Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited),

September

30,

2020

Franklin

Mutual

Beacon

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

1

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

88.4%

Aerospace

&

Defense

2.6%

BAE

Systems

plc

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

United

Kingdom

11,914,274

$

73,996,630

Auto

Components

0.0%

†

a,b,c

International

Automotive

Components

Group

Brazil

LLC

........

Belgium

2,846,329

42,672

b

Banks

8.4%

b

ING

Groep

NV

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

Netherlands

11,244,238

80,231,535

JPMorgan

Chase

&

Co.

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

United

States

874,030

84,142,868

Wells

Fargo

&

Co.

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

United

States

3,159,950

74,290,424

238,664,827

Beverages

3.2%

Heineken

NV

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

Netherlands

1,033,725

92,009,606

Biotechnology

0.5%

b

Immunomedics

,

Inc.

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

United

States

177,100

15,058,813

b

Chemicals

2.5%

BASF

SE

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

Germany

1,181,247

71,917,965

Communications

Equipment

2.7%

Cisco

Systems,

Inc.

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

United

States

1,972,342

77,690,551

Diversified

Telecommunication

Services

2.9%

Deutsche

Telekom

AG

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

Germany

4,939,779

82,230,012

Electrical

Equipment

4.3%

b

Sensata

Technologies

Holding

plc

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

United

States

2,864,727

123,584,323

b

Entertainment

3.1%

Walt

Disney

Co.

(The)

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

United

States

708,300

87,885,864

Equity

Real

Estate

Investment

Trusts

(REITs)

3.1%

Brixmor

Property

Group,

Inc.

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

United

States

7,426,876

86,820,180

Food

Products

2.6%

Kraft

Heinz

Co.

(The)

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

United

States

2,504,837

75,019,868

Health

Care

Equipment

&

Supplies

3.7%

Medtronic

plc

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

United

States

1,025,167

106,535,355

Health

Care

Providers

&

Services

2.9%

Anthem,

Inc.

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

United

States

306,138

82,225,605

Insurance

2.1%

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

1,624,115

59,864,879

Interactive

Media

&

Services

2.3%

b

Baidu,

Inc.,

ADR

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

China

504,347

63,845,287

b

IT

Services

3.2%

Cognizant

Technology

Solutions

Corp.,

A

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

United

States

1,304,530

90,560,473

Media

4.5%

b

Charter

Communications,

Inc.,

A

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

United

States

204,287

127,544,546

b

Pharmaceuticals

13.7%

b

Elanco

Animal

Health,

Inc.

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

United

States

854,316

23,861,046

Eli

Lilly

and

Co.

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

United

States

455,381

67,405,496

GlaxoSmithKline

plc

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

United

Kingdom

5,903,395

110,678,216

Merck

&

Co.,

Inc.

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

United

States

1,198,529

99,417,980

Novartis

AG,

ADR

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

Switzerland

1,026,980

89,306,181

390,668,919

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

7.5%

b

Check

Point

Software

Technologies

Ltd.

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

Israel

703,873

$

84,704,077

Oracle

Corp.

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

United

States

2,167,000

129,369,900

214,073,977

Specialty

Retail

1.5%

Tiffany

&

Co.

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

United

States

359,200

41,613,320

Technology

Hardware,

Storage

&

Peripherals

2.6%

Western

Digital

Corp.

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

United

States

2,011,167

73,508,154

Textiles,

Apparel

&

Luxury

Goods

5.1%

Cie

Financiere

Richemont

SA

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

Switzerland

1,310,061

87,937,387

Tapestry,

Inc.

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

United

States

3,639,379

56,883,494

144,820,881

Tobacco

3.4%

British

American

Tobacco

plc

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

United

Kingdom

2,661,865

95,488,305

Total

Common

Stocks

(Cost

$2,224,075,737)

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

2,515,671,012

Preferred

Stocks

5.7%

Automobiles

2.0%

b

Porsche

Automobil

Holding

SE

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

Germany

983,818

58,516,819

b

Technology

Hardware,

Storage

&

Peripherals

3.7%

d

Samsung

Electronics

Co.

Ltd.,

2.11%

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

South

Korea

2,418,806

104,439,164

Total

Preferred

Stocks

(Cost

$85,451,375)

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

162,955,983

Principal

Amount

*

Corporate

Bonds

1.7%

Diversified

Telecommunication

Services

0.6%

e

Frontier

Communications

Corp.

,

Senior

Note,

10.5%,

9/15/22

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

United

States

16,691,000

7,027,161

Senior

Note,

11%,

9/15/25

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

United

States

23,907,000

10,100,708

17,127,869

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Occidental

Petroleum

Corp.

,

Senior

Note

,

4.85

%

,

3/15/21

.......

United

States

1,177,000

1,170,379

Software

1.1%

f

Veritas

US,

Inc.

/

Veritas

Bermuda

Ltd.

,

Senior

Note,

144A,

10.5%,

2/01/24

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

United

States

22,708,000

21,437,374

Senior

Secured

Note,

144A,

7.5%,

2/01/23

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

United

States

2,766,000

2,769,748

Senior

Secured

Note,

144A,

7.5%,

9/01/25

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

United

States

6,691,000

6,908,457

31,115,579

Total

Corporate

Bonds

(Cost

$68,872,962)

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

49,413,827

g

Senior

Floating

Rate

Interests

0.4%

Software

0.4%

Veritas

US,

Inc.,

Term

Loan,

6.5%,

(3-month

USD

LIBOR

+

5.5%),

1/01/28

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

United

States

10,407,000

10,188,453

Total

Senior

Floating

Rate

Interests

(Cost

$10,202,068)

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

10,188,453

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Companies

in

Liquidation

0.0%

†

a,b,h

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

501,447

$

—

a,b,h

Vistra

Energy

Corp.,

Litigation

Trust,

Contingent

Distribution

.....

United

States

46,282,735

12,728

a,b,h

Walter

Energy

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

5,229,000

—

Total

Companies

in

Liquidation

(Cost

$1,456,075)

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

12,728

Total

Long

Term

Investments

(Cost

$2,390,058,217)

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

2,738,242,003

a

Short

Term

Investments

4.0%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.8%

i

U.S.

Treasury

Bills

,

10/20/20

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

United

States

10,000,000

9,999,611

11/12/20

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

United

States

10,000,000

9,998,979

11/27/20

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

United

States

8,000,000

7,998,860

1/05/21

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

United

States

5,000,000

4,998,867

j

1/14/21

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

United

States

10,000,000

9,997,156

j

1/21/21

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

United

States

10,000,000

9,997,044

52,990,517

Total

U.S.

Government

and

Agency

Securities

(Cost

$52,986,840)

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

52,990,517

a

a

a

k

Repurchase

Agreements

2.2%

Credit

Suisse

Securities

(USA)

LLC,

0.06%,

10/01/20

(Maturity

Value

$61,400,102)

Collateralized

by

U.S.

Treasury

Strips,

2/15/21

-

2/15/49

(valued

at

$62,628,000)

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

61,400,000

61,400,000

Total

Repurchase

Agreements

(Cost

$61,400,000)

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

61,400,000

Total

Short

Term

Investments

(Cost

$114,386,840

)

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

114,390,517

a

Total

Investments

(Cost

$2,504,445,057)

100.2%

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

$2,852,632,520

Other

Assets,

less

Liabilities

(0.2)%

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

(6,533,148)

Net

Assets

100.0%

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

$2,846,099,372

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

6

regarding

restricted

securities.

d

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2020,

the

aggregate

value

of

these

securities

was

$31,115,579,

representing

1.1%

of

net

assets.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

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.

i

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

j

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short,

open

forward

exchange

contracts

and/or

open

written

options

contracts.

At

Septem-

ber

30,

2020,

the

aggregate

value

of

these

securities

pledged

amounted

to

$13,771,000,

representing

0.5%

of

net

assets.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

k

At

September

30,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

At

September

30,

2020,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2020,

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)

Currency

contracts

Foreign

Exchange

EUR/USD

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

Short

221

$

32,419,319

12/14/20

$

390,415

Foreign

Exchange

GBP/USD

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

Short

801

64,600,650

12/14/20

1,358,203

Total

Futures

Contracts

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

$1,748,618

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

BNY

Sell

11,343,111

12,405,920

10/07/20

$

—

$

(892,080)

Euro

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

BOFA

Buy

5,106,111

6,038,001

10/07/20

—

(51,894)

Euro

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

BOFA

Sell

818,509

897,045

10/07/20

—

(62,527)

Euro

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

HSBK

Buy

3,747,310

4,395,407

10/07/20

3,143

(5,422)

Euro

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

HSBK

Sell

14,408,075

15,979,463

10/07/20

—

(911,722)

Euro

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

SSBT

Buy

5,974,793

7,045,873

10/07/20

8,681

(50,056)

Euro

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

SSBT

Sell

8,412,385

9,229,779

10/07/20

—

(632,412)

Euro

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

UBSW

Buy

4,927,398

5,768,351

10/07/20

26,014

(17,771)

Euro

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

UBSW

Sell

17,123,105

18,910,150

10/07/20

—

(1,163,980)

South

Korean

Won

..

HSBK

Sell

41,377,120,829

34,100,244

11/12/20

—

(1,386,307)

South

Korean

Won

..

UBSW

Sell

13,434,502,043

11,007,376

11/12/20

—

(514,550)

British

Pound

......

BNY

Buy

4,785,542

6,199,584

11/23/20

—

(22,486)

British

Pound

......

BOFA

Buy

8,832,900

11,403,881

11/23/20

26,662

(29,183)

British

Pound

......

HSBK

Buy

220,572

296,356

11/23/20

—

(11,645)

British

Pound

......

SSBT

Sell

15,347,913

18,814,086

11/23/20

—

(996,744)

British

Pound

......

UBSW

Buy

4,837,552

6,266,022

11/23/20

—

(21,792)

British

Pound

......

UBSW

Sell

3,328,652

4,246,098

11/23/20

—

(50,471)

Euro

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

BOFA

Sell

9,187,053

10,267,000

11/23/20

—

(514,757)

Euro

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

HSBK

Sell

9,344,827

10,489,971

11/23/20

—

(476,945)

Euro

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

SSBT

Sell

7,034,732

7,869,065

11/23/20

—

(386,767)

Euro

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

UBSW

Sell

43,623,588

48,174,048

11/23/20

—

(3,021,793)

South

Korean

Won

..

HSBK

Buy

2,576,028,390

2,173,864

12/18/20

35,756

—

South

Korean

Won

..

HSBK

Sell

25,627,979,128

21,521,183

12/18/20

—

(461,523)

South

Korean

Won

..

UBSW

Sell

41,395,656,220

34,708,033

12/18/20

—

(799,588)

Euro

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

BOFA

Sell

6,376,586

7,618,490

1/15/21

123,919

—

Euro

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

HSBK

Sell

6,204,427

7,278,248

1/15/21

32,869

(46,850)

Euro

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

SSBT

Sell

19,143,808

21,838,033

1/15/21

—

(662,194)

Euro

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

UBSW

Sell

30,384,934

34,961,492

1/15/21

—

(750,731)

British

Pound

......

BNY

Buy

9,200,261

11,778,727

1/19/21

103,091

—

British

Pound

......

HSBK

Buy

1,830,265

2,364,565

1/19/21

—

(841)

British

Pound

......

SSBT

Sell

19,735,834

24,721,343

1/19/21

—

(766,802)

British

Pound

......

HSBK

Sell

28,858,843

37,661,800

2/16/21

387,342

—

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Beacon

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

See

Abbreviations

on

page

56

.

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)

Total

Forward

Exchange

Contracts

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

$747,477

$(14,709,833)

Net

unrealized

appreciation

(depreciation)

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

$(13,962,356)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited),

September

30,

2020

Franklin

Mutual

European

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

87.2%

Aerospace

&

Defense

2.1%

BAE

Systems

plc

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

United

Kingdom

2,848,431

$

17,690,905

Auto

Components

3.5%

Cie

Generale

des

Etablissements

Michelin

SCA

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

France

269,830

28,959,421

Banks

6.7%

a

BNP

Paribas

SA

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

France

326,895

11,822,759

CaixaBank

SA

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

Spain

5,720,550

12,141,493

a

ING

Groep

NV

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

Netherlands

1,903,656

13,583,245

a

UniCredit

SpA

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

Italy

2,221,742

18,352,619

55,900,116

Beverages

3.7%

Anheuser-Busch

InBev

SA/NV

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

Belgium

368,823

19,853,363

Heineken

NV

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

Netherlands

119,627

10,647,738

30,501,101

Chemicals

6.3%

BASF

SE

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

Germany

429,824

26,169,012

b

Covestro

AG,

144A,

Reg

S

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

Germany

522,678

25,914,103

52,083,115

Commercial

Services

&

Supplies

2.1%

a

G4S

plc

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

United

Kingdom

6,685,539

17,244,118

a

Construction

Materials

6.2%

HeidelbergCement

AG

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

Germany

367,496

22,451,382

a

LafargeHolcim

Ltd.

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

Switzerland

637,567

29,013,896

51,465,278

Diversified

Telecommunication

Services

4.7%

Deutsche

Telekom

AG

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

Germany

931,013

15,498,104

Hellenic

Telecommunications

Organization

SA

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

Greece

1,651,107

23,774,564

39,272,668

Electric

Utilities

0.2%

a

Siemens

Energy

AG

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

Germany

64,972

1,751,684

a

Energy

Equipment

&

Services

0.8%

Tenaris

SA,

ADR

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

United

States

635,416

6,258,848

Health

Care

Providers

&

Services

2.4%

Fresenius

SE

&

Co.

KGaA

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

Germany

439,848

19,997,527

Hotels,

Restaurants

&

Leisure

2.5%

a

Accor

SA

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

France

740,080

20,710,454

a

Household

Durables

3.1%

Berkeley

Group

Holdings

plc

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

United

Kingdom

27,829

1,517,094

Husqvarna

AB,

B

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

Sweden

1,917,754

21,083,483

Persimmon

plc

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

United

Kingdom

57,576

1,834,927

Taylor

Wimpey

plc

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

United

Kingdom

899,076

1,257,218

25,692,722

Household

Products

2.6%

Reckitt

Benckiser

Group

plc

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

United

Kingdom

223,920

21,834,240

Industrial

Conglomerates

2.0%

Siemens

AG

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

Germany

129,944

16,407,012

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Insurance

8.0%

ASR

Nederland

NV

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

Netherlands

702,442

$

23,620,406

Direct

Line

Insurance

Group

plc

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

United

Kingdom

4,870,911

16,988,984

NN

Group

NV

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

Netherlands

682,412

25,573,908

66,183,298

Machinery

3.3%

a

CNH

Industrial

NV

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

United

Kingdom

1,176,129

9,094,652

a

Vossloh

AG

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

Germany

469,788

18,567,154

27,661,806

Oil,

Gas

&

Consumable

Fuels

5.5%

BP

plc

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

United

Kingdom

5,150,759

14,896,476

a

Cairn

Energy

plc

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

United

Kingdom

10,662,901

19,789,137

Royal

Dutch

Shell

plc,

A

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

Netherlands

890,580

11,117,843

45,803,456

Pharmaceuticals

6.8%

GlaxoSmithKline

plc

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

United

Kingdom

1,416,240

26,551,995

Novartis

AG

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

Switzerland

340,480

29,553,923

56,105,918

Road

&

Rail

0.0%

a,c,d,e

Euro

Wagon

LP

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

Jersey

16,127,149

—

a

Software

2.6%

b

Avast

plc,

144A,

Reg

S

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

United

Kingdom

3,116,968

21,162,244

Textiles,

Apparel

&

Luxury

Goods

2.2%

Cie

Financiere

Richemont

SA

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

Switzerland

267,925

17,984,372

Tobacco

2.7%

British

American

Tobacco

plc

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

United

Kingdom

622,963

22,347,370

Trading

Companies

&

Distributors

5.5%

a

Kloeckner

&

Co.

SE

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

Germany

2,604,887

16,600,986

a

Rexel

SA

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

France

2,281,144

28,594,964

45,195,950

Wireless

Telecommunication

Services

1.7%

Vodafone

Group

plc

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

United

Kingdom

10,813,562

14,333,183

Total

Common

Stocks

(Cost

$835,148,606)

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

722,546,806

Preferred

Stocks

3.2%

Automobiles

3.2%

f

Volkswagen

AG,

3.54%

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

Germany

165,211

26,578,638

Total

Preferred

Stocks

(Cost

$21,452,279)

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

26,578,638

Total

Long

Term

Investments

(Cost

$856,600,885)

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

749,125,444

a

Short

Term

Investments

9.1%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

2.8%

g

U.S.

Treasury

Bills

,

h

10/20/20

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

United

States

3,000,000

2,999,883

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

9

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

(continued)

g

U.S.

Treasury

Bills,

(continued)

h

11/19/20

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

United

States

3,000,000

$

2,999,673

h

11/27/20

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

United

States

2,000,000

1,999,715

h

12/10/20

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

United

States

2,500,000

2,499,563

1/05/21

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

United

States

5,000,000

4,998,867

h

1/14/21

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

United

States

3,000,000

2,999,147

h

1/21/21

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

United

States

2,500,000

2,499,261

h

1/28/21

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

United

States

2,500,000

2,499,225

23,495,334

Total

U.S.

Government

and

Agency

Securities

(Cost

$23,493,752)

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

23,495,334

a

a

a

i

Repurchase

Agreements

6.3%

Credit

Suisse

Securities

(USA)

LLC,

0.06%,

10/01/20

(Maturity

Value

$52,300,087)

Collateralized

by

U.S.

Treasury

Strips,

5/15/21

-

2/15/49

(valued

at

$53,346,000)

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

52,300,000

52,300,000

Total

Repurchase

Agreements

(Cost

$52,300,000)

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

52,300,000

Total

Short

Term

Investments

(Cost

$75,793,752

)

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

75,795,334

a

Total

Investments

(Cost

$932,394,637)

99.5%

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

$824,920,778

Other

Assets,

less

Liabilities

0.5%

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

4,105,243

Net

Assets

100.0%

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

$829,026,021

*

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

September

30,

2020,

the

aggregate

value

of

these

securities

was

$47,076,347,

representing

5.7%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

d

See

Note

6

regarding

restricted

securities.

e

See

Note

7

regarding

holdings

of

5%

voting

securities.

f

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

g

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

h

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short,

open

forward

exchange

contracts

and/or

open

written

options

contracts.

At

Septem-

ber

30,

2020,

the

aggregate

value

of

these

securities

pledged

amounted

to

$10,426,000,

representing

1.3%

of

net

assets.

i

At

September

30,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

At

September

30,

2020,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2020,

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)

Currency

contracts

Foreign

Exchange

EUR/USD

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

Short

1,104

$

161,949,900

12/14/20

$

1,951,193

Foreign

Exchange

GBP/USD

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

Short

1,483

119,603,950

12/14/20

2,152,388

Total

Futures

Contracts

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

$4,103,581

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

BNY

Buy

6,604,060

7,803,960

10/07/20

$

—

$

(61,746)

Euro

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

BNY

Sell

11,000,949

12,154,802

10/07/20

—

(742,068)

Euro

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

BOFA

Buy

7,128,940

8,474,346

10/07/20

—

(116,794)

Euro

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

BOFA

Sell

5,290,117

5,785,478

10/07/20

—

(416,345)

Euro

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

HSBK

Buy

8,651,087

10,181,739

10/07/20

5,612

(45,322)

Euro

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

HSBK

Sell

15,653,237

17,291,187

10/07/20

—

(1,059,753)

Euro

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

SSBT

Buy

7,677,267

9,025,964

10/07/20

14,823

(40,408)

Euro

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

SSBT

Sell

3,940,160

4,415,042

10/07/20

—

(204,172)

Euro

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

UBSW

Buy

4,881,135

5,724,993

10/07/20

15,655

(18,289)

Euro

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

UBSW

Sell

14,819,291

16,368,976

10/07/20

—

(1,004,296)

Swiss

Franc

.......

SSBT

Sell

20,416,881

22,500,866

10/19/20

327,776

—

Swiss

Franc

.......

UBSW

Sell

20,416,881

22,508,606

10/19/20

335,515

—

Swedish

Krona

.....

HSBK

Buy

5,987,709

681,134

10/26/20

—

(12,596)

Swedish

Krona

.....

HSBK

Sell

182,881,338

20,875,124

10/26/20

456,107

—

British

Pound

......

BNY

Buy

1,231,786

1,590,852

11/23/20

3,462

(4,346)

British

Pound

......

HSBK

Buy

3,047,213

3,978,920

11/23/20

16,169

(61,798)

British

Pound

......

SSBT

Sell

712,059

872,870

11/23/20

—

(46,243)

British

Pound

......

UBSW

Buy

1,971,016

2,552,863

11/23/20

8,362

(17,071)

British

Pound

......

UBSW

Sell

6,291,861

7,889,295

11/23/20

—

(232,134)

Euro

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

BOFA

Sell

648,542

727,282

11/23/20

—

(33,836)

Euro

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

HSBK

Sell

13,271,941

14,948,360

11/23/20

—

(627,348)

Euro

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

SSBT

Sell

4,865,463

5,485,614

11/23/20

—

(224,404)

Euro

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

UBSW

Sell

35,227,985

38,844,629

11/23/20

—

(2,498,287)

Euro

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

HSBK

Sell

8,095,563

9,327,310

1/15/21

—

(187,622)

Euro

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

SSBT

Sell

53,697,504

61,260,858

1/15/21

—

(1,851,249)

Euro

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

UBSW

Sell

55,679,368

63,556,609

1/15/21

—

(1,884,833)

British

Pound

......

SSBT

Sell

13,886,988

17,395,007

1/19/21

—

(539,555)

British

Pound

......

HSBK

Sell

33,113,013

43,213,641

2/16/21

444,442

—

Total

Forward

Exchange

Contracts

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

$1,627,923

$(11,930,515)

Net

unrealized

appreciation

(depreciation)

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

$(10,302,592)

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

European

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

11

See

Abbreviations

on

page

56

.

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited),

September

30,

2020

Franklin

Mutual

Financial

Services

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

12

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

96.0%

Banks

38.2%

a

AB&T

Financial

Corp.

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

United

States

226,100

$

85,918

b

AIB

Group

plc

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

Ireland

2,267,537

2,325,689

Bank

of

America

Corp.

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

United

States

110,800

2,669,172

b

Barclays

plc

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

United

Kingdom

6,315,844

7,968,123

c

BAWAG

Group

AG,

144A,

Reg

S

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

Austria

220,031

7,953,439

b

BNP

Paribas

SA

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

France

214,939

7,773,664

CaixaBank

SA

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

Spain

3,048,869

6,471,025

Citigroup,

Inc.

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

United

States

39,510

1,703,276

Citizens

Financial

Group,

Inc.

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

United

States

360,900

9,123,552

b

Credito

Valtellinese

SpA

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

Italy

1,587,663

15,153,150

First

Horizon

National

Corp.

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

United

States

553,729

5,221,664

b

ING

Groep

NV

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

Netherlands

774,367

5,525,377

JPMorgan

Chase

&

Co.

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

United

States

40,780

3,925,891

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

12,900

1,417,839

Shinsei

Bank

Ltd.

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

Japan

271,911

3,356,407

Southern

National

Bancorp

of

Virginia,

Inc.

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

United

States

649,760

5,639,917

b

Standard

Chartered

plc

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

United

Kingdom

1,298,159

5,973,831

Synovus

Financial

Corp.

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

United

States

270,611

5,728,835

b

UniCredit

SpA

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

Italy

663,877

5,483,932

Wells

Fargo

&

Co.

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

United

States

231,570

5,444,211

108,944,912

Capital

Markets

6.5%

Credit

Suisse

Group

AG

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

Switzerland

683,381

6,820,138

b

Deutsche

Bank

AG

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

Germany

1,172,467

9,881,098

c

Guotai

Junan

Securities

Co.

Ltd.,

H,

144A,

Reg

S

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

China

1,396,063

1,948,641

18,649,877

Consumer

Finance

3.2%

Capital

One

Financial

Corp.

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

United

States

117,010

8,408,339

Sun

Hung

Kai

&

Co.

Ltd.

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

Hong

Kong

1,506,704

589,929

8,998,268

Diversified

Financial

Services

6.6%

M&G

plc

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

United

Kingdom

2,499,279

5,137,291

Voya

Financial,

Inc.

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

United

States

288,250

13,815,822

18,953,113

Household

Durables

2.1%

b

Cairn

Homes

plc

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

Ireland

6,659,782

6,069,715

b

Insurance

36.8%

Alleghany

Corp.

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

United

States

21,947

11,422,316

ASR

Nederland

NV

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

Netherlands

365,074

12,276,026

b

BRP

Group,

Inc.,

A

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

United

States

220,461

5,491,683

China

Pacific

Insurance

Group

Co.

Ltd.,

H

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

China

1,238,600

3,537,476

Direct

Line

Insurance

Group

plc

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

United

Kingdom

2,460,898

8,583,232

Everest

Re

Group

Ltd.

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

United

States

56,100

11,081,994

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

333,672

12,299,150

International

General

Insurance

Holdings

Ltd.

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

Jordan

1,062,755

7,598,698

MetLife,

Inc.

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

United

States

155,970

5,797,405

NN

Group

NV

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

Netherlands

324,473

12,159,872

RSA

Insurance

Group

plc

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

United

Kingdom

1,581,336

9,233,536

T&D

Holdings,

Inc.

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

Japan

563,469

5,553,283

105,034,671

Real

Estate

Management

&

Development

1.7%

b

Dolphin

Capital

Investors

Ltd.

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

United

Kingdom

3,979,650

167,032

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Financial

Services

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Real

Estate

Management

&

Development

(continued)

Kenedix,

Inc.

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

Japan

874,000

$

4,600,799

4,767,831

Thrifts

&

Mortgage

Finance

0.9%

Indiabulls

Housing

Finance

Ltd.

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

India

1,200,419

2,589,111

Total

Common

Stocks

(Cost

$348,336,300)

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

274,007,498

Short

Term

Investments

4.2%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

2.1%

d

U.S.

Treasury

Bills

,

e

10/20/20

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

United

States

2,000,000

1,999,922

e

11/27/20

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

United

States

1,000,000

999,858

1/14/21

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

United

States

1,500,000

1,499,573

e

1/28/21

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

United

States

1,000,000

999,690

e

2/04/21

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

United

States

400,000

399,867

5,898,910

Total

U.S.

Government

and

Agency

Securities

(Cost

$5,898,625)

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

5,898,910

a

a

a

f

Repurchase

Agreements

2.1%

Credit

Suisse

Securities

(USA)

LLC,

0.06%,

10/01/20

(Maturity

Value

$6,000,010)

Collateralized

by

U.S.

Treasury

Strips,

11/15/23

-

11/15/40

(valued

at

$6,120,000)

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

6,000,000

6,000,000

Total

Repurchase

Agreements

(Cost

$6,000,000)

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

6,000,000

Total

Short

Term

Investments

(Cost

$11,898,625

)

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

11,898,910

a

Total

Investments

(Cost

$360,234,925)

100.2%

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

$285,906,408

Other

Assets,

less

Liabilities

(0.2)%

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

(510,058)

Net

Assets

100.0%

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

$285,396,350

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

See

Note

7

regarding

holdings

of

5%

voting

securities.

b

Non-income

producing.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2020,

the

aggregate

value

of

these

securities

was

$9,902,080,

representing

3.5%

of

net

assets.

d

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

e

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short,

open

forward

exchange

contracts

and/or

open

written

options

contracts.

At

Septem-

ber

30,

2020,

the

aggregate

value

of

these

securities

pledged

amounted

to

$1,916,000,

representing

0.7%

of

net

assets.

f

At

September

30,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Financial

Services

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

14

At

September

30,

2020,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2020,

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)

Currency

contracts

Foreign

Exchange

EUR/USD

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

Short

62

$

9,095,012

12/14/20

$

109,567

Foreign

Exchange

GBP/USD

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

Short

112

9,032,800

12/14/20

134,229

Total

Futures

Contracts

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

$243,796

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

BNY

Buy

2,122,817

2,498,852

10/07/20

$

—

$

(10,185)

Euro

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

BNY

Sell

2,265,984

2,503,814

10/07/20

—

(152,692)

Euro

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

BOFA

Buy

133,023

157,610

10/07/20

—

(1,661)

Euro

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

BOFA

Sell

718,173

784,067

10/07/20

—

(57,876)

Euro

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

HSBK

Buy

1,105,437

1,306,013

10/07/20

—

(10,063)

Euro

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

HSBK

Sell

3,750,325

4,174,018

10/07/20

—

(222,643)

Euro

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

SSBT

Buy

1,621,710

1,902,498

10/07/20

3,834

(5,134)

Euro

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

SSBT

Sell

723,739

815,148

10/07/20

—

(33,321)

Euro

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

UBSW

Buy

1,080,232

1,273,654

10/07/20

1,410

(8,664)

Euro

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

UBSW

Sell

4,032,476

4,464,185

10/07/20

—

(263,253)

Swiss

Franc

.......

BNY

Buy

155,226

168,816

10/19/20

—

(238)

Swiss

Franc

.......

SSBT

Sell

3,286,379

3,621,826

10/19/20

52,760

—

Swiss

Franc

.......

UBSW

Buy

284,860

307,567

10/19/20

1,797

—

Swiss

Franc

.......

UBSW

Sell

3,286,379

3,623,071

10/19/20

54,006

—

Japanese

Yen

......

BNY

Sell

59,700,000

562,443

10/26/20

—

(3,614)

Japanese

Yen

......

BOFA

Sell

42,620,000

401,560

10/26/20

—

(2,550)

Japanese

Yen

......

HSBK

Sell

1,292,943,541

12,214,128

10/26/20

—

(45,180)

Japanese

Yen

......

UBSW

Sell

34,341,007

325,970

10/26/20

358

—

British

Pound

......

BNY

Buy

500,000

639,748

11/23/20

5,643

—

British

Pound

......

BOFA

Buy

453,826

595,969

11/23/20

—

(10,178)

British

Pound

......

HSBK

Buy

850,149

1,097,773

11/23/20

—

(414)

British

Pound

......

SSBT

Buy

35,000

44,704

11/23/20

473

—

British

Pound

......

UBSW

Buy

184,451

235,093

11/23/20

2,993

—

British

Pound

......

UBSW

Sell

3,616,384

4,530,151

11/23/20

—

(137,816)

Euro

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

BOFA

Sell

1,303,279

1,442,789

11/23/20

—

(86,715)

Euro

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

HSBK

Sell

3,319,729

3,715,037

11/23/20

—

(180,938)

Euro

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

SSBT

Sell

2,320,003

2,595,527

11/23/20

—

(127,185)

Euro

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

UBSW

Sell

3,207,541

3,572,433

11/23/20

—

(191,880)

Euro

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

HSBK

Sell

332,182

382,787

1/15/21

—

(7,636)

Euro

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

SSBT

Sell

12,996,446

14,823,487

1/15/21

—

(451,583)

Euro

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

UBSW

Sell

12,996,446

14,824,397

1/15/21

—

(450,673)

British

Pound

......

SSBT

Sell

2,359,738

2,959,105

1/19/21

—

(88,416)

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Financial

Services

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

15

See

Abbreviations

on

page

56

.

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)

British

Pound

......

UBSW

Sell

166,526

210,895

1/19/21

$

—

$

(4,167)

British

Pound

......

HSBK

Sell

14,832,781

19,357,298

2/16/21

199,085

—

Total

Forward

Exchange

Contracts

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

$322,359

$(2,554,675)

Net

unrealized

appreciation

(depreciation)

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

$(2,232,316)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited),

September

30,

2020

Franklin

Mutual

Global

Discovery

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

16

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

92.2%

Aerospace

&

Defense

1.4%

BAE

Systems

plc

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

United

Kingdom

21,813,405

$

135,477,701

Auto

Components

0.0%

†

a,b,c

International

Automotive

Components

Group

Brazil

LLC

........

Belgium

3,819,425

57,261

b

Automobiles

0.9%

General

Motors

Co.

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

United

States

2,874,252

85,049,117

Banks

6.6%

Citigroup,

Inc.

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

United

States

2,029,040

87,471,914

b

ING

Groep

NV

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

Netherlands

19,138,491

136,559,765

JPMorgan

Chase

&

Co.

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

United

States

1,676,856

161,430,927

b

Standard

Chartered

plc

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

United

Kingdom

19,622,272

90,297,212

Wells

Fargo

&

Co.

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

United

States

6,026,804

141,690,162

617,449,980

Beverages

1.2%

Heineken

NV

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

Netherlands

1,242,920

110,629,597

Biotechnology

0.5%

b

Immunomedics,

Inc.

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

United

States

595,800

50,660,874

b

Building

Products

1.7%

Johnson

Controls

International

plc

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

United

States

3,998,407

163,334,926

Capital

Markets

3.3%

Credit

Suisse

Group

AG

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

Switzerland

16,074,469

160,423,096

b

Deutsche

Bank

AG

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

Germany

10,513,763

88,605,921

d

Guotai

Junan

Securities

Co.

Ltd.,

H,

144A,

Reg

S

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

China

41,520,689

57,955,076

306,984,093

Chemicals

3.3%

BASF

SE

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

Germany

2,257,202

137,425,428

d

Covestro

AG,

144A,

Reg

S

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

Germany

3,476,423

172,359,241

309,784,669

Communications

Equipment

0.9%

Cisco

Systems,

Inc.

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

United

States

2,128,930

83,858,553

Construction

Materials

1.2%

b

LafargeHolcim

Ltd.

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

Switzerland

2,426,231

110,411,005

b

Consumer

Finance

1.2%

Capital

One

Financial

Corp.

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

United

States

1,623,965

116,698,125

Containers

&

Packaging

1.6%

International

Paper

Co.

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

United

States

3,679,148

149,152,660

Diversified

Financial

Services

3.2%

b

Berkshire

Hathaway,

Inc.,

B

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

United

States

685,400

145,949,076

Voya

Financial,

Inc.

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

United

States

3,206,753

153,699,671

299,648,747

Diversified

Telecommunication

Services

0.8%

Deutsche

Telekom

AG

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

Germany

4,565,150

75,993,752

Entertainment

2.2%

Walt

Disney

Co.

(The)

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

United

States

1,683,161

208,846,617

Food

Products

2.1%

Kraft

Heinz

Co.

(The)

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

United

States

6,638,200

198,814,090

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

17

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

3.1%

Medtronic

plc

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

United

States

2,785,501

$

289,469,264

Health

Care

Providers

&

Services

3.9%

Anthem,

Inc.

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

United

States

496,728

133,416,174

CVS

Health

Corp.

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

United

States

3,993,966

233,247,614

366,663,788

Hotels,

Restaurants

&

Leisure

1.2%

b

Accor

SA

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

France

3,991,363

111,694,603

b

Industrial

Conglomerates

0.9%

General

Electric

Co.

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

United

States

12,864,150

80,143,654

Insurance

8.0%

Alleghany

Corp.

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

United

States

156,761

81,586,262

China

Pacific

Insurance

Group

Co.

Ltd.,

H

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

China

45,099,632

128,805,806

Direct

Line

Insurance

Group

plc

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

United

Kingdom

668,514

2,331,673

Everest

Re

Group

Ltd.

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

United

States

282,300

55,765,542

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

5,515,687

203,308,223

NN

Group

NV

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

Netherlands

7,368,639

276,145,343

747,942,849

IT

Services

2.5%

Cognizant

Technology

Solutions

Corp.,

A

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

United

States

3,420,390

237,443,474

Machinery

0.2%

b

CNH

Industrial

NV

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

United

Kingdom

2,555,997

19,764,757

b

Media

3.4%

b

Charter

Communications,

Inc.,

A

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

United

States

469,665

293,230,646

b,e

iHeartMedia,

Inc.,

A

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

United

States

2,634,302

21,390,532

a,b

iHeartMedia,

Inc.,

B

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

United

States

44,430

335,518

314,956,696

Oil,

Gas

&

Consumable

Fuels

8.0%

BP

plc

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

United

Kingdom

52,092,616

150,656,714

Canadian

Natural

Resources

Ltd.

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

Canada

6,183,700

99,091,506

ENEOS

Holdings,

Inc.

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

Japan

23,391,167

83,432,847

Kinder

Morgan,

Inc.

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

United

States

10,580,858

130,461,979

Royal

Dutch

Shell

plc,

A

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

Netherlands

3,737,388

46,656,887

Williams

Cos.,

Inc.

(The)

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

United

States

12,380,235

243,271,618

753,571,551

Pharmaceuticals

12.1%

b

Elanco

Animal

Health,

Inc.

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

United

States

1,336,464

37,327,440

Eli

Lilly

and

Co.

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

United

States

1,293,426

191,452,917

GlaxoSmithKline

plc

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

United

Kingdom

17,375,814

325,765,783

Merck

&

Co.,

Inc.

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

United

States

3,538,173

293,491,450

Novartis

AG,

ADR

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

Switzerland

3,355,076

291,757,409

1,139,794,999

Semiconductors

&

Semiconductor

Equipment

2.0%

b

Renesas

Electronics

Corp.

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

Japan

25,479,409

186,956,524

b

Software

4.3%

b

Avaya

Holdings

Corp.

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

United

States

537

8,162

b

Check

Point

Software

Technologies

Ltd.

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

Israel

1,853,472

223,046,821

Oracle

Corp.

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

United

States

3,083,000

184,055,100

407,110,083

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

18

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Technology

Hardware,

Storage

&

Peripherals

4.5%

Samsung

Electronics

Co.

Ltd.

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

South

Korea

6,113,536

$

304,467,232

Western

Digital

Corp.

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

United

States

3,247,529

118,697,185

423,164,417

Textiles,

Apparel

&

Luxury

Goods

1.1%

Cie

Financiere

Richemont

SA

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

Switzerland

1,537,099

103,177,234

Tobacco

4.1%

Altria

Group,

Inc.

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

United

States

2,606,727

100,723,931

British

American

Tobacco

plc

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

United

Kingdom

5,861,984

210,285,238

British

American

Tobacco

plc,

ADR

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

United

Kingdom

2,178,905

78,767,416

389,776,585

Wireless

Telecommunication

Services

0.8%

Vodafone

Group

plc

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

United

Kingdom

54,326,638

72,008,985

Total

Common

Stocks

(Cost

$8,146,933,043)

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

8,666,491,230

Preferred

Stocks

2.7%

Automobiles

2.7%

f

Volkswagen

AG,

3.54%

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

Germany

1,574,441

253,291,228

Total

Preferred

Stocks

(Cost

$303,989,392)

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

253,291,228

Warrants

Warrants

0.0%

†

Media

0.0%

†

b

iHeartMedia,

Inc.,

5/01/39

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

United

States

292

2,371

Software

0.0%

†

b

Avaya

Holdings

Corp.,

12/15/22

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

United

States

401,411

557,961

Total

Warrants

(Cost

$6,824)

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

560,332

Principal

Amount

*

Corporate

Bonds

2.9%

Airlines

1.5%

d

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

11.75

%

,

7/15/25

United

States

91,146,000

88,114,940

d

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

47,777,000

49,867,244

137,982,184

Diversified

Telecommunication

Services

1.1%

g

Frontier

Communications

Corp.

,

Senior

Note,

10.5%,

9/15/22

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

United

States

117,895,000

49,635,563

Senior

Note,

11%,

9/15/25

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

United

States

133,179,000

56,268,128

105,903,691

Multiline

Retail

0.2%

d

Macy's,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/15/25

......

United

States

19,531,000

20,221,811

Oil,

Gas

&

Consumable

Fuels

0.1%

Occidental

Petroleum

Corp.

,

Senior

Note

,

4.85

%

,

3/15/21

.......

United

States

4,222,000

4,198,251

Total

Corporate

Bonds

(Cost

$395,011,775)

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

268,305,937

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

h

Senior

Floating

Rate

Interests

0.1%

Leisure

Products

0.1%

Zuffa

LLC

(Ultimate

Fighting

Championship),

Initial

Term

Loan,

6.25%,

(3-month

USD

LIBOR

+

5.25%),

6/21/27

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

United

States

12,367,000

$

12,595,987

Total

Senior

Floating

Rate

Interests

(Cost

$12,127,666)

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

12,595,987

Shares

Companies

in

Liquidation

0.0%

†

a,b,i

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

1,297,978

—

a,b,i

Vistra

Energy

Corp.,

Litigation

Trust,

Contingent

Distribution

.....

United

States

142,325,613

39,140

a,b,i

Walter

Energy

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

30,996,000

—

Total

Companies

in

Liquidation

(Cost

$4,500,343)

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

39,140

Total

Long

Term

Investments

(Cost

$8,862,569,043)

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

9,201,283,854

a

Short

Term

Investments

1.8%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.8%

j

U.S.

Treasury

Bills

,

10/20/20

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

United

States

10,500,000

10,499,591

11/12/20

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

United

States

25,000,000

24,997,448

11/19/20

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

United

States

10,000,000

9,998,911

11/27/20

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

United

States

39,000,000

38,994,443

k

1/05/21

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

United

States

50,000,000

49,988,667

k

1/14/21

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

United

States

10,000,000

9,997,156

k

1/21/21

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

United

States

25,000,000

24,992,611

169,468,827

Total

U.S.

Government

and

Agency

Securities

(Cost

$169,456,768)

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

169,468,827

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Repurchase

Agreements

0.0%

†

l

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.06%,

10/01/20

(Maturity

Value

$192)

Collateralized

by

U.S.

Treasury

Bond,

Strip,

8/15/25;

and

U.S.

Treasury

Note,

Index

Linked,

0.375%,

7/15/23

(valued

at

$88)

..

86

86

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$86)

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

86

Total

Short

Term

Investments

(Cost

$169,456,854

)

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

169,468,913

a

Total

Investments

(Cost

$9,032,025,897)

99.7%

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

$9,370,752,767

Other

Assets,

less

Liabilities

0.3%

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

28,582,579

Net

Assets

100.0%

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

$9,399,335,346

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

20

b

Non-income

producing.

c

See

Note

6

regarding

restricted

securities.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2020,

the

aggregate

value

of

these

securities

was

$388,518,312,

representing

4.1%

of

net

assets.

e

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2020.

f

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

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.

j

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

k

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short,

open

forward

exchange

contracts

and/or

open

written

options

contracts.

At

Septem-

ber

30,

2020,

the

aggregate

value

of

these

securities

pledged

amounted

to

$38,092,000,

representing

0.4%

of

net

assets.

l

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

21

At

September

30,

2020,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2020,

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)

Currency

contracts

Foreign

Exchange

EUR/USD

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

Short

2,966

$

435,093,662

12/14/20

$

5,242,214

Foreign

Exchange

GBP/USD

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

Short

3,281

264,612,650

12/14/20

5,343,435

Total

Futures

Contracts

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

$10,585,649

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

BNY

Buy

1,604,151

1,885,502

10/07/20

$

—

$

(4,890)

Euro

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

BOFA

Buy

3,657,634

4,369,629

10/07/20

—

(81,632)

Euro

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

HSBK

Buy

3,604,997

4,259,045

10/07/20

1,883

(34,640)

Euro

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

SSBT

Buy

1,306,098

1,525,542

10/07/20

5,651

—

Euro

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

SSBT

Sell

162,414,669

180,297,734

10/07/20

—

(10,107,745)

Euro

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

UBSW

Buy

11,224,387

13,075,756

10/07/20

83,701

(637)

Euro

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

UBSW

Sell

9,152,076

10,052,338

10/07/20

—

(677,022)

Swiss

Franc

.......

BNY

Buy

3,589,603

3,903,864

10/19/20

—

(5,492)

Swiss

Franc

.......

HSBK

Buy

2,130,000

2,328,243

10/19/20

—

(15,026)

Swiss

Franc

.......

SSBT

Sell

78,336,829

86,332,800

10/19/20

1,257,631

—

Swiss

Franc

.......

UBSW

Buy

6,701,863

7,236,092

10/19/20

42,250

—

Swiss

Franc

.......

UBSW

Sell

78,336,829

86,362,495

10/19/20

1,287,327

—

South

Korean

Won

..

HSBK

Buy

51,428,276,205

43,656,820

11/12/20

449,973

—

South

Korean

Won

..

SSBT

Sell

160,042,090,111

131,480,650

11/12/20

—

(5,777,367)

British

Pound

......

BNY

Buy

4,299,967

5,631,391

11/23/20

—

(81,066)

British

Pound

......

BOFA

Buy

3,750,000

4,965,262

11/23/20

—

(124,825)

British

Pound

......

HSBK

Buy

16,065,028

21,172,542

11/23/20

—

(436,073)

British

Pound

......

SSBT

Sell

27,110,057

34,012,864

11/23/20

—

(980,347)

British

Pound

......

UBSW

Buy

4,541,323

5,970,045

11/23/20

—

(108,182)

British

Pound

......

UBSW

Sell

1,546,259

1,944,605

11/23/20

—

(51,281)

Euro

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

BOFA

Sell

1,313,966

1,488,658

11/23/20

—

(53,389)

Euro

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

HSBK

Sell

3,737,178

4,235,269

11/23/20

—

(150,614)

Euro

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

SSBT

Sell

180,185,865

200,187,817

11/23/20

—

(11,275,004)

South

Korean

Won

..

HSBK

Buy

17,799,226,200

15,020,444

12/18/20

247,056

—

South

Korean

Won

..

HSBK

Sell

118,515,211,121

99,468,408

12/18/20

—

(2,189,437)

South

Korean

Won

..

UBSW

Sell

146,477,996,373

122,813,927

12/18/20

—

(2,829,333)

Euro

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

HSBK

Sell

16,675,709

19,741,021

1/15/21

234,454

(92,839)

Euro

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

SSBT

Sell

44,233,457

50,456,981

1/15/21

—

(1,531,778)

Euro

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

UBSW

Sell

49,484,453

56,489,234

1/15/21

—

(1,671,162)

British

Pound

......

HSBK

Buy

8,398,679

11,290,680

1/19/21

—

(444,078)

British

Pound

......

SSBT

Sell

91,098,184

114,110,678

1/19/21

—

(3,539,462)

British

Pound

......

HSBK

Sell

34,482,991

45,001,510

2/16/21

462,829

—

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Global

Discovery

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

22

See

Abbreviations

on

page

56

.

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)

Total

Forward

Exchange

Contracts

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

$4,072,755

$(42,263,321)

Net

unrealized

appreciation

(depreciation)

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

$(38,190,566)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited),

September

30,

2020

Franklin

Mutual

Quest

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

23

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

62.5%

Aerospace

&

Defense

2.3%

BAE

Systems

plc

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

United

Kingdom

3,900,794

$

24,226,874

Huntington

Ingalls

Industries,

Inc.

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

United

States

356,000

50,107,000

74,333,874

Auto

Components

0.0%

†

a,b,c

International

Automotive

Components

Group

Brazil

LLC

........

Belgium

2,548,299

38,204

b

Automobiles

0.2%

General

Motors

Co.

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

United

States

171,300

5,068,767

Banks

0.4%

b

BNP

Paribas

SA

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

France

316,236

11,437,256

b

Beverages

0.3%

Heineken

NV

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

Netherlands

106,622

9,490,192

Biotechnology

0.5%

b

Immunomedics,

Inc.

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

United

States

195,900

16,657,377

b

Chemicals

1.0%

d

Advanced

Emissions

Solutions,

Inc.

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

United

States

1,724,209

7,000,289

e

Covestro

AG,

144A,

Reg

S

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

Germany

474,675

23,534,139

30,534,428

Commercial

Services

&

Supplies

1.1%

b

Advanced

Disposal

Services,

Inc.

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

United

States

1,162,200

35,133,306

a,b,d

Wayne

Services

Legacy

Inc.

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

United

States

7,104

—

35,133,306

Containers

&

Packaging

0.1%

International

Paper

Co.

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

United

States

60,500

2,452,670

Diversified

Financial

Services

2.7%

M&G

plc

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

United

Kingdom

5,362,814

11,023,313

Voya

Financial,

Inc.

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

United

States

1,557,986

74,674,269

85,697,582

Diversified

Telecommunication

Services

3.0%

AT&T,

Inc.

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

United

States

347,100

9,895,821

b

Intelsat

SA

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

United

States

992,495

627,753

b

Liberty

Global

plc,

C

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

United

Kingdom

4,194,789

86,139,992

96,663,566

Energy

Equipment

&

Services

0.0%

†

Schlumberger

NV

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

United

States

11,332

176,326

Entertainment

0.4%

Walt

Disney

Co.

(The)

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

United

States

102,500

12,718,200

Equity

Real

Estate

Investment

Trusts

(REITs)

0.8%

Brixmor

Property

Group,

Inc.

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

United

States

835,200

9,763,488

Taubman

Centers,

Inc.

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

United

States

275,700

9,178,053

Vornado

Realty

Trust

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

United

States

176,000

5,932,960

24,874,501

Food

Products

0.1%

Conagra

Brands,

Inc.

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

United

States

131,612

4,699,864

Health

Care

Equipment

&

Supplies

1.0%

b

Envista

Holdings

Corp.

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

United

States

906,400

22,369,952

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

24

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Health

Care

Equipment

&

Supplies

(continued)

Medtronic

plc

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

United

States

102,143

$

10,614,701

32,984,653

Independent

Power

and

Renewable

Electricity

Producers

1.8%

Vistra

Corp.

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

United

States

3,073,147

57,959,552

Insurance

8.9%

ASR

Nederland

NV

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

Netherlands

1,510,686

50,798,523

b

Brighthouse

Financial,

Inc.

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

United

States

328,459

8,838,832

Direct

Line

Insurance

Group

plc

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

United

Kingdom

3,898,316

13,596,723

Everest

Re

Group

Ltd.

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

United

States

334,566

66,090,168

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

1,129,790

41,644,059

NN

Group

NV

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

Netherlands

1,223,210

45,840,724

RSA

Insurance

Group

plc

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

United

Kingdom

9,614,692

56,140,886

282,949,915

Interactive

Media

&

Services

1.9%

b

Baidu,

Inc.,

ADR

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

China

486,493

61,585,149

b

IT

Services

0.8%

Cognizant

Technology

Solutions

Corp.,

A

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

United

States

380,689

26,427,430

Leisure

Products

0.5%

a,b,d

TRU

Kids

Parent

LLC

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

United

States

7,104

15,937,449

b

Machinery

3.0%

b

Navistar

International

Corp.

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

United

States

2,189,759

95,342,107

b

Media

2.7%

b

Charter

Communications,

Inc.,

A

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

United

States

6,670

4,164,348

b

Clear

Channel

Outdoor

Holdings,

Inc.

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

United

States

17,622,660

17,622,660

b

Discovery,

Inc.,

C

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

United

States

2,516,732

49,327,947

b,f

iHeartMedia,

Inc.,

A

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

United

States

1,623,513

13,182,926

a,b

iHeartMedia,

Inc.,

B

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

United

States

23,770

179,501

b

Lee

Enterprises,

Inc.

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

United

States

2,367,044

1,985,477

86,462,859

Oil,

Gas

&

Consumable

Fuels

4.6%

Ampol

Ltd.

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

Australia

620,537

10,705,147

BP

plc

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

United

Kingdom

8,136,413

23,531,267

Canadian

Natural

Resources

Ltd.

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

Canada

55,600

890,969

ENEOS

Holdings,

Inc.

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

Japan

8,717,292

31,093,297

Royal

Dutch

Shell

plc,

A

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

Netherlands

1,122,432

14,149,919

b

Whiting

Petroleum

Corp.

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

United

States

163,397

2,825,134

Williams

Cos.,

Inc.

(The)

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

United

States

3,292,500

64,697,625

147,893,358

Pharmaceuticals

4.3%

b

Elanco

Animal

Health,

Inc.

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

United

States

512,220

14,306,304

GlaxoSmithKline

plc

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

United

Kingdom

1,691,110

31,705,322

Merck

&

Co.,

Inc.

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

United

States

638,900

52,996,755

Novartis

AG,

ADR

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

Switzerland

394,006

34,262,762

Perrigo

Co.

plc

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

United

States

55,820

2,562,696

135,833,839

Software

3.3%

b

Check

Point

Software

Technologies

Ltd.

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

Israel

418,311

50,339,546

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

25

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Software

(continued)

Oracle

Corp.

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

United

States

912,426

$

54,471,832

104,811,378

Specialty

Retail

2.1%

Tiffany

&

Co.

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

United

States

569,896

66,022,452

Technology

Hardware,

Storage

&

Peripherals

6.0%

a,b,c,d

Sorenson

Communications

LLC,

Membership

Interests

.........

United

States

224,279

168,209,174

Western

Digital

Corp.

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

United

States

637,782

23,310,932

191,520,106

Tobacco

7.1%

Altria

Group,

Inc.

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

United

States

1,494,845

57,760,811

British

American

Tobacco

plc

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

United

Kingdom

2,788,247

100,021,969

Imperial

Brands

plc

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

United

Kingdom

3,824,765

67,561,384

225,344,164

Wireless

Telecommunication

Services

1.6%

Vodafone

Group

plc

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

United

Kingdom

38,321,892

50,794,981

Total

Common

Stocks

(Cost

$2,156,908,621)

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

1,991,845,505

Convertible

Preferred

Stocks

0.7%

Multi-Utilities

0.7%

Sempra

Energy,

6%,

A

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

United

States

225,650

22,215,243

Total

Convertible

Preferred

Stocks

(Cost

$22,951,705)

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

22,215,243

Preferred

Stocks

0.1%

Auto

Components

0.1%

g

Schaeffler

AG,

8.56%

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

Germany

342,769

2,111,066

Total

Preferred

Stocks

(Cost

$2,880,729)

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

2,111,066

Warrants

Warrants

0.0%

†

Media

0.0%

†

a,b

Cxloyalty

Group

Holdings,

Inc.,

4/10/24

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

United

States

48,381

—

b

iHeartMedia,

Inc.,

5/01/39

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

United

States

1,872

15,199

a,b

Lee

Enterprises,

Inc.,

12/31/22

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

United

States

1,110,000

38,597

53,796

Software

0.0%

†

b

Avaya

Holdings

Corp.,

12/15/22

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

United

States

338,090

469,945

Total

Warrants

(Cost

$8,122,090)

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

523,741

Principal

Amount

*

Convertible

Bonds

0.0%

Oil,

Gas

&

Consumable

Fuels

0.0%

a

Whiting

Petroleum

Corp.

,

1.25

%

,

4/01/21

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

United

States

10,964,000

—

Total

Convertible

Bonds

(Cost

$10,964,000)

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

—

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

11.7%

Airlines

2.3%

e

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

11.75

%

,

7/15/25

United

States

53,795,000

$

52,006,047

e

Delta

Air

Lines,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

5/01/25

....

United

States

4,308,000

4,735,934

e

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

15,498,000

16,176,038

72,918,019

Diversified

Telecommunication

Services

4.2%

Frontier

Communications

Corp.

,

e

Secured

Note,

144A,

8.5%,

4/01/26

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

United

States

25,000,000

25,250,000

h

Senior

Note,

8.875%,

9/15/20

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

United

States

21,382,000

8,445,890

h

Senior

Note,

10.5%,

9/15/22

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

United

States

77,063,000

32,444,679

h

Senior

Note,

11%,

9/15/25

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

United

States

41,812,000

17,665,570

e

Senior

Secured

Note,

144A,

8%,

4/01/27

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

United

States

20,000,000

19,962,500

h

Intelsat

Jackson

Holdings

SA

,

Senior

Bond

,

5.5

%

,

8/01/23

......

Luxembourg

45,750,000

28,822,500

132,591,139

IT

Services

1.6%

e

Banff

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

9.75

%

,

9/01/26

......

United

States

50,000,000

52,925,000

Machinery

0.7%

e

Navistar

International

Corp.

,

Senior

Note,

144A,

6.625%,

11/01/25

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

United

States

13,500,000

13,879,687

Senior

Secured

Note,

144A,

9.5%,

5/01/25

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

United

States

7,061,400

7,944,287

21,823,974

Media

0.7%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

,

Senior

Secured

Note

,

4.5

%

,

2/01/24

.......

United

States

1,642,000

1,821,526

iHeartCommunications,

Inc.

,

Senior

Note

,

8.375

%

,

5/01/27

......

United

States

20,000,000

19,736,300

21,557,826

Multiline

Retail

0.2%

e

Macy's,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/15/25

......

United

States

6,246,000

6,466,921

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Occidental

Petroleum

Corp.

,

Senior

Note

,

4.85

%

,

3/15/21

.......

United

States

1,329,000

1,321,524

Software

1.5%

e

Boxer

Parent

Co.,

Inc.

,

Senior

Secured

Note

,

144A,

7.125

%

,

10/02/25

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

United

States

5,874,700

6,282,992

e

Veritas

US,

Inc.

/

Veritas

Bermuda

Ltd.

,

Senior

Note,

144A,

10.5%,

2/01/24

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

United

States

30,222,000

28,530,928

Senior

Secured

Note,

144A,

7.5%,

2/01/23

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

United

States

3,682,000

3,686,989

Senior

Secured

Note,

144A,

7.5%,

9/01/25

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

United

States

8,935,000

9,225,387

47,726,296

Wireless

Telecommunication

Services

0.5%

e,h

Intelsat

Connect

Finance

SA

,

Senior

Note

,

144A,

9.5

%

,

2/15/23

..

Luxembourg

48,845,000

16,271,491

Total

Corporate

Bonds

(Cost

$459,369,020)

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

373,602,190

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

i

Senior

Floating

Rate

Interests

6.3%

Diversified

Telecommunication

Services

2.2%

Intelsat

Jackson

Holdings

SA,

Term

Loan,

B3,

8%,

(1-month

USD

LIBOR

+

4.75%),

11/27/23

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

Luxembourg

8,000,000

$

8,062,000

a

Windstream

Services

LLC,

Revolving

Term

Loan,

6.25%,

(1-month

USD

LIBOR

+

3%),

4/26/21

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

United

States

74,847,867

51,582,812

a

Windstream

Services

LLC,

Term

Loan,

B6,

8.25%,

(1-month

USD

LIBOR

+

5%),

3/29/21

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

United

States

12,922,000

8,905,439

68,550,251

a

a

a

a

a

a

Health

Care

Providers

&

Services

2.5%

Envision

Healthcare

Corp.,

2020

New

Term

Loan,

7%,

(3-month

USD

LIBOR),

10/10/25

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

United

States

76,194,794

50,999,716

Envision

Healthcare

Corp.,

Initial

Term

Loan,

3.906%,

(1-month

USD

LIBOR

+

3.75%),

10/10/25

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

United

States

40,331,748

29,139,688

80,139,404

a

a

a

a

a

a

Leisure

Products

0.2%

Zuffa

LLC

(Ultimate

Fighting

Championship),

Initial

Term

Loan,

6.25%,

(3-month

USD

LIBOR

+

5.25%),

6/21/27

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

United

States

4,012,000

4,086,286

Machinery

0.3%

Navistar,

Inc.,

Term

Loan,

B,

3.66%,

(1-month

USD

LIBOR

+

3.5%),

11/06/24

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

United

States

10,041,443

9,986,526

Media

0.4%

CXLoyalty,

2019

Term

Loan,

6.75%,

(3-month

USD

LIBOR

+

4%),

4/10/24

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

United

States

18,844,523

12,738,243

Software

0.4%

Veritas

US,

Inc.,

Term

Loan,

6.5%,

(3-month

USD

LIBOR

+

5.5%),

1/01/28

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

United

States

13,899,000

13,607,121

Technology

Hardware,

Storage

&

Peripherals

0.3%

Sorenson

Communications

LLC,

First

Lien,

Initial

Term

Loan,

6.72%,

(3-month

USD

LIBOR

+

6.5%),

4/29/24

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

United

States

10,211,159

10,185,631

Total

Senior

Floating

Rate

Interests

(Cost

$324,352,717)

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

199,293,462

Shares

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

—

a,b,j

Vistra

Energy

Corp.,

Litigation

Trust,

Contingent

Distribution

.....

United

States

104,175,133

28,648

a,b,j

Walter

Energy

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

7,443,000

—

Total

Companies

in

Liquidation

(Cost

$3,234,626)

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

28,648

Total

Long

Term

Investments

(Cost

$2,988,783,508)

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

2,589,619,855

a

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

28

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

aa

a

a

Options

Purchased

0.0%

†

Calls

-

Exchange-Traded

Equity

Options

Walt

Disney

Co.

(The),

January

Strike

Price

$140.00,

Expires

1/15/21

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

150

1,861,200

$

48,000

Total

Options

Purchased

(Cost

$82,198)

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

48,000

Short

Term

Investments

19.2%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

12.8%

k

U.S.

Treasury

Bills

,

10/20/20

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

United

States

50,000,000

49,998,054

l

11/12/20

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

United

States

40,000,000

39,995,917

11/19/20

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

United

States

25,000,000

24,997,278

l

11/27/20

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

United

States

43,000,000

42,993,872

1/05/21

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

United

States

50,000,000

49,988,667

1/14/21

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

United

States

25,000,000

24,992,890

l

1/21/21

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

United

States

50,000,000

49,985,222

1/26/21

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

United

States

25,000,000

24,990,656

2/11/21

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

United

States

50,000,000

49,981,528

2/18/21

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

United

States

50,000,000

49,982,014

407,906,098

Total

U.S.

Government

and

Agency

Securities

(Cost

$407,885,115)

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

407,906,098

a

a

a

m

Repurchase

Agreements

6.4%

Credit

Suisse

Securities

(USA)

LLC,

0.06%,

10/01/20

(Maturity

Value

$204,100,340)

Collateralized

by

U.S.

Treasury

Strips,

5/15/21

-

8/15/43

(valued

at

$208,182,000)

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

204,100,000

204,100,000

Total

Repurchase

Agreements

(Cost

$204,100,000)

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

204,100,000

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Shares

Money

Market

Funds

0.0%

†

n,o

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

24,000

24,000

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

29

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.0%

†

p

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.06%,

10/01/20

(Maturity

Value

$15,531)

Collateralized

by

U.S.

Treasury

Bond,

Strip,

8/15/25;

and

U.S.

Treasury

Note,

Index

Linked,

0.375%,

7/15/23

(valued

at

$7,105)

6,966

$

6,966

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$30,966)

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

30,966

Total

Short

Term

Investments

(Cost

$612,016,081

)

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

612,037,064

a

Total

Investments

(Cost

$3,600,881,787)

100.5%

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

$3,201,704,919

Securities

Sold

Short

(0.2)%

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

(6,670,672)

Other

Assets,

less

Liabilities

(0.3)%

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

(10,845,274)

Net

Assets

100.0%

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

$3,184,188,972

Shares

Securities

Sold

Short

(0.2)%

Common

Stocks

(0.2)%

Biotechnology

0.0%

AbbVie,

Inc.

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

United

States

9,464

(828,952)

Internet

&

Direct

Marketing

Retail

(0.2)%

b

Alibaba

Group

Holding

Ltd.,

ADR

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

China

17,000

(4,997,660)

Pharmaceuticals

0.0%

Bristol-Myers

Squibb

Co.

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

United

States

14,000

(844,060)

Total

Common

Stocks

(Proceeds

$4,150,993)

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

(6,670,672)

Total

Securities

Sold

Short

(Proceeds

$4,150,993)

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

$(6,670,672)

#

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

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

b

Non-income

producing.

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

September

30,

2020,

the

aggregate

value

of

these

securities

was

$286,878,340,

representing

9.0%

of

net

assets.

f

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2020.

g

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

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

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short,

open

forward

exchange

contracts

and/or

open

written

options

contracts.

At

Septem-

ber

30,

2020,

the

aggregate

value

of

these

securities

pledged

amounted

to

$9,792,601,

representing

0.3%

of

net

assets.

m

At

September

30,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

n

See

Note

8

regarding

investments

in

affiliated

management

investment

companies.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

30

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

p

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

31

At

September

30,

2020,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2020,

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)

Currency

contracts

Foreign

Exchange

EUR/USD

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

Short

243

$

35,646,581

12/14/20

$

429,226

Foreign

Exchange

GBP/USD

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

Short

735

59,277,750

12/14/20

594,874

Total

Futures

Contracts

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

$1,024,100

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

BNY

Sell

3,949,875

4,336,266

10/07/20

$

—

$

(294,338)

Euro

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

BOFA

Buy

1,949,245

2,302,939

10/07/20

—

(17,757)

Euro

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

BOFA

Sell

795,009

867,609

10/07/20

—

(64,413)

Euro

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

HSBK

Buy

2,664,214

3,130,219

10/07/20

—

(6,849)

Euro

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

HSBK

Sell

2,639,708

2,940,980

10/07/20

—

(153,660)

Euro

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

SSBT

Buy

3,815,195

4,516,056

10/07/20

—

(43,345)

Euro

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

SSBT

Sell

901,914

1,015,827

10/07/20

—

(41,525)

Euro

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

UBSW

Buy

1,778,488

2,095,351

10/07/20

—

(10,356)

Euro

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

UBSW

Sell

1,920,637

2,153,571

10/07/20

—

(98,071)

Australian

Dollar

....

HSBK

Buy

2,598,500

1,892,787

10/19/20

—

(32,324)

Australian

Dollar

....

UBSW

Buy

357,769

260,037

10/19/20

—

(3,883)

Australian

Dollar

....

UBSW

Sell

17,619,559

12,644,764

10/19/20

29,592

—

British

Pound

......

SSBT

Sell

53,422,930

65,487,964

11/23/20

—

(3,469,463)

British

Pound

......

UBSW

Sell

17,634,018

22,047,117

11/23/20

—

(714,580)

Euro

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

BNY

Sell

3,000,000

3,411,660

11/23/20

—

(109,085)

Euro

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

BOFA

Sell

779,201

867,610

11/23/20

—

(46,846)

Euro

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

HSBK

Buy

810,257

957,921

11/23/20

—

(7,018)

Euro

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

HSBK

Sell

6,473,223

7,287,424

11/23/20

—

(309,433)

Euro

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

SSBT

Buy

826,494

975,619

11/23/20

—

(5,660)

Euro

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

SSBT

Sell

2,538,779

2,840,857

11/23/20

—

(138,609)

Euro

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

UBSW

Buy

29,479

34,886

11/23/20

—

(290)

Euro

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

UBSW

Sell

2,819,805

3,149,521

11/23/20

—

(159,750)

Euro

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

HSBK

Sell

6,513,531

7,678,591

1/15/21

67,334

(44,269)

Euro

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

SSBT

Sell

13,417,827

15,304,105

1/15/21

—

(466,224)

Euro

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

UBSW

Sell

14,061,801

16,068,972

1/15/21

7,048

(465,285)

British

Pound

......

SSBT

Sell

23,411,716

29,325,796

1/19/21

—

(909,622)

British

Pound

......

BNY

Sell

11,161,602

14,515,657

2/16/21

140,413

(41,227)

British

Pound

......

BOFA

Sell

3,088,837

4,005,356

2/16/21

15,775

—

British

Pound

......

HSBK

Sell

70,424,261

91,944,484

2/16/21

983,590

—

British

Pound

......

UBSW

Sell

1,502,831

1,984,187

2/16/21

43,110

—

Total

Forward

Exchange

Contracts

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

$1,286,862

$(7,653,882)

Net

unrealized

appreciation

(depreciation)

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

$(6,367,020)

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Quest

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

32

See

Abbreviations

on

page

56

.

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited),

September

30,

2020

Franklin

Mutual

Shares

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

33

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

91.1%

Aerospace

&

Defense

2.3%

BAE

Systems

plc

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

United

Kingdom

15,590,083

$

96,826,177

Huntington

Ingalls

Industries,

Inc.

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

United

States

632,084

88,965,823

185,792,000

Auto

Components

0.0%

†

a,b,c

International

Automotive

Components

Group

Brazil

LLC

........

Belgium

7,234,813

108,464

b

Automobiles

0.7%

General

Motors

Co.

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

United

States

1,926,706

57,011,230

Banks

6.6%

Bank

of

America

Corp.

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

United

States

3,751,300

90,368,817

Citigroup,

Inc.

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

United

States

3,077,706

132,679,906

Columbia

Banking

System,

Inc.

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

United

States

75,396

1,798,195

JPMorgan

Chase

&

Co.

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

United

States

1,644,490

158,315,052

Synovus

Financial

Corp.

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

United

States

2,934,440

62,122,095

Wells

Fargo

&

Co.

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

United

States

4,234,603

99,555,516

544,839,581

Beverages

0.5%

Heineken

NV

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

Netherlands

495,798

44,129,898

Biotechnology

0.5%

b

Immunomedics

,

Inc.

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

United

States

511,800

43,518,354

b

Building

Products

1.6%

Johnson

Controls

International

plc

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

United

States

3,293,400

134,535,390

Capital

Markets

1.0%

Credit

Suisse

Group

AG

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

Switzerland

8,506,542

84,895,234

Commercial

Services

&

Supplies

0.0%

a,b

Wayne

Services

Legacy

Inc.

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

United

States

7,469

—

b

Communications

Equipment

1.0%

Cisco

Systems,

Inc.

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

United

States

2,020,910

79,603,645

Consumer

Finance

1.5%

Capital

One

Financial

Corp.

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

United

States

1,731,205

124,404,391

Containers

&

Packaging

2.1%

International

Paper

Co.

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

United

States

4,358,737

176,703,198

Diversified

Financial

Services

3.4%

b

Berkshire

Hathaway,

Inc.,

B

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

United

States

653,700

139,198,878

Voya

Financial,

Inc.

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

United

States

2,937,130

140,776,641

279,975,519

Electric

Utilities

1.0%

Pinnacle

West

Capital

Corp.

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

United

States

1,141,200

85,076,460

Electrical

Equipment

2.0%

b

Sensata

Technologies

Holding

plc

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

United

States

3,755,370

162,006,662

b

Electronic

Equipment,

Instruments

&

Components

1.6%

Corning,

Inc.

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

United

States

4,042,414

131,014,638

Energy

Equipment

&

Services

0.6%

Schlumberger

NV

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

United

States

3,224,000

50,165,440

Entertainment

2.2%

Walt

Disney

Co.

(The)

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

United

States

1,482,874

183,995,006

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

34

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Equity

Real

Estate

Investment

Trusts

(REITs)

1.4%

Alexander's,

Inc.

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

United

States

231,286

$

56,715,953

Vornado

Realty

Trust

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

United

States

1,752,422

59,074,145

115,790,098

Food

&

Staples

Retailing

2.9%

Kroger

Co.

(The)

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

United

States

4,854,578

164,618,740

Walgreens

Boots

Alliance,

Inc.

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

United

States

2,104,829

75,605,458

240,224,198

Food

Products

4.4%

Archer-Daniels-Midland

Co.

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

United

States

2,402,500

111,692,225

Conagra

Brands,

Inc.

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

United

States

1,929,383

68,898,267

Kraft

Heinz

Co.

(The)

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

United

States

6,008,600

179,957,570

360,548,062

Health

Care

Equipment

&

Supplies

3.2%

Medtronic

plc

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

United

States

2,533,754

263,307,716

Health

Care

Providers

&

Services

3.1%

Anthem,

Inc.

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

United

States

391,272

105,091,746

CVS

Health

Corp.

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

United

States

2,595,215

151,560,556

256,652,302

Household

Durables

3.2%

Lennar

Corp.,

A

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

United

States

1,780,286

145,413,761

Newell

Brands,

Inc.

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

United

States

6,793,795

116,581,522

261,995,283

Household

Products

0.7%

Energizer

Holdings,

Inc.

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

United

States

1,538,433

60,214,267

Industrial

Conglomerates

0.9%

General

Electric

Co.

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

United

States

11,699,600

72,888,508

Insurance

5.6%

Alleghany

Corp.

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

United

States

325,189

169,244,615

Everest

Re

Group

Ltd.

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

United

States

444,994

87,904,115

Hartford

Financial

Services

Group,

Inc.

(The)

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

United

States

3,214,299

118,479,061

MetLife,

Inc.

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

United

States

2,277,830

84,666,941

460,294,732

IT

Services

2.4%

Cognizant

Technology

Solutions

Corp.,

A

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

United

States

2,840,659

197,198,548

Leisure

Products

0.2%

a,b

TRU

Kids

Parent

LLC

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

United

States

7,469

16,755,761

b

Machinery

0.4%

b

CNH

Industrial

NV

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

United

Kingdom

3,930,730

30,395,154

b

Media

5.7%

b

Charter

Communications,

Inc.,

A

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

United

States

440,129

274,790,140

Comcast

Corp.,

A

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

United

States

3,958,800

183,134,088

b,d

iHeartMedia

,

Inc.,

A

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

United

States

1,795,072

14,575,984

a,b

iHeartMedia

,

Inc.,

B

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

United

States

35,201

265,824

472,766,036

Oil,

Gas

&

Consumable

Fuels

5.1%

BP

plc

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

United

Kingdom

36,063,756

104,299,752

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

35

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Common

Stocks

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Kinder

Morgan,

Inc.

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

United

States

5,693,740

$

70,203,814

Marathon

Oil

Corp.

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

United

States

9,432,085

38,577,228

Royal

Dutch

Shell

plc,

A

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

Netherlands

1,648,461

20,579,094

Williams

Cos.,

Inc.

(The)

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

United

States

9,628,984

189,209,536

422,869,424

Pharmaceuticals

10.4%

b

Elanco

Animal

Health,

Inc.

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

United

States

1,054,483

29,451,710

Eli

Lilly

and

Co.

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

United

States

1,018,310

150,730,246

GlaxoSmithKline

plc

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

United

Kingdom

9,979,574

187,099,364

Merck

&

Co.,

Inc.

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

United

States

2,797,172

232,025,418

Novartis

AG,

ADR

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

Switzerland

2,151,041

187,054,525

Perrigo

Co.

plc

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

United

States

1,643,800

75,466,858

861,828,121

Software

3.4%

b

Avaya

Holdings

Corp.

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

United

States

364

5,533

NortonLifeLock

,

Inc.

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

United

States

3,828,912

79,794,526

Oracle

Corp.

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

United

States

3,378,327

201,686,122

281,486,181

Specialty

Retail

0.9%

Tiffany

&

Co.

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

United

States

651,800

75,511,030

Technology

Hardware,

Storage

&

Peripherals

4.0%

Samsung

Electronics

Co.

Ltd.

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

South

Korea

4,751,619

236,640,838

Western

Digital

Corp.

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

United

States

2,461,412

89,964,609

326,605,447

Textiles,

Apparel

&

Luxury

Goods

0.9%

PVH

Corp.

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

United

States

1,285,900

76,691,076

Tobacco

3.2%

Altria

Group,

Inc.

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

United

States

2,023,360

78,182,631

British

American

Tobacco

plc

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

United

Kingdom

3,767,740

135,159,035

British

American

Tobacco

plc,

ADR

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

United

Kingdom

1,424,588

51,498,856

264,840,522

Wireless

Telecommunication

Services

0.5%

Vodafone

Group

plc

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

United

Kingdom

30,709,264

40,704,579

Total

Common

Stocks

(Cost

$6,586,829,735)

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

7,527,342,155

Warrants

Warrants

0.0%

†

Media

0.0%

†

b

iHeartMedia

,

Inc.,

5/01/39

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

United

States

1,786

14,501

Software

0.0%

†

b

Avaya

Holdings

Corp.,

12/15/22

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

United

States

276,741

384,670

Total

Warrants

(Cost

$41,802)

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

399,171

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

36

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Corporate

Bonds

5.2%

Airlines

1.4%

e

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

11.75

%

,

7/15/25

United

States

75,163,000

$

72,663,454

e

Delta

Air

Lines,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

5/01/25

....

United

States

4,360,000

4,793,100

e

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

.......

United

States

39,492,000

41,219,775

118,676,329

Diversified

Telecommunication

Services

1.0%

Frontier

Communications

Corp.

,

f

Senior

Note,

10.5%,

9/15/22

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

United

States

72,365,000

30,466,750

f

Senior

Note,

11%,

9/15/25

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

United

States

81,506,000

34,436,285

e

Senior

Secured

Note,

144A,

8%,

4/01/27

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

United

States

19,878,000

19,840,729

84,743,764

IT

Services

0.8%

e

Banff

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

9.75

%

,

9/01/26

......

United

States

59,688,000

63,179,748

Machinery

0.3%

e

Navistar

International

Corp.

,

Senior

Secured

Note

,

144A,

9.5

%

,

5/01/25

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

United

States

18,060,400

20,318,492

Multiline

Retail

0.2%

e

Macy's,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/15/25

......

United

States

16,039,000

16,606,299

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Occidental

Petroleum

Corp.

,

Senior

Note

,

4.85

%

,

3/15/21

.......

United

States

3,400,000

3,380,875

Software

1.5%

e

Boxer

Parent

Co.,

Inc.

,

Senior

Secured

Note

,

144A,

7.125

%

,

10/02/25

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

United

States

14,646,300

15,664,218

e

Veritas

US,

Inc.

/

Veritas

Bermuda

Ltd.

,

Senior

Note,

144A,

10.5%,

2/01/24

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

United

States

76,705,000

72,412,972

Senior

Secured

Note,

144A,

7.5%,

2/01/23

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

United

States

9,656,000

9,669,084

Senior

Secured

Note,

144A,

7.5%,

9/01/25

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

United

States

22,622,000

23,357,215

121,103,489

Total

Corporate

Bonds

(Cost

$492,538,536)

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

428,008,996

g

Senior

Floating

Rate

Interests

1.5%

Diversified

Telecommunication

Services

1.0%

a,h

Windstream

Services

LLC,

Revolving

Term

Loan,

6.25%,

(1-month

USD

LIBOR

+

3%),

4/26/21

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

United

States

91,322,291

62,936,471

a

Windstream

Services

LLC,

Term

Loan,

B6,

8.25%,

(1-month

USD

LIBOR

+

5%),

3/29/21

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

United

States

23,496,000

16,192,709

79,129,180

a

a

a

a

a

a

Leisure

Products

0.1%

Zuffa

LLC

(Ultimate

Fighting

Championship),

Initial

Term

Loan,

6.25%,

(3-month

USD

LIBOR

+

5.25%),

6/21/27

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

United

States

10,222,000

10,411,270

Software

0.4%

Veritas

US,

Inc.,

Term

Loan,

6.5%,

(3-month

USD

LIBOR

+

5.5%),

1/01/28

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

United

States

35,190,000

34,451,010

Total

Senior

Floating

Rate

Interests

(Cost

$159,362,071)

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

123,991,460

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

37

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Companies

in

Liquidation

0.0%

†

a,b,i

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

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

Netherlands

555,154

$

—

a,b,i

Tribune

Media,

Litigation

Trust,

Contingent

Distribution

.........

United

States

1,005,034

—

a,b,i

Vistra

Energy

Corp.,

Litigation

Trust,

Contingent

Distribution

.....

United

States

194,177,556

53,399

a,b,i

Walter

Energy

Inc.,

Litigation

Trust,

Contingent

Distribution

......

United

States

20,046,000

—

Total

Companies

in

Liquidation

(Cost

$6,071,371)

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

53,399

Total

Long

Term

Investments

(Cost

$7,244,843,515)

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

8,079,795,181

a

Short

Term

Investments

2.4%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

1.3%

j

U.S.

Treasury

Bills

,

10/20/20

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

United

States

10,000,000

9,999,611

k

11/12/20

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

United

States

25,000,000

24,997,448

11/19/20

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

United

States

7,000,000

6,999,238

1/05/21

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

United

States

32,000,000

31,992,747

1/14/21

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

United

States

10,000,000

9,997,156

1/21/21

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

United

States

30,000,000

29,991,133

113,977,333

Total

U.S.

Government

and

Agency

Securities

(Cost

$113,969,916)

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

113,977,333

a

a

a

l

Repurchase

Agreements

1.1%

Credit

Suisse

Securities

(USA)

LLC,

0.06%,

10/01/20

(Maturity

Value

$87,400,146)

Collateralized

by

U.S.

Treasury

Strips,

3/25/21

-

5/15/43

(valued

at

$89,148,000)

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

87,400,000

87,400,000

Total

Repurchase

Agreements

(Cost

$87,400,000)

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

87,400,000

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

0.0%

†

Shares

Money

Market

Funds

0.0%

†

m,n

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

........

United

States

337,000

337,000

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

38

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Repurchase

Agreements

0.0%

†

o

Joint

Repurchase

Agreement,

BNP

Paribas

SA,

0.06%,

10/01/20

(Maturity

Value

$85,057)

Collateralized

by

U.S.

Treasury

Bond,

Strip,

8/15/25;

and

U.S.

Treasury

Note,

Index

Linked,

0.375%,

7/15/23

(valued

at

$86,758)

85,057

$

85,057

Total

Investments

from

Cash

Collateral

Received

for

Loaned

Securities

(Cost

$422,057)

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

422,057

Total

Short

Term

Investments

(Cost

$201,791,973

)

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

201,799,390

a

Total

Investments

(Cost

$7,446,635,488)

100.2%

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

$8,281,594,571

Other

Assets,

less

Liabilities

(0.2)%

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

(21,143,732)

Net

Assets

100.0%

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

$8,260,450,839

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

10

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

6

regarding

restricted

securities.

d

A

portion

or

all

of

the

security

is

on

loan

at

September

30,

2020.

e

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2020,

the

aggregate

value

of

these

securities

was

$359,725,086,

representing

4.4%

of

net

assets.

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

See

Note

X

regarding

unfunded

loan

commitments.

i

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.

j

The

security

was

issued

on

a

discount

basis

with

no

stated

coupon

rate.

k

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short,

open

forward

exchange

contracts

and/or

open

written

options

contracts.

At

Septem-

ber

30,

2020,

the

aggregate

value

of

these

securities

pledged

amounted

to

$13,020,475,

representing

0.2%

of

net

assets.

l

At

September

30,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

m

See

Note

8

regarding

investments

in

affiliated

management

investment

companies.

n

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

o

Investment

is

through

participation

in

a

joint

account

with

other

funds

managed

by

the

investment

manager

or

an

affiliate

of

the

investment

manager.

At

September

30,

2020,

all

repurchase

agreements

had

been

entered

into

on

that

date.

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

39

At

September

30,

2020,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

3. 

At

September

30,

2020,

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)

Currency

contracts

Foreign

Exchange

EUR/USD

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

Short

88

$

12,909,050

12/14/20

$

155,628

Foreign

Exchange

GBP/USD

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

Short

1,369

110,409,850

12/14/20

2,495,521

Total

Futures

Contracts

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

$2,651,149

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Euro

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

BNY

Buy

4,159,179

4,933,781

10/07/20

$

—

$

(57,803)

Euro

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

BNY

Sell

876,283

987,945

10/07/20

—

(39,358)

Euro

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

BOFA

Buy

3,416,847

4,059,064

10/07/20

—

(53,351)

Euro

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

BOFA

Sell

128,294

140,604

10/07/20

—

(9,801)

Euro

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

HSBK

Buy

5,780,453

6,829,505

10/07/20

2,897

(55,738)

Euro

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

HSBK

Sell

12,221,421

13,487,832

10/07/20

—

(839,849)

Euro

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

SSBT

Buy

3,162,590

3,708,884

10/07/20

8,690

(9,939)

Euro

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

SSBT

Sell

876,283

986,958

10/07/20

—

(40,345)

Euro

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

UBSW

Buy

9,497,585

11,202,250

10/07/20

1,104

(68,938)

Euro

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

UBSW

Sell

13,686,681

15,058,513

10/07/20

—

(986,954)

Swiss

Franc

.......

BNY

Buy

1,168,076

1,270,338

10/19/20

—

(1,787)

Swiss

Franc

.......

SSBT

Sell

40,516,934

44,652,565

10/19/20

650,465

—

Swiss

Franc

.......

UBSW

Buy

3,527,178

3,808,245

10/19/20

22,333

—

Swiss

Franc

.......

UBSW

Sell

40,516,934

44,667,924

10/19/20

665,824

—

South

Korean

Won

..

HSBK

Sell

104,105,551,792

85,633,299

11/12/20

—

(3,651,474)

South

Korean

Won

..

UBSW

Sell

51,114,705,716

41,880,136

11/12/20

—

(1,957,727)

British

Pound

......

HSBK

Buy

3,845,411

5,062,603

11/23/20

—

(99,011)

British

Pound

......

SSBT

Buy

2,463,867

3,166,818

11/23/20

13,500

—

British

Pound

......

SSBT

Sell

30,540,977

37,438,351

11/23/20

—

(1,983,432)

British

Pound

......

UBSW

Sell

10,524,854

13,146,240

11/23/20

—

(439,065)

Euro

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

BOFA

Sell

182,674

204,852

11/23/20

—

(9,530)

Euro

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

HSBK

Sell

3,448,721

3,860,212

11/23/20

—

(187,143)

Euro

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

SSBT

Sell

1,627,633

1,822,933

11/23/20

—

(87,228)

Euro

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

UBSW

Sell

4,424,967

4,895,509

11/23/20

—

(297,552)

South

Korean

Won

..

HSBK

Buy

8,790,495,150

7,418,139

12/18/20

122,013

—

South

Korean

Won

..

HSBK

Sell

100,246,115,950

84,118,258

12/18/20

—

(1,869,051)

South

Korean

Won

..

UBSW

Sell

25,972,019,912

21,776,142

12/18/20

—

(501,669)

Euro

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

HSBK

Sell

345,820

398,503

1/15/21

—

(7,949)

Euro

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

SSBT

Sell

9,172,257

10,461,693

1/15/21

—

(318,705)

Euro

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

UBSW

Sell

9,172,257

10,462,335

1/15/21

—

(318,063)

British

Pound

......

SSBT

Sell

38,533,728

48,267,810

1/19/21

—

(1,497,161)

British

Pound

......

HSBK

Sell

10,756,346

14,037,407

2/16/21

144,371

—

Franklin

Mutual

Series

Funds

Statement

of

Investments

(unaudited)

Franklin

Mutual

Shares

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

40

See

Abbreviations

on

page

56

.

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)

Total

Forward

Exchange

Contracts

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

$1,631,197

$(15,388,623)

Net

unrealized

appreciation

(depreciation)

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

$(13,757,426)

*

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

41

Quarterly

Statement

of

Investments

Notes

to

Statements

of

Investments

(unaudited)

1.

Organization

Franklin

Mutual

Series

Funds (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of six

separate

funds

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Investments

in

repurchase

agreements

are

valued

at

cost,

which

approximates

fair

value.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Funds’

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds’ net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

42

Quarterly

Statement

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds’ business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds’

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

At

September

30,

2020,

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.

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

the

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund’s

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds’ investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

2. Financial

Instrument

Valuation

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

43

Quarterly

Statement

of

Investments

At

September

30,

2020,

the

Funds

received

U.S.

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives,

as

follows:

Franklin

Mutual

Quest

Fund

$1,019,000

Certain

or

all

Funds entered

into

exchange

traded

futures

contracts

primarily

to

manage

exposure

to

certain

foreign

currencies.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable.

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency

for

a

specific

exchange

rate

on

a

future

date.

Certain

or

all

Funds purchased

or

wrote

exchange

traded

and/or

OTC

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

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.

Current

political

and

financial

uncertainty

surrounding

the

European

Union

may

increase

market

volatility

and

the

economic

risk

of

investing

in

securities

in

Europe.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities. 

5. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19,

has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general,

and

may

continue

for

an

unpredictable

duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds,

their

ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and

their

ability

to

achieve

their

investment

objectives.

3.

Derivative

Financial

Instruments

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

44

Quarterly

Statement

of

Investments

6. Restricted

Securities 

At

September

30,

2020,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

Securities

Act

of

1933,

were

as

follows:

7.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

The

1940

Act

defines

"affiliated

companies"

to

include

investments

in

portfolio

companies

in

which

a

fund

owns

5%

or

more

of

the

outstanding

voting

securities.

During

the

period

ended

September

30,

2020,

investments

in

“affiliated

companies”

were

as

follows: 

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Mutual

Beacon

Fund

2,846,329

International

Automotive

Components

Group

Brazil

LLC

4/13/06

–12/26/08

$

1,890,264

$

42,672

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Mutual

European

Fund

16,127,149

EUR

Euro

Wagon

LP

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

12/08/05

–

1/02/08

$

6,282,509

$

—

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

$

57,261

Shares

Issuer

Acquisition

Date

Cost

Value

Franklin

Mutual

Quest

Fund

2,548,299

International

Automotive

Components

Group

Brazil

LLC

4/13/06

–

12/26/08

$

1,692,334

$

38,204

224,279

a

Sorenson

Communications

LLC,

Membership

Interests

4/30/14

—

168,209,174

Total

Restricted

Securities

(Value

is

5.31%

of

Net

Assets)

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

$1,692,334

$168,247,378

Shares

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

$

108,464

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$10,185,631

as

of

September

30,

2020.

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Principal

Amount

Held

at

End

of

Period

Investment

Income

Franklin

Mutual

European

Fund

Controlled

Affiliates

a

Dividends

Euro

Wagon

LP

..........

$

—

$

—

$

—

$

—

$

—

$

—

16,127,149

$

—

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

45

Quarterly

Statement

of

Investments

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares/Principal

Amount

Held

at

End

of

Period

Investment

Income

Franklin

Mutual

European

Fund

(continued)

Controlled

Affiliates

a

Total

Affiliated

Securities

(Value

is

—%

of

Net

Assets)

$—

$—

$—

$

—

$

—

$—

$—

Franklin

Mutual

Financial

Services

Fund

Non-Controlled

Affiliates

Dividends

AB&T

Financial

Corp

......

$

109,658

$

—

$

—

—

(23,740)

$

85,918

226,100

$

862

Total

Affiliated

Securities

(Value

is

0.0%

†

of

Net

Assets)

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

$109,658

$—

$—

—

(23,740)

$85,918

$862

Franklin

Mutual

Quest

Fund

Non-Controlled

Affiliates

Dividends

Advanced

Emissions

Solutions

Inc

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

18,104,195

—

—

—

(11,103,906)

7,000,289

1,724,209

431,052

Lee

Enterprises,

Inc.

......

4,609,275

—

(2,329,081)

(387,686)

—

b

—

b

—

b

—

Lee

Enterprises,

Inc.,

12/31/22

130,691

—

—

—

—

b

—

b

—

b

—

Sorenson

Communications

LLC,

Membership

Interests

152,057,986

—

—

—

16,151,188

168,209,174

224,279

—

Tru

Kids

Parent

LLC

.......

26,506,829

—

—

—

(10,569,379)

15,937,449

7,104

—

Wayne

Services

Legacy

Inc

..

—

—

(683,307)

c

683,307

—

—

7,104

—

Interest

Lee

Enterprises,

Inc.,

Second

Lien,

Term

Loan,

12%,

12/15/22

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

34,210,244

41,580

c

(34,317,486)

644,118

(578,456)

—

d

—

452,880

e

Lee

Enterprises,

Inc.,

Senior

Secured

Note,

144A,

9.5%,

3/15/22

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

90,529,405

45,481

c

(97,050,000)

507,122

5,967,992

—

d

—

1,920,781

e

Sorenson

Communications

LLC,

First

Lien,

Initial

Term

Loan

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

12,473,036

46,787

c

(2,106,502)

73,214

(300,904)

10,185,631

10,211,159

366,908

e

Total

Affiliated

Securities

(Value

is

6.4%

of

Net

Assets)

$338,621,661

$133,848

$(136,486,376)

1,520,075

(433,465)

$201,332,543

$3,171,621

Franklin

Mutual

Shares

Fund

Non-Controlled

Affiliates

Dividends

International

Automotive

Components

Group

Brazil

LLC

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

262,624

—

—

—

(154,160)

108,464

7,234,813

—

Tru

Kids

Parent

LLC

.......

27,867,828

—

—

—

(11,112,067)

16,755,761

7,469

—

Wayne

Services

Legacy

Inc

..

—

—

—

—

—

—

7,469

—

Total

Affiliated

Securities

(Value

is

0.2%

of

Net

Assets)

$28,130,452

$—

$—

—

(11,266,227)

$16,864,225

$—

7.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

46

Quarterly

Statement

of

Investments

8.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

September

30,

2020,

investments

in

affiliated

management

investment

companies

were

as

follows: 

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Issuer

in

which

the

Fund

owns

25%

or

more

of

the

outstanding

voting

securities.

b

As

of

September

30,

2020,

no

longer

an

affiliate.

c

May

include

accretion,

amortization,

partnership

adjustments,

and/or

corporate

actions.

d

As

of

September

30,

2020,

no

longer

held

by

the

fund.

a

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

a

Franklin

Mutual

European

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$—

$4,128,000

$(4,128,000)

$

—

$

—

$

—

—

$

—

Total

Affiliated

Securities

....

$—

$4,128,000

$(4,128,000)

$—

$—

$—

$—

Franklin

Mutual

Global

Discovery

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$—

$14,054,000

$(14,054,000)

—

—

—

—

64

Total

Affiliated

Securities

....

$—

$14,054,000

$(14,054,000)

$—

$—

$—

$64

Franklin

Mutual

Quest

Fund

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$—

$17,695,000

$(17,671,000)

—

—

24,000

24,000

4,386

Total

Affiliated

Securities

....

$—

$17,695,000

$(17,671,000)

$—

$—

$24,000

$4,386

7.

Holding

of

5%

Voting

Securities

of

Portfolio

Companies 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

47

Quarterly

Statement

of

Investments

9.

Reorganization 

On

February

21,

2020,

Franklin

Mutual

Global

Discovery

Fund

(Surviving

Fund),

pursuant

to

a

plan

of

reorganization

approved

on

December

6,

2019,

by

shareholders

of

Franklin

Mutual

International

Fund

(Acquired

Fund),

a

series

of

Franklin

Mutual

Series

Funds,

acquired

100%

of

the

Acquired

Fund’s

net

assets,

primarily

made

up

of

investment

securities,

through

a

tax-free

exchange

of

shares

of

the

Surviving

Fund

for

the

net

assets

of

the

Acquired

Fund. 

10. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

A

summary

of

inputs

used

as

of

September

30,

2020,

in

valuing

the

Funds’

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

a

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

Non-Controlled

Affiliates

Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

0%

.........

$—

$15,640,000

$(15,303,000)

$

—

$

—

$

337,000

337,000

$

62

Total

Affiliated

Securities

....

$—

$15,640,000

$(15,303,000)

$—

$—

$337,000

$62

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Beacon

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

—

$

73,996,630

$

—

$

73,996,630

Auto

Components

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

—

—

42,672

42,672

Banks

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

158,433,292

80,231,535

—

238,664,827

Beverages

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

—

92,009,606

—

92,009,606

Biotechnology

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

15,058,813

—

—

15,058,813

Chemicals

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

—

71,917,965

—

71,917,965

8.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

48

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Beacon

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Communications

Equipment

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

$

77,690,551

$

—

$

—

$

77,690,551

Diversified

Telecommunication

Services

.....

—

82,230,012

—

82,230,012

Electrical

Equipment

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

123,584,323

—

—

123,584,323

Entertainment

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

87,885,864

—

—

87,885,864

Equity

Real

Estate

Investment

Trusts

(REITs)

.

86,820,180

—

—

86,820,180

Food

Products

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

75,019,868

—

—

75,019,868

Health

Care

Equipment

&

Supplies

.........

106,535,355

—

—

106,535,355

Health

Care

Providers

&

Services

..........

82,225,605

—

—

82,225,605

Insurance

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

59,864,879

—

—

59,864,879

Interactive

Media

&

Services

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

63,845,287

—

—

63,845,287

IT

Services

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

90,560,473

—

—

90,560,473

Media

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

127,544,546

—

—

127,544,546

Pharmaceuticals

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

279,990,703

110,678,216

—

390,668,919

Software

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

214,073,977

—

—

214,073,977

Specialty

Retail

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

41,613,320

—

—

41,613,320

Technology

Hardware,

Storage

&

Peripherals

.

73,508,154

—

—

73,508,154

Textiles,

Apparel

&

Luxury

Goods

..........

56,883,494

87,937,387

—

144,820,881

Tobacco

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

—

95,488,305

—

95,488,305

Preferred

Stocks

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

—

162,955,983

—

162,955,983

Corporate

Bonds

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

—

49,413,827

—

49,413,827

Senior

Floating

Rate

Interests

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

—

10,188,453

—

10,188,453

Companies

in

Liquidation

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

—

—

12,728

a

12,728

Short

Term

Investments

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

52,990,517

61,400,000

—

114,390,517

Total

Investments

in

Securities

...........

$1,874,129,201

$978,447,919

$55,400

$2,852,632,520

Other

Financial

Instruments:

Forward

exchange

contracts

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

$

—

$

747,477

$

—

$

747,477

Futures

contracts

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

1,748,618

—

—

1,748,618

Total

Other

Financial

Instruments

.........

$1,748,618

$747,477

$—

$2,496,095

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

14,709,833

—

14,709,833

$—

$—

$—

$—

Franklin

Mutual

European

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

17,690,905

—

17,690,905

Auto

Components

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

—

28,959,421

—

28,959,421

Banks

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

—

55,900,116

—

55,900,116

Beverages

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

—

30,501,101

—

30,501,101

Chemicals

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

—

52,083,115

—

52,083,115

Commercial

Services

&

Supplies

...........

—

17,244,118

—

17,244,118

Construction

Materials

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

—

51,465,278

—

51,465,278

Diversified

Telecommunication

Services

.....

—

39,272,668

—

39,272,668

Electric

Utilities

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

1,751,684

—

—

1,751,684

Energy

Equipment

&

Services

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

6,258,848

—

—

6,258,848

Health

Care

Providers

&

Services

..........

—

19,997,527

—

19,997,527

Hotels,

Restaurants

&

Leisure

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

—

20,710,454

—

20,710,454

Household

Durables

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

—

25,692,722

—

25,692,722

Household

Products

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

—

21,834,240

—

21,834,240

Industrial

Conglomerates

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

—

16,407,012

—

16,407,012

10. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

49

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

European

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Insurance

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

$

—

$

66,183,298

$

—

$

66,183,298

Machinery

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

—

27,661,806

—

27,661,806

Oil,

Gas

&

Consumable

Fuels

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

—

45,803,456

—

45,803,456

Pharmaceuticals

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

—

56,105,918

—

56,105,918

Road

&

Rail

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

—

—

—

a

—

Software

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

—

21,162,244

—

21,162,244

Textiles,

Apparel

&

Luxury

Goods

..........

—

17,984,372

—

17,984,372

Tobacco

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

—

22,347,370

—

22,347,370

Trading

Companies

&

Distributors

..........

—

45,195,950

—

45,195,950

Wireless

Telecommunication

Services

.......

—

14,333,183

—

14,333,183

Preferred

Stocks

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

—

26,578,638

—

26,578,638

Short

Term

Investments

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

23,495,334

52,300,000

—

75,795,334

Total

Investments

in

Securities

...........

$31,505,866

$793,414,912

$—

$824,920,778

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

1,627,923

—

1,627,923

Futures

contracts

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

4,103,581

—

—

4,103,581

Total

Other

Financial

Instruments

.........

$4,103,581

$1,627,923

$—

$5,731,504

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

11,930,515

—

11,930,515

$—

$—

$—

$—

Franklin

Mutual

Financial

Services

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Banks

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

40,874,357

68,070,555

—

108,944,912

Capital

Markets

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

—

18,649,877

—

18,649,877

Consumer

Finance

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

8,408,339

589,929

—

8,998,268

Diversified

Financial

Services

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

13,815,822

5,137,291

—

18,953,113

Household

Durables

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

—

6,069,715

—

6,069,715

Insurance

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

53,691,246

51,343,425

—

105,034,671

Real

Estate

Management

&

Development

....

—

4,767,831

—

4,767,831

Thrifts

&

Mortgage

Finance

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

—

2,589,111

—

2,589,111

Short

Term

Investments

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

5,898,910

6,000,000

—

11,898,910

Total

Investments

in

Securities

...........

$122,688,674

$163,217,734

$—

$285,906,408

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

322,359

—

322,359

Futures

contracts

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

243,796

—

—

243,796

Total

Other

Financial

Instruments

.........

$243,796

$322,359

$—

$566,155

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

2,554,675

—

2,554,675

$—

$—

$—

$—

Franklin

Mutual

Global

Discovery

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

—

135,477,701

—

135,477,701

Auto

Components

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

—

—

57,261

57,261

10. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

50

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Global

Discovery

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Automobiles

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

$

85,049,117

$

—

$

—

$

85,049,117

Banks

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

390,593,003

226,856,977

—

617,449,980

Beverages

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

—

110,629,597

—

110,629,597

Biotechnology

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

50,660,874

—

—

50,660,874

Building

Products

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

163,334,926

—

—

163,334,926

Capital

Markets

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

—

306,984,093

—

306,984,093

Chemicals

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

—

309,784,669

—

309,784,669

Communications

Equipment

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

83,858,553

—

—

83,858,553

Construction

Materials

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

—

110,411,005

—

110,411,005

Consumer

Finance

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

116,698,125

—

—

116,698,125

Containers

&

Packaging

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

149,152,660

—

—

149,152,660

Diversified

Financial

Services

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

299,648,747

—

—

299,648,747

Diversified

Telecommunication

Services

.....

—

75,993,752

—

75,993,752

Entertainment

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

208,846,617

—

—

208,846,617

Food

Products

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

198,814,090

—

—

198,814,090

Health

Care

Equipment

&

Supplies

.........

289,469,264

—

—

289,469,264

Health

Care

Providers

&

Services

..........

366,663,788

—

—

366,663,788

Hotels,

Restaurants

&

Leisure

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

—

111,694,603

—

111,694,603

Industrial

Conglomerates

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

80,143,654

—

—

80,143,654

Insurance

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

340,660,027

407,282,822

—

747,942,849

IT

Services

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

237,443,474

—

—

237,443,474

Machinery

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

—

19,764,757

—

19,764,757

Media

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

314,621,178

—

335,518

314,956,696

Oil,

Gas

&

Consumable

Fuels

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

472,825,103

280,746,448

—

753,571,551

Pharmaceuticals

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

814,029,216

325,765,783

—

1,139,794,999

Semiconductors

&

Semiconductor

Equipment

.

—

186,956,524

—

186,956,524

Software

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

407,110,083

—

—

407,110,083

Technology

Hardware,

Storage

&

Peripherals

.

118,697,185

304,467,232

—

423,164,417

Textiles,

Apparel

&

Luxury

Goods

..........

—

103,177,234

—

103,177,234

Tobacco

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

179,491,347

210,285,238

—

389,776,585

Wireless

Telecommunication

Services

.......

—

72,008,985

—

72,008,985

Preferred

Stocks

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

—

253,291,228

—

253,291,228

Warrants

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

560,332

—

—

560,332

Corporate

Bonds

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

—

268,305,937

—

268,305,937

Senior

Floating

Rate

Interests

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

—

12,595,987

—

12,595,987

Companies

in

Liquidation

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

—

—

39,140

a

39,140

Short

Term

Investments

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

169,468,827

86

—

169,468,913

Total

Investments

in

Securities

...........

$5,537,840,190

$3,832,480,658

$431,919

$9,370,752,767

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

4,072,755

—

4,072,755

Futures

contracts

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

10,585,649

—

—

10,585,649

Total

Other

Financial

Instruments

.........

$10,585,649

$4,072,755

$—

$14,658,404

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

42,263,321

—

42,263,321

$—

$—

$—

$—

Franklin

Mutual

Quest

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

50,107,000

24,226,874

—

74,333,874

10. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

51

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Quest

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Auto

Components

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

$

—

$

—

$

38,204

$

38,204

Automobiles

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

5,068,767

—

—

5,068,767

Banks

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

—

11,437,256

—

11,437,256

Beverages

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

—

9,490,192

—

9,490,192

Biotechnology

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

16,657,377

—

—

16,657,377

Chemicals

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

7,000,289

23,534,139

—

30,534,428

Commercial

Services

&

Supplies

...........

35,133,306

—

—

a

35,133,306

Containers

&

Packaging

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

2,452,670

—

—

2,452,670

Diversified

Financial

Services

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

74,674,269

11,023,313

—

85,697,582

Diversified

Telecommunication

Services

.....

96,663,566

—

—

96,663,566

Energy

Equipment

&

Services

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

176,326

—

—

176,326

Entertainment

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

12,718,200

—

—

12,718,200

Equity

Real

Estate

Investment

Trusts

(REITs)

.

24,874,501

—

—

24,874,501

Food

Products

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

4,699,864

—

—

4,699,864

Health

Care

Equipment

&

Supplies

.........

32,984,653

—

—

32,984,653

Independent

Power

and

Renewable

Electricity

Producers

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

57,959,552

—

—

57,959,552

Insurance

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

116,573,059

166,376,856

—

282,949,915

Interactive

Media

&

Services

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

61,585,149

—

—

61,585,149

IT

Services

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

26,427,430

—

—

26,427,430

Leisure

Products

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

—

—

15,937,449

15,937,449

Machinery

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

95,342,107

—

—

95,342,107

Media

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

86,283,358

—

179,501

86,462,859

Oil,

Gas

&

Consumable

Fuels

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

68,413,728

79,479,630

—

147,893,358

Pharmaceuticals

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

104,128,517

31,705,322

—

135,833,839

Software

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

104,811,378

—

—

104,811,378

Specialty

Retail

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

66,022,452

—

—

66,022,452

Technology

Hardware,

Storage

&

Peripherals

.

23,310,932

—

168,209,174

191,520,106

Tobacco

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

57,760,811

167,583,353

—

225,344,164

Wireless

Telecommunication

Services

.......

—

50,794,981

—

50,794,981

Convertible

Preferred

Stocks

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

22,215,243

—

—

22,215,243

Preferred

Stocks

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

—

2,111,066

—

2,111,066

Warrants

:

Media

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

15,199

—

38,597

a

53,796

Software

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

469,945

—

—

469,945

Convertible

Bonds

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

—

—

—

a

—

Corporate

Bonds

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

—

373,602,190

—

373,602,190

Senior

Floating

Rate

Interests

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

—

138,805,211

60,488,251

199,293,462

Companies

in

Liquidation

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

—

—

28,648

a

28,648

Options

purchased

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

48,000

—

—

48,000

Short

Term

Investments

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

407,930,098

204,106,966

—

612,037,064

Total

Investments

in

Securities

...........

$1,662,507,746

$1,294,277,349

$244,919,824

$3,201,704,919

Other

Financial

Instruments:

Forward

exchange

contracts

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

—

1,286,862

—

1,286,862

Futures

contracts

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

1,024,100

—

—

1,024,100

Total

Other

Financial

Instruments

.........

$1,024,100

$1,286,862

$—

$2,310,962

Liabilities:

Other

Financial

Instruments:

Securities

Sold

Short

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

6,670,672

—

—

6,670,672

10. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

52

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Quest

Fund

(continued)

Liabilities:

Forward

exchange

contracts

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

—

7,653,882

—

7,653,882

Total

Other

Financial

Instruments

.........

$6,670,672

$7,653,882

$—

$14,324,554

Franklin

Mutual

Shares

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

88,965,823

$

96,826,177

$

—

$

185,792,000

Auto

Components

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

—

—

108,464

108,464

Automobiles

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

57,011,230

—

—

57,011,230

Banks

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

544,839,581

—

—

544,839,581

Beverages

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

—

44,129,898

—

44,129,898

Biotechnology

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

43,518,354

—

—

43,518,354

Building

Products

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

134,535,390

—

—

134,535,390

Capital

Markets

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

—

84,895,234

—

84,895,234

Commercial

Services

&

Supplies

...........

—

—

—

a

—

Communications

Equipment

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

79,603,645

—

—

79,603,645

Consumer

Finance

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

124,404,391

—

—

124,404,391

Containers

&

Packaging

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

176,703,198

—

—

176,703,198

Diversified

Financial

Services

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

279,975,519

—

—

279,975,519

Electric

Utilities

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

85,076,460

—

—

85,076,460

Electrical

Equipment

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

162,006,662

—

—

162,006,662

Electronic

Equipment,

Instruments

&

Components

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

131,014,638

—

—

131,014,638

Energy

Equipment

&

Services

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

50,165,440

—

—

50,165,440

Entertainment

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

183,995,006

—

—

183,995,006

Equity

Real

Estate

Investment

Trusts

(REITs)

.

115,790,098

—

—

115,790,098

Food

&

Staples

Retailing

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

240,224,198

—

—

240,224,198

Food

Products

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

360,548,062

—

—

360,548,062

Health

Care

Equipment

&

Supplies

.........

263,307,716

—

—

263,307,716

Health

Care

Providers

&

Services

..........

256,652,302

—

—

256,652,302

Household

Durables

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

261,995,283

—

—

261,995,283

Household

Products

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

60,214,267

—

—

60,214,267

Industrial

Conglomerates

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

72,888,508

—

—

72,888,508

Insurance

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

460,294,732

—

—

460,294,732

IT

Services

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

197,198,548

—

—

197,198,548

Leisure

Products

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

—

—

16,755,761

16,755,761

Machinery

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

—

30,395,154

—

30,395,154

Media

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

472,500,212

—

265,824

472,766,036

Oil,

Gas

&

Consumable

Fuels

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

297,990,578

124,878,846

—

422,869,424

Pharmaceuticals

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

674,728,757

187,099,364

—

861,828,121

Software

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

281,486,181

—

—

281,486,181

Specialty

Retail

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

75,511,030

—

—

75,511,030

Technology

Hardware,

Storage

&

Peripherals

.

89,964,609

236,640,838

—

326,605,447

Textiles,

Apparel

&

Luxury

Goods

..........

76,691,076

—

—

76,691,076

Tobacco

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

129,681,487

135,159,035

—

264,840,522

Wireless

Telecommunication

Services

.......

—

40,704,579

—

40,704,579

Warrants

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

399,171

—

—

399,171

Corporate

Bonds

........................

—

428,008,996

—

428,008,996

Senior

Floating

Rate

Interests

...............

—

44,862,280

79,129,180

123,991,460

Companies

in

Liquidation

..................

—

—

53,399

a

53,399

Short

Term

Investments

...................

114,314,333

87,485,057

—

201,799,390

Total

Investments

in

Securities

...........

$6,644,196,485

$1,541,085,458

$96,312,628

$8,281,594,571

10. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

53

Quarterly

Statement

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.

At

September

30,

2020,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Mutual

Shares

Fund

(continued)

Assets:

Other

Financial

Instruments:

Forward

exchange

contracts

...............

$

—

$

1,631,197

$

—

$

1,631,197

Futures

contracts

........................

2,651,149

—

—

2,651,149

Total

Other

Financial

Instruments

.........

$2,651,149

$1,631,197

$—

$4,282,346

Liabilities:

Other

Financial

Instruments:

Forward

exchange

contracts

................

—

15,388,623

—

15,388,623

$—

$—

$—

$—

a

Includes

securities

determined

to

have

no

value

at

September

30,

2020.

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

a

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

b

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

...

$

92,503

$

—

$

—

$

—

$

—

$

—

$

—

$

(54,299)

$

38,204

$

(54,299)

Commercial

Services

&

Supplies

........

—

c

—

—

—

—

—

—

—

—

c

—

Leisure

Products

....

26,506,829

—

—

—

—

(683,307)

683,307

(10,569,380)

15,937,449

(10,569,380)

Media

...........

341,456

—

—

—

—

—

—

(161,955)

179,501

(161,955)

Technology

Hardware,

Storage

&

Peripherals

152,057,986

—

—

—

—

—

—

16,151,188

168,209,174

16,151,188

Warrants

:

Media

...........

130,691

—

—

—

—

—

—

(92,094)

38,597

c

(92,094)

Convertible

Bonds

:

Oil,

Gas

&

Consumable

Fuels

..........

—

—

—

25,765

—

—

—

(25,765)

—

c

(25,765)

Senior

Floating

Rate

Interests

:

Diversified

Telecommunication

Services

........

—

—

—

59,474,216

—

—

—

1,014,035

60,488,251

1,014,035

Companies

in

Liquidation

57,296

c

—

—

—

—

(17,597)

17,597

(28,648)

28,648

c

(28,648)

Total

Investments

in

Securities

$179,186,761

$—

$—

$59,499,981

$—

(700,904)

700,904

6,233,082

$244,919,824

6,233,082

Franklin

Mutual

Shares

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

Auto

Components

...

262,624

—

—

—

—

—

—

(154,160)

108,464

(154,160)

Commercial

Services

&

Supplies

........

—

c

—

—

—

—

—

—

—

—

c

—

Leisure

Products

....

27,867,828

—

—

—

—

(718,391)

718,391

(11,112,067)

16,755,761

(11,112,067)

10. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

54

Quarterly

Statement

of

Investments

Significant

unobservable

valuation

inputs

for

material

Level

3

assets

and/or

liabilities

and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

September

30,

2020,

are

as

follows:

Balance

at

Beginning

of

Period

Purchases

Sales

Transfer

Into

Level

3

a

Transfer

Out

of

Level

3

Cost

Basis

Adjust-

ments

b

Net

Realized

Gain

(Loss)

Net

Unrealized

Appreciation

(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

Shares

Fund

(continued)

Assets:

Investments

in

Securities:

Common

Stocks:

Media

...........

$

505,662

$

—

$

—

$

—

$

—

$

—

$

—

$

(239,838)

$

265,824

$

(239,838)

Senior

Floating

Rate

Interests

:

Diversified

Telecommunication

Services

........

—

—

—

77,802,645

—

—

—

1,326,535

79,129,180

1,326,535

Companies

in

Liquidation

106,797

c

—

—

—

—

(11,548)

11,548

(53,398)

53,399

c

(53,398)

Total

Investments

in

Securities

$28,742,911

$—

$—

$77,802,645

$—

(729,939)

729,939

(10,232,928)

$96,312,628

(10,232,928)

a

Transferred

into

Level

3

as

a

result

of

the

unavailability

of

other

significant

observable

valuation

inputs.

b

May

include

accretion,

amortization,

partnership

adjustments,

and/or

other

cost

basis

adjustments.

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:

Leisure

Products

..........

$15,937,449

Market

comparables

Discounts

for

lack

of

marketability

19.0%

Decrease

c

EV/EBITDA

multiple

14.7x

Increase

b

EV/Revenue

multiple

0.6x

Increase

 Market

transactions

Transaction

price

weighting

10.0%

Decrease

Technology

Hardware,

Storage

&

Peripherals

.......................

168,209,174

Market

transactions

Transaction

price

weighting

50.0%

Increase

b

Market

comparables

EV/EBITDA

multiple

5.7x

Increase

b

Senior

Floating

Rate

Interests:

Diversified

Telecommunication

Services

...................

60,488,251 

Market

approach

Recovery

Value

$60.5

mil

Increase

b

All

other

Investments

..........

284,950

d,e

Total

.......................

$244,919,824

10. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

55

Quarterly

Statement

of

Investments

11.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Description

Fair

Value

at

End

of

Period

Valuation

Technique

Unobservable

Inputs

Amount

Impact

to

Fair

Value

if

Input

Increases

a

Franklin

Mutual

Shares

Fund

Assets:

Investments

in

Securities:

Common

Stocks:

Leisure

Products

..........

$16,755,761

Market

Comparables

Discount

for

lack

of

marketability

19.0%

Decrease

c

EV/EBITDA

multiple

14.7x

Increase

c

EV/Revenue

multiple

0.6x

Increase

Market

transactions

Transaction

weighting

10.0%

Decrease

Senior

Floating

Rate

Interests:

Diversified

Telecommunication

Services

...................

79,129,180

Market

approach

Recovery

value

$79.1

mil

Increase

b

All

Other

Investments.

..........

427,687

d,e

Total

.......................

$96,312,628

a

Represents

the

directional

change

in

the

fair

value

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

and

net

assets.

c

Represents

a

significant

impact

to

fair

value

but

not

net

assets.

d

Includes

securities

determined

to

have

no

value

at

September

30,

2020.

e

Includes

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

May

also

include

values

derived

using

private

transaction

prices

or

non-public

third

party

pricing

information

which

is

unobservable.

Abbreviations

List

EBITDA

-

Earnings

before

interest,

taxes,

depreciation

and

amortization

EV

-

Enterprise

value

10. Fair

Value

Measurements 

(continued)

Franklin

Mutual

Series

Funds

Notes

to

Statements

of

Investments

(unaudited)

56

Quarterly

Statement

of

Investments

Abbreviations

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report. 

Counterparty

BNY

Bank

of

New

York

BOFA

Bank

of

America

Corp.

HSBK

HSBC

Bank

plc

SSBT

State

Street

Bank

and

Trust

Co.

UBSW

UBS

AG

Currency

CAD

Canadian

Dollar

EUR

Euro

GBP

British

Pound

USD

United

States

Dollar

Selected

Portfolio

ADR

American

Depositary

Receipts

FRN

Floating

Rate

Note

LIBOR

London

Inter-Bank

Offered

Rate