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      <invstOrSec>
        <name>Sorenson Holdings LLC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Roche Holding AG</name>
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        <name>Danone SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>British American Tobacco plc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Sorenson Holdings LLC</name>
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        <name>DISH Network Corp.</name>
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        <name>Mercedes-Benz Group AG</name>
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        <name>Equinox Gold Corp.</name>
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        <name>Merck &amp; Co., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Mastercard, Inc.</name>
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        <name>BNP Paribas SA</name>
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        <name>Swiss Franc</name>
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        <name>Staples, Inc.</name>
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        <name>Johnson Controls International plc</name>
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        <name>SES SA</name>
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        <name>Prudential plc</name>
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        <name>Hartford Insurance Group, Inc. (The)</name>
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        <name>Progressive Corp. (The)</name>
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        <name>Warner Bros Discovery, Inc.</name>
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        <title>Warner Bros Discovery, Inc.</title>
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        <name>Airbus SE</name>
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        <name>Inclusive Language Services LLC</name>
        <lei>549300H02Z2SUR0GB419</lei>
        <title>Inclusive Language Services LLC, Membership Interests, Class B</title>
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        <name>Allied Gold Corp.</name>
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        <name>Adobe, Inc.</name>
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        <name>Dollar General Corp.</name>
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        <name>Wilsonart LLC</name>
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        <name>BP plc</name>
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        <name>Yen</name>
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        <name>Intertek Group plc</name>
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        <name>Staples, Inc.</name>
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        <name>Gap, Inc. (The)</name>
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        <name>Abbott Laboratories</name>
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        <name>International Paper Co.</name>
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        <name>Meta Platforms, Inc.</name>
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        <name>Agnico Eagle Mines Ltd.</name>
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        <name>Cooper Cos., Inc. (The)</name>
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        <name>Arthur J Gallagher &amp; Co.</name>
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        <name>PPL Corp.</name>
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        <name>Wells Fargo &amp; Co.</name>
        <lei>PBLD0EJDB5FWOLXP3B76</lei>
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        <name>Walter Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Walter Energy, Inc., Litigation Trust, Contingent Distribution</title>
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      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
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        <name>Mitsubishi UFJ Financial Group, Inc.</name>
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      <invstOrSec>
        <name>Uniti Group, Inc.</name>
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        <name>PPG Industries, Inc.</name>
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        <name>Travelport Finance Luxembourg SARL</name>
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      <invstOrSec>
        <name>Staples, Inc.</name>
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        <name>SLB Ltd.</name>
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        <invCountry>CW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Colgate-Palmolive Co.</name>
        <lei>YMEGZFW4SBUSS5BQXF88</lei>
        <title>Colgate-Palmolive Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Won</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CoreLogic, Inc.</name>
        <lei>54930086CD8K2UIL0516</lei>
        <title>CoreLogic, Inc., First Lien, Initial CME Term Loan</title>
        <cusip>21870FBA6</cusip>
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        <name>Ares Capital Corp.</name>
        <lei>WEQ82666OJYSI5GUAB47</lei>
        <title>Ares Capital Corp.</title>
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        <name>Micron Technology, Inc.</name>
        <lei>B3DXGBC8GAIYWI2Z0172</lei>
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        <name>Ingersoll Rand, Inc.</name>
        <lei>5299004C02FMZCUOIR50</lei>
        <title>Ingersoll Rand, Inc.</title>
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      <invstOrSec>
        <name>Neptune Bidco US, Inc.</name>
        <lei>N/A</lei>
        <title>Neptune Bidco US, Inc., First Lien, 2026 Dollar CME Term Loan, B</title>
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        <invCountry>US</invCountry>
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        <name>UniCredit SpA</name>
        <lei>549300TRUWO2CD2G5692</lei>
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        <invCountry>IT</invCountry>
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        <name>iHeartCommunications, Inc.</name>
        <lei>54930076J6KDZL504O62</lei>
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        <invCountry>US</invCountry>
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        <name>EchoStar Corp.</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>EchoStar Corp., Class A</title>
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        <name>CNH Industrial NV</name>
        <lei>549300WGC2HZ5J67V817</lei>
        <title>CNH Industrial NV</title>
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        <invCountry>NL</invCountry>

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        <name>ArcelorMittal SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
        <title>ArcelorMittal SA</title>
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        <invCountry>LU</invCountry>
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        <name>Walt Disney Co. (The)</name>
        <lei>549300GZKULIZ0WOW665</lei>
        <title>Walt Disney Co. (The)</title>
        <cusip>254687106</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Microsoft Corp.</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>Microsoft Corp.</title>
        <cusip>594918104</cusip>
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      <invstOrSec>
        <name>Evergy, Inc.</name>
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        <name>Fresenius SE &amp; Co. KGaA</name>
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      <invstOrSec>
        <name>Bosgaerde BV</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Uniti Group, Inc.</name>
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        <name>Elevance Health, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Union Pacific Corp.</name>
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        <title>Union Pacific Corp.</title>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Zscaler, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2028-07-15</maturityDt>
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            <dbtSecRefInstrument>
              <name>Zscaler, Inc.</name>
              <title>Zscaler, Inc.</title>
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                <cusip value="98980G102"/>
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            <currencyInfo convRatio="2.27520000" curCd="USD"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Baker Hughes Co.</name>
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          <isin value="US05722G1004"/>
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      <invstOrSec>
        <name>United Rentals, Inc.</name>
        <lei>5323X5O7RN0NKFCDRY08</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>iHeartCommunications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Heineken NV</name>
        <lei>724500K5PTPSST86UQ23</lei>
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        <cusip>N/A</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>EOG Resources, Inc.</name>
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        <name>Neptune Bidco US, Inc.</name>
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        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>Deutsche Telekom AG</title>
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      <invstOrSec>
        <name>Dover Corp.</name>
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        <title>Dover Corp.</title>
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        <name>Voya Financial, Inc.</name>
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        <name>Brighthouse Financial, Inc.</name>
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        <name>Samsung Electronics Co. Ltd.</name>
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        <name>Franklin Institutional U.S. Government Money Market Fund</name>
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        <title>Franklin Institutional U.S. Government Money Market Fund</title>
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        <name>Aptiv plc</name>
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        <title>Aptiv plc</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lucid Group, Inc.</name>
        <lei>529900MRL9Z13ZCRVD74</lei>
        <title>Lucid Group, Inc.</title>
        <cusip>549498AA1</cusip>
        <identifiers>
          <isin value="US549498AA11"/>
          <other otherDesc="Inhouse Asset ID" value="1181539"/>
        </identifiers>
        <balance>7500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7181250.00000000</valUSD>
        <pctVal>0.263316157819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>1.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>Y</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Lucid Group, Inc.</name>
              <title>Lucid Group, Inc.</title>
              <curCd>USD</curCd>
              <identifiers>
                <cusip value="549498202"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="1.82548000" curCd="USD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Electronic Arts, Inc.</name>
        <lei>549300O7A67PUEYKDL45</lei>
        <title>Electronic Arts, Inc.</title>
        <cusip>285512109</cusip>
        <identifiers>
          <isin value="US2855121099"/>
          <other otherDesc="Inhouse Asset ID" value="22612"/>
        </identifiers>
        <balance>184329.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37794818.16000000</valUSD>
        <pctVal>1.385829250250</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>Entergy Corp.</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corp.</title>
        <cusip>29364G103</cusip>
        <identifiers>
          <isin value="US29364G1031"/>
          <other otherDesc="Inhouse Asset ID" value="25229"/>
        </identifiers>
        <balance>314304.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36100957.44000000</valUSD>
        <pctVal>1.323720161071</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>Novartis AG</name>
        <lei>5493007HIVTX6SY6XD66</lei>
        <title>Novartis AG</title>
        <cusip>66987V109</cusip>
        <identifiers>
          <isin value="US66987V1098"/>
          <other otherDesc="Inhouse Asset ID" value="43666"/>
        </identifiers>
        <balance>292937.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>45909086.64000000</valUSD>
        <pctVal>1.683356560909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pound Sterling</name>
        <lei>N/A</lei>
        <title>Pound Sterling</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="ISO Currency code" value="GBP"/>
        </identifiers>
        <balance>2482266.32000000</balance>
        <units>OU</units>
        <descOthUnits>Currencies</descOthUnits>
        <currencyConditional curCd="GBP" exchangeRt="0.75389197"/>
        <valUSD>3292602.16000000</valUSD>
        <pctVal>0.120730422976</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Foreign currencies" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RENK Group AG</name>
        <lei>894500H8CNSZ53EI6K63</lei>
        <title>RENK Group AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE000RENK730"/>
          <other otherDesc="Inhouse Asset ID" value="1366859"/>
        </identifiers>
        <balance>554870.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
        <valUSD>26784461.04000000</valUSD>
        <pctVal>0.982110547649</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>ASR Nederland NV</name>
        <lei>7245000G0HS48PZWUD53</lei>
        <title>ASR Nederland NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0011872643"/>
          <other otherDesc="Inhouse Asset ID" value="636096"/>
        </identifiers>
        <balance>399843.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519692"/>
        <valUSD>30196493.94000000</valUSD>
        <pctVal>1.107220158591</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>Samsung Electronics Co. Ltd.</name>
        <lei>9884007ER46L6N7EI764</lei>
        <title>Samsung Electronics Co. Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005930003"/>
          <other otherDesc="Inhouse Asset ID" value="19148"/>
        </identifiers>
        <balance>239133.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1549.30000000"/>
        <valUSD>53062953.38000000</valUSD>
        <pctVal>1.945668651913</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</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>2026-07-30</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>
