Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Franklin Mutual Series Funds:

In planning and performing our audits of the financial statements
of Franklin Mutual Shares Fund, Franklin Mutual Quest Fund,
Franklin Mutual Beacon Fund, Franklin Mutual Global Discovery
Fund, Franklin Mutual European Fund, and Franklin Mutual
Financial Services Fund (six funds comprising Franklin Mutual
Series Funds) (collectively, the  "Funds") as of and for the year
ended December 31, 2022, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), we
considered the Funds' internal control over financial reporting,
including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds' internal
control over financial reporting. Accordingly, we express no such
opinion.

The management of the Funds is responsible for establishing and
maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. A company's internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A
company's internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that
receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or
disposition of a company's assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a material
misstatement of the company's annual or interim financial
statements will not be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under standards
established by the Public Company Accounting Oversight Board
(United States). However, we noted no deficiencies in the Funds'
internal control over financial reporting and its operation,
including controls over safeguarding securities, that we consider to
be a material weakness as defined above as of December 31, 2022.

This report is intended solely for the information and use of
management and Board of Trustees of Franklin Mutual Series
Funds and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these
specified parties.



/s/ Ernst & Young LLP

Boston, Massachusetts
February 17, 2023