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      <invstOrSec>
        <name>NN Group NV</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>International General Insurance Holdings Ltd.</name>
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      <invstOrSec>
        <name>BlackRock, Inc.</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Everest Group Ltd.</name>
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        <name>Fiserv, Inc.</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>BNP Paribas SA</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Prudential plc</name>
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        <name>Hartford Financial Services Group, Inc. (The)</name>
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        <name>Progressive Corp. (The)</name>
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        <name>PNC Financial Services Group, Inc. (The)</name>
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        <name>Capital One Financial Corp.</name>
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        <name>Conduit Holdings Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DBS Group Holdings Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Mitsubishi UFJ Financial Group, Inc.</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>N/A</name>
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        <name>Savills plc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>SS&amp;C Technologies Holdings, Inc.</name>
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        <name>UniCredit SpA</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>MetLife, Inc.</name>
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        <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>CaixaBank SA</name>
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        <name>United States of America</name>
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        <valUSD>15961543.53000000</valUSD>
        <pctVal>4.257721928395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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="0.92695590"/>
        <valUSD>13475988.91000000</valUSD>
        <pctVal>3.594703318076</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>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="163826"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-780.74000000</valUSD>
        <pctVal>-0.00020826142</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC Bank</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
            </counterparties>
            <amtCurSold>742502.88000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>587683.53000000</amtCurPur>
            <curPur>GBP</curPur>
            <settlementDt>2024-04-11</settlementDt>
            <unrealizedAppr>-780.74000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <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>2024-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Mutual Series Funds</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
