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      <invstOrSec>
        <name>Prudential plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rio Tinto plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BP plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BlackRock, Inc.</name>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <name>Charter Communications, Inc.</name>
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        <name>Walt Disney Co. (The)</name>
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        <name>EOG Resources, Inc.</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>Ferguson Enterprises, Inc.</name>
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        <name>Fiserv, Inc.</name>
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        <name>Global Payments, Inc.</name>
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        <name>Airbus SE</name>
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        <name>Capgemini SE</name>
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        <name>Fresenius SE &amp; Co. KGaA</name>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <name>International Paper Co.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>BASF SE</name>
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        <name>Michaels Cos., Inc. (The)</name>
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        <name>Siemens AG</name>
        <lei>W38RGI023J3WT1HWRP32</lei>
        <title>Siemens AG</title>
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        <name>Deutsche Bank AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Telekom AG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mondelez International, Inc.</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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        <name>Pan Pacific International Holdings Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Neptune Bidco US, Inc.</name>
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      <invstOrSec>
        <name>Michaels Cos., Inc. (The)</name>
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      <invstOrSec>
        <name>CoreLogic, Inc.</name>
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        <name>Mitsubishi Electric Corp.</name>
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        <title>Mitsubishi Electric Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Renesas Electronics Corp.</name>
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        <name>Denso Corp.</name>
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        <title>Denso Corp.</title>
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        <name>Novartis AG</name>
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        <title>Novartis AG</title>
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        <name>Samsung Electronics Co. Ltd.</name>
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        <name>Toyota Motor Corp.</name>
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        <title>Toyota Motor Corp.</title>
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        <name>PPG Industries, Inc.</name>
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        <name>Roche Holding AG</name>
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        <title>Roche Holding AG</title>
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        <name>BNP Paribas SA</name>
        <lei>R0MUWSFPU8MPRO8K5P83</lei>
        <title>BNP Paribas SA</title>
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        <name>Cie de Saint-Gobain SA</name>
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        <title>Cie de Saint-Gobain SA</title>
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        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Neptune Bidco US, Inc.</name>
        <lei>N/A</lei>
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        <cusip>64069JAC6</cusip>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Neptune Bidco US, Inc.</name>
        <lei>549300VG15T3VCYZ4531</lei>
        <title>Neptune Bidco US, Inc., First Lien, CME Term Loan, A</title>
        <cusip>64069JAF9</cusip>
        <identifiers>
          <isin value="US64069JAF93"/>
          <other otherDesc="Inhouse Asset ID" value="1275405"/>
        </identifiers>
        <balance>47590725.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>47074365.63000000</valUSD>
        <pctVal>0.496948990922</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-10-11</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.76150000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Heineken NV</name>
        <lei>724500K5PTPSST86UQ23</lei>
        <title>Heineken NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000009165"/>
          <other otherDesc="Inhouse Asset ID" value="205005"/>
        </identifiers>
        <balance>1983768.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091899"/>
        <valUSD>163674591.80000000</valUSD>
        <pctVal>1.727860208971</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>SLB Ltd.</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>SLB Ltd.</title>
        <cusip>806857108</cusip>
        <identifiers>
          <isin value="AN8068571086"/>
          <other otherDesc="Inhouse Asset ID" value="1110"/>
        </identifiers>
        <balance>3418089.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>131186255.82000000</valUSD>
        <pctVal>1.384891258334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iHeartCommunications, Inc.</name>
        <lei>N/A</lei>
        <title>iHeartCommunications, Inc., First Lien, Refinanced CME Term Loan, B</title>
        <cusip>45174UAJ7</cusip>
        <identifiers>
          <isin value="US45174UAJ79"/>
          <other otherDesc="Inhouse Asset ID" value="1432486"/>
        </identifiers>
        <balance>0.00040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.60558000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
        <cusip>907818108</cusip>
        <identifiers>
          <isin value="US9078181081"/>
          <other otherDesc="Inhouse Asset ID" value="14100"/>
        </identifiers>
        <balance>629400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>145592808.00000000</valUSD>
        <pctVal>1.536976612491</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>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
        <title>Wells Fargo &amp; Co.</title>
        <cusip>949746101</cusip>
        <identifiers>
          <isin value="US9497461015"/>
          <other otherDesc="Inhouse Asset ID" value="20314"/>
        </identifiers>
        <balance>1945627.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181332436.40000000</valUSD>
        <pctVal>1.914268415187</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>Zimmer Biomet Holdings, Inc.</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
        <title>Zimmer Biomet Holdings, Inc.</title>
        <cusip>98956P102</cusip>
        <identifiers>
          <isin value="US98956P1021"/>
          <other otherDesc="Inhouse Asset ID" value="213402"/>
        </identifiers>
        <balance>1694167.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>152339496.64000000</valUSD>
        <pctVal>1.608199242193</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>Walter Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Walter Energy, Inc., Litigation Trust, Contingent Distribution</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1003325"/>
        </identifiers>
        <balance>30996000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Danone SA</name>
        <lei>969500KMUQ2B6CBAF162</lei>
        <title>Danone SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000120644"/>
          <other otherDesc="Inhouse Asset ID" value="201550"/>
        </identifiers>
        <balance>1467189.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091899"/>
        <valUSD>132339116.70000000</valUSD>
        <pctVal>1.397061641160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Reckitt Benckiser Group plc</name>
        <lei>5493003JFSMOJG48V108</lei>
        <title>Reckitt Benckiser Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B24CGK77"/>
          <other otherDesc="Inhouse Asset ID" value="400229"/>
        </identifiers>
        <balance>2146500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74186728"/>
        <valUSD>173693378.16000000</valUSD>
        <pctVal>1.833625325617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cie Financiere Richemont SA</name>
        <lei>549300YIPGJ6UX2QPS51</lei>
        <title>Cie Financiere Richemont SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CH0210483332"/>
          <other otherDesc="Inhouse Asset ID" value="560149"/>
        </identifiers>
        <balance>865842.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.79210000"/>
        <valUSD>186719732.31000000</valUSD>
        <pctVal>1.971140371515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Grid plc</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>National Grid plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BDR05C01"/>
          <other otherDesc="Inhouse Asset ID" value="226721"/>
        </identifiers>
        <balance>7545498.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74186728"/>
        <valUSD>115736486.87000000</valUSD>
        <pctVal>1.221792999081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Stellantis NV</name>
        <lei>549300LKT9PW7ZIBDF31</lei>
        <title>Stellantis NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL00150001Q9"/>
          <other otherDesc="Inhouse Asset ID" value="590493"/>
        </identifiers>
        <balance>9487840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85091899"/>
        <valUSD>103898554.42000000</valUSD>
        <pctVal>1.096823740189</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>Tencent Holdings Ltd.</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>Tencent Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
          <other otherDesc="Inhouse Asset ID" value="318608"/>
        </identifiers>
        <balance>2152238.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.78270000"/>
        <valUSD>165170361.98000000</valUSD>
        <pctVal>1.743650575377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Haleon plc</name>
        <lei>549300PSB3WWEODCUP19</lei>
        <title>Haleon plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMX86B70"/>
          <other otherDesc="Inhouse Asset ID" value="1204530"/>
        </identifiers>
        <balance>38412849.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74186728"/>
        <valUSD>194114766.61000000</valUSD>
        <pctVal>2.049207378559</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shell plc</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Shell plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BP6MXD84"/>
          <other otherDesc="Inhouse Asset ID" value="1186602"/>
        </identifiers>
        <balance>4156483.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74186728"/>
        <valUSD>153175752.93000000</valUSD>
        <pctVal>1.617027331831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="EUR"/>
        </identifiers>
        <balance>-0.02000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="EUR" exchangeRt="0.85091899"/>
        <valUSD>-0.02000000</valUSD>
        <pctVal>-0.00000000021</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Medtronic plc</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BTN1Y115"/>
          <other otherDesc="Inhouse Asset ID" value="596122"/>
        </identifiers>
        <balance>1856578.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>178342882.68000000</valUSD>
        <pctVal>1.882708654698</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yen</name>
        <lei>N/A</lei>
        <title>Yen</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="JPY"/>
        </identifiers>
        <balance>-3.00000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="JPY" exchangeRt="156.64000000"/>
        <valUSD>-0.02000000</valUSD>
        <pctVal>-0.00000000021</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Won</name>
        <lei>N/A</lei>
        <title>Won</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="KRW"/>
        </identifiers>
        <balance>660.59000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="KRW" exchangeRt="1440.55000000"/>
        <valUSD>0.46000000</valUSD>
        <pctVal>0.000000004856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AerCap Holdings NV</name>
        <lei>549300SZYINBBLJQU475</lei>
        <title>AerCap Holdings NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000687663"/>
          <other otherDesc="Inhouse Asset ID" value="374643"/>
        </identifiers>
        <balance>1357891.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>195210410.16000000</valUSD>
        <pctVal>2.060773736369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</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>2026-01-30</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>
</edgarSubmission>
