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        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
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        <name>Synovus Financial Corp.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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      <invstOrSec>
        <name>Savills plc</name>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>HSBC Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Primis Financial Corp.</name>
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      <invstOrSec>
        <name>Direct Line Insurance Group plc</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Cushman &amp; Wakefield plc</name>
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        <name>SS&amp;C Technologies Holdings, Inc.</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>UniCredit SpA</name>
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        <name>Global Payments, Inc.</name>
        <lei>549300NOMHGVQBX6S778</lei>
        <title>Global Payments, Inc.</title>
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        <name>MetLife, Inc.</name>
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        <name>CYBER RE LIMITED ORD USD 1</name>
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      <invstOrSec>
        <name>Columbia Banking System, Inc.</name>
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        <name>Bank of America Corp.</name>
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        <name>N/A</name>
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        <name>First Horizon Corp.</name>
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        <name>Vornado Realty Trust</name>
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        <name>N/A</name>
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        <name>AB&amp;T Financial Corp.</name>
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        <name>CaixaBank SA</name>
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        <name>Voya Financial, Inc.</name>
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        <title>Voya Financial, Inc.</title>
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        <name>AerCap Holdings NV</name>
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        <name>N/A</name>
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        <name>Citizens Financial Group, Inc.</name>
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        <name>Cairn Homes plc</name>
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        <name>ASR Nederland NV</name>
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        <name>Loyalty Ventures, Inc.</name>
        <lei>549300Q3YKVWNY6JIJ44</lei>
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        <balance>182982.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3677.94000000</valUSD>
        <pctVal>0.001104665391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005140008"/>
          <other otherDesc="Inhouse Asset ID" value="63625"/>
        </identifiers>
        <balance>855644.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.92204140"/>
        <valUSD>8701615.87000000</valUSD>
        <pctVal>2.613521129044</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-05-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Mutual Series Funds</ncom:nameOfApplicant>
      <ncom:signature>Ryan Wheeler</ncom:signature>
      <ncom:signerName>Ryan Wheeler</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
