,

Inc.

............................

United

States

325,205

(33,463,595)

Total

Common

Stocks

(Proceeds

$29,330,779)

..................................

(33,463,595)

Total

Securities

Sold

Short

(Proceeds

$29,330,779)

..............................

$(33,463,595)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

9

regarding

fair

value

measurements.

c

See

Note

6

regarding

restricted

securities.

d

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short.

At

September

30,

2021,

the

value

of

this

security

pledged

amounted

to

$47,306,881,

representing

1.3%

of

net

assets.

e

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Contingent

distributions

represent

the

right

to

receive

additional

distributions,

if

any,

during

the

reorganization

of

the

underlying

company.

Shares

represent

total

underlying

principal

of

debt

securities.

h

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

5

At

September

30,

2021,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

See

Abbreviations

on

page

47

.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Foreign

exchange

contracts

Foreign

Exchange

EUR/USD

...................

Short

221

$

32,045,000

12/13/21

$

788,474

Total

Futures

Contracts

......................................................................

$788,474

*

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

.............

HSBK

Sell

32,240,336

38,141,586

10/07/21

$

795,269

$

—

Euro

.............

SSBT

Sell

29,979,731

35,379,979

10/07/21

652,285

—

Euro

.............

UBSW

Sell

4,134,828

5,003,114

10/07/21

213,444

—

Euro

.............

HSBK

Sell

19,256,663

23,220,283

11/17/21

895,039

—

Euro

.............

SSBT

Sell

3,371,000

4,124,422

11/17/21

216,247

—

Euro

.............

UBSW

Sell

22,645,559

27,244,960

11/17/21

990,793

—

Euro

.............

BOFA

Sell

40,419,366

47,706,362

1/24/22

766,567

—

Euro

.............

HSBK

Sell

37,596,002

44,222,408

1/24/22

561,439

—

Euro

.............

SSBT

Sell

13,485,388

15,936,136

1/24/22

275,293

—

Euro

.............

UBSW

Sell

9,777,004

11,530,755

1/24/22

176,529

—

Total

Forward

Exchange

Contracts

...................................................

$5,542,905

—

Net

unrealized

appreciation

(depreciation)

............................................

$5,542,905

*

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

Statement

of

Investments

(unaudited),

September

30,

2021

Franklin

Mutual

European

Fund

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

94.0%

Aerospace

&

Defense

3.9%

a

Airbus

SE

...........................................

France

112,933

$

14,971,550

BAE

Systems

plc

.....................................

United

Kingdom

2,234,016

16,918,680

31,890,230

Auto

Components

3.2%

Cie

Generale

des

Etablissements

Michelin

SCA

..............

France

171,844

26,349,502

Banks

7.8%

BNP

Paribas

SA

......................................

France

361,859

23,150,993

CaixaBank

SA

........................................

Spain

4,563,741

14,151,671

ING

Groep

NV

.......................................

Netherlands

1,786,921

25,978,051

63,280,715

Beverages

3.9%

Anheuser-Busch

InBev

SA/NV

...........................

Belgium

283,097

16,055,836

Heineken

NV

........................................

Netherlands

152,675

15,934,743

31,990,579

Capital

Markets

1.4%

Credit

Suisse

Group

AG,

A

..............................

Switzerland

1,187,914

11,734,039

Chemicals

3.9%

BASF

SE

...........................................

Germany

203,472

15,424,603

b

Covestro

AG,

144A,

Reg

S

..............................

Germany

232,914

15,872,586

31,297,189

Construction

Materials

2.4%

HeidelbergCement

AG

.................................

Germany

261,976

19,543,454

Diversified

Telecommunication

Services

6.8%

Deutsche

Telekom

AG

..................................

Germany

1,286,312

25,794,840

Hellenic

Telecommunications

Organization

SA

................

Greece

1,554,694

29,182,268

54,977,108

Food

Products

1.5%

Danone

SA

..........................................

France

173,591

11,834,567

Health

Care

Providers

&

Services

2.6%

Fresenius

SE

&

Co.

KGaA

...............................

Germany

445,374

21,316,986

Hotels,

Restaurants

&

Leisure

2.7%

a

Accor

SA

...........................................

France

605,170

21,577,756

Household

Durables

2.5%

Berkeley

Group

Holdings

plc

.............................

United

Kingdom

118,413

6,914,041

Persimmon

plc

.......................................

United

Kingdom

186,692

6,676,286

Taylor

Wimpey

plc

.....................................

United

Kingdom

3,206,027

6,686,074

20,276,401

Household

Products

2.1%

Reckitt

Benckiser

Group

plc

.............................

United

Kingdom

217,347

17,072,926

Industrial

Conglomerates

2.2%

Siemens

AG

.........................................

Germany

111,048

18,161,232

Insurance

9.4%

ASR

Nederland

NV

....................................

Netherlands

517,151

23,656,247

Conduit

Holdings

Ltd.

..................................

United

States

1,190,000

7,572,718

Direct

Line

Insurance

Group

plc

..........................

United

Kingdom

5,181,143

20,214,934

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Insurance

(continued)

NN

Group

NV

........................................

Netherlands

481,477

$

25,219,763

76,663,662

IT

Services

3.0%

Capgemini

SE

........................................

France

115,600

23,971,723

Machinery

2.9%

Vossloh

AG

..........................................

Germany

445,356

23,722,852

Oil,

Gas

&

Consumable

Fuels

7.1%

BP

plc

..............................................

United

Kingdom

4,474,679

20,379,243

Cairn

Energy

plc

......................................

United

Kingdom

3,093,138

7,803,964

Royal

Dutch

Shell

plc,

A

................................

Netherlands

1,344,802

29,903,957

58,087,164

Pharmaceuticals

6.7%

GlaxoSmithKline

plc

...................................

United

Kingdom

1,630,365

30,766,730

Novartis

AG

.........................................

Switzerland

292,890

24,020,616

54,787,346

Software

4.5%

b

Avast

plc,

144A,

Reg

S

.................................

United

States

2,474,452

18,928,780

Software

AG

.........................................

Germany

381,114

17,712,646

36,641,426

Textiles,

Apparel

&

Luxury

Goods

5.0%

adidas

AG

...........................................

Germany

58,815

18,482,202

Cie

Financiere

Richemont

SA

............................

Switzerland

213,938

22,185,116

40,667,318

Tobacco

2.1%

British

American

Tobacco

plc

.............................

United

Kingdom

476,518

16,654,610

Trading

Companies

&

Distributors

5.5%

a

AerCap

Holdings

NV

...................................

Ireland

142,344

8,228,907

a

Kloeckner

&

Co.

SE

...................................

Germany

848,971

10,565,524

Rexel

SA

...........................................

France

1,334,163

25,705,710

44,500,141

Wireless

Telecommunication

Services

0.9%

Vodafone

Group

plc

...................................

United

Kingdom

4,965,295

7,554,809

Total

Common

Stocks

(Cost

$666,513,971)

.....................................

764,553,735

Warrants

Warrants

0.0%

†

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

a

Cie

Financiere

Richemont

SA,

11/22/23

.....................

Switzerland

472,886

223,299

Total

Warrants

(Cost

$—)

.....................................................

223,299

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

0.1%

Banks

0.1%

b

Credit

Suisse

Group

Guernsey

VII

Ltd.

,

BR

,

Senior

Note

,

144A,

Reg

S,

3

%

,

11/12/21

.....................................

Switzerland

437,000

CHF

$

505,331

Total

Convertible

Bonds

(Cost

$481,198)

.......................................

505,331

Total

Long

Term

Investments

(Cost

$666,995,169)

...............................

765,282,365

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

1.5%

c

FHLB,

10/01/21

.......................................

United

States

1,400,000

1,400,000

c

U.S.

Treasury

Bills

,

11/02/21

..........................................

United

States

1,500,000

1,499,929

11/04/21

..........................................

United

States

1,500,000

1,499,901

12/09/21

..........................................

United

States

1,500,000

1,499,933

1/06/22

...........................................

United

States

3,000,000

2,999,758

2/17/22

...........................................

United

States

3,000,000

2,999,507

10,499,028

Total

U.S.

Government

and

Agency

Securities

(Cost

$11,898,911)

.................

11,899,028

Total

Short

Term

Investments

(Cost

$11,898,911

)

................................

11,899,028

a

Total

Investments

(Cost

$678,894,080)

95.6%

...................................

$777,181,393

Other

Assets,

less

Liabilities

4.4%

.............................................

36,267,344

Net

Assets

100.0%

...........................................................

$813,448,737

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

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,

2021,

the

aggregate

value

of

these

securities

was

$35,306,697,

representing

4.3%

of

net

assets.

c

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

9

At

September

30,

2021,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Foreign

exchange

contracts

Foreign

Exchange

EUR/USD

...................

Short

1,104

$

160,080,000

12/13/21

$

4,080,014

Foreign

Exchange

GBP/USD

...................

Short

1,182

99,546,562

12/13/21

2,317,226

Total

Futures

Contracts

......................................................................

$6,397,240

*

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

417,057

484,383

10/07/21

$

—

$

(1,275)

Euro

.............

HSBK

Sell

25,801,450

30,625,272

10/07/21

737,582

—

Euro

.............

SSBT

Sell

13,325,461

15,725,776

10/07/21

289,929

—

Euro

.............

UBSW

Sell

828,653

1,004,767

10/07/21

44,879

—

British

Pound

......

BOFA

Buy

1,037,352

1,428,600

10/25/21

—

(30,914)

British

Pound

......

BOFA

Sell

230,691

319,278

10/25/21

8,454

—

British

Pound

......

HSBK

Buy

1,523,619

2,102,403

10/25/21

—

(49,543)

British

Pound

......

HSBK

Sell

4,060,735

5,556,311

10/25/21

85,045

—

British

Pound

......

SSBT

Buy

1,632,307

2,259,937

10/25/21

—

(60,634)

British

Pound

......

UBSW

Buy

317,701

439,510

10/25/21

—

(11,453)

British

Pound

......

UBSW

Sell

219,553

305,626

10/25/21

9,809

—

Euro

.............

HSBK

Sell

52,915,843

64,205,441

11/17/21

2,857,370

—

Euro

.............

UBSW

Sell

52,167,550

63,295,582

11/17/21

2,815,046

—

British

Pound

......

BOFA

Buy

2,470,901

3,389,724

1/18/22

1,600

(61,452)

British

Pound

......

BOFA

Sell

993,165

1,377,398

1/18/22

38,974

—

British

Pound

......

HSBK

Buy

1,712,286

2,313,113

1/18/22

—

(5,578)

British

Pound

......

SSBT

Buy

703,230

965,137

1/18/22

—

(17,440)

British

Pound

......

SSBT

Sell

44,831,037

62,110,764

1/18/22

1,694,929

—

British

Pound

......

UBSW

Buy

1,593,771

2,172,615

1/18/22

—

(24,796)

British

Pound

......

UBSW

Sell

2,992,546

4,116,839

1/18/22

83,981

—

Swiss

Franc

.......

HSBK

Sell

55,923,192

60,566,065

1/20/22

372,323

—

Swiss

Franc

.......

UBSW

Buy

797,769

864,322

1/20/22

—

(5,631)

Euro

.............

BOFA

Sell

17,566,705

20,624,409

1/24/22

223,853

—

Euro

.............

HSBK

Sell

19,853,424

23,353,320

1/24/22

297,153

—

Euro

.............

SSBT

Sell

2,221,223

2,629,203

1/24/22

49,655

—

Euro

.............

UBSW

Sell

897,470

1,062,766

1/24/22

20,517

—

Total

Forward

Exchange

Contracts

...................................................

$9,631,099

$(268,716)

Net

unrealized

appreciation

(depreciation)

............................................

$9,362,383

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

10

See

Abbreviations

on

page

47

.

*

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

Statement

of

Investments

(unaudited),

September

30,

2021

Franklin

Mutual

Financial

Services

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.6%

Banks

38.6%

a

AB&T

Financial

Corp.

..................................

United

States

226,100

$

226,032

Bank

of

America

Corp.

.................................

United

States

201,062

8,535,082

Barclays

plc

.........................................

United

Kingdom

5,970,072

15,168,141

b

BAWAG

Group

AG,

144A,

Reg

S

..........................

Austria

239,772

15,173,704

BNP

Paribas

SA

......................................

France

252,625

16,162,427

CaixaBank

SA

........................................

Spain

4,126,370

12,795,430

Citizens

Financial

Group,

Inc.

............................

United

States

360,057

16,915,478

First

Horizon

Corp.

....................................

United

States

506,229

8,246,470

ING

Groep

NV

.......................................

Netherlands

1,280,801

18,620,137

JPMorgan

Chase

&

Co.

.................................

United

States

6,844

1,120,294

Primis

Financial

Corp.

..................................

United

States

718,833

10,394,325

Synovus

Financial

Corp.

................................

United

States

234,111

10,275,132

UniCredit

SpA

........................................

Italy

644,040

8,522,656

Wells

Fargo

&

Co.

.....................................

United

States

361,870

16,794,387

158,949,695

Capital

Markets

5.5%

Credit

Suisse

Group

AG,

A

..............................

Switzerland

716,679

7,079,249

c

Deutsche

Bank

AG

....................................

Germany

1,078,519

13,704,955

b

Guotai

Junan

Securities

Co.

Ltd.,

H,

144A,

Reg

S

.............

China

1,396,063

2,011,640

22,795,844

Consumer

Finance

1.5%

Capital

One

Financial

Corp.

.............................

United

States

36,844

5,967,623

Diversified

Financial

Services

6.1%

M&G

plc

............................................

United

Kingdom

2,933,695

8,014,575

Voya

Financial,

Inc.

....................................

United

States

276,250

16,958,988

24,973,563

Equity

Real

Estate

Investment

Trusts

(REITs)

0.7%

Vornado

Realty

Trust

...................................

United

States

71,260

2,993,632

Household

Durables

2.3%

Cairn

Homes

plc

......................................

Ireland

7,126,374

9,399,386

Insurance

37.2%

c

Alleghany

Corp.

......................................

United

States

21,755

13,584,040

ASR

Nederland

NV

....................................

Netherlands

330,642

15,124,691

c

Brighthouse

Financial,

Inc.

..............................

United

States

64,778

2,929,909

c

BRP

Group,

Inc.,

A

....................................

United

States

229,709

7,647,013

China

Pacific

Insurance

Group

Co.

Ltd.,

H

...................

China

1,953,200

5,799,796

Conduit

Holdings

Ltd.

..................................

United

States

1,295,000

8,240,899

Direct

Line

Insurance

Group

plc

..........................

United

Kingdom

3,601,222

14,050,657

Everest

Re

Group

Ltd.

.................................

United

States

57,086

14,316,027

Hartford

Financial

Services

Group,

Inc.

(The)

................

United

States

269,652

18,943,053

d

International

General

Insurance

Holdings

Ltd.

................

Jordan

1,211,455

10,139,878

MetLife,

Inc.

.........................................

United

States

237,570

14,665,196

NN

Group

NV

........................................

Netherlands

265,016

13,881,537

c,d

Ryan

Specialty

Group

Holdings,

Inc.,

A

.....................

United

States

35,996

1,219,184

T&D

Holdings,

Inc.

....................................

Japan

314,469

4,313,852

Willis

Towers

Watson

plc

................................

United

States

35,844

8,332,296

153,188,028

IT

Services

4.7%

Alliance

Data

Systems

Corp.

.............................

United

States

64,295

6,486,723

c

Fiserv,

Inc.

..........................................

United

States

52,893

5,738,890

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Financial

Services

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

IT

Services

(continued)

Global

Payments,

Inc.

..................................

United

States

44,912

$

7,077,233

19,302,846

Total

Common

Stocks

(Cost

$320,916,317)

.....................................

397,570,617

Principal

Amount

*

Convertible

Bonds

0.1%

Banks

0.1%

b

Credit

Suisse

Group

Guernsey

VII

Ltd.

,

BR

,

Senior

Note

,

144A,

Reg

S,

3

%

,

11/12/21

.....................................

Switzerland

285,000

CHF

329,564

Total

Convertible

Bonds

(Cost

$313,825)

.......................................

329,564

Total

Long

Term

Investments

(Cost

$321,230,142)

...............................

397,900,181

a

Short

Term

Investments

0.5%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.5%

e

FHLB,

10/01/21

.......................................

United

States

500,000

500,000

e

U.S.

Treasury

Bills

,

10/28/21

..........................................

United

States

1,000,000

999,954

11/02/21

..........................................

United

States

500,000

499,976

1,499,930

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,999,961)

..................

1,999,930

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Shares

Money

Market

Funds

0.0%

†

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

70,000

70,000

Principal

Amount

*

Repurchase

Agreements

0.0%

†

h

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.05%,

10/01/21

(Maturity

Value

$17,721)

Collateralized

by

U.S.

Treasury

Notes,

0.125%

-

3%,

9/30/22

-

8/31/26;

and

U.S.

Treasury

Notes,

Index

Linked,

0.125%,

10/15/24

-

4/15/25

(valued

at

$18,075)

...........................

17,721

17,721

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$87,721)

...............................................................

87,721

Total

Short

Term

Investments

(Cost

$2,087,682

)

.................................

2,087,651

a

Total

Investments

(Cost

$323,317,824)

97.2%

...................................

$399,987,832

Other

Assets,

less

Liabilities

2.8%

.............................................

11,663,753

Net

Assets

100.0%

...........................................................

$411,651,585

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Financial

Services

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

13

At

September

30,

2021,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

7

regarding

holdings

of

5%

voting

securities.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2021,

the

aggregate

value

of

these

securities

was

$17,514,908,

representing

4.3%

of

net

assets.

c

Non-income

producing.

d

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2021.

e

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

f

See

Note

8

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

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,

2021,

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

62

$

8,990,000

12/13/21

$

227,109

Foreign

Exchange

GBP/USD

...................

Short

112

9,432,500

12/13/21

219,765

Total

Futures

Contracts

......................................................................

$446,874

*

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

.............

HSBK

Sell

7,211,332

8,588,844

10/07/21

$

235,435

$

—

Euro

.............

SSBT

Sell

4,800,475

5,665,184

10/07/21

104,446

—

Euro

.............

UBSW

Sell

5,980,962

7,243,330

10/07/21

315,149

—

Japanese

Yen

......

UBSW

Buy

407,452,535

3,706,087

10/18/21

—

(44,721)

Japanese

Yen

......

UBSW

Sell

872,552,186

7,907,818

10/18/21

67,069

—

British

Pound

......

HSBK

Buy

3,754,439

5,059,818

10/25/21

—

(1,243)

British

Pound

......

HSBK

Sell

11,397,126

15,598,676

10/25/21

242,662

—

British

Pound

......

UBSW

Buy

758,762

1,027,582

10/25/21

—

(5,259)

Euro

.............

HSBK

Sell

9,601,192

11,658,929

11/17/21

527,771

—

Euro

.............

UBSW

Sell

9,949,373

12,069,295

11/17/21

534,474

—

British

Pound

......

BOFA

Sell

394,698

544,822

1/18/22

12,913

—

British

Pound

......

HSBK

Sell

656,319

909,563

1/18/22

25,085

—

British

Pound

......

SSBT

Sell

15,872,449

22,005,520

1/18/22

615,265

—

British

Pound

......

UBSW

Sell

421,517

583,339

1/18/22

15,289

—

Swiss

Franc

.......

HSBK

Sell

6,990,327

7,570,680

1/20/22

46,540

—

Swiss

Franc

.......

UBSW

Buy

197,101

213,370

1/20/22

—

(1,217)

Euro

.............

BOFA

Sell

4,627,687

5,431,956

1/24/22

57,733

—

Euro

.............

HSBK

Sell

5,777,447

6,789,617

1/24/22

80,156

—

Euro

.............

SSBT

Sell

869,196

1,020,038

1/24/22

10,624

—

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Financial

Services

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

14

See

Abbreviations

on

page

47

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Euro

.............

UBSW

Sell

873,390

1,023,098

1/24/22

$

8,813

$

—

Total

Forward

Exchange

Contracts

...................................................

$2,899,424

$(52,440)

Net

unrealized

appreciation

(depreciation)

............................................

$2,846,984

*

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

Statement

of

Investments

(unaudited),

September

30,

2021

Franklin

Mutual

Global

Discovery

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

95.8%

Aerospace

&

Defense

3.0%

a

Airbus

SE

...........................................

France

1,001,107

$

132,716,955

BAE

Systems

plc

.....................................

United

Kingdom

21,813,405

165,197,572

297,914,527

Auto

Components

1.6%

Cie

Generale

des

Etablissements

Michelin

SCA

..............

France

1,058,149

162,250,060

a,b,c

International

Automotive

Components

Group

Brazil

LLC

........

Brazil

3,819,425

152,685

162,402,745

Automobiles

1.6%

a

General

Motors

Co.

....................................

United

States

2,998,830

158,068,329

Banks

9.0%

BNP

Paribas

SA

......................................

France

3,529,909

225,836,307

Citigroup,

Inc.

........................................

United

States

2,261,326

158,699,859

ING

Groep

NV

.......................................

Netherlands

19,204,674

279,195,334

Wells

Fargo

&

Co.

.....................................

United

States

5,304,514

246,182,495

909,913,995

Beverages

1.3%

Heineken

NV

........................................

Netherlands

1,242,920

129,723,988

Building

Products

1.6%

Johnson

Controls

International

plc

.........................

United

States

2,422,107

164,897,045

Capital

Markets

1.5%

Credit

Suisse

Group

AG,

A

..............................

Switzerland

14,069,420

138,975,653

d

Guotai

Junan

Securities

Co.

Ltd.,

H,

144A,

Reg

S

.............

China

6,279,844

9,048,866

148,024,519

Chemicals

3.2%

BASF

SE

...........................................

Germany

1,962,881

148,800,128

d

Covestro

AG,

144A,

Reg

S

..............................

Germany

2,567,809

174,990,641

323,790,769

Construction

Materials

1.5%

HeidelbergCement

AG

.................................

Germany

1,971,317

147,060,580

Diversified

Financial

Services

2.0%

Voya

Financial,

Inc.

....................................

United

States

3,206,753

196,862,567

Diversified

Telecommunication

Services

3.2%

Deutsche

Telekom

AG

..................................

Germany

13,096,354

262,625,524

a

Frontier

Communications

Parent,

Inc.

......................

United

States

2,234,655

62,279,835

324,905,359

Entertainment

1.5%

a,e

Walt

Disney

Co.

(The)

..................................

United

States

898,788

152,047,966

Food

Products

1.4%

Kraft

Heinz

Co.

(The)

..................................

United

States

3,899,800

143,590,636

Gas

Utilities

0.7%

Brookfield

Infrastructure

Corp.,

A

..........................

Canada

1,149,124

68,873,967

Health

Care

Equipment

&

Supplies

1.8%

Hill-Rom

Holdings,

Inc.

.................................

United

States

139,937

20,990,550

Medtronic

plc

........................................

United

States

1,283,686

160,910,040

181,900,590

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

16

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Providers

&

Services

4.8%

Anthem,

Inc.

.........................................

United

States

578,928

$

215,824,358

CVS

Health

Corp.

.....................................

United

States

3,156,566

267,866,191

483,690,549

Hotels,

Restaurants

&

Leisure

1.6%

a

Accor

SA

...........................................

France

4,538,511

161,823,756

Household

Products

1.3%

Reckitt

Benckiser

Group

plc

.............................

United

Kingdom

1,678,471

131,846,363

Industrial

Conglomerates

1.6%

General

Electric

Co.

...................................

United

States

1,608,018

165,674,094

Insurance

9.9%

a

Alleghany

Corp.

......................................

United

States

188,061

117,427,169

China

Pacific

Insurance

Group

Co.

Ltd.,

H

...................

China

41,433,232

123,031,064

Everest

Re

Group

Ltd.

.................................

United

States

633,300

158,818,974

Hartford

Financial

Services

Group,

Inc.

(The)

................

United

States

2,779,763

195,278,351

NN

Group

NV

........................................

Netherlands

4,742,775

248,426,537

Willis

Towers

Watson

plc

................................

United

States

679,009

157,842,432

1,000,824,527

IT

Services

5.0%

Capgemini

SE

........................................

France

705,592

146,317,091

Cognizant

Technology

Solutions

Corp.,

A

....................

United

States

2,856,690

211,994,965

Global

Payments,

Inc.

..................................

United

States

949,403

149,606,925

507,918,981

Media

2.8%

a

Charter

Communications,

Inc.,

A

..........................

United

States

393,865

286,560,419

Oil,

Gas

&

Consumable

Fuels

8.6%

BP

plc

..............................................

United

Kingdom

59,232,197

269,764,008

Canadian

Natural

Resources

Ltd.

.........................

Canada

5,694,700

208,171,099

Kinder

Morgan,

Inc.

....................................

United

States

8,832,758

147,772,042

Williams

Cos.,

Inc.

(The)

................................

United

States

9,375,435

243,198,784

868,905,933

Pharmaceuticals

9.7%

a

Elanco

Animal

Health,

Inc.

...............................

United

States

2,354,688

75,091,000

Eli

Lilly

&

Co.

........................................

United

States

613,457

141,739,240

GlaxoSmithKline

plc

...................................

United

Kingdom

16,933,085

319,545,417

Merck

&

Co.,

Inc.

.....................................

United

States

3,504,973

263,258,522

Novartis

AG,

ADR

.....................................

Switzerland

2,127,849

174,015,491

973,649,670

Road

&

Rail

0.5%

Kansas

City

Southern

..................................

United

States

195,300

52,855,992

Semiconductors

&

Semiconductor

Equipment

3.1%

a

Renesas

Electronics

Corp.

..............................

Japan

15,502,134

190,790,368

Xilinx,

Inc.

...........................................

United

States

793,900

119,870,961

310,661,329

Software

3.9%

a

Avaya

Holdings

Corp.

..................................

United

States

537

10,627

a

Check

Point

Software

Technologies

Ltd.

....................

Israel

1,869,297

211,305,333

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

17

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

Oracle

Corp.

.........................................

United

States

2,095,100

$

182,546,063

393,862,023

Technology

Hardware,

Storage

&

Peripherals

3.7%

Catcher

Technology

Co.

Ltd.

.............................

Taiwan

13,524,000

80,907,994

Samsung

Electronics

Co.

Ltd.

............................

South

Korea

2,221,535

137,691,195

a,e

Western

Digital

Corp.

..................................

United

States

2,640,571

149,033,827

367,633,016

Textiles,

Apparel

&

Luxury

Goods

1.2%

Cie

Financiere

Richemont

SA

............................

Switzerland

1,197,422

124,171,239

Tobacco

3.2%

Altria

Group,

Inc.

......................................

United

States

2,606,727

118,658,213

British

American

Tobacco

plc

.............................

United

Kingdom

5,861,984

204,880,102

323,538,315

Total

Common

Stocks

(Cost

$7,247,390,769)

....................................

9,663,593,788

Warrants

Warrants

0.0%

†

Software

0.0%

†

a

Avaya

Holdings

Corp.,

12/15/22

..........................

United

States

280,051

638,516

Textiles,

Apparel

&

Luxury

Goods

0.0%

†

a

Cie

Financiere

Richemont

SA,

11/22/23

.....................

Switzerland

3,074,198

1,451,650

Total

Warrants

(Cost

$—)

.....................................................

2,090,166

Principal

Amount

*

Convertible

Bonds

0.0%

†

Banks

0.0%

†

d

Credit

Suisse

Group

Guernsey

VII

Ltd.

,

BR

,

Senior

Note

,

144A,

Reg

S,

3

%

,

11/12/21

.....................................

Switzerland

5,924,000

CHF

6,850,300

Total

Convertible

Bonds

(Cost

$6,523,152)

.....................................

6,850,300

Corporate

Bonds

1.1%

Airlines

1.1%

d

American

Airlines

Inc

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

................

United

States

40,715,000

42,852,537

Senior

Secured

Note,

144A,

5.75%,

4/20/29

...............

United

States

3,257,000

3,513,489

d

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

11.75

%

,

7/15/25

United

States

35,801,000

44,348,489

d

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

16,074,170

17,500,110

108,214,625

Total

Corporate

Bonds

(Cost

$95,387,935)

......................................

108,214,625

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

f

Senior

Floating

Rate

Interests

0.1%

Airlines

0.1%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

.........

United

States

8,515,000

8,814,770

Total

Senior

Floating

Rate

Interests

(Cost

$8,435,105)

...........................

8,814,770

Shares

Companies

in

Liquidation

0.0%

a,b,g

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

1,297,978

—

a,b,g

Vistra

Energy

Corp.,

Litigation

Trust,

Contingent

Distribution

.....

United

States

142,325,613

—

a,b,g

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

30,996,000

—

Total

Companies

in

Liquidation

(Cost

$4,500,343)

...............................

—

Total

Long

Term

Investments

(Cost

$7,362,237,304)

.............................

9,789,563,649

a

Short

Term

Investments

1.6%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.6%

h

FHLB,

10/01/21

.......................................

United

States

6,600,000

6,600,000

h

U.S.

Treasury

Bills

,

10/21/21

..........................................

United

States

16,500,000

16,499,326

10/28/21

..........................................

United

States

22,000,000

21,998,989

11/02/21

..........................................

United

States

21,500,000

21,498,978

11/04/21

..........................................

United

States

25,000,000

24,998,347

12/09/21

..........................................

United

States

20,000,000

19,999,106

1/06/22

...........................................

United

States

25,000,000

24,997,982

2/17/22

...........................................

United

States

27,000,000

26,995,569

156,988,297

Total

U.S.

Government

and

Agency

Securities

(Cost

$163,588,740)

................

163,588,297

Total

Short

Term

Investments

(Cost

$163,588,740

)

...............................

163,588,297

a

Total

Investments

(Cost

$7,525,826,044)

98.6%

..................................

$9,953,151,946

Securities

Sold

Short

(1.4)%

..................................................

(140,788,603)

Other

Assets,

less

Liabilities

2.8%

.............................................

275,963,344

Net

Assets

100.0%

...........................................................

$10,088,326,687

Shares

Securities

Sold

Short

(1.4)%

Common

Stocks

(1.4)%

Semiconductors

&

Semiconductor

Equipment

(1.4)%

Advanced

Micro

Devices,

Inc.

............................

United

States

1,368,208

(140,788,603)

Total

Common

Stocks

(Proceeds

$124,884,140)

.................................

(140,788,603)

Total

Securities

Sold

Short

(Proceeds

$124,884,140)

.............................

$(140,788,603)

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

19

At

September

30,

2021,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3

. 

At

September

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

9

regarding

fair

value

measurements.

c

See

Note

6

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,

2021,

the

aggregate

value

of

these

securities

was

$299,104,432,

representing

3.0%

of

net

assets.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short.

At

September

30,

2021,

the

aggregate

value

of

these

securities

pledged

amounted

to

$197,051,975,

representing

2.0%

of

net

assets.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Contingent

distributions

represent

the

right

to

receive

additional

distributions,

if

any,

during

the

reorganization

of

the

underlying

company.

Shares

represent

total

underlying

principal

of

debt

securities.

h

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Foreign

exchange

contracts

Foreign

Exchange

EUR/USD

...................

Short

2,929

$

424,705,000

12/13/21

$

10,839,943

Foreign

Exchange

GBP/USD

...................

Short

2,262

190,502,812

12/13/21

4,435,425

Total

Futures

Contracts

......................................................................

$15,275,368

*

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

.............

HSBK

Sell

131,668,784

156,829,206

10/07/21

$

4,307,712

$

—

Euro

.............

SSBT

Sell

81,310,888

95,957,419

10/07/21

1,769,124

—

Euro

.............

UBSW

Sell

67,018,988

81,242,803

10/07/21

3,609,853

—

Canadian

Dollar

....

BOFA

Buy

21,503,997

17,085,462

10/19/21

—

(111,447)

Canadian

Dollar

....

BOFA

Sell

2,987,662

2,356,776

10/19/21

—

(1,511)

Canadian

Dollar

....

HSBK

Buy

21,454,418

16,923,489

10/19/21

24,476

(13,086)

Canadian

Dollar

....

SSBT

Sell

1,439,816

1,146,915

10/19/21

10,408

—

Canadian

Dollar

....

UBSW

Buy

18,755,880

14,873,414

10/19/21

2,033

(70,639)

Canadian

Dollar

....

UBSW

Sell

141,320,657

112,126,326

10/19/21

575,953

—

British

Pound

......

HSBK

Buy

735,734

1,018,565

10/25/21

—

(27,267)

British

Pound

......

HSBK

Sell

3,395,314

4,690,322

10/25/21

115,616

—

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

20

See

Abbreviations

on

page

47

.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Euro

.............

HSBK

Sell

63,028,980

76,587,170

11/17/21

$

3,514,417

$

—

Euro

.............

SSBT

Sell

17,000,000

20,799,517

11/17/21

1,090,539

—

Euro

.............

UBSW

Sell

85,059,218

102,621,482

11/17/21

4,007,935

—

South

Korean

Won

..

HSBK

Sell

2,120,543,905

1,881,583

11/19/21

92,416

—

South

Korean

Won

..

UBSW

Sell

2,556,005,623

2,269,080

11/19/21

112,502

—

New

Taiwan

Dollar

..

HSBK

Sell

1,354,746,106

48,898,975

11/24/21

56,547

—

New

Taiwan

Dollar

..

UBSW

Sell

734,711,894

26,535,391

11/24/21

46,949

—

South

Korean

Won

..

HSBK

Buy

8,663,986,500

7,433,708

12/17/21

—

(125,886)

South

Korean

Won

..

HSBK

Sell

49,143,964,054

44,220,856

12/17/21

2,769,348

—

South

Korean

Won

..

UBSW

Sell

78,805,125,918

70,943,200

12/17/21

4,473,362

—

British

Pound

......

BOFA

Sell

504,277

699,370

1/18/22

19,789

—

British

Pound

......

SSBT

Sell

39,497,609

54,755,685

1/18/22

1,527,360

—

Swiss

Franc

.......

HSBK

Sell

137,586,815

149,009,592

1/20/22

916,020

—

Swiss

Franc

.......

UBSW

Buy

3,879,377

4,199,590

1/20/22

—

(23,966)

Euro

.............

BOFA

Sell

95,005,432

111,612,336

1/24/22

1,280,682

—

Euro

.............

HSBK

Sell

77,061,224

90,516,039

1/24/22

1,023,342

—

Euro

.............

SSBT

Sell

2,092,469

2,464,447

1/24/22

34,422

—

Euro

.............

UBSW

Sell

1,319,544

1,545,727

1/24/22

13,315

—

Total

Forward

Exchange

Contracts

...................................................

$31,394,120

$(373,802)

Net

unrealized

appreciation

(depreciation)

............................................

$31,020,318

*

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

Statement

of

Investments

(unaudited),

September

30,

2021

Franklin

Mutual

Quest

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

21

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

84.9%

Aerospace

&

Defense

3.8%

a

Airbus

SE

...........................................

France

189,371

$

25,104,951

BAE

Systems

plc

.....................................

United

Kingdom

3,919,425

29,682,642

b

Huntington

Ingalls

Industries,

Inc.

.........................

United

States

356,000

68,729,360

123,516,953

Auto

Components

0.0%

†

a,c,d

International

Automotive

Components

Group

Brazil

LLC

........

Brazil

2,548,299

101,871

Banks

0.7%

BNP

Paribas

SA

......................................

France

95,227

6,092,427

Wells

Fargo

&

Co.

.....................................

United

States

362,436

16,820,655

22,913,082

Beverages

1.0%

Heineken

NV

........................................

Netherlands

312,932

32,660,821

Chemicals

1.6%

BASF

SE

...........................................

Germany

149,763

11,353,084

e

Covestro

AG,

144A,

Reg

S

..............................

Germany

598,396

40,779,396

52,132,480

Diversified

Financial

Services

3.3%

M&G

plc

............................................

United

Kingdom

3,625,973

9,905,813

b

Voya

Financial,

Inc.

....................................

United

States

1,557,986

95,644,760

105,550,573

Diversified

Telecommunication

Services

9.7%

Deutsche

Telekom

AG

..................................

Germany

2,508,794

50,309,677

a

Frontier

Communications

Parent,

Inc.

......................

United

States

1,394,524

38,865,384

a

Liberty

Global

plc,

C

...................................

United

Kingdom

916,529

27,000,944

a,c,d,f

Sorenson

Communications

LLC,

Membership

Interests

.........

United

States

224,279

168,209,173

a,c,d

Windstream

Holdings,

Inc.

...............................

United

States

1,623,438

30,072,421

314,457,599

Electric

Utilities

1.0%

b

Entergy

Corp.

........................................

United

States

177,667

17,644,110

Evergy

,

Inc.

..........................................

United

States

236,895

14,734,869

32,378,979

Entertainment

0.8%

a,b

Walt

Disney

Co.

(The)

..................................

United

States

152,600

25,815,342

Equity

Real

Estate

Investment

Trusts

(REITs)

0.8%

Uniti

Group,

Inc.

......................................

United

States

1,379,640

17,066,147

Vornado

Realty

Trust

...................................

United

States

176,000

7,393,760

24,459,907

Gas

Utilities

0.9%

Brookfield

Infrastructure

Corp.,

A

..........................

Canada

494,611

29,645,036

Health

Care

Equipment

&

Supplies

0.7%

Hill-Rom

Holdings,

Inc.

.................................

United

States

67,262

10,089,300

Medtronic

plc

........................................

United

States

102,143

12,803,625

22,892,925

Health

Care

Providers

&

Services

0.2%

Anthem,

Inc.

.........................................

United

States

18,500

6,896,800

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

22

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Household

Products

0.8%

Reckitt

Benckiser

Group

plc

.............................

United

Kingdom

319,197

$

25,073,393

Insurance

14.5%

ASR

Nederland

NV

....................................

Netherlands

1,334,881

61,062,001

a

Brighthouse

Financial,

Inc.

..............................

United

States

225,284

10,189,595

China

Pacific

Insurance

Group

Co.

Ltd.,

H

...................

China

4,324,200

12,840,199

Conduit

Holdings

Ltd.

..................................

United

States

2,455,000

15,622,708

Direct

Line

Insurance

Group

plc

..........................

United

Kingdom

13,116,678

51,176,503

Everest

Re

Group

Ltd.

.................................

United

States

334,566

83,902,461

b

Hartford

Financial

Services

Group,

Inc.

(The)

................

United

States

1,303,790

91,591,248

NN

Group

NV

........................................

Netherlands

1,065,701

55,821,414

Willis

Towers

Watson

plc

................................

United

States

378,196

87,915,442

470,121,571

IT

Services

4.2%

Alliance

Data

Systems

Corp.

.............................

United

States

305,371

30,808,880

b

Cognizant

Technology

Solutions

Corp.,

A

....................

United

States

736,989

54,691,954

Global

Payments,

Inc.

..................................

United

States

323,394

50,960,426

136,461,260

Media

1.2%

a

Charter

Communications,

Inc.,

A

..........................

United

States

6,670

4,852,825

a

Clear

Channel

Outdoor

Holdings,

Inc.

......................

United

States

8,477,560

22,974,188

Comcast

Corp.,

A

.....................................

United

States

206,297

11,538,191

39,365,204

Oil,

Gas

&

Consumable

Fuels

6.1%

BP

plc

..............................................

United

Kingdom

15,464,945

70,432,734

ENEOS

Holdings,

Inc.

..................................

Japan

4,367,756

17,743,372

Royal

Dutch

Shell

plc,

A

................................

Netherlands

1,122,432

25,080,423

Williams

Cos.,

Inc.

(The)

................................

United

States

3,292,500

85,407,450

198,663,979

Pharmaceuticals

10.5%

a

Elanco

Animal

Health,

Inc.

...............................

United

States

1,582,484

50,465,415

b

Eli

Lilly

&

Co.

........................................

United

States

42,500

9,819,625

GlaxoSmithKline

plc

...................................

United

Kingdom

6,606,675

124,675,021

Merck

&

Co.,

Inc.

.....................................

United

States

1,581,270

118,769,190

Novartis

AG,

ADR

.....................................

Switzerland

451,175

36,897,091

340,626,342

Professional

Services

0.5%

KBR,

Inc.

...........................................

United

States

429,100

16,906,540

Road

&

Rail

2.4%

Kansas

City

Southern

..................................

United

States

289,900

78,458,536

Semiconductors

&

Semiconductor

Equipment

3.5%

a

Renesas

Electronics

Corp.

..............................

Japan

1,323,418

16,287,784

Xilinx,

Inc.

...........................................

United

States

648,300

97,886,817

114,174,601

Software

4.8%

a

Check

Point

Software

Technologies

Ltd.

....................

Israel

774,508

87,550,384

b

NortonLifeLock

,

Inc.

...................................

United

States

1,021,404

25,841,521

Oracle

Corp.

.........................................

United

States

484,826

42,242,890

155,634,795

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

23

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialty

Retail

0.9%

a

Dufry

AG

............................................

Switzerland

529,069

$

29,725,936

a,c,d,f

Wayne

Services

Legacy,

Inc.

.............................

United

States

7,104

248,475

29,974,411

Technology

Hardware,

Storage

&

Peripherals

0.8%

a,b

Western

Digital

Corp.

..................................

United

States

488,082

27,547,348

Tobacco

7.7%

b

Altria

Group,

Inc.

......................................

United

States

1,494,845

68,045,344

British

American

Tobacco

plc

.............................

United

Kingdom

2,788,247

97,451,022

Imperial

Brands

plc

....................................

United

Kingdom

4,063,865

84,992,968

250,489,334

Wireless

Telecommunication

Services

2.5%

a

T-Mobile

US,

Inc.

.....................................

United

States

178,243

22,772,326

Vodafone

Group

plc

...................................

United

Kingdom

38,321,892

58,307,626

81,079,952

Total

Common

Stocks

(Cost

$2,398,744,607)

....................................

2,757,999,634

Warrants

Warrants

0.1%

Diversified

Telecommunication

Services

0.1%

a,c,d

Windstream

Holdings,

Inc.,

9/21/55

........................

United

States

91,545

1,695,771

Media

0.0%

†

a,c

Lee

Enterprises,

Inc.,

12/31/22

...........................

United

States

1,110,000

105,250

a,c,d

Tenerity

,

Inc.,

4/10/24

..................................

United

States

48,381

—

105,250

Software

0.0%

†

a

Avaya

Holdings

Corp.,

12/15/22

..........................

United

States

235,873

537,791

Total

Warrants

(Cost

$9,242,827)

..............................................

2,338,812

Principal

Amount

*

Corporate

Bonds

3.3%

Airlines

2.0%

e

American

Airlines

Inc

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

................

United

States

32,324,000

34,021,010

Senior

Secured

Note,

144A,

5.75%,

4/20/29

...............

United

States

2,586,000

2,789,648

e

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

11.75

%

,

7/15/25

United

States

18,264,000

22,624,530

e

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

5,214,172

5,676,721

65,111,909

Diversified

Telecommunication

Services

0.3%

Frontier

Communications

Holdings

LLC

,

Secured

Note

,

5.875

%

,

11/01/29

..........................................

United

States

9,628,717

9,758,223

Multiline

Retail

0.6%

e

Macy's

Retail

Holdings

LLC

,

Senior

Note

,

144A,

5.875

%

,

4/01/29

.

United

States

18,405,000

20,047,186

Wireless

Telecommunication

Services

0.4%

e,g

Intelsat

Connect

Finance

SA

,

Senior

Note

,

144A,

9.5

%

,

2/15/23

..

Luxembourg

48,845,000

12,904,116

Total

Corporate

Bonds

(Cost

$119,703,836)

.....................................

107,821,434

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

2.7%

Airlines

0.2%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

.........

United

States

6,760,000

6,997,986

Diversified

Telecommunication

Services

0.3%

Intelsat

Jackson

Holdings

SA

,

Term

Loan,

B3

,

8

%

,

(

1-month

USD

LIBOR

+

4.75

%

),

11/27/23

.............................

Luxembourg

8,000,000

8,120,000

Health

Care

Providers

&

Services

1.1%

Envision

Healthcare

Corp.

,

Initial

Term

Loan

,

3.834

%

,

(

1-month

USD

LIBOR

+

3.75

%

),

10/10/25

.............................

United

States

39,921,247

35,645,681

Software

1.1%

i,j

BMC

Software,

Inc.

,

Second

Lien,

Term

Loan

,

TBD,

3/23/26

.....

United

States

7,871,500

7,974,813

j

Boxer

Parent

Co.,

Inc.

,

2021

Replacement

Dollar

Term

Loan

,

3.882

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/02/25

...........

United

States

7,500,000

7,468,763

Veritas

US,

Inc.

,

USD

Term

Loan,

B

,

6

%

,

(

3-month

USD

LIBOR

+

5

%

),

9/01/25

.......................................

United

States

21,307,329

21,433,788

36,877,364

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$90,009,917)

..........................

87,641,031

Asset-Backed

Securities

0.1%

Airlines

0.1%

American

Airlines

Pass-Through

Trust

,

2013-2

,

A

,

4.95

%

,

1/15/23

.

United

States

2,531,339

2,590,474

Total

Asset-Backed

Securities

(Cost

$2,493,369)

................................

2,590,474

Shares

Companies

in

Liquidation

0.0%

a,c,k

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

........................................

Netherlands

159,828

—

a,c,k

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

1,531,470

—

a,c,k

Vistra

Energy

Corp.,

Litigation

Trust,

Contingent

Distribution

.....

United

States

104,175,133

—

a,c,k

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

7,443,000

—

Total

Companies

in

Liquidation

(Cost

$3,234,626)

...............................

—

Total

Long

Term

Investments

(Cost

$2,623,429,182)

.............................

2,958,391,385

a

Short

Term

Investments

4.7%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

4.7%

l

FHLB,

10/01/21

.......................................

United

States

18,900,000

18,900,000

l

U.S.

Treasury

Bills

,

10/21/21

..........................................

United

States

8,000,000

7,999,673

10/28/21

..........................................

United

States

13,500,000

13,499,380

11/02/21

..........................................

United

States

20,000,000

19,999,050

11/04/21

..........................................

United

States

17,500,000

17,498,843

12/09/21

..........................................

United

States

15,000,000

14,999,329

1/06/22

...........................................

United

States

9,000,000

8,999,273

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

25

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)

2/17/22

...........................................

United

States

50,000,000

$

49,991,795

132,987,343

Total

U.S.

Government

and

Agency

Securities

(Cost

$151,888,151)

................

151,887,343

Total

Short

Term

Investments

(Cost

$151,888,151

)

...............................

151,887,343

a

Total

Investments

(Cost

$2,775,317,333)

95.8%

..................................

$3,110,278,728

Securities

Sold

Short

(5.5)%

..................................................

(180,144,369)

Other

Assets,

less

Liabilities

9.7%

.............................................

317,269,864

Net

Assets

100.0%

...........................................................

$3,247,404,223

Shares

Securities

Sold

Short

(5.5)%

Common

Stocks

(5.5)%

Insurance

(1.2)%

Aon

plc,

A

...........................................

United

States

136,106

(38,895,012)

Road

&

Rail

(0.8)%

Canadian

National

Railway

Co.

...........................

Canada

109,645

(12,680,444)

Canadian

Pacific

Railway

Ltd.

............................

Canada

209,018

(13,600,801)

(26,281,245)

Semiconductors

&

Semiconductor

Equipment

(3.5)%

Advanced

Micro

Devices,

Inc.

............................

United

States

1,117,280

(114,968,112)

Total

Common

Stocks

(Proceeds

$160,553,892)

.................................

(180,144,369)

Total

Securities

Sold

Short

(Proceeds

$160,553,892)

.............................

$(180,144,369)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short.

At

September

30,

2021,

the

aggregate

value

of

these

securities

pledged

amounted

to

$240,568,733,

representing

7.4%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

9

regarding

fair

value

measurements.

d

See

Note

6

regarding

restricted

securities.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2021,

the

aggregate

value

of

these

securities

was

$138,842,607,

representing

4.3%

of

net

assets.

f

See

Note

7

regarding

holdings

of

5%

voting

securities.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

j

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

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.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

26

At

September

30,

2021,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

See

Abbreviations

on

page

47

.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Foreign

exchange

contracts

Foreign

Exchange

EUR/USD

...................

Short

243

$

35,235,000

12/13/21

$

858,266

Foreign

Exchange

GBP/USD

...................

Short

735

61,900,781

12/13/21

1,438,371

Total

Futures

Contracts

......................................................................

$2,296,637

*

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

.............

HSBK

Sell

7,796,590

9,299,556

10/07/21

$

268,200

$

—

Euro

.............

SSBT

Sell

4,845,584

5,718,419

10/07/21

105,428

—

Euro

.............

UBSW

Sell

658,164

794,951

10/07/21

32,552

—

British

Pound

......

BOFA

Buy

4,544,250

6,258,160

10/25/21

—

(135,425)

British

Pound

......

HSBK

Buy

3,847,733

5,287,285

10/25/21

—

(103,010)

British

Pound

......

HSBK

Sell

165,956,592

227,045,546

10/25/21

3,442,521

—

Euro

.............

HSBK

Sell

21,618,656

26,243,211

11/17/21

1,179,586

—

Euro

.............

UBSW

Sell

22,778,521

27,652,162

11/17/21

1,243,846

—

British

Pound

......

SSBT

Sell

92,546,572

128,293,548

1/18/22

3,574,631

—

Euro

.............

BOFA

Sell

18,751,354

22,042,604

1/24/22

266,293

—

Euro

.............

HSBK

Sell

10,196,221

11,981,438

1/24/22

140,368

—

Euro

.............

UBSW

Sell

8,325,231

9,824,538

1/24/22

156,287

—

Total

Forward

Exchange

Contracts

...................................................

$10,409,712

$(238,435)

Net

unrealized

appreciation

(depreciation)

............................................

$10,171,277

*

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

Statement

of

Investments

(unaudited),

September

30,

2021

Franklin

Mutual

Shares

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

27

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

95.3%

Aerospace

&

Defense

2.6%

a

Airbus

SE

...........................................

France

736,442

$

97,630,263

Huntington

Ingalls

Industries,

Inc.

.........................

United

States

643,353

124,205,730

221,835,993

Auto

Components

0.0%

†

a,b,c,d

International

Automotive

Components

Group

Brazil

LLC

........

Brazil

7,234,813

289,219

Automobiles

1.7%

a

General

Motors

Co.

....................................

United

States

2,685,168

141,535,205

Banks

9.5%

Bank

of

America

Corp.

.................................

United

States

2,971,080

126,122,346

Citigroup,

Inc.

........................................

United

States

2,065,006

144,922,121

ING

Groep

NV

.......................................

Netherlands

15,397,217

223,842,964

JPMorgan

Chase

&

Co.

.................................

United

States

837,891

137,154,378

Wells

Fargo

&

Co.

.....................................

United

States

3,726,503

172,947,004

804,988,813

Building

Products

2.2%

Johnson

Controls

International

plc

.........................

United

States

2,753,290

187,443,983

Chemicals

1.3%

Ashland

Global

Holdings,

Inc.

............................

United

States

1,273,772

113,518,561

Containers

&

Packaging

1.2%

International

Paper

Co.

.................................

United

States

1,837,937

102,777,437

Diversified

Financial

Services

1.9%

Voya

Financial,

Inc.

....................................

United

States

2,584,730

158,676,575

Diversified

Telecommunication

Services

1.0%

a

Frontier

Communications

Parent,

Inc.

......................

United

States

1,549,664

43,189,135

a,b,c

Windstream

Holdings,

Inc.

...............................

United

States

2,123,740

39,339,971

82,529,106

Electric

Utilities

1.9%

Evergy

,

Inc.

..........................................

United

States

1,400,999

87,142,138

Pinnacle

West

Capital

Corp.

.............................

United

States

1,004,300

72,671,148

159,813,286

Electrical

Equipment

2.1%

a

Sensata

Technologies

Holding

plc

.........................

United

States

3,304,770

180,837,014

Entertainment

1.5%

a,e

Walt

Disney

Co.

(The)

..................................

United

States

763,546

129,169,077

Equity

Real

Estate

Investment

Trusts

(REITs)

2.0%

Uniti

Group,

Inc.

......................................

United

States

1,804,810

22,325,499

Vornado

Realty

Trust

...................................

United

States

3,539,181

148,680,994

171,006,493

Food

Products

3.6%

Archer-Daniels-Midland

Co.

.............................

United

States

2,133,447

128,028,155

Kraft

Heinz

Co.

(The)

..................................

United

States

4,764,605

175,432,756

303,460,911

Health

Care

Equipment

&

Supplies

2.0%

Hill-Rom

Holdings,

Inc.

.................................

United

States

117,358

17,603,700

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

28

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Medtronic

plc

........................................

United

States

1,191,919

$

149,407,047

167,010,747

Health

Care

Providers

&

Services

5.1%

Anthem,

Inc.

.........................................

United

States

498,672

185,904,921

CVS

Health

Corp.

.....................................

United

States

2,857,715

242,505,695

428,410,616

Household

Durables

2.2%

Lennar

Corp.,

A

.......................................

United

States

1,224,486

114,709,849

Newell

Brands,

Inc.

....................................

United

States

3,348,595

74,137,893

188,847,742

Industrial

Conglomerates

1.7%

General

Electric

Co.

...................................

United

States

1,406,350

144,896,240

Insurance

8.2%

a

Alleghany

Corp.

......................................

United

States

218,189

136,239,393

Everest

Re

Group

Ltd.

.................................

United

States

492,581

123,529,463

Hartford

Financial

Services

Group,

Inc.

(The)

................

United

States

2,382,986

167,404,767

MetLife,

Inc.

.........................................

United

States

2,004,530

123,739,637

Willis

Towers

Watson

plc

................................

United

States

593,171

137,888,531

688,801,791

IT

Services

5.3%

Alliance

Data

Systems

Corp.

.............................

United

States

1,298,031

130,958,348

Cognizant

Technology

Solutions

Corp.,

A

....................

United

States

2,194,550

162,857,555

a

Fiserv,

Inc.

..........................................

United

States

1,388,600

150,663,100

444,479,003

Media

5.0%

a

Charter

Communications,

Inc.,

A

..........................

United

States

368,629

268,199,715

Comcast

Corp.,

A

.....................................

United

States

2,787,000

155,876,910

424,076,625

Oil,

Gas

&

Consumable

Fuels

4.6%

BP

plc

..............................................

United

Kingdom

38,411,250

174,938,180

Williams

Cos.,

Inc.

(The)

................................

United

States

8,113,684

210,468,963

385,407,143

Pharmaceuticals

10.2%

a

Elanco

Animal

Health,

Inc.

...............................

United

States

3,245,353

103,494,307

e

Eli

Lilly

&

Co.

........................................

United

States

618,310

142,860,526

GlaxoSmithKline

plc

...................................

United

Kingdom

12,462,436

235,179,490

Merck

&

Co.,

Inc.

.....................................

United

States

3,129,872

235,084,686

Novartis

AG,

ADR

.....................................

Switzerland

1,761,341

144,042,467

860,661,476

Professional

Services

1.2%

KBR,

Inc.

...........................................

United

States

2,517,409

99,185,915

Road

&

Rail

1.0%

Kansas

City

Southern

..................................

United

States

298,200

80,704,848

Semiconductors

&

Semiconductor

Equipment

1.4%

Xilinx,

Inc.

...........................................

United

States

803,900

121,380,861

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

29

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

3.7%

a

Avaya

Holdings

Corp.

..................................

United

States

364

$

7,204

NortonLifeLock

,

Inc.

...................................

United

States

7,208,153

182,366,271

Oracle

Corp.

.........................................

United

States

1,475,827

128,588,806

310,962,281

Specialty

Retail

1.5%

Best

Buy

Co.,

Inc.

.....................................

United

States

1,210,664

127,979,292

a,b,c,d

Wayne

Services

Legacy,

Inc.

.............................

United

States

7,469

261,233

128,240,525

Technology

Hardware,

Storage

&

Peripherals

3.5%

Samsung

Electronics

Co.

Ltd.

............................

South

Korea

2,325,988

144,165,213

a,e

Western

Digital

Corp.

..................................

United

States

2,646,509

149,368,968

293,534,181

Textiles,

Apparel

&

Luxury

Goods

1.5%

Tapestry,

Inc.

........................................

United

States

3,341,737

123,711,104

Tobacco

2.9%

Altria

Group,

Inc.

......................................

United

States

2,481,360

112,951,507

British

American

Tobacco

plc

.............................

United

Kingdom

3,655,087

127,747,636

240,699,143

Wireless

Telecommunication

Services

1.8%

a

T-Mobile

US,

Inc.

.....................................

United

States

1,163,651

148,668,052

Total

Common

Stocks

(Cost

$5,889,556,000)

....................................

8,037,559,966

Warrants

Warrants

0.0%

†

Diversified

Telecommunication

Services

0.0%

†

a,b,c

Windstream

Holdings,

Inc.,

9/21/55

........................

United

States

119,757

2,218,368

Software

0.0%

†

a

Avaya

Holdings

Corp.,

12/15/22

..........................

United

States

193,072

440,204

Total

Warrants

(Cost

$1,519,716)

..............................................

2,658,572

Principal

Amount

*

Corporate

Bonds

1.1%

Airlines

1.0%

f

American

Airlines

Inc

/

AAdvantage

Loyalty

IP

Ltd.

,

Senior

Secured

Note,

144A,

5.5%,

4/20/26

................

United

States

32,633,000

34,346,233

Senior

Secured

Note,

144A,

5.75%,

4/20/29

...............

United

States

2,611,000

2,816,616

f

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

11.75

%

,

7/15/25

United

States

26,220,000

32,480,025

f

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

11,692,354

12,729,583

82,372,457

Diversified

Telecommunication

Services

0.1%

Frontier

Communications

Holdings

LLC

,

Secured

Note

,

5.875

%

,

11/01/29

..........................................

United

States

10,568,178

10,710,320

Total

Corporate

Bonds

(Cost

$83,567,032)

......................................

93,082,777

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

30

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

g

Senior

Floating

Rate

Interests

0.9%

Airlines

0.1%

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.)

,

Initial

Term

Loan

,

5.5

%

,

(

3-month

USD

LIBOR

+

4.75

%

),

4/20/28

.........

United

States

6,825,000

7,065,274

Software

0.8%

h,i

BMC

Software,

Inc.

,

Second

Lien,

Term

Loan

,

TBD,

3/23/26

.....

United

States

20,487,800

20,756,702

Veritas

US,

Inc.

,

USD

Term

Loan,

B

,

6

%

,

(

3-month

USD

LIBOR

+

5

%

),

9/01/25

.......................................

United

States

47,594,116

47,876,587

68,633,289

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$74,507,511)

..........................

75,698,563

Asset-Backed

Securities

0.1%

Airlines

0.1%

American

Airlines

Pass-Through

Trust

,

2013-2

,

A

,

4.95

%

,

1/15/23

.

United

States

6,309,302

6,456,694

Total

Asset-Backed

Securities

(Cost

$6,214,663)

................................

6,456,694

Shares

Companies

in

Liquidation

0.0%

a,b,j

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

........................................

Netherlands

555,154

—

a,b,j

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

1,005,034

—

a,b,j

Vistra

Energy

Corp.,

Litigation

Trust,

Contingent

Distribution

.....

United

States

194,177,556

—

a,b,j

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

20,046,000

—

Total

Companies

in

Liquidation

(Cost

$6,071,370)

...............................

—

Total

Long

Term

Investments

(Cost

$6,061,436,292)

.............................

8,215,456,572

a

Short

Term

Investments

1.4%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.4%

k

FHLB,

10/01/21

.......................................

United

States

9,000,000

9,000,000

k

U.S.

Treasury

Bills

,

10/21/21

..........................................

United

States

5,000,000

4,999,796

10/28/21

..........................................

United

States

5,000,000

4,999,770

11/02/21

..........................................

United

States

20,000,000

19,999,050

11/04/21

..........................................

United

States

7,500,000

7,499,504

12/09/21

..........................................

United

States

8,000,000

7,999,642

1/06/22

...........................................

United

States

10,000,000

9,999,193

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statements

of

Investments

31

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

k

U.S.

Treasury

Bills,

(continued)

2/17/22

...........................................

United

States

50,000,000

$

49,991,795

105,488,750

Total

U.S.

Government

and

Agency

Securities

(Cost

$114,489,150)

................

114,488,750

Total

Short

Term

Investments

(Cost

$114,489,150

)

...............................

114,488,750

a

Total

Investments

(Cost

$6,175,925,442)

98.8%

..................................

$8,329,945,322

Securities

Sold

Short

(1.7)%

..................................................

(142,561,879)

Other

Assets,

less

Liabilities

2.9%

.............................................

246,125,933

Net

Assets

100.0%

...........................................................

$8,433,509,376

Shares

Securities

Sold

Short

(1.7)%

Common

Stocks

(1.7)%

Semiconductors

&

Semiconductor

Equipment

(1.7)%

Advanced

Micro

Devices,

Inc.

............................

United

States

1,385,441

(142,561,879)

Total

Common

Stocks

(Proceeds

$124,618,173)

.................................

(142,561,879)

Total

Securities

Sold

Short

(Proceeds

$124,618,173)

.............................

$(142,561,879)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

9

regarding

fair

value

measurements.

c

See

Note

6

regarding

restricted

securities.

d

See

Note

7

regarding

holdings

of

5%

voting

securities.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short.

At

September

30,

2021,

the

aggregate

value

of

these

securities

pledged

amounted

to

$197,596,541,

representing

2.3%

of

net

assets.

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,

2021,

the

aggregate

value

of

these

securities

was

$82,372,457,

representing

1.0%

of

net

assets.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

j

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.

k

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Statements

of

Investments

See

Notes

to

Statements

of

Investments.

32

At

September

30,

2021,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2021,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

See

Abbreviations

on

page

47

.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Foreign

exchange

contracts

Foreign

Exchange

EUR/USD

...................

Short

52

$

7,540,000

12/13/21

$

199,813

Foreign

Exchange

GBP/USD

...................

Short

445

37,477,344

12/13/21

872,603

Total

Futures

Contracts

......................................................................

$1,072,416

*

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

.............

HSBK

Sell

25,112,143

30,316,643

10/07/21

$

1,227,428

$

—

Euro

.............

SSBT

Sell

42,067,514

50,278,923

10/07/21

1,549,075

—

Euro

.............

UBSW

Sell

9,729,805

11,781,573

10/07/21

510,835

—

British

Pound

......

BOFA

Buy

209,035

287,875

10/25/21

—

(6,230)

British

Pound

......

HSBK

Buy

1,645,076

2,249,872

10/25/21

—

(33,365)

British

Pound

......

HSBK

Sell

11,654,065

15,943,949

10/25/21

241,746

—

Euro

.............

BOFA

Sell

1,163,143

1,370,438

11/17/21

21,947

—

Euro

.............

HSBK

Sell

8,334,935

10,117,903

11/17/21

454,782

—

Euro

.............

UBSW

Sell

10,016,010

12,154,688

11/17/21

542,610

—

South

Korean

Won

..

HSBK

Buy

12,095,137,600

10,379,419

11/19/21

—

(174,389)

South

Korean

Won

..

HSBK

Sell

92,552,090,462

82,122,529

11/19/21

4,033,554

—

South

Korean

Won

..

UBSW

Sell

2,211,484,881

1,963,234

11/19/21

97,338

—

South

Korean

Won

..

HSBK

Sell

64,413,049,545

57,960,326

12/17/21

3,629,787

—

South

Korean

Won

..

UBSW

Sell

25,972,019,912

23,380,944

12/17/21

1,474,298

—

British

Pound

......

BOFA

Sell

223,222

309,581

1/18/22

8,760

—

British

Pound

......

SSBT

Sell

235,711

325,991

1/18/22

8,338

—

Euro

.............

BOFA

Sell

2,583,195

3,032,142

1/24/22

32,227

—

Euro

.............

HSBK

Sell

4,501,140

5,295,773

1/24/22

68,511

—

Euro

.............

SSBT

Sell

899,681

1,055,813

1/24/22

10,996

—

Euro

.............

UBSW

Sell

3,816,524

4,470,715

1/24/22

38,511

—

Total

Forward

Exchange

Contracts

...................................................

$13,950,743

$(213,984)

Net

unrealized

appreciation

(depreciation)

............................................

$13,736,759

*

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

33

Quarterly

Statements

of

Investments

Notes

to

Statements

of

Investments

(unaudited)

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

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

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

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

34

Quarterly

Statements

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

September

30,

2021,

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.

Derivative

Financial

Instruments

Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

Certain

or

all

Funds

attempt

to

reduce

their

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Funds include

failure

of

the

Funds

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Funds

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement. 

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund’s

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds’ investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

2. Financial

Instrument

Valuation

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

35

Quarterly

Statements

of

Investments

At

September

30,

2021,

certain

or

all

Funds received

United

Kingdom

Treasury

Bonds

and

U.S.

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives.

Franklin

Mutual

Beacon Fund

-

$2,873,773

Franklin

Mutual

European

Fund

-

$5,183,075

Franklin

Mutual

Financial

Services

Fund

–

$1,496,996

Franklin

Mutual

Global

Discovery

Fund

-

$16,771,932

Franklin

Mutual

Quest

Fund

-

$6,315,106

Franklin

Mutual

Shares

Fund

-

$11,466,211

Certain

or

all

Funds entered

into

exchange

traded

futures

contracts

primarily

to

manage

exposure

to

certain

foreign

currencies.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable.

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

The

following

Funds

have

invested

in

derivatives

during

the

period.

Franklin

Mutual

Beacon Fund

–

Futures

and

forwards

Franklin

Mutual

European

Fund

-

Futures

and

forwards

Franklin

Mutual

Financial

Services

Fund

–

Futures

and

forwards

Franklin

Mutual

Global

Discovery

Fund

-

Futures

and

forwards

Franklin

Mutual

Quest

Fund

-

Futures

and

forwards

Franklin

Mutual

Shares

Fund

-

Futures

and

forwards

4.

Concentration

of

Risk

Investing

in

foreign

securities

may

include

certain

risks

and

considerations

not

typically

associated

with

investing

in

U.S.

securities,

such

as

fluctuating

currency

values

and

changing

local,

regional

and

global

economic,

political

and

social

conditions,

which

may

result

in

greater

market

volatility.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

5.

Novel

Coronavirus

Pandemic

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19,

has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general,

and

may

continue

for

an

unpredictable

duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds,

their

ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and

their

ability

to

achieve

their

investment

objectives.

3.

Derivative

Financial

Instruments

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

36

Quarterly

Statements

of

Investments

6. Restricted

Securities

At

September

30,

2021,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

7.

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,

2021,

investments

in

“affiliated

companies”

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

$

113,785

Total

Restricted

Securities

(Value

is

0.0%

†

of

Net

Assets)

.............

$1,890,264

$113,785

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

$

152,685

Total

Restricted

Securities

(Value

is

0.0%

†

of

Net

Assets)

.............

$2,536,498

$152,685

Shares

/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Mutual

Quest

Fund

2,548,299

International

Automotive

Components

Group

Brazil

LLC

4/13/06

-

12/26/08

$

1,692,334

$

101,871

224,279

Sorenson

Communications

LLC,

Membership

Interests

4/30/14

—

168,209,173

48,381

Tenerity,

Inc.,

4/10/24

.........................

5/11/17

6,591,095

—

7,104

Wayne

Services

Legacy,

Inc.

...................

1/22/19

—

248,475

1,623,438

Windstream

Holdings,

Inc.

.....................

9/21/20

12,859,476

30,072,421

91,545

Windstream

Holdings,

Inc.,

9/21/55

..............

9/21/20

1,161,706

1,695,771

Total

Restricted

Securities

(Value

is

6.2%

of

Net

Assets)

..............

$22,304,611

$200,327,711

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

$

289,219

7,469

Wayne

Services

Legacy,

Inc.

...................

1/22/19

—

261,233

119,757

Windstream

Holdings

Inc,

9/21/55

...............

9/21/20

1,519,716

2,218,368

2,123,740

Windstream

Holdings,

Inc.

.....................

9/21/20

16,822,436

39,339,971

Total

Restricted

Securities

(Value

is

0.5%

of

Net

Assets)

..............

$23,146,830

$42,108,791

†

Rounds

to

less

than

0.1%

of

net

assets.

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

37

Quarterly

Statements

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

European

Fund

Controlled

Affiliates

a

Dividends

Euro

Wagon

LP

......

$

—

$

—

$

(632,354)

b

$

(5,650,155)

b

$

6,282,509

$

—

c

—

$

—

Total

Affiliated

Securities

(Value

is

—%

of

Net

Assets)

...........

$—

$—

$(632,354)

$

(5,650,155)

$

6,282,509

$—

$—

Franklin

Mutual

Financial

Services

Fund

Non-Controlled

Affiliates

Dividends

AB&T

Financial

Corp

..

$

146,965

$

—

$

—

$

—

$

79,067

$

226,032

226,100

$

863

Total

Affiliated

Securities

(Value

is

0.1%

of

Net

Assets)

...........

$146,965

$—

$—

$

—

$

79,067

$226,032

$863

Franklin

Mutual

Quest

Fund

Non-Controlled

Affiliates

Dividends

Advanced

Emissions

Solutions

Inc

........

$

9,483,150

$

—

$

(11,354,423)

$

(15,153,562)

$

17,024,834

$

—

c

—

$

—

Sorenson

Communications

LLC,

Membership

Interests

168,209,173

—

—

—

—

168,209,17

3

224,279

—

Tru

Kids

Parent

LLC

...

16,218,825

—

(18,114,642)

b

(16,695,457)

18,591,274

—

c

—

—

Wayne

Services

Legacy,

Inc.

..............

—

—

—

—

248,475

248,475

7,104

—

Interest

Sorenson

Communications

LLC,

First

Lien,

Initial

Term

Loan

.............

8,929,446

—

(8,886,214)

b

231,692

(274,924)

—

c

—

125,250

Total

Affiliated

Securities

(Value

is

5.2%

of

Net

Assets)

...........

$202,840,594

$—

$(38,355,279)

$

(31,617,327)

$

35,589,659

$168,457,648

$125,250

Franklin

Mutual

Shares

Fund

Non-Controlled

Affiliates

Dividends

International

Automotive

Components

Group

Brazil

LLC

..............

$

153,856

$

—

$

—

$

—

$

135,363

$

289,219

7,234,813

$

—

TRU

Kids

Parent

LLC

..

17,051,583

—

(19,044,742

)

b

(17,552,688)

19,545,84

7

—

c

—

—

Wayne

Services

Legacy,

Inc.

..............

—

—

—

—

261,233

261,233

7,469

—

Total

Affiliated

Securities

(Value

is

0.0%

†

of

Net

Assets)

...........

$17,205,439

$—

$(19,044,742)

$

(17,552,688)

$

19,942,44

3

$550,452

$—

7.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

38

Quarterly

Statements

of

Investments

8.

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,

2021,

investments

in

affiliated

management

investment

companies

were

as

follows: 

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Issuer

in

which

the

Fund

owns

25%

or

more

of

the

outstanding

voting

securities.

b

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

c

As

of

September

30,

2021,

no

longer

held

by

the

fund.

    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,

0.01%

.

$—

$9,000

$(9,000)

$

—

$

—

$—

—

$—

Total

Affiliated

Securities

...

$—

$9,000

$(9,000)

$—

$—

$—

$—

Franklin

Mutual

Financial

Services

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$832,000

$(762,000)

$

—

$

—

$70,000

70,000

$6

Total

Affiliated

Securities

...

$—

$832,000

$(762,000)

$—

$—

$70,000

$6

Franklin

Mutual

Global

Discovery

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$8,653,000

$(8,653,000)

$

—

$

—

$—

—

$33

Total

Affiliated

Securities

...

$—

$8,653,000

$(8,653,000)

$—

$—

$—

$33

7.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

39

Quarterly

Statements

of

Investments

9. 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,

2021,

in

valuing

the

Funds’

assets

and

liabilities

carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Mutual

Quest

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$391,000

$30,879,000

$(31,270,000)

$

—

$

—

$—

—

$9

Total

Affiliated

Securities

...

$391,000

$30,879,000

$(31,270,000)

$—

$—

$—

$9

Franklin

Mutual

Shares

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$21,118,000

$(21,118,000)

$

—

$

—

$—

—

$10

Total

Affiliated

Securities

...

$—

$21,118,000

$(21,118,000)

$—

$—

$—

$10

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Beacon

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

—

$

66,777,333

$

—

$

66,777,333

Auto

Components

......................

—

112,476,205

113,785

112,589,990

Banks

...............................

254,909,948

210,845,295

—

465,755,243

8.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

40

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Beacon

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Beverages

...........................

$

—

$

101,948,848

$

—

$

101,948,848

Chemicals

...........................

—

94,112,045

—

94,112,045

Diversified

Telecommunication

Services

.....

—

166,844,237

—

166,844,237

Electrical

Equipment

....................

124,938,181

—

—

124,938,181

Entertainment

.........................

109,124,293

—

—

109,124,293

Equity

Real

Estate

Investment

Trusts

(REITs)

.

87,711,586

—

—

87,711,586

Health

Care

Equipment

&

Supplies

.........

123,954,478

—

—

123,954,478

Health

Care

Providers

&

Services

..........

77,705,686

—

—

77,705,686

Household

Products

....................

—

114,219,099

—

114,219,099

Insurance

............................

78,425,625

—

—

78,425,625

IT

Services

...........................

267,435,167

—

—

267,435,167

Media

...............................

161,607,810

—

—

161,607,810

Pharmaceuticals

.......................

512,139,140

180,460,920

—

692,600,060

Road

&

Rail

..........................

28,498,392

—

—

28,498,392

Semiconductors

&

Semiconductor

Equipment

.

28,491,813

—

—

28,491,813

Software

.............................

124,105,938

—

—

124,105,938

Technology

Hardware,

Storage

&

Peripherals

.

107,596,595

—

—

107,596,595

Textiles,

Apparel

&

Luxury

Goods

..........

86,144,800

96,464,783

—

182,609,583

Tobacco

.............................

—

102,564,440

—

102,564,440

Preferred

Stocks

........................

—

104,741,666

—

104,741,666

Warrants

..............................

1,397,181

—

—

1,397,181

Senior

Floating

Rate

Interests

...............

—

16,104,691

—

16,104,691

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

31,997,254

3,600,000

—

35,597,254

Total

Investments

in

Securities

...........

$2,206,183,887

$1,371,159,562

b

$113,785

$3,577,457,234

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$

—

$

5,542,905

$

—

$

5,542,905

Futures

contracts

........................

788,474

—

—

788,474

Total

Other

Financial

Instruments

.........

$788,474

$5,542,905

$—

$6,331,379

Liabilities:

Other

Financial

Instruments:

Securities

Sold

Short

.....................

33,463,595

—

—

33,463,595

..............................................................

Franklin

Mutual

European

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

—

$

31,890,230

$

—

$

31,890,230

Auto

Components

......................

—

26,349,502

—

26,349,502

Banks

...............................

—

63,280,715

—

63,280,715

Beverages

...........................

—

31,990,579

—

31,990,579

Capital

Markets

........................

—

11,734,039

—

11,734,039

Chemicals

...........................

—

31,297,189

—

31,297,189

Construction

Materials

..................

—

19,543,454

—

19,543,454

Diversified

Telecommunication

Services

.....

—

54,977,108

—

54,977,108

Food

Products

........................

—

11,834,567

—

11,834,567

Health

Care

Providers

&

Services

..........

—

21,316,986

—

21,316,986

Hotels,

Restaurants

&

Leisure

.............

—

21,577,756

—

21,577,756

Household

Durables

....................

—

20,276,401

—

20,276,401

Household

Products

....................

—

17,072,926

—

17,072,926

Industrial

Conglomerates

................

—

18,161,232

—

18,161,232

9. Fair

Value

Measurements

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

41

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

European

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Insurance

............................

$

20,214,934

$

56,448,728

$

—

$

76,663,662

IT

Services

...........................

—

23,971,723

—

23,971,723

Machinery

............................

—

23,722,852

—

23,722,852

Oil,

Gas

&

Consumable

Fuels

.............

—

58,087,164

—

58,087,164

Pharmaceuticals

.......................

—

54,787,346

—

54,787,346

Software

.............................

18,928,780

17,712,646

—

36,641,426

Textiles,

Apparel

&

Luxury

Goods

..........

—

40,667,318

—

40,667,318

Tobacco

.............................

—

16,654,610

—

16,654,610

Trading

Companies

&

Distributors

..........

8,228,907

36,271,234

—

44,500,141

Wireless

Telecommunication

Services

.......

—

7,554,809

—

7,554,809

Warrants

..............................

223,299

—

—

223,299

Convertible

Bonds

.......................

—

505,331

—

505,331

Short

Term

Investments

...................

10,499,028

1,400,000

—

11,899,028

Total

Investments

in

Securities

...........

$58,094,948

$719,086,445

c

$—

$777,181,393

Other

Financial

Instruments:

Forward

exchange

contracts

...............

—

9,631,099

—

9,631,099

Futures

contracts

........................

6,397,240

—

—

6,397,240

Total

Other

Financial

Instruments

.........

$6,397,240

$9,631,099

$—

$16,028,339

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

$

—

$

268,716

$

—

$

268,716

..............................................................

Franklin

Mutual

Financial

Services

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Banks

...............................

$

72,281,168

$

86,668,527

$

—

$

158,949,695

Capital

Markets

........................

—

22,795,844

—

22,795,844

Consumer

Finance

.....................

5,967,623

—

—

5,967,623

Diversified

Financial

Services

.............

16,958,988

8,014,575

—

24,973,563

Equity

Real

Estate

Investment

Trusts

(REITs)

.

2,993,632

—

—

2,993,632

Household

Durables

....................

9,399,386

—

—

9,399,386

Insurance

............................

105,827,253

47,360,775

—

153,188,028

IT

Services

...........................

19,302,846

—

—

19,302,846

Convertible

Bonds

.......................

—

329,564

—

329,564

Short

Term

Investments

...................

1,569,930

517,721

—

2,087,651

Total

Investments

in

Securities

...........

$234,300,826

$165,687,006

d

$—

$399,987,832

Other

Financial

Instruments:

Forward

exchange

contracts

...............

—

2,899,424

—

2,899,424

Futures

contracts

........................

446,874

—

—

446,874

Total

Other

Financial

Instruments

.........

$446,874

$2,899,424

$—

$3,346,298

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

—

52,440

—

52,440

..............................................................

9. Fair

Value

Measurements

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

42

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Global

Discovery

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

—

$

297,914,527

$

—

$

297,914,527

Auto

Components

......................

—

162,250,060

152,685

162,402,745

Automobiles

..........................

158,068,329

—

—

158,068,329

Banks

...............................

404,882,354

505,031,641

—

909,913,995

Beverages

...........................

—

129,723,988

—

129,723,988

Building

Products

......................

164,897,045

—

—

164,897,045

Capital

Markets

........................

—

148,024,519

—

148,024,519

Chemicals

...........................

—

323,790,769

—

323,790,769

Construction

Materials

..................

—

147,060,580

—

147,060,580

Diversified

Financial

Services

.............

196,862,567

—

—

196,862,567

Diversified

Telecommunication

Services

.....

62,279,835

262,625,524

—

324,905,359

Entertainment

.........................

152,047,966

—

—

152,047,966

Food

Products

........................

143,590,636

—

—

143,590,636

Gas

Utilities

..........................

68,873,967

—

—

68,873,967

Health

Care

Equipment

&

Supplies

.........

181,900,590

—

—

181,900,590

Health

Care

Providers

&

Services

..........

483,690,549

—

—

483,690,549

Hotels,

Restaurants

&

Leisure

.............

—

161,823,756

—

161,823,756

Household

Products

....................

—

131,846,363

—

131,846,363

Industrial

Conglomerates

................

165,674,094

—

—

165,674,094

Insurance

............................

629,366,926

371,457,601

—

1,000,824,527

IT

Services

...........................

361,601,890

146,317,091

—

507,918,981

Media

...............................

286,560,419

—

—

286,560,419

Oil,

Gas

&

Consumable

Fuels

.............

599,141,925

269,764,008

—

868,905,933

Pharmaceuticals

.......................

654,104,253

319,545,417

—

973,649,670

Road

&

Rail

..........................

52,855,992

—

—

52,855,992

Semiconductors

&

Semiconductor

Equipment

.

119,870,961

190,790,368

—

310,661,329

Software

.............................

393,862,023

—

—

393,862,023

Technology

Hardware,

Storage

&

Peripherals

.

149,033,827

218,599,189

—

367,633,016

Textiles,

Apparel

&

Luxury

Goods

..........

—

124,171,239

—

124,171,239

Tobacco

.............................

118,658,213

204,880,102

—

323,538,315

Warrants

..............................

2,090,166

—

—

2,090,166

Convertible

Bonds

.......................

—

6,850,300

—

6,850,300

Corporate

Bonds

........................

—

108,214,625

—

108,214,625

Senior

Floating

Rate

Interests

...............

—

8,814,770

—

8,814,770

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

156,988,297

6,600,000

—

163,588,297

Total

Investments

in

Securities

...........

$5,706,902,824

$4,246,096,437

e

$152,685

$9,953,151,946

Other

Financial

Instruments:

Forward

exchange

contracts

...............

—

31,394,120

—

31,394,120

Futures

contracts

........................

15,275,368

—

—

15,275,368

Total

Other

Financial

Instruments

.........

$15,275,368

$31,394,120

$—

$46,669,488

Liabilities:

Other

Financial

Instruments:

Securities

Sold

Short

.....................

140,788,603

—

—

140,788,603

Forward

exchange

contracts

................

—

373,802

—

373,802

Total

Other

Financial

Instruments

.........

$140,788,603

$373,802

$—

$141,162,405

9. Fair

Value

Measurements

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

43

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Quest

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

68,729,360

$

54,787,593

$

—

$

123,516,953

Auto

Components

......................

—

—

101,871

101,871

Banks

...............................

16,820,655

6,092,427

—

22,913,082

Beverages

...........................

—

32,660,821

—

32,660,821

Chemicals

...........................

—

52,132,480

—

52,132,480

Diversified

Financial

Services

.............

95,644,760

9,905,813

—

105,550,573

Diversified

Telecommunication

Services

.....

65,866,328

50,309,677

198,281,594

314,457,599

Electric

Utilities

........................

32,378,979

—

—

32,378,979

Entertainment

.........................

25,815,342

—

—

25,815,342

Equity

Real

Estate

Investment

Trusts

(REITs)

.

24,459,907

—

—

24,459,907

Gas

Utilities

..........................

29,645,036

—

—

29,645,036

Health

Care

Equipment

&

Supplies

.........

22,892,925

—

—

22,892,925

Health

Care

Providers

&

Services

..........

6,896,800

—

—

6,896,800

Household

Products

....................

—

25,073,393

—

25,073,393

Insurance

............................

324,775,249

145,346,322

—

470,121,571

IT

Services

...........................

136,461,260

—

—

136,461,260

Media

...............................

39,365,204

—

—

39,365,204

Oil,

Gas

&

Consumable

Fuels

.............

85,407,450

113,256,529

—

198,663,979

Pharmaceuticals

.......................

215,951,321

124,675,021

—

340,626,342

Professional

Services

...................

16,906,540

—

—

16,906,540

Road

&

Rail

..........................

78,458,536

—

—

78,458,536

Semiconductors

&

Semiconductor

Equipment

.

97,886,817

16,287,784

—

114,174,601

Software

.............................

155,634,795

—

—

155,634,795

Specialty

Retail

........................

—

29,725,936

248,475

29,974,411

Technology

Hardware,

Storage

&

Peripherals

.

27,547,348

—

—

27,547,348

Tobacco

.............................

68,045,344

182,443,990

—

250,489,334

Wireless

Telecommunication

Services

.......

22,772,326

58,307,626

—

81,079,952

Warrants

:

Diversified

Telecommunication

Services

.....

—

—

1,695,771

1,695,771

Media

...............................

—

—

105,250

a

105,250

Software

.............................

537,791

—

—

537,791

Corporate

Bonds

........................

—

107,821,434

—

107,821,434

Senior

Floating

Rate

Interests

...............

—

87,641,031

—

87,641,031

Asset-Backed

Securities

..................

—

2,590,474

—

2,590,474

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

132,987,343

18,900,000

—

151,887,343

Total

Investments

in

Securities

...........

$1,791,887,416

$1,117,958,351

f

$200,432,961

$3,110,278,728

Other

Financial

Instruments:

Forward

exchange

contracts

...............

—

10,409,712

—

10,409,712

Futures

contracts

........................

2,296,637

—

—

2,296,637

Total

Other

Financial

Instruments

.........

$2,296,637

$10,409,712

$—

$12,706,349

Liabilities:

Other

Financial

Instruments:

Securities

Sold

Short

.....................

180,144,369

—

—

180,144,369

Forward

exchange

contracts

................

—

238,435

—

238,435

Total

Other

Financial

Instruments

.........

$180,144,369

$238,435

$—

$180,382,804

9. Fair

Value

Measurements

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

44

Quarterly

Statements

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Shares

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

124,205,730

$

97,630,263

$

—

$

221,835,993

Auto

Components

......................

—

—

289,219

289,219

Automobiles

..........................

141,535,205

—

—

141,535,205

Banks

...............................

581,145,849

223,842,964

—

804,988,813

Building

Products

......................

187,443,983

—

—

187,443,983

Chemicals

...........................

113,518,561

—

—

113,518,561

Containers

&

Packaging

.................

102,777,437

—

—

102,777,437

Diversified

Financial

Services

.............

158,676,575

—

—

158,676,575

Diversified

Telecommunication

Services

.....

43,189,135

—

39,339,971

82,529,106

Electric

Utilities

........................

159,813,286

—

—

159,813,286

Electrical

Equipment

....................

180,837,014

—

—

180,837,014

Entertainment

.........................

129,169,077

—

—

129,169,077

Equity

Real

Estate

Investment

Trusts

(REITs)

.

171,006,493

—

—

171,006,493

Food

Products

........................

303,460,911

—

—

303,460,911

Health

Care

Equipment

&

Supplies

.........

167,010,747

—

—

167,010,747

Health

Care

Providers

&

Services

..........

428,410,616

—

—

428,410,616

Household

Durables

....................

188,847,742

—

—

188,847,742

Industrial

Conglomerates

................

144,896,240

—

—

144,896,240

Insurance

............................

688,801,791

—

—

688,801,791

IT

Services

...........................

444,479,003

—

—

444,479,003

Media

...............................

424,076,625

—

—

424,076,625

Oil,

Gas

&

Consumable

Fuels

.............

210,468,963

174,938,180

—

385,407,143

Pharmaceuticals

.......................

625,481,986

235,179,490

—

860,661,476

Professional

Services

...................

99,185,915

—

—

99,185,915

Road

&

Rail

..........................

80,704,848

—

—

80,704,848

Semiconductors

&

Semiconductor

Equipment

.

121,380,861

—

—

121,380,861

Software

.............................

310,962,281

—

—

310,962,281

Specialty

Retail

........................

127,979,292

—

261,233

128,240,525

Technology

Hardware,

Storage

&

Peripherals

.

149,368,968

144,165,213

—

293,534,181

Textiles,

Apparel

&

Luxury

Goods

..........

123,711,104

—

—

123,711,104

Tobacco

.............................

112,951,507

127,747,636

—

240,699,143

Wireless

Telecommunication

Services

.......

148,668,052

—

—

148,668,052

Warrants

:

Diversified

Telecommunication

Services

.....

—

—

2,218,368

2,218,368

Software

.............................

440,204

—

—

440,204

Corporate

Bonds

........................

—

93,082,777

—

93,082,777

Senior

Floating

Rate

Interests

...............

—

75,698,563

—

75,698,563

Asset-Backed

Securities

..................

—

6,456,694

—

6,456,694

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

105,488,750

9,000,000

—

114,488,750

Total

Investments

in

Securities

...........

$7,100,094,751

$1,187,741,780

g

$42,108,791

$8,329,945,322

Other

Financial

Instruments:

Forward

exchange

contracts

...............

—

13,950,743

—

13,950,743

Futures

contracts

........................

1,072,416

—

—

1,072,416

Total

Other

Financial

Instruments

.........

$1,072,416

$13,950,743

$—

$15,023,159

Liabilities:

Other

Financial

Instruments:

Securities

Sold

Short

.....................

142,561,879

—

—

142,561,879

Forward

exchange

contracts

................

—

213,984

—

213,984

Total

Other

Financial

Instruments

.........

$142,561,879

$213,984

$—

$142,775,863

9. Fair

Value

Measurements

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

45

Quarterly

Statements

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,

2021,

is

as

follows:

a

Includes

securities

determined

to

have

no

value

at

September

30,

2021.

b

Includes

foreign

securities

valued

at

$1,351,454,871,

which

were

categorized

as

Level

2

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$717,181,114,

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

$164,613,689,

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

$4,115,616,742,

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

$901,005,412,

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

$1,003,503,746,

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

....

$

54,192

$

—

$

—

$

—

$

—

$

—

$

—

$

47,679

$

101,871

$

47,679

Diversified

Telecommunication

Services

..........

189,701,869

—

—

—

—

—

—

8,579,725

198,281,594

8,579,725

Media

...........

286,937

—

(519,612)

—

—

—

—

232,675

—

—

Specialty

Retail

.....

16,218,825

c

—

(18,114,642)

—

—

—

(16,695,457)

18,839,749

248,475

248,475

Warrants

:

Diversified

Telecommunication

Services

..........

1,211,964

—

—

—

—

—

—

483,807

1,695,771

483,807

Media

...........

37,85

1

c

—

—

—

—

—

—

67,399

105,250

c

67,399

Companies

in

Liquidation

156,262

c

—

—

—

—

—

—

(156,262)

—

c

(156,262)

Total

Investments

in

Securities

............

$207,667,900

$—

$(18,634,254)

$—

$—

$—

$(16,695,457)

$28,094,772

$200,432,961

$9,270,823

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

securities

determined

to

have

no

value.

9. Fair

Value

Measurements

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

46

Quarterly

Statements

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

September

30,

2021,

are

as

follows:

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:

Diversified

Telecommunication

Services.............

$198,281,594

Market

comparables

Discount

for

lack

of

marketability

10.0%

Decrease

c

EV/EBITDA

multiple

4.0x

-7.9x

(7.3x)

Increase

d

All

Other

Investments.............

2,151,367

e,

f

Total...........................

$200,432,961

a

Weighted

based

o

n

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

but

not

net

assets.

d

Represents

a

significant

impact

to

fair

value

and

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.

May

also

include

fair

value

of

immaterial

financial

instruments

and

developed

using

various

valuation

techniques

and

unobservable

inputs.

f

Includes

securities

determined

to

have

no

value

at

September

30,

2021.

Abbreviations

List

EBITDA

-

Earnings

before

interest,

taxes,

depreciation

and

amortization

EV

-

Enterprise

value

9. Fair

Value

Measurements

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

47

Quarterly

Statements

of

Investments

10.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Abbreviations

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report. 

Counterparty

BOFA

Bank

of

America

Corp.

HSBK

HSBC

Bank

plc

SSBT

State

Street

Bank

and

Trust

Co.

UBSW

UBS

AG

Cu

r

rency

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipt

FHLB

Federal

Home

Loan

Banks

LIBOR

London

Inter-Bank

Offered

Rate

TBD

To

Be

Determined