Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

MS-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

2

Franklin

Mutual

European

Fund

6

Franklin

Mutual

Financial

Services

Fund

10

Franklin

Mutual

Global

Discovery

Fund

14

Franklin

Mutual

Quest

Fund

20

Franklin

Mutual

Shares

Fund

28

Notes

to

Schedules

of

Investments

34

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

March

31,

2022

Franklin

Mutual

Beacon

Fund

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.0%

Aerospace

&

Defense

3.2%

a

Airbus

SE

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

France

922,661

$

111,351,205

Auto

Components

0.0%

†

a,b,c

International

Automotive

Components

Group

Brazil

LLC

........

Brazil

2,846,329

109,763

Banks

12.0%

BNP

Paribas

SA

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

France

1,873,905

107,098,199

ING

Groep

NV

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

Netherlands

8,205,060

85,680,112

JPMorgan

Chase

&

Co.

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

United

States

826,502

112,668,753

Wells

Fargo

&

Co.

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

United

States

2,292,809

111,109,524

416,556,588

Beverages

3.1%

Heineken

NV

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

Netherlands

1,104,131

105,602,241

Chemicals

2.1%

BASF

SE

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

Germany

1,295,116

73,910,081

Diversified

Telecommunication

Services

4.7%

Deutsche

Telekom

AG

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

Germany

8,681,465

161,706,658

Electrical

Equipment

3.2%

a

Sensata

Technologies

Holding

plc

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

United

States

2,190,149

111,369,077

Entertainment

4.7%

Activision

Blizzard,

Inc.

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

United

States

567,785

45,485,256

a

Walt

Disney

Co.

(The)

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

United

States

850,854

116,703,135

162,188,391

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

Brixmor

Property

Group,

Inc.

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

United

States

3,249,814

83,877,699

Health

Care

Equipment

&

Supplies

4.2%

Medtronic

plc

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

United

States

1,297,189

143,923,120

Health

Care

Providers

&

Services

2.6%

Anthem,

Inc.

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

United

States

182,779

89,784,700

Household

Products

2.9%

Reckitt

Benckiser

Group

plc

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

United

Kingdom

1,304,192

99,499,114

Insurance

2.4%

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

1,140,480

81,897,869

IT

Services

4.6%

Global

Payments,

Inc.

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

United

States

1,171,877

160,359,649

Media

4.0%

a

Charter

Communications,

Inc.,

A

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

United

States

255,653

139,463,825

Oil,

Gas

&

Consumable

Fuels

3.1%

BP

plc

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

United

Kingdom

21,871,615

107,231,173

Pharmaceuticals

19.0%

a

Elanco

Animal

Health,

Inc.

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

United

States

4,527,157

118,113,526

Eli

Lilly

&

Co.

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

United

States

375,255

107,461,774

GlaxoSmithKline

plc

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

United

States

7,018,793

151,876,862

Merck

&

Co.,

Inc.

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

United

States

1,710,993

140,386,976

Novartis

AG,

ADR

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

Switzerland

1,586,659

139,229,327

657,068,465

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

2.5%

a

Check

Point

Software

Technologies

Ltd.

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

Israel

616,912

$

85,294,253

Technology

Hardware,

Storage

&

Peripherals

3.1%

a

Western

Digital

Corp.

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

United

States

2,130,105

105,759,713

Textiles,

Apparel

&

Luxury

Goods

9.0%

adidas

AG

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

Germany

546,503

127,366,702

Cie

Financiere

Richemont

SA

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

Switzerland

693,607

87,918,075

Tapestry,

Inc.

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

United

States

2,623,027

97,445,453

312,730,230

Tobacco

3.2%

British

American

Tobacco

plc

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

United

Kingdom

2,612,100

109,709,286

Total

Common

Stocks

(Cost

$2,571,826,998)

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

3,319,393,100

Preferred

Stocks

2.3%

Technology

Hardware,

Storage

&

Peripherals

2.3%

d

Samsung

Electronics

Co.

Ltd.,

1.73%

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

South

Korea

1,570,218

81,183,720

Total

Preferred

Stocks

(Cost

$23,278,899)

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

81,183,720

Companies

in

Liquidation

0.0%

a,b,e

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

501,447

—

a,b,e

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

5,229,000

—

Total

Companies

in

Liquidation

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$2,595,105,897)

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

3,400,576,820

a

Short

Term

Investments

0.8%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.6%

f

FHLB,

4/01/22

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

United

States

9,900,000

9,900,000

f

U.S.

Treasury

Bills

,

4/28/22

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

United

States

3,500,000

3,499,734

5/26/22

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

United

States

1,000,000

999,568

6/23/22

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

United

States

5,000,000

4,994,683

9,493,985

Total

U.S.

Government

and

Agency

Securities

(Cost

$19,398,004)

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

19,393,985

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

4

At

March

31,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

g

Repurchase

Agreements

0.2%

Credit

Suisse

First

Boston,

0.25%,

4/01/22

(Maturity

Value

$7,000,049)

Collateralized

by

U.S.

Treasury

Bonds,

Strips,

8/15/25

-

11/15/42;

and

U.S.

Treasury

Note,

1.25%,

8/15/31

(valued

at

$7,140,000)

.

7,000,000

$

7,000,000

Total

Repurchase

Agreements

(Cost

$7,000,000)

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

7,000,000

Total

Short

Term

Investments

(Cost

$26,398,004

)

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

26,393,985

a

Total

Investments

(Cost

$2,621,503,901)

99.1%

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

$3,426,970,805

Other

Assets,

less

Liabilities

0.9%

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

31,228,570

Net

Assets

100.0%

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

$3,458,199,375

*

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

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

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.

f

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

g

At

March

31,

2022,

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

221

$

30,660,988

6/13/22

$

(565,245)

Total

Futures

Contracts

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

$(565,245)

*

As

of

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

5

At

March

31,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3. 

See

Abbreviations

on

page

47

.

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

10,517,067

11,717,667

4/19/22

$

28,842

$

(105,274)

Euro

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

BOFA

Sell

25,636,988

29,393,423

4/19/22

1,016,098

—

Euro

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

HSBK

Buy

11,890,891

13,255,954

4/19/22

29,161

(123,206)

Euro

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

HSBK

Sell

6,768,642

7,700,966

4/19/22

208,822

—

Euro

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

SSBT

Buy

11,247,771

12,534,159

4/19/22

30,460

(114,575)

Euro

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

UBSW

Buy

9,993,969

11,104,948

4/19/22

28,591

(71,314)

Euro

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

UBSW

Sell

26,090,954

29,922,320

4/19/22

1,042,505

—

Euro

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

BOFA

Buy

2,293,809

2,500,825

7/25/22

49,786

—

Euro

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

HSBK

Buy

3,987,429

4,349,524

7/25/22

84,316

—

Euro

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

HSBK

Sell

49,059,742

55,980,600

7/25/22

1,428,406

—

Euro

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

SSBT

Sell

12,609,711

14,430,301

7/25/22

408,878

—

Euro

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

UBSW

Sell

50,732,925

57,853,212

7/25/22

1,440,515

—

Euro

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

BOFA

Sell

5,060,375

5,619,329

8/08/22

4,069

(16,329)

Euro

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

HSBK

Sell

2,285,857

2,547,334

8/08/22

3,449

—

Euro

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

SSBT

Sell

34,416,142

39,380,742

8/08/22

1,079,709

—

Euro

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

UBSW

Sell

52,103,759

59,465,417

8/08/22

1,505,004

(24,812)

Total

Forward

Exchange

Contracts

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

$8,388,611

$(455,510)

Net

unrealized

appreciation

(depreciation)

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

$7,933,101

*

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

Schedule

of

Investments

(unaudited),

March

31,

2022

Franklin

Mutual

European

Fund

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

6

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

94.4%

Aerospace

&

Defense

4.3%

a

Airbus

SE

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

France

172,595

$

20,829,602

BAE

Systems

plc

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

United

Kingdom

1,238,123

11,628,662

32,458,264

Auto

Components

2.6%

Cie

Generale

des

Etablissements

Michelin

SCA

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

France

144,817

19,627,621

Banks

9.7%

BNP

Paribas

SA

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

France

446,217

25,502,380

CaixaBank

SA

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

Spain

7,417,424

25,162,448

ING

Groep

NV

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

Netherlands

2,201,099

22,984,647

73,649,475

Beverages

3.7%

Anheuser-Busch

InBev

SA/NV

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

Belgium

257,015

15,368,525

Heineken

NV

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

Netherlands

130,978

12,527,110

27,895,635

Chemicals

3.5%

BASF

SE

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

Germany

185,937

10,611,110

b

Covestro

AG,

144A,

Reg

S

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

Germany

316,071

15,918,041

26,529,151

Construction

Materials

2.0%

HeidelbergCement

AG

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

Germany

266,315

15,095,235

Diversified

Telecommunication

Services

7.4%

Deutsche

Telekom

AG

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

Germany

1,136,584

21,170,759

Hellenic

Telecommunications

Organization

SA

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

Greece

1,107,194

20,023,135

Koninklijke

KPN

NV

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

Netherlands

4,146,335

14,389,660

55,583,554

Food

Products

2.4%

Danone

SA

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

France

329,541

18,207,301

Health

Care

Providers

&

Services

2.5%

Fresenius

SE

&

Co.

KGaA

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

Germany

506,161

18,586,966

Household

Durables

2.6%

a

Berkeley

Group

Holdings

plc

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

United

Kingdom

132,762

6,476,162

Persimmon

plc

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

United

Kingdom

236,929

6,644,321

Taylor

Wimpey

plc

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

United

Kingdom

3,809,682

6,488,069

19,608,552

Household

Products

2.4%

Reckitt

Benckiser

Group

plc

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

United

Kingdom

233,301

17,798,946

Industrial

Conglomerates

1.4%

Siemens

AG

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

Germany

78,679

10,895,949

Insurance

10.4%

ASR

Nederland

NV

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

Netherlands

517,151

24,146,947

Conduit

Holdings

Ltd.

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

United

States

1,190,000

5,862,609

Direct

Line

Insurance

Group

plc

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

United

Kingdom

6,235,470

22,470,433

NN

Group

NV

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

Netherlands

511,658

25,933,715

78,413,704

IT

Services

2.6%

Capgemini

SE

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

France

88,439

19,627,552

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Machinery

3.4%

Alstom

SA

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

France

420,739

$

9,846,160

Vossloh

AG

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

Germany

387,297

16,110,446

25,956,606

Multi-Utilities

2.8%

RWE

AG

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

Germany

482,808

21,025,530

Oil,

Gas

&

Consumable

Fuels

7.7%

BP

plc

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

United

Kingdom

4,803,731

23,551,517

Shell

plc

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

Netherlands

955,841

26,200,372

a

Var

Energi

A/S

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

Norway

1,981,170

8,305,518

58,057,407

Pharmaceuticals

7.1%

GlaxoSmithKline

plc

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

United

States

1,291,531

27,946,924

Novartis

AG

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

Switzerland

295,591

25,950,394

53,897,318

Software

4.0%

b

Avast

plc,

144A,

Reg

S

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

United

States

2,156,101

16,032,390

Software

AG

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

Germany

408,632

14,129,407

30,161,797

Textiles,

Apparel

&

Luxury

Goods

4.2%

adidas

AG

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

Germany

80,512

18,763,937

Cie

Financiere

Richemont

SA

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

Switzerland

101,362

12,848,128

31,612,065

Tobacco

3.1%

British

American

Tobacco

plc

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

United

Kingdom

562,094

23,608,181

Trading

Companies

&

Distributors

4.6%

a

AerCap

Holdings

NV

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

Ireland

283,666

14,262,726

a

Rexel

SA

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

France

955,642

20,403,647

34,666,373

Total

Common

Stocks

(Cost

$666,951,678)

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

712,963,182

Warrants

Warrants

0.1%

Textiles,

Apparel

&

Luxury

Goods

0.1%

a

Cie

Financiere

Richemont

SA,

11/22/23

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

Switzerland

472,886

373,580

Total

Warrants

(Cost

$—)

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

373,580

Total

Long

Term

Investments

(Cost

$666,951,678)

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

713,336,762

a

Short

Term

Investments

1.2%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.9%

c

FHLB,

4/01/22

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

United

States

3,300,000

3,300,000

c

U.S.

Treasury

Bills

,

4/28/22

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

United

States

1,500,000

1,499,886

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

8

At

March

31,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

c

U.S.

Treasury

Bills,

(continued)

5/26/22

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

United

States

2,000,000

$

1,999,137

3,499,023

Total

U.S.

Government

and

Agency

Securities

(Cost

$6,799,694)

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

6,799,023

d

Repurchase

Agreements

0.3%

Credit

Suisse

First

Boston,

0.25%,

4/01/22

(Maturity

Value

$2,300,016)

Collateralized

by

U.S.

Treasury

Bonds,

Strips,

11/15/42

-

8/15/50

(valued

at

$2,346,000)

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

2,300,000

2,300,000

Total

Repurchase

Agreements

(Cost

$2,300,000)

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

2,300,000

Total

Short

Term

Investments

(Cost

$9,099,694

)

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

9,099,023

a

Total

Investments

(Cost

$676,051,372)

95.7%

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

$722,435,785

Other

Assets,

less

Liabilities

4.3%

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

32,781,727

Net

Assets

100.0%

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

$755,217,512

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

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

March

31,

2022,

the

aggregate

value

of

these

securities

was

$31,950,431,

representing

4.2%

of

net

assets.

c

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

d

At

March

31,

2022,

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)

Equity

contracts

MSCI

EAFE

Index

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

Long

104

$

11,150,880

6/17/22

$

601,450

Foreign

exchange

contracts

Foreign

Exchange

EUR/USD

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

Short

1,104

153,166,200

6/13/22

(2,533,401)

Foreign

Exchange

GBP/USD

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

Short

1,085

89,044,594

6/13/22

113,760

Total

Futures

Contracts

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

$(1,818,191)

*

As

of

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

9

At

March

31,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

See

Abbreviations

on

page

47

.

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

British

Pound

......

BOFA

Sell

16,017,006

21,997,756

4/14/22

$

956,749

$

—

British

Pound

......

HSBK

Buy

120,000

159,731

4/14/22

—

(2,091)

British

Pound

......

HSBK

Sell

19,745,806

27,076,498

4/14/22

1,137,090

—

Euro

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

BNY

Buy

10,184,692

11,321,528

4/19/22

—

(48,194)

Euro

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

BOFA

Buy

10,017,023

11,065,252

4/19/22

49,506

(27,015)

Euro

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

BOFA

Sell

56,861,374

65,222,561

4/19/22

2,283,279

—

Euro

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

HSBK

Buy

12,181,521

13,494,438

4/19/22

50,052

(60,887)

Euro

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

HSBK

Sell

4,057,042

4,612,435

4/19/22

121,734

—

Euro

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

SSBT

Buy

11,355,212

12,567,579

4/19/22

53,011

(51,618)

Euro

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

SSBT

Sell

103,019

117,189

4/19/22

3,158

—

Euro

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

UBSW

Buy

8,535,858

9,434,429

4/19/22

49,074

(35,248)

Euro

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

UBSW

Sell

57,013,262

65,419,064

4/19/22

2,311,657

—

Swiss

Franc

.......

BNY

Buy

3,297,331

3,607,797

7/20/22

—

(21,002)

Swiss

Franc

.......

HSBK

Buy

5,496,172

5,982,763

7/20/22

15,882

(19,980)

Swiss

Franc

.......

HSBK

Sell

44,772,959

49,139,764

7/20/22

441,044

(4,729)

Swiss

Franc

.......

UBSW

Buy

381,751

411,119

7/20/22

4,145

—

Euro

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

BOFA

Buy

2,439,047

2,659,171

7/25/22

52,938

—

Euro

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

HSBK

Buy

4,239,903

4,624,925

7/25/22

89,654

—

Euro

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

HSBK

Sell

18,501,538

21,111,550

7/25/22

538,684

—

Euro

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

SSBT

Sell

7,126,058

8,154,918

7/25/22

231,067

—

Euro

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

UBSW

Sell

22,638,058

25,801,835

7/25/22

629,348

—

Euro

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

BOFA

Sell

5,043,529

5,645,508

8/08/22

40,860

(8,195)

Euro

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

HSBK

Sell

4,544,210

5,101,829

8/08/22

53,644

(8,976)

Euro

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

SSBT

Sell

20,399,187

23,313,251

8/08/22

611,406

—

Euro

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

UBSW

Sell

29,383,293

33,471,984

8/08/22

793,533

(21,626)

Total

Forward

Exchange

Contracts

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

$10,517,515

$(309,561)

Net

unrealized

appreciation

(depreciation)

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

$10,207,954

*

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

Schedule

of

Investments

(unaudited),

March

31,

2022

Franklin

Mutual

Financial

Services

Fund

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

10

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.9%

Banks

33.3%

a

AB&T

Financial

Corp.

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

United

States

226,100

$

221,555

Bank

of

America

Corp.

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

United

States

163,515

6,740,088

Barclays

plc

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

United

Kingdom

5,970,072

11,573,725

b

BAWAG

Group

AG,

144A,

Reg

S

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

Austria

60,094

3,032,701

BNP

Paribas

SA

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

France

259,382

14,824,308

CaixaBank

SA

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

Spain

4,828,471

16,379,831

Citizens

Financial

Group,

Inc.

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

United

States

351,952

15,953,984

Columbia

Banking

System,

Inc.

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

United

States

212,213

6,848,114

First

Horizon

Corp.

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

United

States

26,261

616,871

ING

Groep

NV

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

Netherlands

1,280,801

13,374,573

Primis

Financial

Corp.

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

United

States

718,833

10,049,285

Synovus

Financial

Corp.

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

United

States

234,111

11,471,439

UniCredit

SpA

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

Italy

891,524

9,618,842

Wells

Fargo

&

Co.

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

United

States

361,870

17,536,220

138,241,536

Capital

Markets

5.5%

BlackRock,

Inc.

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

United

States

2,853

2,180,177

Credit

Suisse

Group

AG,

A

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

Switzerland

521,298

4,103,718

c

Deutsche

Bank

AG

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

Germany

1,162,459

14,642,219

b

Guotai

Junan

Securities

Co.

Ltd.,

H,

144A,

Reg

S

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

China

1,396,063

1,873,459

22,799,573

Consumer

Finance

0.9%

Capital

One

Financial

Corp.

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

United

States

29,592

3,885,134

Diversified

Financial

Services

6.1%

M&G

plc

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

United

Kingdom

3,333,617

9,605,991

Voya

Financial,

Inc.

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

United

States

238,075

15,796,277

25,402,268

Equity

Real

Estate

Investment

Trusts

(REITs)

1.5%

Vornado

Realty

Trust

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

United

States

137,196

6,217,723

Household

Durables

3.0%

Cairn

Homes

plc

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

Ireland

7,837,963

10,729,603

DR

Horton,

Inc.

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

United

States

23,381

1,742,118

12,471,721

Insurance

40.3%

c

Alleghany

Corp.

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

United

States

19,580

16,584,260

ASR

Nederland

NV

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

Netherlands

307,350

14,350,865

c

Brighthouse

Financial,

Inc.

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

United

States

37,191

1,921,287

c

BRP

Group,

Inc.,

A

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

United

States

272,511

7,311,470

China

Pacific

Insurance

Group

Co.

Ltd.,

H

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

China

2,334,045

5,647,259

Conduit

Holdings

Ltd.

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

United

States

1,667,976

8,217,388

Direct

Line

Insurance

Group

plc

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

United

Kingdom

4,153,959

14,969,402

Everest

Re

Group

Ltd.

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

United

States

60,088

18,109,321

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

245,601

17,636,608

d

International

General

Insurance

Holdings

Ltd.

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

Jordan

1,326,993

10,244,386

MetLife,

Inc.

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

United

States

250,564

17,609,638

NN

Group

NV

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

Netherlands

244,661

12,400,800

c

Ryan

Specialty

Group

Holdings,

Inc.,

A

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

United

States

73,514

2,851,608

T&D

Holdings,

Inc.

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

Japan

194,245

2,637,781

Willis

Towers

Watson

plc

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

United

States

71,712

16,939,809

167,431,882

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Financial

Services

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

11

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

IT

Services

4.6%

Alliance

Data

Systems

Corp.

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

United

States

96,060

$

5,393,769

c

Fiserv,

Inc.

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

United

States

59,472

6,030,461

Global

Payments,

Inc.

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

United

States

56,059

7,671,113

19,095,343

Media

0.7%

c

Loyalty

Ventures,

Inc.

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

United

States

182,982

3,024,692

Trading

Companies

&

Distributors

1.0%

c

AerCap

Holdings

NV

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

Ireland

78,905

3,967,343

Total

Common

Stocks

(Cost

$349,948,127)

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

402,537,215

Short

Term

Investments

1.4%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.1%

e

FHLB,

4/01/22

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

United

States

2,100,000

2,100,000

e

U.S.

Treasury

Bills

,

4/28/22

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

United

States

1,000,000

999,924

5/26/22

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

United

States

1,000,000

999,568

1,999,492

Total

U.S.

Government

and

Agency

Securities

(Cost

$4,099,837)

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

4,099,492

f

Repurchase

Agreements

0.3%

Credit

Suisse

First

Boston,

0.25%,

4/01/22

(Maturity

Value

$1,400,010)

Collateralized

by

U.S.

Treasury

Bond,

Strip,

11/15/24

(valued

at

$1,428,000)

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

1,400,000

1,400,000

Total

Repurchase

Agreements

(Cost

$1,400,000)

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

1,400,000

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Shares

Money

Market

Funds

0.0%

†

g,h

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.....

United

States

125,000

125,000

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Financial

Services

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

12

At

March

31,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.0%

†

i

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.28%,

4/01/22

(Maturity

Value

$31,804)

Collateralized

by

U.S.

Treasury

Bond,

6%,

2/15/26;

U.S.

Treasury

Bonds,

Strips,

8/15/24

-

2/15/26;

U.S.

Treasury

Notes,

0.125%

-

2.875%,

10/31/22

-

1/31/27;

and

U.S.

Treasury

Notes,

Index

Linked,

0.125%

-

0.625%,

1/15/24

-

7/15/26

(valued

at

$32,440)

.

31,804

$

31,804

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$156,804)

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

156,804

Total

Short

Term

Investments

(Cost

$5,656,641

)

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

5,656,296

a

Total

Investments

(Cost

$355,604,768)

98.3%

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

$408,193,511

Other

Assets,

less

Liabilities

1.7%

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

7,308,485

Net

Assets

100.0%

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

$415,501,996

*

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

March

31,

2022,

the

aggregate

value

of

these

securities

was

$4,906,160,

representing

1.2%

of

net

assets.

c

Non-income

producing.

d

A

portion

or

all

of

the

security

is

on

loan

at

March

31,

2022.

e

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

f

At

March

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

g

See

Note

8

regarding

investments

in

affiliated

management

investment

companies.

h

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

i

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

March

31,

2022,

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

$

8,601,725

6/13/22

$

(145,896)

Foreign

Exchange

GBP/USD

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

Short

59

4,842,056

6/13/22

(7,445)

Total

Futures

Contracts

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

$(153,341)

*

As

of

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Financial

Services

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

13

At

March

31,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

See

Abbreviations

on

page

47

.

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

British

Pound

......

BOFA

Sell

13,709,856

18,820,380

4/14/22

$

810,201

$

—

British

Pound

......

HSBK

Sell

13,612,417

18,631,399

4/14/22

751,483

(2,263)

British

Pound

......

SSBT

Buy

695,500

929,862

4/14/22

—

(16,207)

British

Pound

......

SSBT

Sell

584,645

791,889

4/14/22

23,861

—

British

Pound

......

UBSW

Sell

705,675

936,128

4/14/22

14,311

(5,205)

Euro

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

BOFA

Buy

3,685,927

4,096,308

4/19/22

10,301

(26,694)

Euro

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

BOFA

Sell

9,775,445

11,223,140

4/19/22

402,798

—

Euro

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

HSBK

Buy

4,133,290

4,598,601

4/19/22

10,415

(33,918)

Euro

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

HSBK

Sell

4,342,386

4,956,754

4/19/22

150,210

—

Euro

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

SSBT

Buy

3,385,962

3,758,973

4/19/22

10,968

(22,052)

Euro

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

UBSW

Buy

3,673,523

4,085,253

4/19/22

10,211

(29,279)

Euro

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

UBSW

Sell

11,099,364

12,727,993

4/19/22

442,220

—

Japanese

Yen

......

HSBK

Buy

94,100,000

827,526

5/18/22

—

(53,756)

Japanese

Yen

......

HSBK

Sell

468,268,822

4,091,591

5/18/22

241,535

(449)

Japanese

Yen

......

UBSW

Buy

64,293,658

560,888

5/18/22

—

(32,210)

Swiss

Franc

.......

BOFA

Buy

361,546

393,892

7/20/22

131

(738)

Swiss

Franc

.......

HSBK

Buy

2,473,001

2,686,603

7/20/22

11,972

(8,477)

Swiss

Franc

.......

HSBK

Sell

6,786,439

7,449,807

7/20/22

67,606

—

Swiss

Franc

.......

UBSW

Buy

97,325

106,513

7/20/22

—

(644)

Swiss

Franc

.......

UBSW

Sell

100,000

107,542

7/20/22

—

(1,237)

Euro

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

BOFA

Buy

681,308

742,796

7/25/22

14,787

—

Euro

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

HSBK

Buy

1,184,348

1,291,898

7/25/22

25,043

—

Euro

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

HSBK

Sell

6,073,972

6,930,827

7/25/22

176,848

—

Euro

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

SSBT

Sell

3,103,387

3,551,454

7/25/22

100,629

—

Euro

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

UBSW

Sell

6,073,747

6,926,198

7/25/22

172,468

—

Euro

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

BOFA

Sell

1,609,715

1,788,345

8/08/22

2,138

(5,212)

Euro

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

HSBK

Sell

734,234

825,131

8/08/22

8,017

—

Euro

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

SSBT

Sell

8,512,147

9,738,780

8/08/22

265,783

—

Euro

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

UBSW

Sell

12,220,711

13,904,017

8/08/22

311,486

(7,656)

Total

Forward

Exchange

Contracts

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

$4,035,422

$(245,997)

Net

unrealized

appreciation

(depreciation)

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

$3,789,425

*

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

Schedule

of

Investments

(unaudited),

March

31,

2022

Franklin

Mutual

Global

Discovery

Fund

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

95.8%

Aerospace

&

Defense

3.2%

a

Airbus

SE

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

France

1,399,673

$

168,919,328

BAE

Systems

plc

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

United

Kingdom

14,724,049

138,290,776

307,210,104

Auto

Components

1.3%

Cie

Generale

des

Etablissements

Michelin

SCA

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

France

946,173

128,238,572

a,b,c

International

Automotive

Components

Group

Brazil

LLC

........

Brazil

3,819,425

147,288

128,385,860

Automobiles

1.7%

a

General

Motors

Co.

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

United

States

3,848,450

168,331,203

Banks

8.8%

BNP

Paribas

SA

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

France

3,908,720

223,392,795

CaixaBank

SA

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

Spain

49,144,682

166,715,626

First

Horizon

Corp.

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

United

States

1,218,194

28,615,377

ING

Groep

NV

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

Netherlands

20,145,808

210,369,587

Wells

Fargo

&

Co.

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

United

States

4,738,149

229,610,700

858,704,085

Beverages

1.2%

Heineken

NV

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

Netherlands

1,242,920

118,876,418

Building

Products

1.7%

Johnson

Controls

International

plc

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

United

States

2,569,818

168,502,966

Chemicals

3.3%

BASF

SE

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

Germany

2,207,699

125,989,651

d

Covestro

AG,

144A,

Reg

S

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

Germany

3,776,214

190,178,562

316,168,213

Construction

Materials

1.4%

HeidelbergCement

AG

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

Germany

2,396,662

135,847,306

Diversified

Financial

Services

2.2%

Voya

Financial,

Inc.

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

United

States

3,206,753

212,768,061

Diversified

Telecommunication

Services

2.8%

Deutsche

Telekom

AG

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

Germany

14,438,309

268,937,408

Electrical

Equipment

1.6%

Mitsubishi

Electric

Corp.

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

Japan

13,403,421

153,740,816

Entertainment

3.2%

Activision

Blizzard,

Inc.

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

United

States

1,911,335

153,117,047

a

Walt

Disney

Co.

(The)

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

United

States

1,158,356

158,880,109

311,997,156

Food

Products

3.2%

Danone

SA

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

France

2,706,234

149,520,749

Kraft

Heinz

Co.

(The)

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

United

States

4,184,505

164,827,652

314,348,401

Health

Care

Equipment

&

Supplies

2.3%

Medtronic

plc

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

United

States

2,025,904

224,774,049

Health

Care

Providers

&

Services

6.4%

Anthem,

Inc.

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

United

States

348,241

171,062,944

CVS

Health

Corp.

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

United

States

2,178,733

220,509,567

Fresenius

SE

&

Co.

KGaA

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

Germany

1,827,788

67,119,027

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

15

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Providers

&

Services

(continued)

Humana,

Inc.

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

United

States

380,774

$

165,701,421

624,392,959

Household

Durables

1.5%

DR

Horton,

Inc.

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

United

States

1,955,143

145,677,705

Household

Products

1.6%

Reckitt

Benckiser

Group

plc

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

United

Kingdom

2,088,264

159,317,353

Industrial

Conglomerates

1.6%

General

Electric

Co.

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

United

States

1,707,120

156,201,480

Insurance

9.2%

China

Pacific

Insurance

Group

Co.

Ltd.,

H

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

China

51,845,269

125,440,455

Everest

Re

Group

Ltd.

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

United

States

633,300

190,863,954

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

2,061,059

148,004,647

NN

Group

NV

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

Netherlands

4,331,380

219,538,777

Willis

Towers

Watson

plc

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

United

States

882,936

208,567,142

892,414,975

Internet

&

Direct

Marketing

Retail

1.2%

eBay,

Inc.

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

United

States

2,121,492

121,476,632

IT

Services

5.8%

Capgemini

SE

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

France

844,890

187,509,155

Cognizant

Technology

Solutions

Corp.,

A

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

United

States

239,727

21,496,320

a

Fiserv,

Inc.

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

United

States

1,476,050

149,671,470

Global

Payments,

Inc.

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

United

States

1,484,651

203,159,643

561,836,588

Machinery

1.3%

Alstom

SA

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

France

5,444,244

127,406,535

Media

2.3%

a

Charter

Communications,

Inc.,

A

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

United

States

401,346

218,942,270

Multi-Utilities

1.7%

RWE

AG

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

Germany

3,754,345

163,495,826

Oil,

Gas

&

Consumable

Fuels

6.5%

BP

plc

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

United

Kingdom

55,281,591

271,032,105

Canadian

Natural

Resources

Ltd.

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

Canada

2,296,920

142,215,219

Williams

Cos.,

Inc.

(The)

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

United

States

6,407,255

214,066,389

627,313,713

Pharmaceuticals

7.5%

GlaxoSmithKline

plc

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

United

States

12,206,784

264,137,730

Merck

&

Co.,

Inc.

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

United

States

2,526,315

207,284,146

Novartis

AG,

ADR

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

Switzerland

2,884,992

253,158,048

724,579,924

Semiconductors

&

Semiconductor

Equipment

2.4%

a

Renesas

Electronics

Corp.

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

Japan

15,502,134

179,644,882

a

Tower

Semiconductor

Ltd.

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

Israel

1,013,480

49,052,432

228,697,314

Software

1.7%

a

Avaya

Holdings

Corp.

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

United

States

537

6,804

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

a

Check

Point

Software

Technologies

Ltd.

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

Israel

1,214,076

$

167,858,147

167,864,951

Technology

Hardware,

Storage

&

Peripherals

3.8%

Catcher

Technology

Co.

Ltd.

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

Taiwan

13,524,000

67,893,944

Samsung

Electronics

Co.

Ltd.

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

South

Korea

2,392,712

136,618,855

a

Western

Digital

Corp.

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

United

States

3,358,073

166,728,324

371,241,123

Tobacco

2.3%

British

American

Tobacco

plc

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

United

Kingdom

5,396,330

226,648,102

Trading

Companies

&

Distributors

1.1%

a

AerCap

Holdings

NV

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

Ireland

2,183,202

109,771,397

Total

Common

Stocks

(Cost

$7,672,016,091)

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

9,315,870,893

Preferred

Stocks

1.1%

Automobiles

1.1%

e

Volkswagen

AG,

3.13%

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

Germany

627,034

107,771,243

Total

Preferred

Stocks

(Cost

$107,713,903)

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

107,771,243

Warrants

Warrants

0.0%

†

Software

0.0%

†

a

Avaya

Holdings

Corp.,

12/15/22

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

United

States

280,051

112,034

Total

Warrants

(Cost

$—)

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

112,034

Principal

Amount

*

Corporate

Bonds

0.4%

Pharmaceuticals

0.4%

d

Bausch

Health

Americas,

Inc.

,

Senior

Note,

144A,

9.25%,

4/01/26

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

United

States

21,745,000

22,293,626

Senior

Note,

144A,

8.5%,

1/31/27

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

United

States

13,025,000

13,002,858

d

Bausch

Health

Cos.,

Inc.

,

Senior

Note

,

144A,

9

%

,

12/15/25

......

United

States

1,290,000

1,337,859

36,634,343

Total

Corporate

Bonds

(Cost

$36,690,644)

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

36,634,343

Shares

a

Companies

in

Liquidation

0.0%

a,b,f

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

1,297,978

—

a,b,f

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

30,996,000

—

Total

Companies

in

Liquidation

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$7,816,420,638)

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

9,460,388,513

a

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

17

Short

Term

Investments

1.3%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.0%

g

FHLB,

4/01/22

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

United

States

44,200,000

$

44,200,000

g

U.S.

Treasury

Bills

,

4/28/22

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

United

States

30,000,000

29,997,722

5/26/22

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

United

States

20,000,000

19,991,368

6/23/22

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

United

States

5,000,000

4,994,683

54,983,773

Total

U.S.

Government

and

Agency

Securities

(Cost

$99,194,589)

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

99,183,773

h

Repurchase

Agreements

0.3%

Credit

Suisse

First

Boston,

0.25%,

4/01/22

(Maturity

Value

$30,700,213)

Collateralized

by

U.S.

Treasury

Bond,

Strip,

8/15/39

(valued

at

$31,314,000)

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

30,700,000

30,700,000

Total

Repurchase

Agreements

(Cost

$30,700,000)

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

30,700,000

Total

Short

Term

Investments

(Cost

$129,894,589

)

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

129,883,773

a

Total

Investments

(Cost

$7,946,315,227)

98.6%

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

$9,590,272,286

Other

Assets,

less

Liabilities

1.4%

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

132,035,113

Net

Assets

100.0%

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

$9,722,307,399

*

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

March

31,

2022,

the

aggregate

value

of

these

securities

was

$226,812,905,

representing

2.3%

of

net

assets.

e

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

f

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.

g

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

h

At

March

31,

2022,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

18

At

March

31,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

March

31,

2022,

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

2,929

$

406,362,138

6/13/22

$

(6,689,012)

Foreign

Exchange

GBP/USD

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

Short

2,102

172,508,512

6/13/22

263,583

Total

Futures

Contracts

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

$(6,425,429)

*

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

British

Pound

......

BOFA

Sell

30,193,754

41,258,904

4/14/22

$

1,594,376

$

—

British

Pound

......

HSBK

Buy

9,142,107

12,012,545

4/14/22

38,969

(41,832)

British

Pound

......

HSBK

Sell

19,670,874

27,002,206

4/14/22

1,161,235

—

British

Pound

......

UBSW

Buy

7,607,074

10,064,075

4/14/22

25,959

(96,874)

British

Pound

......

UBSW

Sell

6,095,222

8,237,490

4/14/22

230,400

—

Euro

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

BOFA

Buy

30,517,711

33,757,552

4/19/22

133,488

(111,293)

Euro

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

BOFA

Sell

103,177,636

118,162,057

4/19/22

3,955,766

—

Euro

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

HSBK

Buy

34,281,335

38,039,848

4/19/22

134,961

(229,143)

Euro

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

HSBK

Sell

38,642,618

43,930,521

4/19/22

1,157,394

—

Euro

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

SSBT

Buy

36,543,566

40,536,516

4/19/22

142,774

(229,584)

Euro

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

UBSW

Buy

28,409,791

31,462,482

4/19/22

132,323

(148,293)

Euro

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

UBSW

Sell

137,692,022

157,439,591

4/19/22

5,029,674

—

South

Korean

Won

..

HSBK

Sell

9,416,491,267

7,993,291

5/16/22

247,700

—

South

Korean

Won

..

UBSW

Sell

2,556,005,623

2,164,987

5/16/22

62,530

—

Japanese

Yen

......

HSBK

Buy

834,161,906

7,267,795

5/18/22

—

(408,606)

Japanese

Yen

......

HSBK

Sell

18,938,759,746

165,483,872

5/18/22

9,810,570

(57,299)

Japanese

Yen

......

UBSW

Buy

2,168,204,398

18,815,916

5/18/22

—

(987,094)

Japanese

Yen

......

UBSW

Sell

2,005,425,909

17,447,409

5/18/22

973,993

(16,902)

South

Korean

Won

..

HSBK

Buy

5,460,766,962

4,481,695

6/17/22

24,636

(14,217)

South

Korean

Won

..

HSBK

Sell

40,479,977,554

34,174,738

6/17/22

875,261

—

South

Korean

Won

..

UBSW

Sell

78,805,125,918

66,558,383

6/17/22

1,732,026

—

New

Taiwan

Dollar

..

HSBK

Sell

1,199,220,106

42,196,344

6/30/22

137,617

—

New

Taiwan

Dollar

..

UBSW

Sell

734,711,894

25,838,839

6/30/22

71,220

—

Swiss

Franc

.......

BOFA

Buy

11,939,957

13,123,397

7/20/22

921

(136,186)

Swiss

Franc

.......

HSBK

Buy

80,074,563

87,418,557

7/20/22

150,831

(465,308)

Swiss

Franc

.......

HSBK

Sell

142,418,625

156,339,913

7/20/22

1,418,762

—

Swiss

Franc

.......

UBSW

Buy

50,404,106

55,068,118

7/20/22

4,875

(244,053)

Euro

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

BOFA

Buy

5,869,331

6,399,038

7/25/22

127,390

—

Euro

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

HSBK

Buy

10,202,920

11,129,436

7/25/22

215,744

—

Euro

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

HSBK

Sell

85,358,525

97,400,052

7/25/22

2,485,268

—

Euro

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

SSBT

Sell

59,977,614

68,637,182

7/25/22

1,944,813

—

Euro

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

UBSW

Sell

85,355,364

97,334,989

7/25/22

2,423,721

—

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

19

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

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

BOFA

Sell

16,787,651

18,677,082

8/08/22

$

33,219

$

(38,776)

Euro

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

HSBK

Sell

92,914,632

104,132,034

8/08/22

761,359

(32,151)

Euro

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

SSBT

Sell

165,069,182

188,839,554

8/08/22

5,137,379

—

Euro

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

UBSW

Sell

273,263,366

310,025,781

8/08/22

6,256,243

(339,769)

Total

Forward

Exchange

Contracts

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

$48,633,397

$(3,597,380)

Net

unrealized

appreciation

(depreciation)

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

$45,036,017

*

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

Schedule

of

Investments

(unaudited),

March

31,

2022

Franklin

Mutual

Quest

Fund

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

77.9%

Aerospace

&

Defense

1.8%

a

Airbus

SE

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

France

74,893

$

9,038,451

BAE

Systems

plc

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

United

Kingdom

1,913,779

17,974,538

Huntington

Ingalls

Industries,

Inc.

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

United

States

169,486

33,802,288

60,815,277

Auto

Components

0.0%

†

a,b,c

International

Automotive

Components

Group

Brazil

LLC

........

Brazil

2,548,299

98,270

Automobiles

0.8%

a,d

General

Motors

Co.

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

United

States

626,998

27,424,892

Banks

3.6%

BNP

Paribas

SA

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

France

379,176

21,670,825

CaixaBank

SA

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

Spain

5,789,256

19,639,143

First

Horizon

Corp.

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

United

States

905,983

21,281,541

ING

Groep

NV

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

Netherlands

2,511,576

26,226,757

Wells

Fargo

&

Co.

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

United

States

647,768

31,390,837

120,209,103

Beverages

1.3%

Heineken

NV

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

Netherlands

466,461

44,613,662

Chemicals

1.5%

BASF

SE

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

Germany

200,692

11,453,153

e

Covestro

AG,

144A,

Reg

S

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

Germany

787,055

39,637,846

51,090,999

Commercial

Services

&

Supplies

0.5%

a

Stericycle,

Inc.

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

United

States

277,880

16,372,690

Diversified

Financial

Services

2.8%

M&G

plc

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

United

Kingdom

6,099,665

17,576,503

Voya

Financial,

Inc.

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

United

States

1,133,091

75,180,588

92,757,091

Diversified

Telecommunication

Services

8.0%

Deutsche

Telekom

AG

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

Germany

3,434,709

63,977,141

a,b,c,f

Sorenson

Communications

LLC,

Membership

Interests

.........

United

States

224,279

172,784,463

a,b,c

Windstream

Holdings,

Inc.

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

United

States

1,623,438

26,455,038

263,216,642

Electric

Utilities

0.4%

Evergy

,

Inc.

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

United

States

192,523

13,157,022

Electrical

Equipment

0.2%

a

Sensata

Technologies

Holding

plc

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

United

States

162,322

8,254,074

Electronic

Equipment,

Instruments

&

Components

0.6%

a

Flex

Ltd.

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

United

States

1,015,814

18,843,350

Entertainment

3.1%

Activision

Blizzard,

Inc.

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

United

States

651,025

52,153,613

a,g

Walt

Disney

Co.

(The)

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

United

States

360,523

49,449,334

101,602,947

Equity

Real

Estate

Investment

Trusts

(REITs)

1.0%

Uniti

Group,

Inc.

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

United

States

364,023

5,008,957

Vornado

Realty

Trust

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

United

States

591,267

26,796,220

31,805,177

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

21

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Food

Products

1.4%

Danone

SA

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

France

871,931

$

48,174,613

Health

Care

Equipment

&

Supplies

1.9%

Medtronic

plc

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

United

States

554,258

61,494,925

Health

Care

Providers

&

Services

0.9%

Humana,

Inc.

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

United

States

68,837

29,955,797

Household

Durables

0.8%

DR

Horton,

Inc.

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

United

States

366,173

27,283,550

Household

Products

1.2%

Reckitt

Benckiser

Group

plc

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

United

Kingdom

501,644

38,271,308

Insurance

14.0%

ASR

Nederland

NV

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

Netherlands

742,232

34,656,486

a

Brighthouse

Financial,

Inc.

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

United

States

139,848

7,224,548

China

Pacific

Insurance

Group

Co.

Ltd.,

H

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

China

8,534,558

20,649,499

Conduit

Holdings

Ltd.

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

United

States

3,154,832

15,542,477

Direct

Line

Insurance

Group

plc

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

United

Kingdom

26,007,175

93,720,680

Everest

Re

Group

Ltd.

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

United

States

290,025

87,407,734

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

1,007,984

72,383,331

NN

Group

NV

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

Netherlands

929,657

47,120,262

Willis

Towers

Watson

plc

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

United

States

356,666

84,251,643

462,956,660

IT

Services

5.1%

Alliance

Data

Systems

Corp.

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

United

States

715,128

40,154,437

Cognizant

Technology

Solutions

Corp.,

A

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

United

States

480,349

43,072,895

a

Fiserv,

Inc.

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

United

States

410,535

41,628,249

Global

Payments,

Inc.

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

United

States

317,430

43,437,121

168,292,702

Media

3.5%

a

Charter

Communications,

Inc.,

A

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

United

States

91,116

49,705,600

a

Clear

Channel

Outdoor

Holdings,

Inc.

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

United

States

3,999,140

13,837,024

Comcast

Corp.,

A

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

United

States

1,020,796

47,793,669

a

Loyalty

Ventures,

Inc.

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

United

States

329,767

5,451,048

a,b,c

Tenerity

,

Inc.

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

United

States

1

22

116,787,363

Oil,

Gas

&

Consumable

Fuels

2.8%

BP

plc

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

United

Kingdom

9,717,668

47,643,347

Shell

plc

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

Netherlands

532,827

14,553,886

Williams

Cos.,

Inc.

(The)

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

United

States

875,703

29,257,237

91,454,470

Pharmaceuticals

9.7%

a

Elanco

Animal

Health,

Inc.

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

United

States

2,187,400

57,069,266

Eli

Lilly

&

Co.

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

United

States

57,160

16,368,909

GlaxoSmithKline

plc

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

United

States

3,046,740

65,927,192

Merck

&

Co.,

Inc.

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

United

States

1,023,644

83,989,990

Novartis

AG,

ADR

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

Switzerland

1,093,135

95,922,596

319,277,953

Professional

Services

0.2%

KBR,

Inc.

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

United

States

154,979

8,482,001

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Semiconductors

&

Semiconductor

Equipment

1.1%

a

Renesas

Electronics

Corp.

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

Japan

1,323,418

$

15,336,293

a

Tower

Semiconductor

Ltd.

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

Israel

417,184

20,191,706

35,527,999

Software

2.5%

e

Avast

plc,

144A,

Reg

S

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

United

States

224,630

1,670,309

a

Check

Point

Software

Technologies

Ltd.

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

Israel

333,189

46,066,711

NortonLifeLock

,

Inc.

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

United

States

295,869

7,846,446

g

Oracle

Corp.

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

United

States

314,742

26,038,606

81,622,072

Specialty

Retail

1.1%

a

Dufry

AG

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

Switzerland

855,752

36,008,112

a,b,c,f

Wayne

Services

Legacy,

Inc.

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

United

States

7,104

—

36,008,112

Technology

Hardware,

Storage

&

Peripherals

1.2%

a,g

Western

Digital

Corp.

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

United

States

772,968

38,377,861

Tobacco

3.7%

Altria

Group,

Inc.

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

United

States

248,343

12,975,922

British

American

Tobacco

plc

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

United

Kingdom

1,743,238

73,216,720

Imperial

Brands

plc

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

United

Kingdom

1,728,881

36,421,210

122,613,852

Wireless

Telecommunication

Services

1.2%

a

Intelsat

Emergence

SA

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

Luxembourg

106,029

3,180,870

a

T-Mobile

US,

Inc.

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

United

States

281,672

36,152,601

39,333,471

Total

Common

Stocks

(Cost

$2,178,932,016)

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

2,576,175,905

Preferred

Stocks

0.6%

Automobiles

0.4%

h

Volkswagen

AG,

3.13%

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

Germany

83,025

14,269,892

Oil,

Gas

&

Consumable

Fuels

0.2%

NGL

Energy

Partners

LP,

9%,

B

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

United

States

298,684

4,943,220

Total

Preferred

Stocks

(Cost

$17,062,102)

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

19,213,112

Rights

Rights

0.0%

Diversified

Telecommunication

Services

0.0%

a,b,c

Intelsat

Jackson

Holdings

SA,

12/05/25

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

Luxembourg

128,313

—

Total

Rights

(Cost

$–)

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

—

Warrants

Warrants

0.1%

Diversified

Telecommunication

Services

0.1%

a,b,c

Windstream

Holdings,

Inc.,

9/21/55

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

United

States

91,545

1,491,789

Media

0.0%

†

a

Lee

Enterprises,

Inc.,

12/31/22

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

United

States

1,110,000

424,662

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

23

a

a

Country

Warrants

a

Value

a

a

a

a

a

a

Warrants

(continued)

Media

(continued)

a,b,c

Tenerity

,

Inc.,

4/10/24

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

United

States

48,380

$

130,086

554,748

Software

0.0%

†

a

Avaya

Holdings

Corp.,

12/15/22

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

United

States

235,873

94,361

Wireless

Telecommunication

Services

0.0%

†

a

Intelsat

Emergence

SA,

2/17/27

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

Luxembourg

323,376

1,460,892

1,460,892

Total

Warrants

(Cost

$10,979,677)

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

3,601,790

Units

Private

Limited

Partnership

Funds

0.0%

†

Hotels,

Restaurants

&

Leisure

0.0%

†

a

Cedar

Fair

LP

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

United

States

9,400

515,120

Total

Private

Limited

Partnership

Funds

(Cost

$487,026)

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

515,120

Principal

Amount

*

Corporate

Bonds

13.1%

Airlines

1.1%

e

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

11.75

%

,

7/15/25

United

States

30,260,000

35,366,224

Diversified

Telecommunication

Services

1.1%

Frontier

Communications

Holdings

LLC

,

Secured

Note

,

5.875

%

,

11/01/29

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

United

States

29,378,717

26,936,758

e

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp.

,

Senior

Secured

Note

,

144A,

7.75

%

,

8/15/28

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

United

States

9,700,000

9,890,847

36,827,605

Health

Care

Providers

&

Services

0.1%

e

Envision

Healthcare

Corp.

,

Senior

Note

,

144A,

8.75

%

,

10/15/26

..

United

States

10,000,000

4,835,650

Hotels,

Restaurants

&

Leisure

0.6%

Cedar

Fair

LP

,

Senior

Note

,

5.25

%

,

7/15/29

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

United

States

20,000,000

19,732,100

Independent

Power

and

Renewable

Electricity

Producers

0.6%

e

Talen

Energy

Supply

LLC

,

Senior

Note,

144A,

10.5%,

1/15/26

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

United

States

9,000,000

2,250,000

Senior

Secured

Note,

144A,

7.25%,

5/15/27

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

United

States

20,000,000

18,720,700

20,970,700

Media

1.1%

e

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note,

144A,

7.75%,

4/15/28

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

United

States

16,000,000

16,101,840

Senior

Note,

144A,

7.5%,

6/01/29

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

United

States

19,000,000

18,981,570

35,083,410

Multiline

Retail

0.6%

e

Macy's

Retail

Holdings

LLC

,

Senior

Bond,

144A,

6.125%,

3/15/32

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

United

States

10,000,000

9,888,300

Senior

Note,

144A,

5.875%,

3/15/30

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

United

States

10,000,000

9,876,700

19,765,000

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

2.6%

e

Citgo

Holding,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

8/01/24

..

United

States

41,029,000

$

41,487,294

NGL

Energy

Partners

LP

/

NGL

Energy

Finance

Corp.

,

Senior

Note

,

7.5

%

,

11/01/23

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

United

States

30,006,000

28,766,152

e

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

,

Senior

Secured

Note

,

144A,

9.25

%

,

5/15/25

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

United

States

15,000,000

15,470,400

85,723,846

Pharmaceuticals

1.8%

e

Bausch

Health

Americas,

Inc.

,

Senior

Note,

144A,

9.25%,

4/01/26

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

United

States

35,504,000

36,399,766

Senior

Note,

144A,

8.5%,

1/31/27

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

United

States

21,267,000

21,230,846

e

Bausch

Health

Cos.,

Inc.

,

Senior

Note

,

144A,

9

%

,

12/15/25

......

United

States

2,107,000

2,185,170

59,815,782

Software

1.1%

Citrix

Systems,

Inc.

,

Senior

Bond

,

4.5

%

,

12/01/27

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

United

States

10,000,000

10,236,503

e

Veritas

US,

Inc.

/

Veritas

Bermuda

Ltd.

,

Senior

Secured

Note

,

144A,

7.5

%

,

9/01/25

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

United

States

26,745,000

25,405,075

35,641,578

Specialty

Retail

2.4%

e

Staples,

Inc.

,

Senior

Note,

144A,

10.75%,

4/15/27

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

United

States

69,226,000

61,682,789

Senior

Secured

Note,

144A,

7.5%,

4/15/26

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

United

States

16,581,000

16,120,048

77,802,837

Total

Corporate

Bonds

(Cost

$435,298,360)

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

431,564,732

i

Senior

Floating

Rate

Interests

2.4%

Software

2.4%

Banff

Guarantor,

Inc.

,

Second

Lien,

Initial

Term

Loan

,

6

%

,

(

1-month

USD

LIBOR

+

5.5

%

),

2/27/26

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

United

States

7,871,500

7,822,303

Boxer

Parent

Co.,

Inc.

,

2021

Replacement

Dollar

Term

Loan

,

4.756

%

,

(

3-month

USD

LIBOR

+

3.75

%

),

10/02/25

...........

United

States

7,456,719

7,422,568

Quest

Software

US

Holdings,

Inc.

,

Second

Lien,

Initial

CME

Term

Loan

,

8.15

%

,

(

3-month

SOFR

+

7.5

%

),

2/01/30

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

United

States

46,841,437

45,582,808

Veritas

US,

Inc.

,

2021

Dollar

Term

Loan,

B

,

6

%

,

(

3-month

USD

LIBOR

+

5

%

),

9/01/25

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

United

States

21,199,987

19,896,188

80,723,867

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$82,509,572)

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

80,723,867

Asset-Backed

Securities

0.1%

Airlines

0.1%

American

Airlines

Pass-Through

Trust

,

2013-2

,

A

,

4.95

%

,

1/15/23

.

.

United

States

2,386,606

2,381,183

Total

Asset-Backed

Securities

(Cost

$2,350,807)

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

2,381,183

Shares

a

Companies

in

Liquidation

0.0%

a,b,j

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

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

Netherlands

159,828

—

a,b,j

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

1,531,470

—

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

25

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Companies

in

Liquidation

(continued)

a,b,j

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

7,443,000

$

—

Total

Companies

in

Liquidation

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$2,727,619,560)

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

3,114,175,709

a

Short

Term

Investments

3.8%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

3.2%

k

FHLB,

4/01/22

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

United

States

30,500,000

30,500,000

k

U.S.

Treasury

Bills

,

4/21/22

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

United

States

6,500,000

6,499,576

4/28/22

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

United

States

25,000,000

24,998,101

5/26/22

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

United

States

20,000,000

19,991,368

g

6/23/22

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

United

States

23,000,000

22,975,541

74,464,586

Total

U.S.

Government

and

Agency

Securities

(Cost

$104,987,974)

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

104,964,586

l

Repurchase

Agreements

0.6%

Credit

Suisse

First

Boston,

0.25%,

4/01/22

(Maturity

Value

$21,200,147)

Collateralized

by

U.S.

Treasury

Bonds,

Strips,

11/15/25

-

8/15/39

(valued

at

$21,624,000)

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

21,200,000

21,200,000

Total

Repurchase

Agreements

(Cost

$21,200,000)

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

21,200,000

Total

Short

Term

Investments

(Cost

$126,187,974

)

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

126,164,586

a

Total

Investments

(Cost

$2,853,807,534)

98.0%

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

$3,240,340,295

Options

Written

(0.0)%

†

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

(1,400,445)

Securities

Sold

Short

(1.4)%

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

(46,274,187)

Other

Assets,

less

Liabilities

3.4%

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

112,230,858

Net

Assets

100.0%

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

$3,304,896,521

Number

of

Contracts

Notional

Amount

#

Options

Written

(0.0)%

†

Puts

-

Exchange-Traded

Equity

Options

Bausch

Health

Cos.,

Inc.,

July

Strike

Price

$22.00,

Expires

7/15/22

3,000

6,855,000

(519,000)

General

Motors

Co.,

April

Strike

Price

$50.00,

Expires

4/14/22

...

1,500

6,561,000

(880,500)

Nielsen

Holdings

plc,

May

Strike

Price

$26.00,

Expires

5/20/22

...

63

171,612

(945)

(1,400,445)

Total

Options

Written

(Premiums

received

$1,160,378)

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

$

(1,400,445)

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

26

At

March

31,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

a

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Securities

Sold

Short

(1.4)%

Common

Stocks

(1.4)%

Communications

Equipment

(0.3)%

Plantronics,

Inc.

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

United

States

280,105

(11,036,137)

Insurance

(1.1)%

Aon

plc,

A

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

United

States

108,215

(35,238,051)

Total

Common

Stocks

(Proceeds

$34,626,234)

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

(46,274,188)

Total

Securities

Sold

Short

(Proceeds

$34,626,234)

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

$(46,274,188)

#

Notional

amount

is

the

number

of

units

specified

in

the

contract,

and

can

include

currency

units,

bushels,

shares,

pounds,

barrels

or

other

units.

Currency

units

are

stated

in

U.S.

dollars

unless

otherwise

indicated.

*

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

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

period

end.

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

March

31,

2022,

the

aggregate

value

of

these

securities

was

$387,201,374,

representing

11.7%

of

net

assets.

f

See

Note

7

regarding

holdings

of

5%

voting

securities.

g

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short

and/or

open

forward

exchange

contracts.

At

March

31,

2022,

the

aggregate

value

of

these

securities

pledged

amounted

to

$50,911,777,

representing

1.5%

of

net

assets.

h

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

i

The

coupon

rate

shown

represents

the

rate

at

period

end.

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.

l

At

March

31,

2022,

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

243

$

33,713,212

6/13/22

$

(639,341)

Foreign

Exchange

GBP/USD

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

Short

629

51,621,244

6/13/22

(123,866)

Total

Futures

Contracts

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

$(763,207)

*

As

of

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

27

At

March

31,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

See

Abbreviations

on

page

47

.

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

British

Pound

......

BOFA

Sell

111,106,050

152,593,049

4/14/22

$

6,636,735

$

—

British

Pound

......

HSBK

Buy

15,852,000

21,590,234

4/14/22

—

(765,990)

British

Pound

......

HSBK

Sell

116,725,722

159,963,293

4/14/22

6,637,846

(13,245)

British

Pound

......

SSBT

Buy

33,999,027

46,067,422

4/14/22

9,921

(1,413,955)

British

Pound

......

SSBT

Sell

932,843

1,227,638

4/14/22

2,193

—

British

Pound

......

UBSW

Buy

16,800,000

22,686,852

4/14/22

—

(617,252)

Euro

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

BOFA

Sell

22,198,958

25,486,513

4/19/22

914,709

—

Euro

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

HSBK

Sell

12,929,413

14,692,946

4/19/22

381,510

—

Euro

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

SSBT

Sell

1,000,000

1,129,656

4/19/22

22,766

—

Euro

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

UBSW

Sell

27,450,232

31,449,068

4/19/22

1,064,681

—

Euro

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

BOFA

Sell

1,976,755

2,217,385

7/25/22

19,324

—

Euro

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

HSBK

Sell

18,636,748

21,265,834

7/25/22

542,621

—

Euro

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

SSBT

Sell

6,131,549

6,991,509

7/25/22

173,507

—

Euro

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

UBSW

Sell

19,330,162

22,040,889

7/25/22

546,632

—

Euro

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

BOFA

Sell

6,503,121

7,159,182

8/08/22

4,935

(82,946)

Euro

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

HSBK

Sell

18,614,401

20,669,444

8/08/22

28,993

(75,141)

Euro

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

SSBT

Sell

11,866,875

13,556,352

8/08/22

349,946

—

Euro

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

UBSW

Sell

13,991,524

15,907,183

8/08/22

353,089

(16,793)

Total

Forward

Exchange

Contracts

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

$17,689,408

$(2,985,322)

Net

unrealized

appreciation

(depreciation)

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

$14,704,086

*

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

Schedule

of

Investments

(unaudited),

March

31,

2022

Franklin

Mutual

Shares

Fund

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

28

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

93.9%

Aerospace

&

Defense

1.0%

a

Airbus

SE

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

France

681,256

$

82,217,279

Auto

Components

0.0%

†

a,b,c,d

International

Automotive

Components

Group

Brazil

LLC

........

Brazil

7,234,813

278,996

Automobiles

1.7%

a

General

Motors

Co.

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

United

States

3,181,341

139,151,855

Banks

6.1%

Bank

of

America

Corp.

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

United

States

2,314,175

95,390,294

BNP

Paribas

SA

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

France

1,501,464

85,812,296

First

Horizon

Corp.

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

United

States

1,013,086

23,797,390

ING

Groep

NV

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

Netherlands

11,863,076

123,878,397

Wells

Fargo

&

Co.

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

United

States

3,646,078

176,688,940

505,567,317

Building

Products

1.6%

Johnson

Controls

International

plc

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

United

States

2,015,168

132,134,566

Chemicals

1.8%

Ashland

Global

Holdings,

Inc.

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

United

States

1,534,836

151,043,211

Commercial

Services

&

Supplies

1.1%

a

Stericycle,

Inc.

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

United

States

1,486,966

87,612,037

Containers

&

Packaging

1.7%

International

Paper

Co.

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

United

States

2,951,090

136,192,803

Diversified

Financial

Services

2.2%

Voya

Financial,

Inc.

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

United

States

2,758,923

183,054,541

Diversified

Telecommunication

Services

0.4%

a,b,c

Windstream

Holdings,

Inc.

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

United

States

2,123,740

34,607,802

Electric

Utilities

1.1%

Pinnacle

West

Capital

Corp.

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

United

States

1,205,815

94,174,151

Electrical

Equipment

1.3%

a

Sensata

Technologies

Holding

plc

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

United

States

2,082,608

105,900,617

Electronic

Equipment,

Instruments

&

Components

1.4%

a

Flex

Ltd.

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

United

States

6,394,482

118,617,641

Entertainment

3.0%

Activision

Blizzard,

Inc.

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

United

States

1,655,598

132,629,956

a

Walt

Disney

Co.

(The)

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

United

States

818,102

112,210,870

244,840,826

Equity

Real

Estate

Investment

Trusts

(REITs)

2.5%

Uniti

Group,

Inc.

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

United

States

476,205

6,552,581

Vornado

Realty

Trust

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

United

States

4,301,939

194,963,875

201,516,456

Food

Products

4.1%

Archer-Daniels-Midland

Co.

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

United

States

844,450

76,220,057

Kraft

Heinz

Co.

(The)

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

United

States

6,546,669

257,873,292

334,093,349

Health

Care

Equipment

&

Supplies

2.2%

Medtronic

plc

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

United

States

1,624,407

180,227,957

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

29

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Providers

&

Services

6.7%

Anthem,

Inc.

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

United

States

402,169

$

197,553,456

CVS

Health

Corp.

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

United

States

2,250,712

227,794,562

Humana,

Inc.

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

United

States

299,912

130,512,705

555,860,723

Household

Durables

2.2%

DR

Horton,

Inc.

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

United

States

1,338,698

99,746,388

Lennar

Corp.,

A

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

United

States

1,011,454

82,099,721

181,846,109

Industrial

Conglomerates

1.9%

General

Electric

Co.

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

United

States

1,704,013

155,917,190

Insurance

7.0%

Everest

Re

Group

Ltd.

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

United

States

492,581

148,454,062

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

1,900,525

136,476,700

MetLife,

Inc.

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

United

States

1,688,515

118,668,834

Willis

Towers

Watson

plc

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

United

States

722,815

170,743,360

574,342,956

Internet

&

Direct

Marketing

Retail

1.1%

eBay,

Inc.

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

United

States

1,636,181

93,687,724

IT

Services

7.1%

Alliance

Data

Systems

Corp.

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

United

States

1,743,685

97,907,913

Cognizant

Technology

Solutions

Corp.,

A

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

United

States

1,617,052

145,001,053

a

Fiserv,

Inc.

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

United

States

1,903,379

193,002,630

Global

Payments,

Inc.

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

United

States

1,089,563

149,095,801

585,007,397

Media

4.2%

a

Charter

Communications,

Inc.,

A

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

United

States

374,840

204,482,717

Comcast

Corp.,

A

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

United

States

2,787,000

130,487,340

a

Loyalty

Ventures,

Inc.

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

United

States

519,212

8,582,574

343,552,631

Oil,

Gas

&

Consumable

Fuels

4.9%

BP

plc

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

United

Kingdom

47,977,354

235,221,219

Williams

Cos.,

Inc.

(The)

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

United

States

5,157,857

172,324,003

407,545,222

Pharmaceuticals

8.6%

a

Elanco

Animal

Health,

Inc.

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

United

States

5,407,451

141,080,396

Eli

Lilly

&

Co.

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

United

States

523,157

149,816,470

GlaxoSmithKline

plc

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

United

States

4,713,579

101,995,256

Merck

&

Co.,

Inc.

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

United

States

2,848,676

233,733,866

Novartis

AG,

ADR

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

Switzerland

946,481

83,053,708

709,679,696

Professional

Services

2.0%

KBR,

Inc.

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

United

States

2,979,891

163,089,434

Software

3.3%

a

Avaya

Holdings

Corp.

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

United

States

364

4,612

NortonLifeLock

,

Inc.

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

United

States

5,568,730

147,682,720

Oracle

Corp.

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

United

States

1,537,722

127,215,741

274,903,073

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

30

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Specialty

Retail

1.5%

Best

Buy

Co.,

Inc.

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

United

States

1,388,308

$

126,197,197

a,b,c,d

Wayne

Services

Legacy,

Inc.

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

United

States

7,469

—

126,197,197

Technology

Hardware,

Storage

&

Peripherals

2.7%

Samsung

Electronics

Co.

Ltd.

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

South

Korea

1,302,388

74,363,633

a

Western

Digital

Corp.

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

United

States

2,974,994

147,708,452

222,072,085

Textiles,

Apparel

&

Luxury

Goods

2.0%

Tapestry,

Inc.

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

United

States

4,332,234

160,942,493

Tobacco

3.1%

Altria

Group,

Inc.

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

United

States

2,403,075

125,560,669

British

American

Tobacco

plc

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

United

Kingdom

3,067,236

128,825,186

254,385,855

Wireless

Telecommunication

Services

2.4%

a

T-Mobile

US,

Inc.

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

United

States

1,542,509

197,981,030

Total

Common

Stocks

(Cost

$6,118,959,361)

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

7,738,242,219

Warrants

Warrants

0.0%

†

Diversified

Telecommunication

Services

0.0%

†

a,b,c

Windstream

Holdings,

Inc.,

9/21/55

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

United

States

119,757

1,951,523

Software

0.0%

†

a

Avaya

Holdings

Corp.,

12/15/22

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

United

States

193,072

77,238

Total

Warrants

(Cost

$1,519,716)

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

2,028,761

Principal

Amount

*

Corporate

Bonds

2.4%

Diversified

Telecommunication

Services

0.1%

Frontier

Communications

Holdings

LLC

,

Secured

Note

,

5.875

%

,

11/01/29

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

United

States

10,568,178

9,689,751

Oil,

Gas

&

Consumable

Fuels

0.5%

e

Citgo

Holding,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

8/01/24

..

United

States

42,922,000

43,401,439

Pharmaceuticals

0.3%

e

Bausch

Health

Americas,

Inc.

,

Senior

Note,

144A,

9.25%,

4/01/26

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

United

States

17,806,000

18,255,245

Senior

Note,

144A,

8.5%,

1/31/27

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

United

States

10,665,000

10,646,870

e

Bausch

Health

Cos.,

Inc.

,

Senior

Note

,

144A,

9

%

,

12/15/25

......

United

States

1,057,000

1,096,215

29,998,330

Software

0.5%

e

Veritas

US,

Inc.

/

Veritas

Bermuda

Ltd.

,

Senior

Secured

Note

,

144A,

7.5

%

,

9/01/25

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

United

States

41,216,000

39,151,078

Specialty

Retail

1.0%

e

Staples,

Inc.

,

Senior

Note,

144A,

10.75%,

4/15/27

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

United

States

66,378,000

59,145,121

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

31

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Specialty

Retail

(continued)

e

Staples,

Inc.,

(continued)

Senior

Secured

Note,

144A,

7.5%,

4/15/26

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

United

States

21,151,000

$

20,563,002

79,708,123

Total

Corporate

Bonds

(Cost

$204,247,406)

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

201,948,721

f

Senior

Floating

Rate

Interests

1.3%

Software

1.3%

Banff

Guarantor,

Inc.

,

Second

Lien,

Initial

Term

Loan

,

6

%

,

(

1-month

USD

LIBOR

+

5.5

%

),

2/27/26

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

United

States

20,487,800

20,359,751

Quest

Software

US

Holdings,

Inc.

,

Second

Lien,

Initial

CME

Term

Loan

,

8.15

%

,

(

3-month

SOFR

+

7.5

%

),

2/01/30

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

United

States

40,126,436

39,048,239

Veritas

US,

Inc.

,

2021

Dollar

Term

Loan,

B

,

6

%

,

(

3-month

USD

LIBOR

+

5

%

),

9/01/25

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

United

States

47,354,347

44,442,054

103,850,044

a

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$107,091,566)

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

103,850,044

Asset-Backed

Securities

0.1%

Airlines

0.1%

American

Airlines

Pass-Through

Trust

,

2013-2

,

A

,

4.95

%

,

1/15/23

.

.

United

States

5,948,558

5,935,041

Total

Asset-Backed

Securities

(Cost

$5,859,329)

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

5,935,041

Shares

a

Companies

in

Liquidation

0.0%

a,b,g

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

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

Netherlands

555,154

—

a,b,g

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

1,005,034

—

a,b,g

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

20,046,000

—

Total

Companies

in

Liquidation

(Cost

$–)

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

—

Total

Long

Term

Investments

(Cost

$6,437,677,378)

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

8,052,004,786

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

1.0%

h

FHLB,

4/01/22

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

United

States

55,300,000

55,300,000

h

U.S.

Treasury

Bills

,

4/21/22

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

United

States

6,500,000

6,499,576

4/28/22

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

United

States

17,000,000

16,998,709

5/26/22

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

United

States

3,000,000

2,998,705

6/23/22

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

United

States

5,000,000

4,994,683

31,491,673

Total

U.S.

Government

and

Agency

Securities

(Cost

$86,796,607)

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

86,791,673

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Schedules

of

Investments

See

Notes

to

Schedules

of

Investments.

32

At

March

31,

2022,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

i

Repurchase

Agreements

0.5%

Credit

Suisse

First

Boston,

0.25%,

4/01/22

(Maturity

Value

$38,500,267)

Collateralized

by

U.S.

Treasury

Bonds,

Strips,

5/15/24

-

2/15/45;

and

U.S.

Treasury

Note,

Index

Linked,

0.125%,

10/15/24

(valued

at

$39,270,000)

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

38,500,000

$

38,500,000

Total

Repurchase

Agreements

(Cost

$38,500,000)

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

38,500,000

Total

Short

Term

Investments

(Cost

$125,296,607

)

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

125,291,673

a

Total

Investments

(Cost

$6,562,973,985)

99.2%

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

$8,177,296,459

Other

Assets,

less

Liabilities

0.8%

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

64,072,872

Net

Assets

100.0%

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

$8,241,369,331

*

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

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

March

31,

2022,

the

aggregate

value

of

these

securities

was

$192,258,970,

representing

2.3%

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.

i

At

March

31,

2022,

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

52

$

7,214,350

6/13/22

$

(103,697)

Foreign

Exchange

GBP/USD

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

Short

395

32,417,156

6/13/22

85,962

Total

Futures

Contracts

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

$(17,735)

*

As

of

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedules

of

Investments

33

At

March

31,

2022,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

3

. 

See

Abbreviations

on

page

47

.

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

British

Pound

......

BOFA

Sell

6,757,309

9,264,710

4/14/22

$

387,859

$

—

British

Pound

......

HSBK

Buy

1,065,280

1,447,044

4/14/22

—

(47,622)

British

Pound

......

HSBK

Sell

6,373,708

8,737,158

4/14/22

364,230

—

British

Pound

......

SSBT

Buy

1,871,014

2,501,487

4/14/22

—

(43,599)

British

Pound

......

SSBT

Sell

812,984

1,105,228

4/14/22

37,237

—

British

Pound

......

UBSW

Sell

802,348

1,085,891

4/14/22

31,874

—

Euro

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

BOFA

Buy

8,645,870

9,653,662

4/19/22

20,590

(104,225)

Euro

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

BOFA

Sell

17,281,993

19,727,031

4/19/22

597,766

—

Euro

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

HSBK

Buy

7,903,405

8,791,317

4/19/22

20,817

(63,934)

Euro

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

HSBK

Sell

29,059,269

33,040,684

4/19/22

875,271

—

Euro

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

SSBT

Buy

8,637,720

9,651,218

4/19/22

21,745

(111,959)

Euro

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

UBSW

Buy

7,392,008

8,218,948

4/19/22

20,410

(57,220)

Euro

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

UBSW

Sell

9,756,882

11,201,535

4/19/22

401,740

—

South

Korean

Won

..

HSBK

Buy

23,541,443,900

19,540,812

5/16/22

—

(176,655)

South

Korean

Won

..

HSBK

Sell

77,533,185,946

65,624,217

5/16/22

1,848,830

—

South

Korean

Won

..

UBSW

Sell

2,211,484,881

1,873,171

5/16/22

54,101

—

South

Korean

Won

..

HSBK

Buy

54,509,464,784

44,902,486

6/17/22

18,863

(80,992)

South

Korean

Won

..

HSBK

Sell

64,413,049,545

54,379,949

6/17/22

1,392,744

—

South

Korean

Won

..

UBSW

Sell

25,972,019,912

21,935,828

6/17/22

570,829

—

Euro

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

BOFA

Buy

1,472,164

1,605,027

7/25/22

31,952

—

Euro

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

HSBK

Buy

2,559,129

2,791,521

7/25/22

54,114

—

Euro

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

HSBK

Sell

2,285,453

2,607,861

7/25/22

66,542

—

Euro

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

SSBT

Sell

13,107,574

15,000,045

7/25/22

425,022

—

Euro

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

UBSW

Sell

2,285,368

2,606,119

7/25/22

64,895

—

Euro

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

BOFA

Sell

1,638,289

1,821,917

8/08/22

2,414

(3,717)

Euro

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

HSBK

Sell

1,227,784

1,368,229

8/08/22

1,853

—

Euro

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

SSBT

Sell

35,402,353

40,520,421

8/08/22

1,121,854

—

Euro

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

UBSW

Sell

39,018,568

44,573,972

8/08/22

1,155,462

(4,469)

Total

Forward

Exchange

Contracts

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

$9,589,014

$(694,392)

Net

unrealized

appreciation

(depreciation)

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

$8,894,622

*

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

Notes

to

Schedules

of

Investments

(unaudited)

34

Quarterly

Schedules

of

Investments

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

Schedules

of

Investments

(unaudited)

35

Quarterly

Schedules

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

March

31,

2022,

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

Schedules

of

Investments

(unaudited)

36

Quarterly

Schedules

of

Investments

At

March

31,

2022,

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

-

$2,624,944

Franklin

Mutual

European

Fund

-

$4,741,870

Franklin

Mutual

Financial

Services

Fund

-

$1,891,048

Franklin

Mutual

Global

Discovery

Fund

- $16,539,040

Franklin

Mutual

Quest

Fund

- $5,662,818

Franklin

Mutual

Shares

Fund

- $4,328,237

Certain

or

all

Funds entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies

and

equity

price

risk.

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.

Certain

or

all

Funds purchased

or

wrote

exchange

traded

option

contracts

primarily

to

manage

exposure

to

equity

price

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

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,

forwards

and

options

Franklin

Mutual

Shares

Fund

– Futures

and

forwards

3.

Derivative

Financial

Instruments

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

37

Quarterly

Schedules

of

Investments

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.

6.

Restricted

Securities

At

March

31,

2022,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

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

$

109,763

Total

Restricted

Securities

(Value

is

0.0%

†

of

Net

Assets)

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

$1,890,264

$109,763

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

$

147,288

Total

Restricted

Securities

(Value

is

0.0%

†

of

Net

Assets)

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

$2,536,498

$147,288

Shares

/

Warrants

Issuer

Acquisition

Date

Cost

Value

Franklin

Mutual

Quest

Fund

128,313

Intelsat

Jackson

Holdings

SA,

12/05/25

...........

2/18/22

$

—

$

—

2,548,299

International

Automotive

Components

Group

Brazil

LLC

4/13/06

-

12/26/08

1,692,334

98,270

224,279

Sorenson

Communications

LLC,

Membership

Interests

4/30/14

—

172,784,463

1

Tenerity,

Inc.

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

1/31/22

204

22

48,380

Tenerity,

Inc.,

4/10/24

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

5/11/17

6,590,959

130,086

7,104

Wayne

Services

Legacy,

Inc.

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

1/22/19

—

—

1,623,438

Windstream

Holdings,

Inc.

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

9/21/20

12,859,476

26,455,038

91,545

Windstream

Holdings,

Inc.,

9/21/55

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

9/21/20

1,161,706

1,491,789

Total

Restricted

Securities

(Value

is

6.1%

of

Net

Assets)

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

$22,304,679

$200,959,668

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

38

Quarterly

Schedules

of

Investments

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

March

31,

2022,

investments

in

“affiliated

companies”

were

as

follows: 

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

$

278,996

7,469

Wayne

Services

Legacy,

Inc.

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

1/22/19

—

—

2,123,740

Windstream

Holdings,

Inc.

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

9/21/20

16,822,436

34,607,802

119,757

Windstream

Holdings,

Inc.,

9/21/55

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

9/21/20

1,519,716

1,951,523

Total

Restricted

Securities

(Value

is

0.4%

of

Net

Assets)

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

$23,146,830

$36,838,321

†

Rounds

to

less

than

0.1%

of

net

assets.

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

Financial

Services

Fund

Non-Controlled

Affiliates

Dividends

AB&T

Financial

Corp

...

$

221,578

$

—

$

—

$

—

$

(23)

$

221,555

226,100

$

288

Total

Affiliated

Securities

(Value

is

0.1%

of

Net

Assets)

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

$221,578

$—

$—

$—

$(23)

$221,555

$288

Franklin

Mutual

Quest

Fund

Non-Controlled

Affiliates

Dividends

Sorenson

Communications

LLC,

Membership

Interests

$168,209,173

$—

$—

$—

$4,575,290

$172,784,463

224,279

$—

Wayne

Services

Legacy,

Inc.

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

—

—

—

—

—

—

7,104

—

Total

Affiliated

Securities

(Value

is

5.2%

of

Net

Assets)

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

$168,209,173

$—

$—

$—

$4,575,290

$172,784,463

$—

Franklin

Mutual

Shares

Fund

Non-Controlled

Affiliates

Dividends

International

Automotive

Components

Group

Brazil

LLC

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

$273,903

$—

$—

$—

$5,093

$278,996

7,234,813

$—

Wayne

Services

Legacy,

Inc.

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

—

—

—

—

—

—

7,469

—

6.

Restricted

Securities

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

39

Quarterly

Schedules

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

March

31,

2022,

investments

in

affiliated

management

investment

companies

were

as

follows: 

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

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

Shares

Fund

(continued)

Non-Controlled

Affiliates

Total

Affiliated

Securities

(Value

is

0.0%

†

of

Net

Assets)

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

$273,903

$—

$—

$

—

$

5,093

$278,996

$—

†

Rounds

to

less

than

0.1%

of

net

assets.

    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

Financial

Services

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$1,030,000

$(905,000)

$—

$—

$125,000

125,000

$4

Total

Affiliated

Securities

...

$—

$1,030,000

$(905,000)

$—

$—

$125,000

$4

Franklin

Mutual

Quest

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0.01%

.

$—

$24,000

$(24,000)

$—

$—

$—

—

$—

Total

Affiliated

Securities

...

$—

$24,000

$(24,000)

$—

$—

$—

$—

7.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

40

Quarterly

Schedules

of

Investments

• 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

March

31,

2022,

in

valuing

the

Funds’

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Beacon

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

111,351,205

$

—

$

111,351,205

Auto

Components

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

—

—

109,763

109,763

Banks

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

223,778,277

192,778,311

—

416,556,588

Beverages

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

—

105,602,241

—

105,602,241

Chemicals

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

—

73,910,081

—

73,910,081

Diversified

Telecommunication

Services

.....

—

161,706,658

—

161,706,658

Electrical

Equipment

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

111,369,077

—

—

111,369,077

Entertainment

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

162,188,391

—

—

162,188,391

Equity

Real

Estate

Investment

Trusts

(REITs)

.

83,877,699

—

—

83,877,699

Health

Care

Equipment

&

Supplies

.........

143,923,120

—

—

143,923,120

Health

Care

Providers

&

Services

..........

89,784,700

—

—

89,784,700

Household

Products

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

—

99,499,114

—

99,499,114

Insurance

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

81,897,869

—

—

81,897,869

IT

Services

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

160,359,649

—

—

160,359,649

Media

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

139,463,825

—

—

139,463,825

Oil,

Gas

&

Consumable

Fuels

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

—

107,231,173

—

107,231,173

Pharmaceuticals

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

505,191,603

151,876,862

—

657,068,465

Software

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

85,294,253

—

—

85,294,253

Technology

Hardware,

Storage

&

Peripherals

.

105,759,713

—

—

105,759,713

Textiles,

Apparel

&

Luxury

Goods

..........

97,445,453

215,284,777

—

312,730,230

Tobacco

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

—

109,709,286

—

109,709,286

Preferred

Stocks

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

—

81,183,720

—

81,183,720

Companies

in

Liquidation

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

—

—

—

a

—

Short

Term

Investments

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

—

26,393,985

—

26,393,985

Total

Investments

in

Securities

...........

$1,990,333,629

$1,436,527,413

b

$109,763

$3,426,970,805

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

8,388,611

$

—

$

8,388,611

Total

Other

Financial

Instruments

.........

$—

$8,388,611

$—

$8,388,611

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

455,510

$

—

$

455,510

Futures

contracts

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

565,245

—

—

565,245

Total

Other

Financial

Instruments

.........

$565,245

$455,510

$—

$1,020,755

Franklin

Mutual

European

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

32,458,264

$

—

$

32,458,264

Auto

Components

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

—

19,627,621

—

19,627,621

Banks

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

—

73,649,475

—

73,649,475

9. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

41

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

European

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Beverages

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

$

—

$

27,895,635

$

—

$

27,895,635

Chemicals

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

—

26,529,151

—

26,529,151

Construction

Materials

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

—

15,095,235

—

15,095,235

Diversified

Telecommunication

Services

.....

—

55,583,554

—

55,583,554

Food

Products

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

—

18,207,301

—

18,207,301

Health

Care

Providers

&

Services

..........

—

18,586,966

—

18,586,966

Household

Durables

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

—

19,608,552

—

19,608,552

Household

Products

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

—

17,798,946

—

17,798,946

Industrial

Conglomerates

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

—

10,895,949

—

10,895,949

Insurance

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

5,862,609

72,551,095

—

78,413,704

IT

Services

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

—

19,627,552

—

19,627,552

Machinery

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

—

25,956,606

—

25,956,606

Multi-Utilities

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

—

21,025,530

—

21,025,530

Oil,

Gas

&

Consumable

Fuels

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

8,305,518

49,751,889

—

58,057,407

Pharmaceuticals

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

—

53,897,318

—

53,897,318

Software

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

16,032,390

14,129,407

—

30,161,797

Textiles,

Apparel

&

Luxury

Goods

..........

—

31,612,065

—

31,612,065

Tobacco

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

—

23,608,181

—

23,608,181

Trading

Companies

&

Distributors

..........

14,262,726

20,403,647

—

34,666,373

Warrants

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

373,580

—

—

373,580

Short

Term

Investments

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

—

9,099,023

—

9,099,023

Total

Investments

in

Securities

...........

$44,836,823

$677,598,962

c

$—

$722,435,785

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

10,517,515

$

—

$

10,517,515

Futures

contracts

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

715,210

—

—

715,210

Total

Other

Financial

Instruments

.........

$715,210

$10,517,515

$—

$11,232,725

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

309,561

$

—

$

309,561

Futures

contracts

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

2,533,401

—

—

2,533,401

Total

Other

Financial

Instruments

.........

$2,533,401

$309,561

$—

$2,842,962

Franklin

Mutual

Financial

Services

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Banks

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

$

69,216,001

$

69,025,535

$

—

$

138,241,536

Capital

Markets

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

2,180,177

20,619,396

—

22,799,573

Consumer

Finance

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

3,885,134

—

—

3,885,134

Diversified

Financial

Services

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

15,796,277

9,605,991

—

25,402,268

Equity

Real

Estate

Investment

Trusts

(REITs)

.

6,217,723

—

—

6,217,723

Household

Durables

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

12,471,721

—

—

12,471,721

Insurance

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

117,425,775

50,006,107

—

167,431,882

IT

Services

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

19,095,343

—

—

19,095,343

Media

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

3,024,692

—

—

3,024,692

Trading

Companies

&

Distributors

..........

3,967,343

—

—

3,967,343

Short

Term

Investments

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

125,000

5,531,296

—

5,656,296

Total

Investments

in

Securities

...........

$253,405,186

$154,788,325

d

$—

$408,193,511

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

4,035,422

$

—

$

4,035,422

Total

Other

Financial

Instruments

.........

$—

$4,035,422

$—

$4,035,422

9. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

42

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Financial

Services

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

245,997

$

—

$

245,997

Futures

contracts

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

153,341

—

—

153,341

Total

Other

Financial

Instruments

.........

$153,341

$245,997

$—

$399,338

Franklin

Mutual

Global

Discovery

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

307,210,104

$

—

$

307,210,104

Auto

Components

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

—

128,238,572

147,288

128,385,860

Automobiles

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

168,331,203

—

—

168,331,203

Banks

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

258,226,077

600,478,008

—

858,704,085

Beverages

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

—

118,876,418

—

118,876,418

Building

Products

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

168,502,966

—

—

168,502,966

Chemicals

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

—

316,168,213

—

316,168,213

Construction

Materials

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

—

135,847,306

—

135,847,306

Diversified

Financial

Services

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

212,768,061

—

—

212,768,061

Diversified

Telecommunication

Services

.....

—

268,937,408

—

268,937,408

Electrical

Equipment

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

—

153,740,816

—

153,740,816

Entertainment

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

311,997,156

—

—

311,997,156

Food

Products

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

164,827,652

149,520,749

—

314,348,401

Health

Care

Equipment

&

Supplies

.........

224,774,049

—

—

224,774,049

Health

Care

Providers

&

Services

..........

557,273,932

67,119,027

—

624,392,959

Household

Durables

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

145,677,705

—

—

145,677,705

Household

Products

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

—

159,317,353

—

159,317,353

Industrial

Conglomerates

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

156,201,480

—

—

156,201,480

Insurance

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

547,435,743

344,979,232

—

892,414,975

Internet

&

Direct

Marketing

Retail

..........

121,476,632

—

—

121,476,632

IT

Services

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

374,327,433

187,509,155

—

561,836,588

Machinery

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

—

127,406,535

—

127,406,535

Media

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

218,942,270

—

—

218,942,270

Multi-Utilities

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

—

163,495,826

—

163,495,826

Oil,

Gas

&

Consumable

Fuels

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

356,281,608

271,032,105

—

627,313,713

Pharmaceuticals

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

460,442,194

264,137,730

—

724,579,924

Semiconductors

&

Semiconductor

Equipment

.

49,052,432

179,644,882

—

228,697,314

Software

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

167,864,951

—

—

167,864,951

Technology

Hardware,

Storage

&

Peripherals

.

166,728,324

204,512,799

—

371,241,123

Tobacco

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

—

226,648,102

—

226,648,102

Trading

Companies

&

Distributors

..........

109,771,397

—

—

109,771,397

Preferred

Stocks

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

—

107,771,243

—

107,771,243

Warrants

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

112,034

—

—

112,034

Corporate

Bonds

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

—

36,634,343

—

36,634,343

Companies

in

Liquidation

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

—

—

—

a

—

Short

Term

Investments

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

—

129,883,773

—

129,883,773

Total

Investments

in

Securities

...........

$4,941,015,299

$4,649,109,699

e

$147,288

$9,590,272,286

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

48,633,397

$

—

$

48,633,397

Futures

contracts

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

263,583

—

—

263,583

Total

Other

Financial

Instruments

.........

$263,583

$48,633,397

$—

$48,896,980

9. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

43

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Global

Discovery

Fund

(continued)

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

3,597,380

$

—

$

3,597,380

Futures

contracts

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

6,689,012

—

—

6,689,012

Total

Other

Financial

Instruments

.........

$6,689,012

$3,597,380

$—

$10,286,392

Franklin

Mutual

Quest

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

33,802,288

$

27,012,989

$

—

$

60,815,277

Auto

Components

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

—

—

98,270

98,270

Automobiles

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

27,424,892

—

—

27,424,892

Banks

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

52,672,378

67,536,725

—

120,209,103

Beverages

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

—

44,613,662

—

44,613,662

Chemicals

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

—

51,090,999

—

51,090,999

Commercial

Services

&

Supplies

...........

16,372,690

—

—

16,372,690

Diversified

Financial

Services

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

75,180,588

17,576,503

—

92,757,091

Diversified

Telecommunication

Services

.....

—

63,977,141

199,239,501

263,216,642

Electric

Utilities

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

13,157,022

—

—

13,157,022

Electrical

Equipment

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

8,254,074

—

—

8,254,074

Electronic

Equipment,

Instruments

&

Components

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

18,843,350

—

—

18,843,350

Entertainment

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

101,602,947

—

—

101,602,947

Equity

Real

Estate

Investment

Trusts

(REITs)

.

31,805,177

—

—

31,805,177

Food

Products

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

—

48,174,613

—

48,174,613

Health

Care

Equipment

&

Supplies

.........

61,494,925

—

—

61,494,925

Health

Care

Providers

&

Services

..........

29,955,797

—

—

29,955,797

Household

Durables

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

27,283,550

—

—

27,283,550

Household

Products

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

—

38,271,308

—

38,271,308

Insurance

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

266,809,733

196,146,927

—

462,956,660

IT

Services

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

168,292,702

—

—

168,292,702

Media

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

116,787,341

—

22

116,787,363

Oil,

Gas

&

Consumable

Fuels

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

29,257,237

62,197,233

—

91,454,470

Pharmaceuticals

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

253,350,761

65,927,192

—

319,277,953

Professional

Services

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

8,482,001

—

—

8,482,001

Semiconductors

&

Semiconductor

Equipment

.

20,191,706

15,336,293

—

35,527,999

Software

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

81,622,072

—

—

81,622,072

Specialty

Retail

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

—

36,008,112

—

a

36,008,112

Technology

Hardware,

Storage

&

Peripherals

.

38,377,861

—

—

38,377,861

Tobacco

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

12,975,922

109,637,930

—

122,613,852

Wireless

Telecommunication

Services

.......

39,333,471

—

—

39,333,471

Preferred

Stocks

:

Automobiles

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

—

14,269,892

—

14,269,892

Oil,

Gas

&

Consumable

Fuels

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

4,943,220

—

—

4,943,220

Rights

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

—

—

—

a

—

Warrants

:

Diversified

Telecommunication

Services

.....

—

—

1,491,789

1,491,789

Media

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

—

424,662

130,086

554,748

Software

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

94,361

—

—

94,361

9. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

44

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Quest

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Warrants:

Wireless

Telecommunication

Services

.......

$

1,460,892

$

—

$

—

$

1,460,892

Private

Limited

Partnership

Funds

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

515,120

—

—

515,120

Corporate

Bonds

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

—

431,564,732

—

431,564,732

Senior

Floating

Rate

Interests

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

—

80,723,867

—

80,723,867

Asset-Backed

Securities

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

—

2,381,183

—

2,381,183

Companies

in

Liquidation

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

—

—

—

a

—

Short

Term

Investments

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

—

126,164,586

—

126,164,586

Total

Investments

in

Securities

...........

$1,540,344,078

$1,499,036,549

f

$200,959,668

$3,240,340,295

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

17,689,408

$

—

$

17,689,408

Total

Other

Financial

Instruments

.........

$—

$17,689,408

$—

$17,689,408

Liabilities:

Other

Financial

Instruments:

Options

written

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

$

1,400,445

$

—

$

—

$

1,400,445

Securities

Sold

Short

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

46,274,188

—

—

46,274,188

Forward

exchange

contracts

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

—

2,985,322

—

2,985,322

Futures

contracts

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

763,207

—

—

763,207

Total

Other

Financial

Instruments

.........

$48,437,840

$2,985,322

$—

$51,423,162

Franklin

Mutual

Shares

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

82,217,279

$

—

$

82,217,279

Auto

Components

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

—

—

278,996

278,996

Automobiles

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

139,151,855

—

—

139,151,855

Banks

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

295,876,624

209,690,693

—

505,567,317

Building

Products

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

132,134,566

—

—

132,134,566

Chemicals

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

151,043,211

—

—

151,043,211

Commercial

Services

&

Supplies

...........

87,612,037

—

—

87,612,037

Containers

&

Packaging

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

136,192,803

—

—

136,192,803

Diversified

Financial

Services

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

183,054,541

—

—

183,054,541

Diversified

Telecommunication

Services

.....

—

—

34,607,802

34,607,802

Electric

Utilities

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

94,174,151

—

—

94,174,151

Electrical

Equipment

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

105,900,617

—

—

105,900,617

Electronic

Equipment,

Instruments

&

Components

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

118,617,641

—

—

118,617,641

Entertainment

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

244,840,826

—

—

244,840,826

Equity

Real

Estate

Investment

Trusts

(REITs)

.

201,516,456

—

—

201,516,456

Food

Products

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

334,093,349

—

—

334,093,349

Health

Care

Equipment

&

Supplies

.........

180,227,957

—

—

180,227,957

Health

Care

Providers

&

Services

..........

555,860,723

—

—

555,860,723

Household

Durables

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

181,846,109

—

—

181,846,109

Industrial

Conglomerates

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

155,917,190

—

—

155,917,190

Insurance

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

574,342,956

—

—

574,342,956

Internet

&

Direct

Marketing

Retail

..........

93,687,724

—

—

93,687,724

IT

Services

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

585,007,397

—

—

585,007,397

Media

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

343,552,631

—

—

343,552,631

Oil,

Gas

&

Consumable

Fuels

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

172,324,003

235,221,219

—

407,545,222

Pharmaceuticals

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

607,684,440

101,995,256

—

709,679,696

Professional

Services

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

163,089,434

—

—

163,089,434

Software

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

274,903,073

—

—

274,903,073

9. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

45

Quarterly

Schedules

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

three

months

ended

March

31,

2022,

is

as

follows: 

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Shares

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

Common

Stocks:

Specialty

Retail

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

$

126,197,197

$

—

$

—

a

$

126,197,197

Technology

Hardware,

Storage

&

Peripherals

.

147,708,452

74,363,633

—

222,072,085

Textiles,

Apparel

&

Luxury

Goods

..........

160,942,493

—

—

160,942,493

Tobacco

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

125,560,669

128,825,186

—

254,385,855

Wireless

Telecommunication

Services

.......

197,981,030

—

—

197,981,030

Warrants

:

Diversified

Telecommunication

Services

.....

—

—

1,951,523

1,951,523

Software

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

77,238

—

—

77,238

Corporate

Bonds

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

—

201,948,721

—

201,948,721

Senior

Floating

Rate

Interests

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

—

103,850,044

—

103,850,044

Asset-Backed

Securities

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

—

5,935,041

—

5,935,041

Companies

in

Liquidation

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

—

—

—

a

—

Short

Term

Investments

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

—

125,291,673

—

125,291,673

Total

Investments

in

Securities

...........

$6,871,119,393

$1,269,338,745

g

$36,838,321

$8,177,296,459

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

9,589,014

$

—

$

9,589,014

Futures

contracts

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

85,962

—

—

85,962

Total

Other

Financial

Instruments

.........

$85,962

$9,589,014

$—

$9,674,976

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

694,392

$

—

$

694,392

Futures

contracts

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

103,697

—

—

103,697

Total

Other

Financial

Instruments

.........

$103,697

$694,392

$—

$798,089

a

Includes

securities

determined

to

have

no

value

at

March

31,

2022.

b

Includes

foreign

securities

valued

at

$1,410,133,428,

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

$668,499,939,

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

$149,035,474,

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

$4,482,591,583,

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

$857,777,519,

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

$832,313,266,

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.

9. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

46

Quarterly

Schedules

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

March

31,

2022,

are

as

follows:

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

....

$

96,476

$

—

$

—

$

—

$

—

$

—

$

—

$

1,794

$

98,270

$

1,794

Diversified

Telecommunication

Services

..........

196,785,292

—

—

—

—

—

—

2,454,209

199,239,501

2,454,209

Media

...........

—

204

—

—

—

—

—

(182)

22

(182)

Specialty

Retail

.....

—

c

—

(403,772)

—

—

—

403,772

—

—

c

—

Rights

:

Diversified

Telecommunication

Services

..........

—

—

c

—

—

—

—

—

—

—

c

—

Warrants

:

Diversified

Telecommunication

Services

..........

1,611,396

—

—

—

—

—

—

(119,607)

1,491,789

(119,607)

Media

...........

183,988

—

(136)

—

—

—

—

(53,766)

130,086

(53,898)

Companies

in

Liquidation

—

c

—

(85,814)

—

—

—

85,814

—

—

c

—

Total

Investments

in

Securities

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

$198,677,152

$204

$(489,722)

$—

$—

$—

$489,586

$2,282,448

$200,959,668

$2,282,316

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.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Mutual

Quest

Fund

Assets:

Investments

in

Securities:

Common

Stocks:

Diversified

Telecommunication

Services

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

$26,455,038

Market

comparables

Discount

for

lack

of

marketability

10.0%

Decrease

b

EV/EBITDA

multiple

3.8x

Increase

c

All

Other

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

174,504,630

d,e

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

$200,959,668

a

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.

b

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

c

Represents

a

significant

impact

to

fair

value

and

net

assets.

9. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Schedules

of

Investments

(unaudited)

47

Quarterly

Schedules

of

Investments

10.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Schedules 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. 

d

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.

e

Includes

securities

determined

to

have

no

value

at

March

31,

2022.

Abbreviations

List

EBITDA

-

Earnings

before

interest,

taxes,

depreciation

and

amortization

EV

-

Enterprise

value

Counterparty

BOFA

Bank

of

America

N.A.

HSBK

HSBC

Bank

plc

SSBT

State

Street

Bank

and

Trust

Co.

UBSW

UBS

AG

Cu

r

rency

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

SOFR

Secured

Overnight

Financing

Rate

Index

EAFE

Europe,

Australasia

and

the

Far

East

MSCI

Morgan

Stanley

Capital

International

9. Fair

Value

Measurements 

(continued)