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(The) 254687106 887523.00000000 NS USD 150142265.91000000 1.779861669717 Long EC CORP US N 1 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 32789.95000000 0.000388708501 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 2583195.13000000 EUR 3032704.66000000 USD 2022-01-24 32789.95000000 N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 060505104 2971080.00000000 NS USD 126122346.00000000 1.495117500589 Long EC CORP US N 1 N N N United States of America 254900HROIFWPRGM1V77 U.S. Treasury Bills 912796M63 20000000.00000000 PA USD 19999049.40000000 0.237078754886 Long STIV UST US N 1 2021-11-02 None 0.00000000 N N N N N N Evergy, Inc. 549300PGTHDQY6PSUI61 Evergy, Inc. 30034W106 1400999.00000000 NS USD 87142137.80000000 1.033026576143 Long EC CORP US N 1 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A -174389.10000000 -0.00206729579 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 10379419.55000000 USD 12095137600.00000000 KRW 2021-11-19 -174389.10000000 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A -5767.95000000 -0.00006837617 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 210466.76000000 USD 151926.02000000 GBP 2021-10-25 -5767.95000000 N N N Tapestry, Inc. 549300LJNVY5SW3VTN33 Tapestry, Inc. 876030107 3108468.00000000 NS USD 115075485.36000000 1.364162478000 Long EC CORP US N 1 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 76214.55000000 0.000903485473 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 1746656.63000000 EUR 2099493.50000000 USD 2021-10-07 76214.55000000 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 190686.17000000 0.002260489428 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 4780596.00000000 EUR 5728396.96000000 USD 2021-10-07 190686.17000000 N N N Bosgaerde BV 724500SEMY2K987RV910 Bosgaerde BV N/A 555154.19000000 NS USD 0.00000000 0.000000 Long EC CORP NL N 3 N N N Pinnacle West Capital Corp. TWSEY0NEDUDCKS27AH81 Pinnacle West Capital Corp. 723484101 1004300.00000000 NS USD 72671148.00000000 0.861480210356 Long EC CORP US N 1 N N N Anthem, Inc. 8MYN82XMYQH89CTMTH67 Anthem, Inc. 036752103 498672.00000000 NS USD 185904921.60000000 2.203810114108 Long EC CORP US N 1 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 169636.53000000 0.002010956446 N/A DFE N/A N 2 UBS AG BFM8T61CT2L1QCEMIK50 3429804.58000000 EUR 4142627.73000000 USD 2021-10-07 169636.53000000 N N N Vornado Realty Trust N/A Vornado Realty Trust 929042109 3539181.00000000 NS USD 148680993.81000000 1.762539017870 Long EC CORP US N 1 N N N Windstream Holdings, Inc. 529900M9WS6K57ZMIJ19 Windstream Holdings, Inc. N/A 119757.00000000 NS USD 2218368.01000000 0.026297646211 Long CORP US Y 3 N N N Tribune Media Net, Inc. N/A Tribune Media Net, Inc. N/A 1005034.37000000 NS USD 0.00000000 0.000000 Long EC CORP US N 3 N N N Western Digital Corp. 549300QQXOOYEF89IC56 Western Digital Corp. 958102105 2646509.00000000 NS USD 149368967.96000000 1.770694608249 Long EC CORP US N 1 N N N N/A N/A Foreign Exchange EUR/USD N/A -52.00000000 NC USD 199812.81000000 0.002368681193 N/A DFE US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Short N/A Foreign Exchange EUR/USD 2021-12-13 -7540000.00000000 USD 199812.81000000 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A -6229.58000000 -0.00007384856 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 287875.36000000 USD 209035.52000000 GBP 2021-10-25 -6229.58000000 N N N General Motors Co. 54930070NSV60J38I987 General Motors Co. 37045V100 2685168.00000000 NS USD 141535205.28000000 1.677829259246 Long EC CORP US N 1 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 154743.83000000 0.001834410916 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 2500000.00000000 EUR 3050675.00000000 USD 2021-10-07 154743.83000000 N N N Voya Financial, Inc. 549300T065Z4KJ686G75 Voya Financial, Inc. 929089100 2584730.00000000 NS USD 158676574.70000000 1.881031643413 Long EC CORP US N 1 N N N Alliance Data Systems Corp. 549300G8S4PO686J7H97 Alliance Data Systems Corp. 018581108 1298031.00000000 NS USD 130958347.59000000 1.552445887187 Long EC CORP US N 1 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 8338.49000000 0.000098848639 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 235711.04000000 GBP 325990.73000000 USD 2022-01-18 8338.49000000 N N N Elanco Animal Health, Inc. 549300SHPNDCE059M934 Elanco Animal Health, Inc. 28414H103 3245353.00000000 NS USD 103494307.17000000 1.226873387379 Long EC CORP US N 1 N N N General Electric Co. 3C7474T6CDKPR9K6YT90 General Electric Co. 369604301 1406350.00000000 NS USD 144896240.50000000 1.717672655258 Long EC CORP US N 1 N N N Charter Communications, Inc. 0J0XRGZE3PBRFEZ7MV65 Charter Communications, Inc., Class A 16119P108 368629.00000000 NS USD 268199715.24000000 3.179373843144 Long EC CORP US N 1 N N N Alleghany Corp. 549300DCJE6AYX159479 Alleghany Corp. 017175100 218189.00000000 NS USD 136239393.49000000 1.615050052086 Long EC CORP US N 1 N N N CVS Health Corp. 549300EJG376EN5NQE29 CVS Health Corp. 126650100 2857715.00000000 NS USD 242505694.90000000 2.874784048479 Long EC CORP US N 1 N N N Novartis AG 5493007HIVTX6SY6XD66 Novartis AG 66987V109 1761341.00000000 NS USD 144042466.98000000 1.707551596050 Long EC CORP CH N 1 N N N United States of America 254900HROIFWPRGM1V77 U.S. Treasury Bills 912796K65 10000000.00000000 PA USD 9999192.60000000 0.118535440563 Long STIV UST US N 1 2022-01-06 None 0.00000000 N N N N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 4033553.96000000 0.047815770213 N/A DFE N/A N 2 HSBC Bank MP6I5ZYZBEU3UXPYFY54 92552090462.00000000 KRW 82122529.25000000 USD 2021-11-19 4033553.96000000 N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 32226.82000000 0.000382032876 N/A DFE N/A N 2 Bank of America B4TYDEB6GKMZO031MB27 2583195.14000000 EUR 3032141.54000000 USD 2022-01-24 32226.82000000 N N N American Airlines Inc/AAdvantage Loyalty IP Ltd. N/A American Airlines Inc/AAdvantage Loyalty IP Ltd. 00253XAB7 2611000.00000000 PA USD 2816616.25000000 0.033389580683 Long DBT CORP US N 2 2029-04-20 Fixed 5.75000000 N N N N N N N/A N/A Forward Foreign Currency Contract N/A 1.00000000 NC N/A 513929.66000000 0.006092379765 N/A DFE N/A N 2 State Street Bank and Trust 571474TGEMMWANRLN572 13919511.00000000 EUR 16637907.98000000 USD 2021-10-07 513929.66000000 N N N Sensata Technologies Holding plc 529900MS7KFYCY9MS037 Sensata Technologies Holding plc N/A 3304770.00000000 NS USD 180837014.40000000 2.143732602181 Long EC CORP GB N 1 N N N Samsung Electronics Co. Ltd. 9884007ER46L6N7EI764 Samsung Electronics Co. Ltd. N/A 2325988.00000000 NS 144165213.51000000 1.709006694936 Long EC CORP KR N 2 N N N FHLB 2549001DPIFGXC1TOL40 FHLB 313385MK9 9000000.00000000 PA USD 9000000.00000000 0.106690510699 Long STIV USGA US N 2 2021-10-01 None 0.00000000 N N N N N N Best Buy Co., Inc. HL5XPTVRV0O8TUN5LL90 Best Buy Co., Inc. 086516101 1132410.00000000 NS USD 119707061.10000000 1.419067498116 Long EC CORP US N 1 N N N 2021-11-01 Franklin Mutual Series Funds Ryan Wheeler Ryan Wheeler Interim Chief Financial Officer, Chief Accounting Officer and Treasurer XXXX NPORT-EX 2 FMSF.htm
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