# EDGAR Filing Document

**Accession Number:** 0000825063
**File Stem:** 0001133228-25-008997
**Filing Date:** 2025-8
**Character Count:** 414759
**Document Hash:** 766bc8a934cbe80f53f74835dbc8b66e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008997.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001133228-25-008997

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**EFFECTIVENESS DATE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN MUTUAL SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000825063

**ORGANIZATION NAME:**
- **EIN:** 222894171
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05387
- **FILM NUMBER:** 251263488

**BUSINESS ADDRESS:**
- **STREET 1:** 101 JOHN F KENNEDY PARKWAY
- **CITY:** SHORT HILLS
- **STATE:** NJ
- **ZIP:** 07078
- **BUSINESS PHONE:** 973-912-2000

**MAIL ADDRESS:**
- **STREET 1:** 101 JOHN F KENNEDY PARKWAY
- **CITY:** SHORT HILLS
- **STATE:** NJ
- **ZIP:** 07078

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN MUTUAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19970227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUTUAL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### FRANKLIN MUTUAL BEACON FUND (Series ID: S000007860)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021373 | CLASS A      | TEBIX           |
| C000021375 | CLASS C      | TEMEX           |
| C000021376 | CLASS Z      | BEGRX           |
| C000082421 | CLASS R      |  |
| C000128727 | Class R6     | FMBRX           |

### FRANKLIN MUTUAL GLOBAL DISCOVERY FUND (Series ID: S000007861)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021377 | CLASS A      | TEDIX           |
| C000021379 | CLASS C      | TEDSX           |
| C000021380 | CLASS Z      | MDISX           |
| C000021381 | CLASS R      | TEDRX           |
| C000128728 | Class R6     | FMDRX           |

### FRANKLIN MUTUAL INTERNATIONAL VALUE FUND (Series ID: S000007862)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021382 | CLASS A      | TEMIX           |
| C000021384 | CLASS C      | TEURX           |
| C000021385 | CLASS Z      | MEURX           |
| C000082422 | CLASS R      | FMURX           |
| C000128729 | Class R6     | FMEUX           |

### FRANKLIN MUTUAL QUEST FUND (Series ID: S000007863)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021386 | CLASS A      | TEQIX           |
| C000021388 | CLASS C      | TEMQX           |
| C000021389 | CLASS Z      | MQIFX           |
| C000078832 | CLASS R      | FMQSX           |
| C000128730 | Class R6     | FMQRX           |

### FRANKLIN MUTUAL SHARES FUND (Series ID: S000007864)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021390 | CLASS A      | TESIX           |
| C000021392 | CLASS C      | TEMTX           |
| C000021393 | CLASS Z      | MUTHX           |
| C000021394 | CLASS R      | TESRX           |
| C000128731 | Class R6     | FMSHX           |

?xml version='1.0' encoding='ASCII'? 2025-07-1774200026700_FranklinMutualBeaconFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-05387**

 **Franklin Mutual Series Funds**

(Exact name of registrant as specified in charter)

**101 John F. Kennedy Parkway, Short Hills, NJ 07078-2705**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **210 912-2100**

Date of fiscal year end: **December 31**

Date of reporting period: **June 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Mutual Beacon Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TEBIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Beacon Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $53 | 1.01% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317513709 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 36 |
| **Portfolio Turnover Rate** | 24.37% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4440img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Beacon Fund PAGE 1 476-STSR-0825

78.55.74.43.73.72.41.6 ------

---

| | |
|:---|:---|
| **Franklin Mutual Beacon Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEMEX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Beacon Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $93 | 1.76% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317513709 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 36 |
| **Portfolio Turnover Rate** | 24.37% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4442img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Beacon Fund PAGE 1 576-STSR-0825

78.55.74.43.73.72.41.6 ------

---

| | |
|:---|:---|
| **Franklin Mutual Beacon Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Beacon Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R | $67 | 1.26% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317513709 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 36 |
| **Portfolio Turnover Rate** | 24.37% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4446img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Beacon Fund PAGE 1 876-STSR-0825

78.55.74.43.73.72.41.6 ------

---

| | |
|:---|:---|
| **Franklin Mutual Beacon Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMBRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Beacon Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $38 | 0.72% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317513709 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 36 |
| **Portfolio Turnover Rate** | 24.37% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4444img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Beacon Fund PAGE 1 376-STSR-0825

78.55.74.43.73.72.41.6 ------

---

| | |
|:---|:---|
| **Franklin Mutual Beacon Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Z [BEGRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Beacon Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class Z | $40 | 0.76% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3317513709 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 36 |
| **Portfolio Turnover Rate** | 24.37% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4447img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Beacon Fund PAGE 1 76-STSR-0825

78.55.74.43.73.72.41.6 ------

---

| | |
|:---|:---|
| **Franklin Mutual Global Discovery Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TEDIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Global Discovery Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A<sup>1</sup>  | $64 | 1.21% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

1 Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $9288856573 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 70 |
| **Portfolio Turnover Rate** | 22.44% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4455img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Global Discovery Fund PAGE 1 477-STSR-0825

53.08.98.35.84.52.22.01.91.81.81.71.71.61.53.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual Global Discovery Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEDSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Global Discovery Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C<sup>1</sup>  | $104 | 1.96% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

1 Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $9288856573 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 70 |
| **Portfolio Turnover Rate** | 22.44% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4457img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Global Discovery Fund PAGE 1 577-STSR-0825

53.08.98.35.84.52.22.01.91.81.81.71.71.61.53.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual Global Discovery Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [TEDRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Global Discovery Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R<sup>1</sup>  | $77 | 1.46% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

1 Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $9288856573 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 70 |
| **Portfolio Turnover Rate** | 22.44% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4462img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Global Discovery Fund PAGE 1 877-STSR-0825

53.08.98.35.84.52.22.01.91.81.81.71.71.61.53.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual Global Discovery Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMDRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Global Discovery Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6<sup>1</sup>  | $47 | 0.89% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

1 Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $9288856573 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 70 |
| **Portfolio Turnover Rate** | 22.44% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4460img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Global Discovery Fund PAGE 1 377-STSR-0825

53.08.98.35.84.52.22.01.91.81.81.71.71.61.53.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual Global Discovery Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Z [MDISX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Global Discovery Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Z<sup>1</sup>  | $51 | 0.96% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

1 Includes non-recurring merger related expenses. Excluding these costs, net expenses would have been unchanged.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $9288856573 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 70 |
| **Portfolio Turnover Rate** | 22.44% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4464img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Global Discovery Fund PAGE 1 77-STSR-0825

53.08.98.35.84.52.22.01.91.81.81.71.71.61.53.3 ------

---

| | |
|:---|:---|
| **Franklin Mutual International Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TEMIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual International Value Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $68 | 1.23% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1064096263 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 59 |
| **Portfolio Turnover Rate** | 19.09% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4466img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual International Value Fund PAGE 1 478-STSR-0825

20.418.110.88.66.56.13.32.42.32.12.01.81.71.61.61.61.51.51.34.8 ------

---

| | |
|:---|:---|
| **Franklin Mutual International Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEURX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual International Value Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $110 | 1.98% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1064096263 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 59 |
| **Portfolio Turnover Rate** | 19.09% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4467img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual International Value Fund PAGE 1 578-STSR-0825

20.418.110.88.66.56.13.32.42.32.12.01.81.71.61.61.61.51.51.34.8 ------

---

| | |
|:---|:---|
| **Franklin Mutual International Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FMURX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual International Value Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $82 | 1.48% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1064096263 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 59 |
| **Portfolio Turnover Rate** | 19.09% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4469img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual International Value Fund PAGE 1 878-STSR-0825

20.418.110.88.66.56.13.32.42.32.12.01.81.71.61.61.61.51.51.34.8 ------

---

| | |
|:---|:---|
| **Franklin Mutual International Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMEUX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual International Value Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $50 | 0.90% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1064096263 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 59 |
| **Portfolio Turnover Rate** | 19.09% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4468img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual International Value Fund PAGE 1 378-STSR-0825

20.418.110.88.66.56.13.32.42.32.12.01.81.71.61.61.61.51.51.34.8 ------

---

| | |
|:---|:---|
| **Franklin Mutual International Value Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Z [MEURX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual International Value Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Z | $55 | 0.98% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1064096263 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 59 |
| **Portfolio Turnover Rate** | 19.09% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4470img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual International Value Fund PAGE 1 78-STSR-0825

20.418.110.88.66.56.13.32.42.32.12.01.81.71.61.61.61.51.51.34.8 ------

---

| | |
|:---|:---|
| **Franklin Mutual Quest Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TEQIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Quest Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $54 | 1.04% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2649449581 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 94 |
| **Portfolio Turnover Rate** | 19.03% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4471img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Quest Fund PAGE 1 475-STSR-0825

67.64.93.63.53.42.22.01.81.61.61.41.25.2 ------

---

| | |
|:---|:---|
| **Franklin Mutual Quest Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEMQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Quest Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $93 | 1.79% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2649449581 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 94 |
| **Portfolio Turnover Rate** | 19.03% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4472img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Quest Fund PAGE 1 575-STSR-0825

67.64.93.63.53.42.22.01.81.61.61.41.25.2 ------

---

| | |
|:---|:---|
| **Franklin Mutual Quest Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FMQSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Quest Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R | $68 | 1.31% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2649449581 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 94 |
| **Portfolio Turnover Rate** | 19.03% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4474img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Quest Fund PAGE 1 875-STSR-0825

67.64.93.63.53.42.22.01.81.61.61.41.25.2 ------

---

| | |
|:---|:---|
| **Franklin Mutual Quest Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMQRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Quest Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $39 | 0.75% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2649449581 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 94 |
| **Portfolio Turnover Rate** | 19.03% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4473img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Quest Fund PAGE 1 347-STSR-0825

67.64.93.63.53.42.22.01.81.61.61.41.25.2 ------

---

| | |
|:---|:---|
| **Franklin Mutual Quest Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Z [MQIFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Quest Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class Z | $41 | 0.79% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2649449581 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 94 |
| **Portfolio Turnover Rate** | 19.03% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4475img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Quest Fund PAGE 1 75-STSR-0825

67.64.93.63.53.42.22.01.81.61.61.41.25.2 ------

---

| | |
|:---|:---|
| **Franklin Mutual Shares Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [TESIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Shares Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $51 | 1.00% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7099891912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 66 |
| **Portfolio Turnover Rate** | 24.30% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts4488img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Shares Fund PAGE 1 474-STSR-0825

24.013.912.38.28.07.46.35.53.73.63.60.03.5 ------

---

| | |
|:---|:---|
| **Franklin Mutual Shares Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [TEMTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Shares Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $89 | 1.75% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7099891912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 66 |
| **Portfolio Turnover Rate** | 24.30% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts4489img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Shares Fund PAGE 1 574-STSR-0825

24.013.912.38.28.07.46.35.53.73.63.60.03.5 ------

---

| | |
|:---|:---|
| **Franklin Mutual Shares Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [TESRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Shares Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R | $64 | 1.25% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7099891912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 66 |
| **Portfolio Turnover Rate** | 24.30% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts4491img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Shares Fund PAGE 1 874-STSR-0825

24.013.912.38.28.07.46.35.53.73.63.60.03.5 ------

---

| | |
|:---|:---|
| **Franklin Mutual Shares Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMSHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Shares Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $36 | 0.70% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7099891912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 66 |
| **Portfolio Turnover Rate** | 24.30% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts4490img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Shares Fund PAGE 1 374-STSR-0825

24.013.912.38.28.07.46.35.53.73.63.60.03.5 ------

---

| | |
|:---|:---|
| **Franklin Mutual Shares Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Z [MUTHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Mutual Shares Fund for the period January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class Z | $38 | 0.75% |

---

† Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $7099891912 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 66 |
| **Portfolio Turnover Rate** | 24.30% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts4492img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Mutual Shares Fund PAGE 1 74-STSR-0825

24.013.912.38.28.07.46.35.53.73.63.60.03.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Mutual

#### Series

#### Funds

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

June

30,

2025

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 49
Notes

to

Financial

Statements

#### 60
Changes

In

and

Disagreements

with

Accountants

#### 90
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Beacon

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### Z

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.83

$15.59

$14.37

$17.96

$16.48

$16.40

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.32 0.35 0.28 0.26 0.51 c

Net

realized

and

unrealized

gains

(losses)

1.91 0.90 1.84 (2.45)

2.45 0.12 Total

from

investment

operations

........

2.09 1.22 2.19 (2.17)

2.71 0.63 Less

distributions

from:

Net

investment

income

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

—

(0.33)

(0.32)

(0.23)

(0.37)

(0.45)

Net

realized

gains

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

—

(0.65)

(0.65)

(1.19)

(0.86)

(0.10)

Total

distributions

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

—

(0.98)

(0.97)

(1.42)

(1.23)

(0.55)

Net

asset

value,

end

of

period

..........

$17.92

$15.83

$15.59

$14.37

$17.96

$16.48

Total

return

d

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

13.20%

7.83%

15.48%

(11.67)%

16.68%

4.08%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.76%

0.77%

0.77%

g

0.77%

g

0.81%

g

0.82%

g

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

—%

h

0.01%

0.02%

Net

investment

income

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

2.14%

1.91%

2.32%

1.73%

1.41%

3.56%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$2,202,451

$2,039,624

$2,106,341

$2,010,947

$2,508,213

$2,320,077

Portfolio

turnover

rate

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

24.37%

15.03%

44.54%

49.68%

40.89%

42.37%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.56%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Beacon

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.60

$15.38

$14.19

$17.76

$16.30

$16.24

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.15 0.27 0.31 0.23 0.21 0.47 c

Net

realized

and

unrealized

gains

(losses)

1.89 0.88 1.81 (2.42)

2.43 0.10 Total

from

investment

operations

........

2.04 1.15 2.12 (2.19)

2.64 0.57 Less

distributions

from:

Net

investment

income

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

—

(0.28)

(0.28)

(0.19)

(0.32)

(0.41)

Net

realized

gains

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

—

(0.65)

(0.65)

(1.19)

(0.86)

(0.10)

Total

distributions

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

—

(0.93)

(0.93)

(1.38)

(1.18)

(0.51)

Net

asset

value,

end

of

period

..........

$17.64

$15.60

$15.38

$14.19

$17.76

$16.30

Total

return

d

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

13.08%

7.52%

15.19%

(11.91)%

16.46%

3.75%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.01%

1.02%

1.02%

g

1.02%

g

1.06%

g

1.07%

g

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

—%

h

0.01%

0.02%

Net

investment

income

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

1.89%

1.66%

2.07%

1.48%

1.16%

3.32%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$844,537

$788,354

$829,104

$798,281

$987,817

$893,378

Portfolio

turnover

rate

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

24.37%

15.03%

44.54%

49.68%

40.89%

42.37%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.28

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.33%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Beacon

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.79

$15.53

$14.32

$17.88

$16.37

$16.29

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.15 0.20 0.12 0.08 0.39 c

Net

realized

and

unrealized

gains

(losses)

1.91 0.90 1.81 (2.43)

2.43 0.06 Total

from

investment

operations

........

2.00 1.05 2.01 (2.31)

2.51 0.45 Less

distributions

from:

Net

investment

income

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

—

(0.14)

(0.15)

(0.06)

(0.14)

(0.27)

Net

realized

gains

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

—

(0.65)

(0.65)

(1.19)

(0.86)

(0.10)

Total

distributions

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

—

(0.79)

(0.80)

(1.25)

(1.00)

(0.37)

Net

asset

value,

end

of

period

..........

$17.79

$15.79

$15.53

$14.32

$17.88

$16.37

Total

return

d

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

12.67%

6.77%

14.28%

(12.55)%

15.55%

2.96%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.76%

1.77%

1.77%

g

1.77%

g

1.80%

g

1.82%

g

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

—%

h

0.01%

0.02%

Net

investment

income

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

1.14%

0.92%

1.32%

0.75%

0.43%

2.75%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$14,465

$14,803

$17,359

$18,813

$27,853

$35,273

Portfolio

turnover

rate

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

24.37%

15.03%

44.54%

49.68%

40.89%

42.37%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.28

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.76%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Beacon

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.32

$15.12

$13.97

$17.51

$16.09

$16.03

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.13 0.22 0.27 0.19 0.16 0.44 c

Net

realized

and

unrealized

gains

(losses)

1.85 0.87 1.77 (2.38)

2.40 0.09 Total

from

investment

operations

........

1.98 1.09 2.04 (2.19)

2.56 0.53 Less

distributions

from:

Net

investment

income

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

—

(0.24)

(0.24)

(0.16)

(0.28)

(0.37)

Net

realized

gains

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

—

(0.65)

(0.65)

(1.19)

(0.86)

(0.10)

Total

distributions

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

—

(0.89)

(0.89)

(1.35)

(1.14)

(0.47)

Net

asset

value,

end

of

period

..........

$17.30

$15.32

$15.12

$13.97

$17.51

$16.09

Total

return

d

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

12.99%

7.24%

14.87%

(12.08)%

16.12%

3.49%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.26%

1.27%

1.27%

g

1.27%

g

1.31%

g

1.32%

g

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

—%

h

0.01%

0.02%

Net

investment

income

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

1.65%

1.39%

1.82%

1.22%

0.92%

3.16%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,348

$1,160

$1,348

$1,329

$1,388

$1,262

Portfolio

turnover

rate

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

24.37%

15.03%

44.54%

49.68%

40.89%

42.37%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.28

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.17%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Beacon

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$15.82

$15.58

$14.37

$17.96

$16.47

$16.40

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.32 0.31 0.30 0.26 0.53 c

Net

realized

and

unrealized

gains

(losses)

1.91 0.90 1.88 (2.46)

2.47 0.10 Total

from

investment

operations

........

2.09 1.22 2.19 (2.16)

2.73 0.63 Less

distributions

from:

Net

investment

income

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

—

(0.33)

(0.33)

(0.24)

(0.38)

(0.46)

Net

realized

gains

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

—

(0.65)

(0.65)

(1.19)

(0.86)

(0.10)

Total

distributions

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

—

(0.98)

(0.98)

(1.43)

(1.24)

(0.56)

Net

asset

value,

end

of

period

..........

$17.91

$15.82

$15.58

$14.37

$17.96

$16.47

Total

return

d

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

13.21%

7.88%

15.48%

(11.61)%

16.83%

4.08%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

0.72%

0.72%

0.73%

0.71%

0.77%

0.78%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.72%

0.72%

g

0.72%

h

0.70%

h

0.75%

h

0.75%

h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

—%

i

0.01%

0.02%

Net

investment

income

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

2.21%

1.94%

2.06%

1.83%

1.39%

3.67%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$254,714

$218,034

$236,837

$101,313

$151,226

$70,839

Portfolio

turnover

rate

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

24.37%

15.03%

44.54%

49.68%

40.89%

42.37%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.68%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

i

Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Mutual

#### Beacon

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 98.3%

#### Automobiles

#### 1.9%
General

Motors

Co.

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

United

States

1,272,731

$

62,631,093

#### Banks

#### 11.6%
BNP

Paribas

SA

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

France

886,195

79,493,204

DBS

Group

Holdings

Ltd.

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

Singapore

4,134,749

145,965,249

JPMorgan

Chase

&

Co.

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

United

States

546,489

158,432,626

383,891,079

#### Beverages

#### 3.4%
Heineken

NV

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

Netherlands

1,284,916

112,099,744

#### Building

#### Products

#### 4.1%
Johnson

Controls

International

plc

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

United

States

1,284,476

135,666,355

#### Capital

#### Markets

#### 4.4%
BlackRock,

Inc.

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

United

States

139,698

146,578,127

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.0%
Target

Corp.

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

United

States

340,879

33,627,713

#### Energy

#### Equipment

#### &

#### Services

#### 1.5%
Schlumberger

NV

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

United

States

1,460,980

49,381,124

#### Financial

#### Services

#### 1.0%
Global

Payments,

Inc.

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

United

States

426,710

34,153,868

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 5.4%
a

Cooper

Cos.,

Inc.

(The)

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

United

States

1,277,698

90,920,990

Medtronic

plc

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

United

States

1,022,607

89,140,652

180,061,642

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.7%
Elevance

Health,

Inc.

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

United

States

149,671

58,216,032

#### Household

#### Products

#### 3.7%
Reckitt

Benckiser

Group

plc

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

United

Kingdom

1,786,133

121,683,891

#### Insurance

#### 8.1%
Hartford

Insurance

Group,

Inc.

(The)

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

United

States

1,072,503

136,068,456

Progressive

Corp.

(The)

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

United

States

503,633

134,399,502

270,467,958

#### Interactive

#### Media

#### &

#### Services

#### 4.4%
Alphabet,

Inc.

,

A

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

United

States

522,430

92,067,839

Meta

Platforms,

Inc.

,

A

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

United

States

71,386

52,689,293

144,757,132

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 2.5%
Thermo

Fisher

Scientific,

Inc.

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

United

States

204,738

83,013,069

#### Machinery

#### 4.2%
Parker-Hannifin

Corp.

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

United

States

201,887

141,012,013

#### Media

#### 2.3%
a

Charter

Communications,

Inc.

,

A

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

United

States

186,389

76,197,687

#### Metals

#### &

#### Mining

#### 3.4%
Reliance,

Inc.

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

United

States

355,715

111,658,938

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.0%
Chevron

Corp.

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

United

States

454,792

65,121,667

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Beacon

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

A

bbreviations

on

pag

e

.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Shell

plc

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

United

States

1,905,604

$

66,485,672

131,607,339

#### Pharmaceuticals

#### 11.7%
Haleon

plc

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

United

States

24,473,336

125,783,935

Merck

&

Co.,

Inc.

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

United

States

801,618

63,456,081

Novartis

AG

,

ADR

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

United

States

825,099

99,845,230

Roche

Holding

AG

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

United

States

301,069

98,274,909

387,360,155

#### Retail

#### REITs

#### 3.0%
Brixmor

Property

Group,

Inc.

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

United

States

3,822,533

99,538,759

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 2.3%
NXP

Semiconductors

NV

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

Netherlands

343,537

75,059,399

#### Software

#### 2.0%
Gen

Digital,

Inc.

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

United

States

2,305,017

67,767,500

#### Specialty

#### Retail

#### 2.8%
a

Ulta

Beauty,

Inc.

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

United

States

198,480

92,852,914

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 3.7%
Cie

Financiere

Richemont

SA

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

Switzerland

654,235

123,802,771

#### Trading

#### Companies

#### &

#### Distributors

#### 4.2%
Ferguson

Enterprises,

Inc.

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

United

States

633,095

137,856,436

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,279,976,291

####)
..................................

#### 3,260,942,738

#### Companies

#### in

#### Liquidation

#### 0.0%
a,b,c

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

....

United

States

5,229,000

—

#### Total

#### Companies

#### in

#### Liquidation

#### (Cost

#### $

#### –

####)
....................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,279,976,291

####)
...........................

#### 3,260,942,738

#### a

#### Short

#### Term

#### Investments

#### 1.6%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.6%
d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..

United

States

51,871,825

51,871,825

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 51,871,825

####)
................................

#### 51,871,825

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 51,871,825

####)
..............................

#### 51,871,825

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,331,848,116

####)
99.9 #### %
................................

#### $3,312,814,563

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
...........................................

#### 4,699,146

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $3,317,513,709

#### a
Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Beacon

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

c

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.

d

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### Z

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$28.71

$30.54

$27.18

$31.58

$28.77

$31.19

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.42 0.66 0.53 0.59 c

0.42 0.96 d

Net

realized

and

unrealized

gains

(losses)

3.55 0.81 5.00 (2.20)

5.15 (2.38)

Total

from

investment

operations

........

3.97 1.47 5.53 (1.61)

5.57 (1.42)

Less

distributions

from:

Net

investment

income

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

—

(0.66)

(0.49)

(0.56)

(0.81)

(0.83)

Net

realized

gains

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

—

(2.64)

(1.68)

(2.23)

(1.95)

(0.17)

Total

distributions

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

—

(3.30)

(2.17)

(2.79)

(2.76)

(1.00)

Net

asset

value,

end

of

period

..........

$32.68

$28.71

$30.54

$27.18

$31.58

$28.77

Total

return

e

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

13.86%

4.84%

20.54%

(4.70)%

19.67%

(4.38)%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

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

0.96%

0.96%

0.96%

0.95%

1.04%

1.03%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.96%

h

0.96%

0.96%

i

0.95%

h,i

1.02%

i

1.03%

h,i

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

j

—%

j

0.02%

0.01%

Net

investment

income

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

2.76%

2.05%

1.78%

1.98%

c

1.28%

3.66%

d

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$3,279,515

$3,037,070

$3,113,311

$2,857,597

$3,355,158

$3,274,956

Portfolio

turnover

rate

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

22.44%

34.55%

35.47%

53.26%

40.67%

17.25%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Net

investment

income

per

share

includes

approximately

$0.08

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.71%.

#### d
Net

investment

income

per

share

includes

approximately

$0.43

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.02%.

#### e
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### f
Ratios

are

annualized

for

periods

less

than

one

year.

#### g
Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

#### h
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

#### i
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### j
Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$27.77

$29.64

$26.44

$30.81

$28.12

$30.51

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.37 0.56 0.44 0.50 c

0.33 0.86 d

Net

realized

and

unrealized

gains

(losses)

3.44 0.79 4.86 (2.15)

5.04 (2.32)

Total

from

investment

operations

........

3.81 1.35 5.30 (1.65)

5.37 (1.46)

Less

distributions

from:

Net

investment

income

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

—

(0.58)

(0.42)

(0.49)

(0.73)

(0.76)

Net

realized

gains

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

—

(2.64)

(1.68)

(2.23)

(1.95)

(0.17)

Total

distributions

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

—

(3.22)

(2.10)

(2.72)

(2.68)

(0.93)

Net

asset

value,

end

of

period

..........

$31.58

$27.77

$29.64

$26.44

$30.81

$28.12

Total

return

e

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

13.72%

4.57%

20.22%

(4.95)%

19.40%

(4.61)%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

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

1.21%

1.21%

1.21%

1.20%

1.29%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

1.21%

h

1.21%

1.21%

i

1.20%

h,i

1.27%

i

1.28%

h,i

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

j

—%

j

0.02%

0.01%

Net

investment

income

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

2.51%

1.81%

1.54%

1.72%

c

1.03%

3.39%

d

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$5,287,175

$4,949,776

$5,169,284

$4,749,259

$5,618,446

$5,358,016

Portfolio

turnover

rate

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

22.44%

34.55%

35.47%

53.26%

40.67%

17.25%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.08

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.45%.

d

Net

investment

income

per

share

includes

approximately

$0.42

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.75%.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

j

Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$28.07

$29.88

$26.60

$30.92

$28.12

$30.46

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.25 0.33 0.23 0.28 c

0.09 0.67 d

Net

realized

and

unrealized

gains

(losses)

3.47 0.80 4.86 (2.13)

5.04 (2.34)

Total

from

investment

operations

........

3.72 1.13 5.09 (1.85)

5.13 (1.67)

Less

distributions

from:

Net

investment

income

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

—

(0.30)

(0.13)

(0.24)

(0.38)

(0.50)

Net

realized

gains

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

—

(2.64)

(1.68)

(2.23)

(1.95)

(0.17)

Total

distributions

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

—

(2.94)

(1.81)

(2.47)

(2.33)

(0.67)

Net

asset

value,

end

of

period

..........

$31.79

$28.07

$29.88

$26.60

$30.92

$28.12

Total

return

e

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

13.29%

3.80%

19.30%

(5.63)%

18.50%

(5.32)%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

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

1.96%

1.96%

1.96%

1.95%

2.04%

2.03%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

1.96%

h

1.96%

1.96%

i

1.95%

h,i

2.02%

i

2.03%

h,i

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

j

—%

j

0.02%

0.01%

Net

investment

income

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

1.71%

1.07%

0.80%

0.97%

c

0.29%

2.66%

d

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$126,066

$137,216

$173,812

$221,344

$335,605

$494,606

Portfolio

turnover

rate

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

22.44%

34.55%

35.47%

53.26%

40.67%

17.25%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.08

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.70%.

d

Net

investment

income

per

share

includes

approximately

$0.42

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.01%.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

j

Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$27.22

$29.11

$26.00

$30.34

$27.70

$30.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.32 0.47 0.36 0.42 c

0.24 0.78 d

Net

realized

and

unrealized

gains

(losses)

3.37 0.78 4.77 (2.11)

4.97 (2.29)

Total

from

investment

operations

........

3.69 1.25 5.13 (1.69)

5.21 (1.51)

Less

distributions

from:

Net

investment

income

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

—

(0.50)

(0.34)

(0.42)

(0.62)

(0.70)

Net

realized

gains

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

—

(2.64)

(1.68)

(2.23)

(1.95)

(0.17)

Total

distributions

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

—

(3.14)

(2.02)

(2.65)

(2.57)

(0.87)

Net

asset

value,

end

of

period

..........

$30.91

$27.22

$29.11

$26.00

$30.34

$27.70

Total

return

e

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

13.56%

4.32%

19.92%

(5.17)%

19.10%

(4.87)%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

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

1.46%

1.46%

1.46%

1.45%

1.54%

1.53%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

1.46%

h

1.46%

1.46%

i

1.45%

h,i

1.52%

i

1.53%

h,i

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

j

—%

j

0.02%

0.01%

Net

investment

income

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

2.25%

1.56%

1.29%

1.47%

c

0.79%

3.13%

d

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$108,518

$106,561

$114,920

$109,826

$136,983

$175,393

Portfolio

turnover

rate

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

22.44%

34.55%

35.47%

53.26%

40.67%

17.25%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.08

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.20%.

d

Net

investment

income

per

share

includes

approximately

$0.41

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.48%.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

j

Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$28.69

$30.52

$27.16

$31.57

$28.75

$31.17

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.43 0.68 0.56 0.62 c

0.44 0.97 d

Net

realized

and

unrealized

gains

(losses)

3.54 0.82 5.00 (2.21)

5.18 (2.35)

Total

from

investment

operations

........

3.97 1.50 5.56 (1.59)

5.62 (1.38)

Less

distributions

from:

Net

investment

income

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

—

(0.69)

(0.52)

(0.59)

(0.85)

(0.87)

Net

realized

gains

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

—

(2.64)

(1.68)

(2.23)

(1.95)

(0.17)

Total

distributions

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

—

(3.33)

(2.20)

(2.82)

(2.80)

(1.04)

Net

asset

value,

end

of

period

..........

$32.66

$28.69

$30.52

$27.16

$31.57

$28.75

Total

return

e

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

13.87%

4.92%

20.65%

(4.65)%

19.84%

(4.27)%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

g

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

0.89%

0.88%

0.89%

0.86%

0.95%

0.92%

Expenses

net

of

waiver

and

payments

by

affiliates

g

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

0.89%

h

0.88%

0.89%

i

0.86%

h,i

0.92%

i

0.92%

h,i

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

j

—%

j

0.02%

0.01%

Net

investment

income

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

2.82%

2.13%

1.90%

2.07%

c

1.35%

3.73%

d

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$487,584

$468,510

$498,705

$525,379

$653,091

$843,143

Portfolio

turnover

rate

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

22.44%

34.55%

35.47%

53.26%

40.67%

17.25%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.08

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.79%.

d

Net

investment

income

per

share

includes

approximately

$0.43

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.08%.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

j

Rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 94.3%

#### Aerospace

#### &

#### Defense

#### 2.2%
Airbus

SE

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

France

953,094

$

199,387,979

#### Automobile

#### Components

#### 3.3%
a

Aptiv

plc

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

Jersey

2,156,092

147,088,596

Denso

Corp.

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

Japan

11,513,943

155,383,986

302,472,582

#### Automobiles

#### 1.4%
Toyota

Motor

Corp.

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

Japan

7,702,900

132,666,984

#### Banks

#### 9.6%
Bank

of

America

Corp.

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

United

States

3,122,212

147,743,072

BNP

Paribas

SA

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

France

2,949,707

264,593,754

DBS

Group

Holdings

Ltd.

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

Singapore

4,562,657

161,071,292

JPMorgan

Chase

&

Co.

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

United

States

510,955

148,130,964

Wells

Fargo

&

Co.

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

United

States

2,058,114

164,896,094

886,435,176

#### Beverages

#### 1.8%
Heineken

NV

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

Netherlands

1,947,773

169,929,282

#### Building

#### Products

#### 1.5%
Johnson

Controls

International

plc

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

United

States

1,328,772

140,344,899

#### Capital

#### Markets

#### 3.5%
BlackRock,

Inc.

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

United

States

139,612

146,487,891

Deutsche

Bank

AG

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

Germany

6,130,518

181,741,853

328,229,744

#### Consumer

#### Finance

#### 1.7%
Capital

One

Financial

Corp.

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

United

States

751,250

159,835,950

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.9%
Seven

&

i

Holdings

Co.

Ltd.

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

Japan

10,771,908

173,377,404

#### Containers

#### &

#### Packaging

#### 1.5%
International

Paper

Co.

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

United

States

3,043,115

142,509,075

#### Diversified

#### Telecommunication

#### Services

#### 1.0%
Deutsche

Telekom

AG

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

Germany

2,539,193

92,943,606

#### Electrical

#### Equipment

#### 1.8%
Mitsubishi

Electric

Corp.

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

Japan

7,867,459

169,220,979

#### Energy

#### Equipment

#### &

#### Services

#### 1.7%
Schlumberger

NV

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

United

States

4,518,502

152,725,368

#### Entertainment

#### 1.6%
Walt

Disney

Co.

(The)

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

United

States

1,187,484

147,259,891

#### Financial

#### Services

#### 3.7%
a

Fiserv,

Inc.

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

United

States

1,132,910

195,325,013

Global

Payments,

Inc.

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

United

States

1,877,589

150,282,224

345,607,237

#### Food

#### Products

#### 3.6%
Danone

SA

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

France

1,554,384

127,184,884

Kellanova

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

United

States

786,093

62,517,976

Mondelez

International,

Inc.

,

A

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

United

States

2,193,632

147,938,542

337,641,402

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 3.4%
Medtronic

plc

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

United

States

1,856,578

$

161,837,904

Zimmer

Biomet

Holdings,

Inc.

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

United

States

1,694,167

154,524,972

316,362,876

#### Health

#### Care

#### Providers

#### &

#### Services

#### 5.5%
CVS

Health

Corp.

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

United

States

2,422,688

167,117,018

Elevance

Health,

Inc.

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

United

States

458,648

178,395,726

Fresenius

SE

&

Co.

KGaA

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

Germany

3,348,671

168,514,461

514,027,205

#### Household

#### Products

#### 1.9%
Reckitt

Benckiser

Group

plc

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

United

Kingdom

2,512,412

171,163,104

#### Industrial

#### Conglomerates

#### 1.0%
Siemens

AG

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

Germany

372,371

95,646,544

#### Insurance

#### 2.2%
Prudential

plc

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

Hong

Kong

16,089,318

201,377,948

#### Interactive

#### Media

#### &

#### Services

#### 3.5%
Alphabet,

Inc.

,

A

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

United

States

953,689

168,068,613

b

Tencent

Holdings

Ltd.

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

China

2,391,375

154,089,716

322,158,329

#### IT

#### Services

#### 1.6%
Capgemini

SE

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

France

840,470

143,919,056

#### Media

#### 2.5%
a

Charter

Communications,

Inc.

,

A

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

United

States

577,623

236,138,059

#### Metals

#### &

#### Mining

#### 1.5%
Rio

Tinto

plc

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

Australia

2,446,097

142,372,913

#### Multi-Utilities

#### 1.2%
National

Grid

plc

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

United

Kingdom

7,545,498

110,757,823

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.1%
BP

plc

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

United

States

31,628,101

157,580,603

Hess

Corp.

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

United

States

312,738

43,326,723

Shell

plc

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

United

States

5,171,592

180,434,534

381,341,860

#### Personal

#### Care

#### Products

#### 1.0%
Kenvue,

Inc.

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

United

States

4,192,773

87,754,739

#### Pharmaceuticals

#### 8.7%
GSK

plc

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

United

States

4,664,282

88,931,391

Haleon

plc

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

United

States

29,639,378

152,335,488

Merck

&

Co.,

Inc.

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

United

States

2,264,519

179,259,324

Novartis

AG

,

ADR

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

United

States

1,593,094

192,780,305

Roche

Holding

AG

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

United

States

606,634

198,017,402

811,323,910

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.5%
Renesas

Electronics

Corp.

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

Japan

11,286,060

139,624,727

#### Software

#### 1.4%
a

Adobe,

Inc.

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

United

States

341,380

132,073,094

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Specialized

#### REITs

#### 1.7%
American

Tower

Corp.

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

United

States

718,130

$

158,721,093

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.9%
Samsung

Electronics

Co.

Ltd.

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

South

Korea

4,022,273

177,871,434

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 2.7%
Cie

Financiere

Richemont

SA

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

Switzerland

865,842

163,845,772

Kering

SA

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

France

412,896

89,951,717

253,797,489

#### Tobacco

#### 1.5%
British

American

Tobacco

plc

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

United

Kingdom

2,906,886

138,211,872

#### Trading

#### Companies

#### &

#### Distributors

#### 3.7%
AerCap

Holdings

NV

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

Ireland

1,597,071

186,857,307

Ferguson

Enterprises,

Inc.

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

United

States

722,086

157,234,226

344,091,533

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 6,742,125,352

####)
..................................

#### 8,759,323,166

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 0.2%

#### Specialty

#### Retail

#### 0.2%
c

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875 %

,

5/01/29

.

United

States

33,950,000

22,407,000

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 21,910,807

####)
....................................

#### 22,407,000
d

#### Senior

#### Floating

#### Rate

#### Interests

#### 2.4%
e

#### Commercial

#### Services

#### &

#### Supplies

#### 1.1%
Neptune

Bidco

US,

Inc.,

First

Lien,

CME

Term

Loan,

A

,

9.08 %

,

(3-month

SOFR

+

4.75 %),

10/11/28

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

United

States

47,834,780

45,178,275

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B

,

9.33 %

,

(3-month

SOFR

+

%),

4/11/29

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

United

States

55,254,799

52,403,099

97,581,374

a

a

a

a

a

a

#### Media

#### 0.2%
e

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.216 %

,

(1-month

SOFR

+

5.775 %),

5/01/29

.....

United

States

25,862,020

21,152,934

#### Professional

#### Services

#### 0.4%
e

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.941 %

,

(1-month

SOFR

+

3.5 %),

6/02/28

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

United

States

39,936,315

39,580,682

#### Specialty

#### Retail

#### 0.7%
e

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.807 %

,

(3-month

SOFR

+

4.25 %),

4/17/28

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

United

States

71,375,085

59,999,681

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 220,517,295

####)
.......................

#### 218,314,671

#### Shares
a

#### Companies

#### in

#### Liquidation

#### 0.0%
a,f,g

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

....

United

States

30,996,000

—

#### Total

#### Companies

#### in

#### Liquidation

#### (Cost

#### $

#### –

####)
....................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 6,984,553,454

####)
...........................

#### 9,000,044,837

#### a
Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 3.3%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.4%
h

U.S.

Treasury

Bills

,

i

4.25 %,

8/21/25

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

United

States

10,000,000

$

9,938,965

i

4.22 %,

10/02/25

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

United

States

5,000,000

4,945,484

4.18 %,

10/09/25

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

United

States

10,000,000

9,884,097

i

4.2 %,

10/16/25

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

United

States

5,000,000

4,937,777

i

4.2 %,

10/30/25

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

United

States

5,000,000

4,929,782

34,636,105

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 34,651,500

####)
...............

#### 34,636,105

#### Shares

#### Money

#### Market

#### Funds

#### 2.9%
j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..

United

States

272,303,709

272,303,709

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 272,303,709

####)
...............................

#### 272,303,709

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 306,955,209

####)
.............................

#### 306,939,814

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 7,291,508,663

####)
100.2 #### %
..............................

#### $9,306,984,651

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.2 ####)

#### %
.........................................

#### (18,128,078)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $9,288,856,573

#### a
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

June

30,

2025,

the

value

of

this

security

was

$154,089,716,

representing

1.7%

of

net

assets.

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

June

30,

2025,

the

value

of

this

security

was

$22,407,000,

representing

0.2%

of

net

assets.

d

See

Note

1(g)

regarding

senior

floating

rate

interests.

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

g

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.

h

The

rate

shown

represents

the

yield

at

period

end.

i

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

open

forward

exchange

contracts

and

open

written

options

contracts.

At

June

30,

2025,

the

value

of

this

security

pledged

amounted

to

$16,512,576,

representing

0.2%

of

net

assets.

j

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

June

30,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(d).

See

Note

regarding

other

derivative

information.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Euro

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

BOFA

Buy

137,413,019

156,460,996

7/14/25

$

5,539,728

$

—

Euro

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

BOFA

Sell

145,869,357

152,768,624

7/14/25

—

(19,201,557)

Euro

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

HSBK

Buy

112,758,751

129,633,281

7/14/25

3,301,717

—

Euro

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

UBSW

Buy

58,392,056

65,057,934

7/14/25

3,782,379

—

Euro

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

UBSW

Sell

68,558,720

74,223,667

7/14/25

—

(6,602,459)

Euro

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

WFLA

Buy

19,109,367

21,817,738

7/14/25

710,923

—

Euro

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

WFLA

Sell

113,245,117

117,874,011

7/14/25

—

(15,634,380)

British

Pound

......

BOFA

Buy

5,629,995

7,522,180

7/21/25

206,536

—

British

Pound

......

UBSW

Sell

5,629,995

7,470,046

7/21/25

—

(258,669)

Total

Forward

Exchange

Contracts

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

$13,541,283

$(41,697,065)

Net

unrealized

appreciation

(depreciation)

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

$(28,155,782)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Abbreviations

on

.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### Z

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.13

$23.97

$21.07

$21.91

$19.49

$21.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.47 0.53 0.50 0.60 0.58 0.56 c

Net

realized

and

unrealized

gains

(losses)

5.46 0.37 2.94 (0.74)

2.61 (1.92)

Total

from

investment

operations

........

5.93 0.90 3.44 (0.14)

3.19 (1.36)

Less

distributions

from:

Net

investment

income

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

—

(0.74)

(0.54)

(0.70)

(0.77)

(0.46)

Net

asset

value,

end

of

period

..........

$30.06

$24.13

$23.97

$21.07

$21.91

$19.49

Total

return

d

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

24.58%

3.67%

16.49%

(0.51)%

16.49%

(6.23)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

1.03%

0.99%

0.97%

1.00%

1.07%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.98%

0.95%

0.97%

g,h

1.00%

g,h

1.07%

g,h

1.08%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

—%

—%

—%

—%

Net

investment

income

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

3.46%

2.09%

2.23%

2.87%

2.71%

3.19%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$667,163

$465,449

$480,409

$414,151

$457,644

$450,864

Portfolio

turnover

rate

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

19.09%

42.06%

58.49%

32.10%

32.03%

24.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.30

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.48%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.32

$23.19

$20.41

$21.24

$18.91

$20.67

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.42 0.45 0.44 0.53 0.51 0.54 c

Net

realized

and

unrealized

gains

(losses)

5.28 0.36 2.82 (0.72)

2.54 (1.91)

Total

from

investment

operations

........

5.70 0.81 3.26 (0.19)

3.05 (1.37)

Less

distributions

from:

Net

investment

income

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

—

(0.68)

(0.48)

(0.64)

(0.72)

(0.39)

Net

asset

value,

end

of

period

..........

$29.02

$23.32

$23.19

$20.41

$21.24

$18.91

Total

return

d

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

24.44%

3.40%

16.16%

(0.73)%

16.23%

(6.50)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

1.28%

1.24%

1.22%

1.25%

1.32%

1.33%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.23%

1.20%

1.22%

g,h

1.25%

g,h

1.32%

g,h

1.33%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

—%

—%

—%

—%

Net

investment

income

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

3.23%

1.84%

1.99%

2.60%

2.45%

3.14%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$350,591

$277,513

$287,258

$256,163

$281,685

$272,579

Portfolio

turnover

rate

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

19.09%

42.06%

58.49%

32.10%

32.03%

24.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.44%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.91

$23.72

$20.83

$21.60

$19.17

$20.93

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.33 0.28 0.30 0.39 0.38 0.38 c

Net

realized

and

unrealized

gains

(losses)

5.40 0.36 2.85 (0.73)

2.54 (1.90)

Total

from

investment

operations

........

5.73 0.64 3.15 (0.34)

2.92 (1.52)

Less

distributions

from:

Net

investment

income

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

—

(0.45)

(0.26)

(0.43)

(0.49)

(0.24)

Net

asset

value,

end

of

period

..........

$29.64

$23.91

$23.72

$20.83

$21.60

$19.17

Total

return

d

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

23.96%

2.62%

15.24%

(1.42)%

15.32%

(7.15)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

2.03%

1.99%

1.97%

2.00%

2.07%

2.08%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.98%

1.95%

1.97%

g,h

2.00%

g,h

2.07%

g,h

2.08%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

—%

—%

—%

—%

Net

investment

income

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

2.43%

1.12%

1.35%

1.91%

1.83%

2.18%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$7,524

$6,284

$8,769

$15,190

$24,236

$34,693

Portfolio

turnover

rate

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

19.09%

42.06%

58.49%

32.10%

32.03%

24.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

0.47%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$22.68

$22.61

$19.90

$20.75

$18.49

$20.27

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.43 0.31 0.34 0.44 0.45 0.53 c

Net

realized

and

unrealized

gains

(losses)

5.08 0.42 2.79 (0.68)

2.48 (1.92)

Total

from

investment

operations

........

5.51 0.73 3.13 (0.24)

2.93 (1.39)

Less

distributions

from:

Net

investment

income

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

—

(0.66)

(0.42)

(0.61)

(0.67)

(0.39)

Net

asset

value,

end

of

period

..........

$28.19

$22.68

$22.61

$19.90

$20.75

$18.49

Total

return

d

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

24.29%

3.16%

15.88%

(1.03)%

15.96%

(6.76)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

1.53%

1.49%

1.47%

1.49%

1.58%

1.59%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

1.48%

1.45%

1.47%

g,h

1.49%

g,h

1.58%

g,h

1.59%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

—%

—%

—%

—%

Net

investment

income

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

3.35%

1.32%

1.58%

2.23%

2.21%

3.19%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,835

$1,707

$783

$623

$639

$714

Portfolio

turnover

rate

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

19.09%

42.06%

58.49%

32.10%

32.03%

24.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.48%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.11

$23.95

$21.05

$21.88

$19.47

$21.29

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.49 0.49 0.63 0.62 0.60 0.64 c

Net

realized

and

unrealized

gains

(losses)

5.45 0.42 2.81 (0.73)

2.60 (1.97)

Total

from

investment

operations

........

5.94 0.91 3.44 (0.11)

3.20 (1.33)

Less

distributions

from:

Net

investment

income

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

—

(0.75)

(0.54)

(0.72)

(0.79)

(0.49)

Net

asset

value,

end

of

period

..........

$30.05

$24.11

$23.95

$21.05

$21.88

$19.47

Total

return

d

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

24.64%

3.74%

16.53%

(0.38)%

16.56%

(6.10)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

0.94%

0.93%

0.93%

0.92%

1.02%

1.00%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.90%

0.90%

0.90%

g

0.91%

g

0.99%

g

0.97%

g

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

—%

—%

—%

—%

Net

investment

income

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

3.65%

1.96%

2.78%

2.96%

2.78%

3.61%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$34,983

$22,723

$9,950

$33,306

$35,798

$33,407

Portfolio

turnover

rate

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

19.09%

42.06%

58.49%

32.10%

32.03%

24.04%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.30

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.91%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 94.9%

#### Aerospace

#### &

#### Defense

#### 4.9%
Airbus

SE

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

France

102,049

$

21,348,727

Babcock

International

Group

plc

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

United

Kingdom

978,518

15,411,583

Melrose

Industries

plc

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

United

Kingdom

2,168,845

15,796,102

52,556,412

#### Air

#### Freight

#### &

#### Logistics

#### 1.0%
Deutsche

Post

AG

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

Germany

219,710

10,176,936

#### Automobile

#### Components

#### 1.8%
Denso

Corp.

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

Japan

1,434,095

19,353,526

#### Automobiles

#### 1.4%
Toyota

Motor

Corp.

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

Japan

863,395

14,870,245

#### Banks

#### 11.8%
BNP

Paribas

SA

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

France

431,957

38,747,281

CaixaBank

SA

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

Spain

2,542,420

22,029,586

DBS

Group

Holdings

Ltd.

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

Singapore

698,428

24,655,963

Mitsubishi

UFJ

Financial

Group,

Inc.

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

Japan

1,674,753

22,832,899

UniCredit

SpA

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

Italy

254,934

17,101,835

125,367,564

#### Beverages

#### 5.3%
Asahi

Group

Holdings

Ltd.

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

Japan

1,544,591

20,646,763

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

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

Japan

1,243,913

20,085,627

Heineken

NV

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

Netherlands

174,292

15,205,732

55,938,122

#### Capital

#### Markets

#### 8.7%
Deutsche

Bank

AG

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

Germany

1,272,925

37,736,411

SBI

Holdings,

Inc.

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

Japan

859,269

29,941,351

St.

James's

Place

plc

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

United

Kingdom

1,542,505

25,135,162

92,812,924

#### Chemicals

#### 1.0%
BASF

SE

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

Germany

208,247

10,299,797

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 3.6%
Seven

&

i

Holdings

Co.

Ltd.

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

Japan

1,065,080

17,142,813

a

Zabka

Group

SA

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

Poland

3,504,326

21,062,410

38,205,223

#### Diversified

#### Telecommunication

#### Services

#### 4.3%
Deutsche

Telekom

AG

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

Germany

300,850

11,012,193

Hellenic

Telecommunications

Organization

SA

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

Greece

829,568

15,771,841

Koninklijke

KPN

NV

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

Netherlands

3,959,296

19,314,200

46,098,234

#### Electrical

#### Equipment

#### 1.6%
Mitsubishi

Electric

Corp.

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

Japan

801,536

17,240,218

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1.2%
Murata

Manufacturing

Co.

Ltd.

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

Japan

871,545

12,882,036

#### Energy

#### Equipment

#### &

#### Services

#### 1.8%
Schlumberger

NV

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

United

States

577,791

19,529,336

#### Food

#### Products

#### 1.4%
Mondelez

International,

Inc.

,

A

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

United

States

225,367

15,198,750

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.3%
Olympus

Corp.

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

Japan

1,150,500

$

13,666,011

#### Household

#### Durables

#### 1.2%
Sony

Group

Corp.

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

Japan

479,438

12,465,544

#### Household

#### Products

#### 1.2%
Reckitt

Benckiser

Group

plc

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

United

Kingdom

194,623

13,259,082

#### Insurance

#### 6.6%
ASR

Nederland

NV

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

Netherlands

319,958

21,259,794

Direct

Line

Insurance

Group

plc

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

United

Kingdom

1,379,825

5,818,881

NN

Group

NV

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

Netherlands

137,364

9,140,077

Prudential

plc

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

Hong

Kong

2,751,360

34,436,713

70,655,465

#### Interactive

#### Media

#### &

#### Services

#### 1.6%
b

Tencent

Holdings

Ltd.

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

China

256,437

16,523,676

#### IT

#### Services

#### 2.0%
Capgemini

SE

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

France

126,040

21,582,636

#### Machinery

#### 1.5%
CNH

Industrial

NV

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

United

States

1,231,032

15,954,175

#### Metals

#### &

#### Mining

#### 3.0%
Norsk

Hydro

ASA

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

Norway

3,121,412

17,874,455

Rio

Tinto

plc

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

Australia

242,368

14,106,815

31,981,270

#### Multi-Utilities

#### 1.8%
National

Grid

plc

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

United

Kingdom

1,282,392

18,823,800

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.6%
BP

plc

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

United

States

4,943,623

24,630,600

Shell

plc

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

United

States

686,167

23,940,060

48,570,660

#### Paper

#### &

#### Forest

#### Products

#### 1.6%
Mondi

plc

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

Austria

1,031,623

16,857,251

#### Pharmaceuticals

#### 8.6%
GSK

plc

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

United

States

425,036

8,103,936

Haleon

plc

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

United

States

3,481,895

17,895,658

Novartis

AG

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

United

States

246,900

29,968,008

Roche

Holding

AG

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

United

States

109,764

35,829,153

91,796,755

#### Professional

#### Services

#### 1.8%
Teleperformance

SE

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

France

192,134

18,661,464

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.4%
Renesas

Electronics

Corp.

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

Japan

1,244,287

15,393,612

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.5%
Samsung

Electronics

Co.

Ltd.

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

South

Korea

359,453

15,895,594

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 3.0%
Cie

Financiere

Richemont

SA

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

Switzerland

98,553

18,649,468

Kering

SA

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

France

61,878

13,480,470

32,129,938

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Trading

#### Companies

#### &

#### Distributors

#### 2.4%
AerCap

Holdings

NV

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

Ireland

217,028

$

25,392,276

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 803,852,154

####)
...................................

#### 1,010,138,532

#### Short

#### Term

#### Investments

#### 4.8%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.4%
c

,d

U.S.

Treasury

Bills

,

3.9 %,

7/17/25

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

United

States

500,000

499,081

4.25 %,

8/21/25

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

United

States

1,000,000

993,896

4.2 %,

10/14/25

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

United

States

2,000,000

1,975,549

4.2 %,

10/30/25

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

United

States

1,000,000

985,956

4,454,482

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 4,454,625

####)
................

#### 4,454,482

#### Shares

#### Money

#### Market

#### Funds

#### 4.4%
e,f

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..

United

States

46,289,433

46,289,433

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 46,289,433

####)
................................

#### 46,289,433

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 50,744,058

####)
..............................

#### 50,743,915

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 854,596,212

####)
99.7 #### %
.................................

#### $1,060,882,447

#### Securities

#### Sold

#### Short

#### (0.3 ####)

#### %
................................................

#### (3,363,251)

#### Other

#### Assets,

#### less

#### Liabilities
0.6 #### %
...........................................

#### 6,577,067

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,064,096,263

#### a
g

#### Securities

#### Sold

#### Short

#### (#### 0

#### .3

####)

#### %

#### Common

#### Stocks

#### (0.3)%

#### Insurance

#### (0.3)%
Aviva

plc

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

United

Kingdom

395,596

(3,363,251)

#### Total

#### Common

#### Stocks

#### (Proceeds

#### $

#### (#### 2,377,033

####)
................................

#### (3,363,251)

#### Total

#### Securities

#### Sold

#### Short

#### (Proceeds

#### $

#### (#### 2,377,033

####)
...........................

#### $(3,363,251)
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Variable

interest

entity

(VIE).

See

Note

regarding

investments

made

through

a

VIE

structure.

At

June

30,

2025,

the

value

of

this

security

was

$16,523,676,

representing

1.6%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short.

At

June

30,

2025,

the

value

of

this

security

pledged

amounted

to

$4,454,482,

representing

0.4%

of

net

assets.

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

g

See

Note

1(e)

regarding

securities

sold

short.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Quest

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### Z

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.17

$13.68

$12.96

$14.46

$13.31

$14.06

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.29 0.58 0.57 0.50 0.23 0.40 c

Net

realized

and

unrealized

gains

(losses)

0.99 0.63 0.78 (1.51)

1.29 (0.66)

Total

from

investment

operations

........

1.28 1.21 1.35 (1.01)

1.52 (0.26)

Less

distributions

from:

Net

investment

income

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

—

(0.72)

(0.63)

(0.49)

(0.37)

(0.49)

Net

asset

value,

end

of

period

..........

$15.45

$14.17

$13.68

$12.96

$14.46

$13.31

Total

return

d

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

9.03%

8.80%

10.51%

(6.86)%

11.51%

(1.83)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.79%

0.77%

0.80%

g,h

0.78%

g,h

0.87%

g,h

0.81%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

0.03%

0.02%

0.06%

0.02%

Net

investment

income

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

4.00%

3.97%

4.31%

3.60%

1.59%

3.22%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,031,192

$1,960,398

$2,026,136

$2,047,788

$2,397,948

$2,472,118

Portfolio

turnover

rate

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

19.03%

48.47%

96.06%

101.19%

66.95%

52.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.11

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.32%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.90

$13.44

$12.74

$14.22

$13.09

$13.84

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.27 0.53 0.53 0.46 0.19 0.37 c

Net

realized

and

unrealized

gains

(losses)

0.97 0.61 0.77 (1.48)

1.28 (0.67)

Total

from

investment

operations

........

1.24 1.14 1.30 (1.02)

1.47 (0.30)

Less

distributions

from:

Net

investment

income

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

—

(0.68)

(0.60)

(0.46)

(0.34)

(0.45)

Net

asset

value,

end

of

period

..........

$15.14

$13.90

$13.44

$12.74

$14.22

$13.09

Total

return

d

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

8.91%

8.61%

10.26%

(7.16)%

11.26%

(2.12)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.04%

1.02%

1.05%

g,h

1.03%

g,h

1.12%

g,h

1.06%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

0.03%

0.02%

0.06%

0.02%

Net

investment

income

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

3.74%

3.73%

4.06%

3.35%

1.34%

2.98%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$564,176

$549,338

$584,271

$617,190

$723,791

$760,173

Portfolio

turnover

rate

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

19.03%

48.47%

96.06%

101.19%

66.95%

52.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.11

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.08%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.89

$13.41

$12.71

$14.17

$13.01

$13.73

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.42 0.43 0.35 0.08 0.27 c

Net

realized

and

unrealized

gains

(losses)

0.97 0.62 0.75 (1.47)

1.27 (0.66)

Total

from

investment

operations

........

1.18 1.04 1.18 (1.12)

1.35 (0.39)

Less

distributions

from:

Net

investment

income

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

—

(0.56)

(0.48)

(0.34)

(0.19)

(0.33)

Net

asset

value,

end

of

period

..........

$15.07

$13.89

$13.41

$12.71

$14.17

$13.01

Total

return

d

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

8.49%

7.77%

9.47%

(7.88)%

10.42%

(2.83)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.79%

1.76%

1.80%

g,h

1.78%

g,h

1.87%

g,h

1.81%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

0.03%

0.02%

0.06%

0.02%

Net

investment

income

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

2.96%

2.99%

3.30%

2.57%

0.55%

2.24%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$20,966

$22,775

$27,863

$33,039

$44,228

$65,715

Portfolio

turnover

rate

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

19.03%

48.47%

96.06%

101.19%

66.95%

52.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.11

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.34%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.64

$13.20

$12.52

$13.98

$12.87

$13.61

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.26 0.49 0.49 0.45 0.15 0.33 c

Net

realized

and

unrealized

gains

(losses)

0.93 0.60 0.75 (1.49)

1.27 (0.66)

Total

from

investment

operations

........

1.19 1.09 1.24 (1.04)

1.42 (0.33)

Less

distributions

from:

Net

investment

income

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

—

(0.65)

(0.56)

(0.42)

(0.31)

(0.41)

Net

asset

value,

end

of

period

..........

$14.83

$13.64

$13.20

$12.52

$13.98

$12.87

Total

return

d

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

8.80%

8.27%

10.01%

(7.44)%

11.05%

(2.38)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.31%

1.27%

1.30%

g,h

1.27%

g,h

1.37%

g,h

1.31%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

0.03%

0.02%

0.06%

0.02%

Net

investment

income

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

3.73%

3.48%

3.81%

3.39%

1.10%

2.72%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,378

$2,700

$2,742

$3,725

$2,643

$2,495

Portfolio

turnover

rate

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

19.03%

48.47%

96.06%

101.19%

66.95%

52.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.11

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.82%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$14.15

$13.66

$12.95

$14.45

$13.29

$14.05

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.29 0.58 0.57 0.51 0.23 0.41 c

Net

realized

and

unrealized

gains

(losses)

0.99 0.64 0.78 (1.51)

1.31 (0.68)

Total

from

investment

operations

........

1.28 1.22 1.35 (1.00)

1.54 (0.27)

Less

distributions

from:

Net

investment

income

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

—

(0.73)

(0.64)

(0.50)

(0.38)

(0.49)

Net

asset

value,

end

of

period

..........

$15.43

$14.15

$13.66

$12.95

$14.45

$13.29

Total

return

d

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

9.05%

8.86%

10.57%

(6.88)%

11.67%

(1.79)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

f

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

0.78%

0.75%

0.79%

0.76%

0.87%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

f

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

0.75%

0.72%

0.75%

g

0.72%

g

0.82%

g

0.75%

g

Expenses

-

incurred

in

connection

with

securities

sold

short

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

0.03%

—%

0.03%

0.02%

0.06%

0.02%

Net

investment

income

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

4.02%

4.02%

4.35%

3.65%

1.63%

3.28%

c

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$29,737

$29,269

$30,994

$32,109

$39,292

$47,970

Portfolio

turnover

rate

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

19.03%

48.47%

96.06%

101.19%

66.95%

52.07%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.11

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.38%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Mutual

#### Quest

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 78.7%

#### Aerospace

#### &

#### Defense

#### 0.6%
Melrose

Industries

plc

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

United

Kingdom

2,305,601

$

16,792,121

#### Automobile

#### Components

#### 3.6%
a

Aptiv

plc

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

Jersey

684,801

46,717,124

Denso

Corp.

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

Japan

2,590,235

34,955,969

Lear

Corp.

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

United

States

157,723

14,980,531

96,653,624

#### Banks

#### 5.7%
Bank

of

America

Corp.

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

United

States

709,130

33,556,032

BNP

Paribas

SA

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

France

602,356

54,032,362

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

158,687

29,582,430

b

Wells

Fargo

&

Co.

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

United

States

415,220

33,267,426

150,438,250

#### Beverages

#### 1.5%
Heineken

NV

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

Netherlands

458,636

40,012,715

#### Building

#### Products

#### 1.4%
Johnson

Controls

International

plc

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

United

States

358,297

37,843,329

#### Capital

#### Markets

#### 1.3%
St.

James's

Place

plc

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

United

Kingdom

2,191,881

35,716,762

#### Chemicals

#### 2.4%
Avient

Corp.

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

United

States

816,495

26,380,953

a

Covestro

AG

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

Germany

512,327

36,451,134

62,832,087

#### Communications

#### Equipment

#### 3.1%
Cisco

Systems,

Inc.

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

United

States

529,405

36,730,119

a,c,d,e

Inclusive

Language

Services

LLC,

Membership

Interests

,

B

....

United

States

106,532

44,836,019

81,566,138

#### Construction

#### &

#### Engineering

#### 1.3%
WillScot

Holdings

Corp.

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

United

States

1,220,899

33,452,633

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.3%
Dollar

General

Corp.

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

United

States

291,194

33,306,770

#### Containers

#### &

#### Packaging

#### 0.9%
International

Paper

Co.

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

United

States

493,648

23,117,536

#### Distributors

#### 0.6%
Genuine

Parts

Co.

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

United

States

125,215

15,189,832

#### Diversified

#### Telecommunication

#### Services

#### 2.4%
Deutsche

Telekom

AG

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

Germany

443,097

16,218,945

a

Frontier

Communications

Parent,

Inc.

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

United

States

279,418

10,170,815

a,c,d

Windstream

Holdings,

Inc.

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

United

States

1,714,983

36,257,881

62,647,641

#### Electric

#### Utilities

#### 3.5%
Entergy

Corp.

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

United

States

372,420

30,955,551

Evergy,

Inc.

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

United

States

382,452

26,362,416

PPL

Corp.

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

United

States

1,082,445

36,684,061

94,002,028

#### Energy

#### Equipment

#### &

#### Services

#### 2.5%
Baker

Hughes

Co.

,

A

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

United

States

853,560

32,725,490

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Energy

#### Equipment

#### &

#### Services
(continued)

Schlumberger

NV

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

United

States

980,053

$

33,125,792

65,851,282

#### Entertainment

#### 1.4%
Walt

Disney

Co.

(The)

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

United

States

295,261

36,615,317

#### Financial

#### Services

#### 2.5%
Apollo

Global

Management,

Inc.

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

United

States

113,366

16,083,235

Global

Payments,

Inc.

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

United

States

329,028

26,335,401

b

Voya

Financial,

Inc.

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

United

States

349,041

24,781,911

67,200,547

#### Food

#### Products

#### 3.8%
Danone

SA

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

France

439,703

35,977,966

Kellanova

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

United

States

796,539

63,348,747

99,326,713

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.2%
a

Cooper

Cos.,

Inc.

(The)

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

United

States

279,173

19,865,950

Zimmer

Biomet

Holdings,

Inc.

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

United

States

413,275

37,694,813

57,560,763

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.5%
Elevance

Health,

Inc.

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

United

States

102,312

39,795,275

Fresenius

SE

&

Co.

KGaA

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

Germany

535,270

26,936,279

66,731,554

#### Household

#### Products

#### 1.6%
Reckitt

Benckiser

Group

plc

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

United

Kingdom

637,342

43,420,201

#### Industrial

#### Conglomerates

#### 0.6%
Siemens

AG

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

Germany

64,879

16,664,703

#### Insurance

#### 9.2%
ASR

Nederland

NV

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

Netherlands

785,541

52,195,724

Direct

Line

Insurance

Group

plc

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

United

Kingdom

4,630,044

19,525,431

Everest

Group

Ltd.

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

United

States

109,825

37,324,026

Hartford

Insurance

Group,

Inc.

(The)

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

United

States

297,171

37,702,085

Progressive

Corp.

(The)

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

United

States

143,010

38,163,648

Prudential

plc

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

Hong

Kong

4,632,311

57,979,169

242,890,083

#### Interactive

#### Media

#### &

#### Services

#### 1.2%
Alphabet,

Inc.

,

A

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

United

States

185,088

32,618,058

#### Media

#### 1.6%
a,b

Charter

Communications,

Inc.

,

A

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

United

States

98,317

40,192,973

a

Clear

Channel

Outdoor

Holdings,

Inc.

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

United

States

2,903,448

3,397,034

43,590,007

#### Metals

#### &

#### Mining

#### 1.6%
Rio

Tinto

plc

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

Australia

745,439

43,387,618

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.5%
BP

plc

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

United

States

7,437,892

37,057,789

EOG

Resources,

Inc.

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

United

States

356,155

42,599,700

Hess

Corp.

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

United

States

96,052

13,307,044

92,964,533

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Pharmaceuticals

#### 4.4%
Merck

&

Co.,

Inc.

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

United

States

452,494

$

35,819,425

Novartis

AG

,

ADR

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

United

States

326,491

39,508,676

Roche

Holding

AG

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

United

States

125,107

40,837,413

116,165,514

#### Professional

#### Services

#### 0.9%
SS&C

Technologies

Holdings,

Inc.

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

United

States

300,554

24,885,871

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.7%
Renesas

Electronics

Corp.

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

Japan

1,471,887

18,209,350

#### Software

#### 0.8%
a

Adobe,

Inc.

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

United

States

51,264

19,833,016

#### Specialized

#### REITs

#### 0.8%
American

Tower

Corp.

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

United

States

101,687

22,474,861

#### Specialty

#### Retail

#### 2.0%
Dick's

Sporting

Goods,

Inc.

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

United

States

112,334

22,220,789

Gap,

Inc.

(The)

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

United

States

1,392,799

30,376,946

52,597,735

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.6%
Samsung

Electronics

Co.

Ltd.

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

South

Korea

968,864

42,844,737

#### Tobacco

#### 1.0%
British

American

Tobacco

plc

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

United

Kingdom

547,702

26,041,241

#### Trading

#### Companies

#### &

#### Distributors

#### 2.5%
AerCap

Holdings

NV

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

Ireland

326,674

38,220,858

United

Rentals,

Inc.

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

United

States

37,799

28,477,767

66,698,625

#### Wireless

#### Telecommunication

#### Services

#### 0.2%
a

Intelsat

SA

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

Luxembourg

106,029

4,601,659

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 1,701,076,876

####)
..................................

#### 2,086,745,454

#### Warrants

#### 0.1%

#### Wireless

#### Telecommunication

#### Services

#### 0.1%
a

Intelsat

Emergence

SA

,

2/17/27

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

Luxembourg

323,376

2,195,764

2,195,764

#### Total

#### Warrants

#### (Cost

#### $

#### 1,736,986

####)
............................................

#### 2,195,764

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 2.6%

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
f

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29 %

,

4/15/29

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

United

States

5,000,000

4,872,500

#### Media

#### 0.7%
f

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.5 %

,

6/01/29

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

United

States

13,500,000

12,497,188

f

DISH

Network

Corp.

,

Senior

Secured

Note

,

144A,

11.75 %

,

11/15/27

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

United

States

2,000,000

2,063,192

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

f

iHeartCommunications,

Inc.

,

Secured

Note

,

144A,

10.875 %

,

5/01/30

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

United

States

11,000,000

$

5,417,500

19,977,880

#### Specialty

#### Retail

#### 1.7%
f

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875 %

,

5/01/29

.

United

States

24,500,000

16,170,000

f

Staples,

Inc.

,

Secured

Note

,

144A,

12.75 %

,

1/15/30

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

United

States

32,000,000

21,336,209

Senior

Secured

Note

,

144A,

10.75 %

,

9/01/29

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

United

States

8,000,000

7,611,401

45,117,610

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 71,126,736

####)
....................................

#### 69,967,990
g

#### Senior

#### Floating

#### Rate

#### Interests

#### 13.5%

#### Aerospace

#### &

#### Defense

#### 0.5%
h

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

,

7.046 %

,

(3-month

SOFR

+

2.75 %),

8/24/28

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

United

States

12,857,563

12,917,479

h

#### Commercial

#### Services

#### &

#### Supplies

#### 3.0%
Neptune

Bidco

US,

Inc.,

First

Lien,

CME

Term

Loan,

A

,

9.08 %

,

(3-month

SOFR

+

4.75 %),

10/11/28

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

United

States

47,762,664

45,110,165

Neptune

Bidco

US,

Inc.,

Second

Lien,

CME

Term

Loan

,

14.08 %

,

(3-month

SOFR

+

9.75 %),

10/11/29

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

United

States

33,970,233

33,460,679

78,570,844

a

a

a

a

a

a

#### Communications

#### Equipment

#### 5.8%
h,i

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

9.577 %

,

(1-month

SOFR

+

5.25 %),

12/18/29

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

United

States

12,000,000

12,163,740

c,e,j

Sorenson

Communications

LLC,

First

Lien,

Term

Loan,

B,

PIK,

%

,

4/01/30

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

United

States

122,461,386

108,173,450

PIK,

%

,

4/01/30

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

United

States

31,710,957

32,804,402

153,141,592

a

a

a

a

a

a

#### Financial

#### Services

#### 0.9%
h,j

Travelport

Finance

Luxembourg

SARL,

First

Lien,

Priority

CME

Term

Loan

,

PIK,

%

,

(3-month

SOFR

+

5.441 %),

9/29/28

...

Luxembourg

31,566,522

24,533,185

h

#### Media

#### 0.9%
iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B

,

10.216 %

,

(1-month

SOFR

+

5.775 %),

5/01/29

.....

United

States

27,862,494

22,789,152

k

Loyalty

Ventures,

Inc.,

First

Lien,

Term

Loan,

B

,

%

,

(PRIME

+

5.5 %),

11/03/27

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

United

States

26,135,994

1,960,199

24,749,351

a

a

a

a

a

a

h

#### Passenger

#### Airlines

#### 0.7%
i

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.522 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

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

United

States

1,772,240

1,763,237

American

Airlines,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.507 %

,

(6-month

SOFR

+

2.25 %),

6/04/29

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

United

States

17,878,236

17,739,679

19,502,916

a

a

a

a

a

a

#### Professional

#### Services

#### 0.3%
h

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.941 %

,

(1-month

SOFR

+

3.5 %),

6/02/28

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

United

States

7,562,850

7,495,503

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Specialty

#### Retail

#### 1.4%
Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B

,

8.807 %

,

(3-month

SOFR

+

4.25 %),

4/17/28

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

United

States

28,059,508

$

23,587,524

Staples,

Inc.,

First

Lien,

Closing

Date

CME

Term

Loan

,

10.026 %

,

(3-month

SOFR

+

5.75 %),

8/23/29

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

United

States

12,902,500

11,939,393

35,526,917

a

a

a

a

a

a

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 391,036,713

####)
.......................

#### 356,437,787

#### Shares
a

#### Companies

#### in

#### Liquidation

#### 0.0%
a,c,l

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

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

Netherlands

159,828

—

a,c,l

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

....

United

States

7,443,000

—

#### Total

#### Companies

#### in

#### Liquidation

#### (Cost

#### $

#### –

####)
....................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,164,977,311

####)
...........................

#### 2,515,346,995

#### a

#### Short

#### Term

#### Investments

#### 5.2%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.2%
b,m

U.S.

Treasury

Bills

,

.15

%

,

8/07/25

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

United

States

5,000,000

4,978,182

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 4,978,558

####)
................

#### 4,978,182

#### Shares

#### Money

#### Market

#### Funds

#### 5.0%
n,o

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.332 %

..

United

States

132,613,431

132,613,431

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 132,613,431

####)
...............................

#### 132,613,431

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 137,591,989

####)
.............................

#### 137,591,613

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,302,569,300

####)
100.1 #### %
..............................

#### $2,652,938,608

#### Securities

#### Sold

#### Short

#### (0.4 ####)

#### %
................................................

#### (11,285,489)

#### Other

#### Assets,

#### less

#### Liabilities
0.3 #### %
...........................................

#### 7,796,462

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,649,449,581

#### a
p

#### Securities

#### Sold

#### Short

#### (#### 0

#### .4

####)

#### %

#### Common

#### Stocks

#### (0.4)%

#### Insurance

#### (0.4)%
Aviva

plc

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

United

Kingdom

1,327,434

(11,285,489)

#### Total

#### Common

#### Stocks

#### (Proceeds

#### $

#### (#### 7,976,259

####)
................................

#### (11,285,489)

#### Total

#### Securities

#### Sold

#### Short

#### (Proceeds

#### $

#### (#### 7,976,259

####)
...........................

#### $(11,285,489)
Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

June

30,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(d).

See

Note

regarding

other

derivative

information.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

securities

sold

short

and

open

forward

exchange

contracts.

At

June

30,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$30,024,476,

representing

1.1%

of

net

assets.

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

d

See

Note

regarding

restricted

securities.

e

See

Note

regarding

holdings

of

5%

voting

securities.

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

June

30,

2025,

the

aggregate

value

of

these

securities

was

$69,967,990,

representing

2.6%

of

net

assets.

g

See

Note

1(g)

regarding

senior

floating

rate

interests.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

j

Income

may

be

received

in

additional

securities

and/or

cash.

k

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. l

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.

m

The

rate

shown

represents

the

yield

at

period

end.

n

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

p

See

Note

1(e)

regarding

securities

sold

short.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Euro

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

BOFA

Sell

19,463,383

20,258,314

7/14/25

$

—

$

(2,687,708)

Euro

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

UBSW

Sell

1,553,526

1,630,970

7/14/25

—

(200,532)

Euro

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

WFLA

Buy

39,863,332

45,494,506

7/14/25

1,501,686

—

Euro

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

WFLA

Sell

18,846,423

19,616,771

7/14/25

—

(2,601,897)

British

Pound

......

HSBK

Sell

1,728,597

2,231,564

7/21/25

—

(141,410)

British

Pound

......

UBSW

Buy

505,794

637,477

7/21/25

56,864

—

British

Pound

......

WFLA

Buy

21,684,010

28,547,231

7/21/25

1,220,034

—

British

Pound

......

WFLA

Sell

20,461,207

24,977,543

7/21/25

—

(3,111,090)

Total

Forward

Exchange

Contracts

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

$2,778,584

$(8,742,637)

Net

unrealized

appreciation

(depreciation)

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

$(5,964,053)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

See

Abbreviations

on

.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Shares

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### Z

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.93

$24.53

$22.86

$27.09

$25.33

$27.56

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.28 0.55 0.51 0.43 0.39 0.83 c

Net

realized

and

unrealized

gains

(losses)

1.25 2.27 2.61 (2.45)

4.43 (2.11)

Total

from

investment

operations

........

1.53 2.82 3.12 (2.02)

4.82 (1.28)

Less

distributions

from:

Net

investment

income

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

—

(0.52)

(0.50)

(0.37)

(0.94)

(0.53)

Net

realized

gains

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

—

(1.90)

(0.95)

(1.84)

(2.12)

(0.42)

Total

distributions

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

—

(2.42)

(1.45)

(2.21)

(3.06)

(0.95)

Net

asset

value,

end

of

period

..........

$26.46

$24.93

$24.53

$22.86

$27.09

$25.33

Total

return

d

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

6.14%

11.51%

13.93%

(7.11)%

19.34%

(4.34)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.75%

0.75%

0.75%

g,h

0.75%

g

0.81%

g,h

0.80%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

i

—%

i

0.02%

0.02%

Net

investment

income

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

2.21%

2.07%

2.16%

1.70%

1.36%

3.56%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$4,017,068

$3,946,804

$3,894,722

$3,785,598

$4,717,528

$4,376,135

Portfolio

turnover

rate

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

24.30%

33.08%

35.16%

59.69%

41.18%

j

21.35%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.30%.

#### d
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### e
Ratios

are

annualized

for

periods

less

than

one

year.

#### f
Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

#### g
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

#### h
Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

#### i
Rounds

to

less

than

0.01%.

#### j
Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Shares

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.52

$24.16

$22.54

$26.75

$25.04

$27.26

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.24 0.47 0.45 0.36 0.31 0.76 c

Net

realized

and

unrealized

gains

(losses)

1.23 2.24 2.57 (2.42)

4.39 (2.10)

Total

from

investment

operations

........

1.47 2.71 3.02 (2.06)

4.70 (1.34)

Less

distributions

from:

Net

investment

income

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

—

(0.45)

(0.45)

(0.31)

(0.87)

(0.46)

Net

realized

gains

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

—

(1.90)

(0.95)

(1.84)

(2.12)

(0.42)

Total

distributions

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

—

(2.35)

(1.40)

(2.15)

(2.99)

(0.88)

Net

asset

value,

end

of

period

..........

$25.99

$24.52

$24.16

$22.54

$26.75

$25.04

Total

return

d

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

6.00%

11.23%

13.64%

(7.35)%

19.07%

(4.60)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.00%

1.00%

1.00%

g,h

1.00%

g

1.06%

g,h

1.05%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

i

—%

i

0.02%

0.02%

Net

investment

income

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

1.95%

1.83%

1.91%

1.45%

1.11%

3.32%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$2,681,215

$2,688,933

$2,726,473

$2,601,790

$3,125,320

$2,965,127

Portfolio

turnover

rate

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

24.30%

33.08%

35.16%

59.69%

41.18%

j

21.35%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.07%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Rounds

to

less

than

0.01%.

j

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Shares

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.86

$24.43

$22.55

$26.75

$25.02

$27.22

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.15 0.28 0.26 0.17 0.10 0.60 c

Net

realized

and

unrealized

gains

(losses)

1.23 2.26 2.59 (2.41)

4.37 (2.12)

Total

from

investment

operations

........

1.38 2.54 2.85 (2.24)

4.47 (1.52)

Less

distributions

from:

Net

investment

income

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

—

(0.21)

(0.02)

(0.12)

(0.62)

(0.26)

Net

realized

gains

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

—

(1.90)

(0.95)

(1.84)

(2.12)

(0.42)

Total

distributions

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

—

(2.11)

(0.97)

(1.96)

(2.74)

(0.68)

Net

asset

value,

end

of

period

..........

$26.24

$24.86

$24.43

$22.55

$26.75

$25.02

Total

return

d

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

5.59%

10.42%

12.85%

(8.04)%

18.13%

(5.29)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.75%

1.75%

1.75%

g,h

1.75%

g

1.81%

g,h

1.80%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

i

—%

i

0.02%

0.02%

Net

investment

income

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

1.20%

1.08%

1.10%

0.69%

0.35%

2.63%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$33,630

$37,704

$47,522

$158,150

$192,660

$206,196

Portfolio

turnover

rate

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

24.30%

33.08%

35.16%

59.69%

41.18%

j

21.35%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.37%.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Rounds

to

less

than

0.01%.

j

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Shares

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.42

$24.06

$22.45

$26.65

$24.96

$27.17

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.41 0.39 0.29 0.24 0.70 c

Net

realized

and

unrealized

gains

(losses)

1.21 2.23 2.55 (2.40)

4.36 (2.09)

Total

from

investment

operations

........

1.42 2.64 2.94 (2.11)

4.60 (1.39)

Less

distributions

from:

Net

investment

income

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

—

(0.38)

(0.38)

(0.25)

(0.79)

(0.40)

Net

realized

gains

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

—

(1.90)

(0.95)

(1.84)

(2.12)

(0.42)

Total

distributions

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

—

(2.28)

(1.33)

(2.09)

(2.91)

(0.82)

Net

asset

value,

end

of

period

..........

$25.84

$24.42

$24.06

$22.45

$26.65

$24.96

Total

return

d

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

5.86%

10.99%

13.36%

(7.60)%

18.75%

(4.80)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

1.25%

1.25%

1.25%

g,h

1.25%

g

1.31%

g,h

1.30%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

i

—%

i

0.02%

0.02%

Net

investment

income

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

1.70%

1.58%

1.66%

1.19%

0.86%

3.06%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$36,997

$36,870

$38,681

$38,759

$49,843

$48,216

Portfolio

turnover

rate

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

24.30%

33.08%

35.16%

59.69%

41.18%

j

21.35%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

1.80%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Rounds

to

less

than

0.01%.

j

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Mutual

Series

Funds

Financial

Highlights

#### Franklin

#### Mutual

#### Shares

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$24.91

$24.51

$22.84

$27.07

$25.32

$27.55

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.28 0.56 0.52 0.44 0.39 0.83 c

Net

realized

and

unrealized

gains

(losses)

1.25 2.27 2.62 (2.44)

4.43 (2.09)

Total

from

investment

operations

........

1.53 2.83 3.14 (2.00)

4.82 (1.26)

Less

distributions

from:

Net

investment

income

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

—

(0.53)

(0.52)

(0.39)

(0.95)

(0.55)

Net

realized

gains

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

—

(1.90)

(0.95)

(1.84)

(2.12)

(0.42)

Total

distributions

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

—

(2.43)

(1.47)

(2.23)

(3.07)

(0.97)

Net

asset

value,

end

of

period

..........

$26.44

$24.91

$24.51

$22.84

$27.07

$25.32

Total

return

d

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

6.14%

11.57%

14.00%

(7.05)%

19.37%

(4.27)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

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

0.70%

0.70%

0.71%

g,h

0.68%

g

0.74%

g,h

0.72%

g,h

Expenses

-

incurred

in

connection

with

securities

sold

short

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

—%

—%

—%

i

—%

i

0.02%

0.02%

Net

investment

income

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

2.25%

2.12%

2.21%

1.76%

1.40%

3.57%

c

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$330,981

$329,655

$302,249

$286,332

$372,115

$1,449,696

Portfolio

turnover

rate

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

24.30%

33.08%

35.16%

59.69%

41.18%

j

21.35%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Net

investment

income

per

share

includes

approximately

$0.29

per

share

related

to

income

received

in

the

form

of

special

dividends

and

an

adjustment

for

EU

reclaims

in

connection

with

certain

Fund

holdings.

Excluding

this

amount,

the

ratio

of

net

investment

income

to

average

net

assets

would

have

been

2.31%.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Includes

dividends

and/or

interest

expense

on

securities

sold

short

and

security

borrowing

fees,

if

any.

See

below

for

the

ratios

of

such

expenses

to

average

net

assets

for

the

periods

presented.

See

Note

1(e).

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

i

Rounds

to

less

than

0.01%.

j

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited),

June

30,

2025

#### Franklin

#### Mutual

#### Shares

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 93.9%

#### Automobiles

#### 1.5%
General

Motors

Co.

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

United

States

2,103,544

$

103,515,400

#### Banks

#### 10.3%
Bank

of

America

Corp.

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

United

States

3,408,182

161,275,172

BNP

Paribas

SA

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

France

1,609,347

144,361,174

JPMorgan

Chase

&

Co.

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

United

States

542,204

157,190,362

PNC

Financial

Services

Group,

Inc.

(The)

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

United

States

766,110

142,818,226

Wells

Fargo

&

Co.

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

United

States

1,563,209

125,244,305

730,889,239

#### Building

#### Products

#### 1.7%
Johnson

Controls

International

plc

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

United

States

1,144,549

120,887,265

#### Capital

#### Markets

#### 2.0%
BlackRock,

Inc.

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

United

States

137,689

144,470,183

#### Communications

#### Equipment

#### 1.7%
Cisco

Systems,

Inc.

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

United

States

1,718,891

119,256,658

#### Consumer

#### Finance

#### 1.6%
Capital

One

Financial

Corp.

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

United

States

549,255

116,859,494

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 3.3%
Dollar

General

Corp.

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

United

States

1,155,635

132,181,531

Target

Corp.

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

United

States

1,058,078

104,379,395

236,560,926

#### Containers

#### &

#### Packaging

#### 1.6%
International

Paper

Co.

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

United

States

2,412,029

112,955,318

#### Diversified

#### Telecommunication

#### Services

#### 0.7%
a,b,c

Windstream

Holdings,

Inc.

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

United

States

2,243,497

47,431,634

#### Electric

#### Utilities

#### 3.6%
Entergy

Corp.

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

United

States

1,347,248

111,983,254

PPL

Corp.

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

United

States

4,189,028

141,966,159

253,949,413

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 1.6%
b

Flex

Ltd.

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

United

States

2,271,822

113,409,354

#### Energy

#### Equipment

#### &

#### Services

#### 1.6%
Schlumberger

NV

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

United

States

3,298,162

111,477,876

#### Entertainment

#### 1.6%
Walt

Disney

Co.

(The)

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

United

States

921,598

114,287,368

#### Financial

#### Services

#### 6.7%
Apollo

Global

Management,

Inc.

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

United

States

773,831

109,783,404

b

Fiserv,

Inc.

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

United

States

862,391

148,684,832

Global

Payments,

Inc.

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

United

States

1,357,935

108,689,118

Voya

Financial,

Inc.

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

United

States

1,496,800

106,272,800

473,430,154

#### Food

#### Products

#### 1.0%
Kellanova

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

United

States

915,404

72,802,080

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 4.9%
Baxter

International,

Inc.

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

United

States

3,310,797

100,250,933

Medtronic

plc

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

United

States

1,621,701

141,363,676

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Shares

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Health

#### Care

#### Equipment

#### &

#### Supplies
(continued)

Zimmer

Biomet

Holdings,

Inc.

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

United

States

1,139,532

$

103,936,714

345,551,323

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4.0%
CVS

Health

Corp.

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

United

States

1,950,148

134,521,209

Elevance

Health,

Inc.

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

United

States

387,457

150,705,275

285,226,484

#### Household

#### Durables

#### 1.7%
DR

Horton,

Inc.

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

United

States

951,029

122,606,659

#### Insurance

#### 3.3%
Hartford

Insurance

Group,

Inc.

(The)

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

United

States

960,771

121,893,016

Progressive

Corp.

(The)

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

United

States

418,823

111,767,106

233,660,122

#### Interactive

#### Media

#### &

#### Services

#### 2.0%
Alphabet,

Inc.,

A

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

United

States

799,105

140,826,274

#### Machinery

#### 2.0%
Dover

Corp.

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

United

States

783,601

143,579,211

#### Media

#### 3.7%
b

Charter

Communications,

Inc.,

A

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

United

States

395,949

161,867,911

Comcast

Corp.,

A

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

United

States

2,900,895

103,532,942

265,400,853

#### Metals

#### &

#### Mining

#### 2.0%
Reliance,

Inc.

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

United

States

446,534

140,167,023

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.7%
Chevron

Corp.

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

United

States

1,086,709

155,605,862

EOG

Resources,

Inc.

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

United

States

1,228,342

146,921,987

Hess

Corp.

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

United

States

247,708

34,317,466

336,845,315

#### Personal

#### Care

#### Products

#### 1.4%
Kenvue,

Inc.

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

United

States

4,842,452

101,352,520

#### Pharmaceuticals

#### 5.0%
Merck

&

Co.,

Inc.

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

United

States

1,564,240

123,825,238

Novartis

AG,

ADR

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

United

States

944,486

114,292,251

Roche

Holding

AG

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

United

States

364,654

119,030,318

357,147,807

#### Professional

#### Services

#### 3.3%
KBR,

Inc.

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

United

States

2,358,172

113,050,766

SS&C

Technologies

Holdings,

Inc.

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

United

States

1,436,018

118,902,290

231,953,056

#### Retail

#### REITs

#### 1.9%
Brixmor

Property

Group,

Inc.

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

United

States

5,080,366

132,292,731

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.7%
NXP

Semiconductors

NV

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

Netherlands

562,670

122,937,768

#### Software

#### 3.0%
b

Adobe,

Inc.

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

United

States

296,062

114,540,467

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Shares

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software
(continued)

Gen

Digital,

Inc.

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

United

States

3,431,245

$

100,878,603

215,419,070

#### Specialized

#### REITs

#### 1.8%
American

Tower

Corp.

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

United

States

585,619

129,433,511

#### Specialty

#### Retail

#### 1.5%
b

Ulta

Beauty,

Inc.

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

United

States

219,940

102,892,331

#### Tobacco

#### 1.6%
British

American

Tobacco

plc

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

United

Kingdom

2,385,667

113,429,802

#### Trading

#### Companies

#### &

#### Distributors

#### 3.9%
AerCap

Holdings

NV

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

Ireland

992,600

116,134,200

Ferguson

Enterprises,

Inc.

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

United

States

722,883

157,407,773

273,541,973

#### Total

#### Common

#### Stocks

#### (Cost

#### $5,080,992,920)

#### ..................................

#### 6,666,446,195

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 0.2%

#### Specialty

#### Retail

#### 0.2%
d

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875 %

,

5/01/29

.

United

States

25,700,000

16,962,000

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $16,585,558)
....................................

#### 16,962,000
e

#### Senior

#### Floating

#### Rate

#### Interests

#### 2.4%
f

#### Commercial

#### Services

#### &

#### Supplies

#### 1.1%
Neptune

Bidco

US,

Inc.,

First

Lien,

CME

Term

Loan,

A,

9.08%,

(3-month

SOFR

+

4.75%),

10/11/28

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

United

States

37,517,487

35,433,953

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

CME

Term

Loan,

B,

9.33%,

(3-month

SOFR

+

5%),

4/11/29

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

United

States

43,130,708

40,904,733

76,338,686

a

a

a

a

a

a

#### Media

#### 0.2%
f

iHeartCommunications,

Inc.,

First

Lien,

Refinanced

CME

Term

Loan,

B,

10.216%,

(1-month

SOFR

+

5.775%),

5/01/29

.....

United

States

20,397,525

16,683,441

#### Professional

#### Services

#### 0.4%
f

CoreLogic,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.941%,

(1-month

SOFR

+

3.5%),

6/02/28

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

United

States

30,766,956

30,492,976

#### Specialty

#### Retail

#### 0.7%
f

Michaels

Cos.,

Inc.

(The),

First

Lien,

CME

Term

Loan,

B,

8.807%,

(3-month

SOFR

+

4.25%),

4/17/28

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

United

States

54,602,896

45,900,559

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $170,258,561)
.......................

#### 169,415,662

#### Shares
a

#### Companies

#### in

#### Liquidation

#### 0.0%
a,b,g

Bosgen

Liquidating

Trust

c/o

Verdolino

and

Lowey

P.C.,

Contingent

Distribution

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

Netherlands

555,154

—

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Shares

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Companies

#### in

#### Liquidation
(continued)

a,b,g

Walter

Energy,

Inc.,

Litigation

Trust,

Contingent

Distribution

....

United

States

20,046,000

$

—

#### Total

#### Companies

#### in

#### Liquidation

#### (Cost

#### $–)

#### ....................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $5,267,837,039)

#### ...........................

#### 6,852,823,857

#### a

#### Short

#### Term

#### Investments

#### 3.5%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.1%
h,i

U.S.

Treasury

Bills

,

3.9%,

7/17/25

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

United

States

5,000,000

4,990,811

4.18%,

10/09/25

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

United

States

5,000,000

4,942,049

9,932,860

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $9,934,378)

#### ................

#### 9,932,860

#### Shares

#### Money

#### Market

#### Funds

#### 3.4%
j,k

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

..

United

States

239,810,730

239,810,730

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $239,810,730)

#### ...............................

#### 239,810,730

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $249,745,108

####)
.............................

#### 249,743,590

#### a

#### Total

#### Investments

#### (Cost

#### $5,517,582,147)

#### 100.0%

#### ..............................

#### $7,102,567,447

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.0)%

#### †
.........................................

#### (2,675,535)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $7,099,891,912

#### a
\*

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

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

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

June

30,

2025,

the

value

of

this

security

was

$16,962,000,

representing

0.2%

of

net

assets.

e

See

Note

1(g)

regarding

senior

floating

rate

interests.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

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.

h

The

rate

shown

represents

the

yield

at

period

end.

i

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

open

forward

exchange

contracts.

At

June

30,

2025,

the

value

of

this

security

pledged

amounted

to

$6,486,454,

representing

0.1%

of

net

assets.

j

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

k

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Mutual

Series

Funds

Schedule

of

Investments

(unaudited)

#### Franklin

#### Mutual

#### Shares

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

June

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(d).

See

Note

regarding

other

derivative

information.

See

Abbreviations

on

.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Euro

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

BOFA

Buy

56,709,520

65,229,291

7/14/25

$

1,627,426

$

—

Euro

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

BOFA

Sell

57,777,073

61,095,167

7/14/25

—

(7,020,124)

Euro

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

HSBK

Buy

52,718,339

60,845,504

7/14/25

1,305,879

—

Euro

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

UBSW

Buy

10,792,070

11,893,495

7/14/25

829,631

—

Euro

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

UBSW

Sell

24,329,221

25,923,311

7/14/25

—

(2,759,208)

Euro

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

WFLA

Sell

38,113,634

39,693,531

7/14/25

—

(5,239,885)

British

Pound

......

BOFA

Buy

15,575,273

20,809,966

7/21/25

571,377

—

British

Pound

......

UBSW

Buy

600,676

776,519

7/21/25

48,074

—

British

Pound

......

WFLA

Buy

3,479,848

4,408,532

7/21/25

368,518

—

British

Pound

......

WFLA

Sell

19,655,797

24,014,473

7/21/25

—

(2,968,512)

Total

Forward

Exchange

Contracts

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

$4,750,905

$(17,987,729)

Net

unrealized

appreciation

(depreciation)

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

$(13,236,824)

\*

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

Financial

Statements

Statements

of

Assets

and

Liabilities

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,279,976,291

$7,019,204,954

$808,306,779

Cost

-

Non-controlled

affiliates

(Note

f)

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

51,871,825

272,303,709

46,289,433

Value

-

Unaffiliated

issuers

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

$3,260,942,738

$9,034,680,942

$1,014,593,014

Value

-

Non-controlled

affiliates

(Note

f)

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

51,871,825

272,303,709

46,289,433

Cash

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

—

2,376,739

7,863

Foreign

currency,

at

value

(cost

$–,

$2,789,999

and

$994,480,

respectively)

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

—

2,793,971

995,034

Receivables:

Investment

securities

sold

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

3,354,012

—

—

Capital

shares

sold

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

352,688

3,141,135

1,324,360

Dividends

and

interest

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

8,808,166

28,549,787

3,398,933

European

Union

tax

reclaims

(Note

h)

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

—

—

537,540

Deposits

with

brokers

for:

Securities

sold

short

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

—

—

2,530,211

Unrealized

appreciation

on

OTC

forward

exchange

contracts

........

—

13,541,283

—

Other

assets

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

512,228

1,765,670

11,449

Total

assets

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

3,325,841,657

9,359,153,236

1,069,687,837

Liabilities:

Payables:

Investment

securities

purchased

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

3,303,328

1,467

Capital

shares

redeemed

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

2,178,354

6,506,644

910,397

Management

fees

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

1,817,051

6,338,862

639,996

Distribution

fees

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

183,930

1,220,150

78,065

Transfer

agent

fees

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

447,462

2,069,704

268,896

Trustees'

fees

and

expenses

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

188,373

820,887

113,637

IRS

closing

agreement

payments

for

European

Union

tax

reclaims

(Note

h)

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

—

11,143,307

—

Securities

sold

short,

at

value

(proceeds

$–,

$–

and

$2,377,033,

respectively)

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

—

—

3,363,251

Unrealized

depreciation

on

OTC

forward

exchange

contracts

........

—

41,697,065

—

Accrued

expenses

and

other

liabilities

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

209,450

498,577

217,122

Total

liabilities

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

8,327,948

70,296,663

5,591,574

Net

assets,

at

value

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

$3,317,513,709

$9,288,856,573

$1,064,096,263

Net

assets

consist

of:

Paid-in

capital

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

$2,225,621,477

$6,481,372,747

$866,839,374

Total

distributable

earnings

(losses)

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

1,091,892,232

2,807,483,826

197,256,889

Net

assets,

at

value

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

$3,317,513,709

$9,288,856,573

$1,064,096,263

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund

#### Class

#### Z:
Net

assets,

at

value

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

$2,202,450,833

$3,279,514,964

$667,163,345

Shares

outstanding

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

122,926,174

100,345,417

22,196,148

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$17.92

$32.68

$30.06

#### Class

#### A:
Net

assets,

at

value

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

$844,536,592

$5,287,174,742

$350,590,950

Shares

outstanding

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

47,875,355

167,444,262

12,082,002

Net

asset

value

per

share

a,b

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

$17.64

$31.58

$29.02

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

a

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

$18.67

$33.42

$30.71

#### Class

#### C:
Net

assets,

at

value

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

$14,464,646

$126,065,757

$7,524,235

Shares

outstanding

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

813,268

3,965,195

253,812

Net

asset

value

and

maximum

offering

price

per

share

a,b

..........

$17.79

$31.79

$29.64

#### Class

#### R:
Net

assets,

at

value

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

$1,347,678

$108,517,610

$3,834,717

Shares

outstanding

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

77,882

3,510,948

136,025

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$17.30

$30.91

$28.19

#### Class

#### R6:
Net

assets,

at

value

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

$254,713,960

$487,583,500

$34,983,016

Shares

outstanding

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

14,223,210

14,926,863

1,164,212

Net

asset

value

and

maximum

offering

price

per

share

a

...........

$17.91

$32.66

$30.05

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

b

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$2,018,494,481

$5,277,771,417

Cost

-

Non-controlled

affiliates

(Note

f

and

11)

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

284,074,819

239,810,730

Value

-

Unaffiliated

issuers

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

$2,334,511,306

$6,862,756,717

Value

-

Non-controlled

affiliates

(Note

f

and

11)

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

318,427,302

239,810,730

Cash

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

1,546,677

1,593,379

Foreign

currency,

at

value

(cost

$565,299

and

$–,

respectively)

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

566,103

—

Receivables:

Capital

shares

sold

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

459,500

1,438,058

Dividends

and

interest

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

11,254,773

15,888,192

European

Union

tax

reclaims

(Note

h)

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

785,622

736,790

Deposits

with

brokers

for:

Securities

sold

short

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

8,434,305

—

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

2,778,584

4,750,905

Other

assets

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

929,267

915,412

Total

assets

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

2,679,693,439

7,127,890,183

Liabilities:

Payables:

Investment

securities

purchased

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

6,825,154

—

Capital

shares

redeemed

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

1,023,072

3,655,281

Management

fees

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

1,449,958

3,820,524

Distribution

fees

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

133,046

584,016

Transfer

agent

fees

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

327,660

901,002

Trustees'

fees

and

expenses

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

238,205

736,216

Securities

sold

short,

at

value

(proceeds

$7,976,259

and

$–

,

respectively)

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

11,285,489

—

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

8,742,637

17,987,729

Accrued

expenses

and

other

liabilities

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

218,637

313,503

Total

liabilities

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

30,243,858

27,998,271

Net

assets,

at

value

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

$2,649,449,581

$7,099,891,912

Net

assets

consist

of:

Paid-in

capital

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

$2,789,452,588

$5,056,539,894

Total

distributable

earnings

(losses)

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

(140,003,007)

2,043,352,018

Net

assets,

at

value

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

$2,649,449,581

$7,099,891,912

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund

#### Class

#### Z:
Net

assets,

at

value

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

$2,031,192,113

$4,017,068,400

Shares

outstanding

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

131,508,828

151,839,717

Net

asset

value

and

maximum

offering

price

per

share

a

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

$15.45

$26.46

#### Class

#### A:
Net

assets,

at

value

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

$564,176,233

$2,681,215,190

Shares

outstanding

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

37,268,703

103,181,508

Net

asset

value

per

share

a,b

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

$15.14

$25.99

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

a

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

$16.02

$27.50

#### Class

#### C:
Net

assets,

at

value

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

$20,965,929

$33,629,677

Shares

outstanding

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

1,391,239

1,281,492

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$15.07

$26.24

#### Class

#### R:
Net

assets,

at

value

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

$3,378,074

$36,997,245

Shares

outstanding

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

227,762

1,431,611

Net

asset

value

and

maximum

offering

price

per

share

a

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

$14.83

$25.84

#### Class

#### R6:
Net

assets,

at

value

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

$29,737,232

$330,981,400

Shares

outstanding

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

1,927,677

12,519,630

Net

asset

value

and

maximum

offering

price

per

share

a

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

$15.43

$26.44

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

b

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$2,174,431,

$7,012,252

and

$1,499,421,

respectively)

Unaffiliated

issuers

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

$44,750,057

$146,361,594

$18,843,222

Non-controlled

affiliates

(Note

f)

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

77,036

251,943

38,844

Interest:

Unaffiliated

issuers:

Paydown

gain

(loss)

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

—

(1,247,612)

—

Paid

in

cash

a

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

742,945

19,829,343

541,847

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

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

—

117,358

(2,893)

Non-controlled

affiliates

(Note

f)

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

—

2,893

Other

income

(Note

h)

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

—

163,980

163,195

Total

investment

income

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

45,570,038

165,476,673

19,587,108

Expenses:

Management

fees

(Note

a)

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

10,581,279

37,384,533

3,524,596

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

1,004,410

6,329,654

387,680

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

72,188

655,449

34,254

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

3,082

265,772

6,526

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

Z

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

653,254

1,524,923

380,191

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

251,789

2,472,137

220,668

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

4,521

63,820

4,872

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

51,855

1,874

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

22,966

59,494

8,115

Custodian

fees

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

50,657

148,095

1,325

Reports

to

shareholders

fees

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

48,081

252,645

23,365

Registration

and

filing

fees

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

42,172

54,456

37,853

Professional

fees

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

94,906

137,920

92,608

Trustees'

fees

and

expenses

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

90,325

257,109

29,663

Dividends

on

securities

sold

short

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

—

—

122,101

Other

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

49,502

170,084

60,836

Total

expenses

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

12,969,518

49,827,946

4,936,527

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

—

(10,790)

(212,454)

Net

expenses

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

12,969,518

49,817,156

4,724,073

Net

investment

income

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

32,600,520

115,659,517

14,863,035

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

69,739,856

610,171,024

51,784,425

Foreign

currency

transactions

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

(100,195)

1,379,376

73,697

Forward

exchange

contracts

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

—

3,906,341

—

Futures

contracts

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

—

(21,618,301)

—

Net

realized

gain

(loss)

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

69,639,661

593,838,440

51,858,122

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

289,773,756

500,766,996

124,850,173

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

391,409

938,358

566,438

Forward

exchange

contracts

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

—

(50,130,476)

—

Futures

contracts

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

—

(5,581,208)

—

Securities

sold

short

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

—

—

(1,033,977)

Net

change

in

unrealized

appreciation

(depreciation)

..........

290,165,165

445,993,670

124,382,634

Net

realized

and

unrealized

gain

(loss)

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

359,804,826

1,039,832,110

176,240,756

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$392,405,346

$1,155,491,627

$191,103,791

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$1,251,475

and

$2,314,927,

respectively)

Unaffiliated

issuers

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

$32,298,321

$87,398,100

Non-controlled

affiliates

(Note

f

and

11)

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

232,628

431,357

Interest:

Unaffiliated

issuers:

Payment-in-kind

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

236,361

—

Paydown

gain

(loss)

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

(799,298)

(965,419)

Paid

in

cash

a

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

23,495,685

15,265,527

Non-controlled

affiliates:

(Note

11)

Payment-in-kind

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

6,287,790

—

Other

income

(Note

h)

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

—

853

Total

investment

income

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

61,751,487

102,130,418

Expenses:

Management

fees

(Note

a)

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

8,702,760

23,045,960

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

688,250

3,282,217

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

107,399

173,974

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

9,022

90,014

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

Z

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

589,891

1,269,860

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

164,520

855,473

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

6,408

11,292

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

1,093

11,732

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

7,210

27,280

Custodian

fees

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

22,899

25,757

Reports

to

shareholders

fees

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

49,901

122,209

Registration

and

filing

fees

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

44,074

52,185

Professional

fees

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

94,336

94,863

Trustees'

fees

and

expenses

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

75,969

200,422

Dividends

on

securities

sold

short

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

409,713

—

Other

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

64,746

122,605

Total

expenses

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

11,038,191

29,385,843

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

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

(4,314)

—

Net

expenses

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

11,033,877

29,385,843

Net

investment

income

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

50,717,610

72,744,575

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

June

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(1,296,548)

257,559,675

Foreign

currency

transactions

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

271,072

265,197

Forward

exchange

contracts

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

4,116,414

2,157,525

Futures

contracts

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

(923,589)

(1,174,492)

Net

realized

gain

(loss)

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

2,167,349

258,807,905

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

191,306,004

94,181,942

Non-controlled

affiliates

(Note

f

and

11)

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

(7,784,040)

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

1,015,242

138,983

Forward

exchange

contracts

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

(9,975,819)

(14,518,422)

Futures

contracts

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

(275,551)

(454,302)

Securities

sold

short

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

(3,469,509)

—

Net

change

in

unrealized

appreciation

(depreciation)

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

170,816,327

79,348,201

Net

realized

and

unrealized

gain

(loss)

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

172,983,676

338,156,106

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$223,701,286

$410,900,681

a

Includes

amortization

of

premium

and

accretion

of

discount.

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$32,600,520

$59,343,674

$115,659,517

$175,107,689

Net

realized

gain

(loss)

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

69,639,661

147,153,491

593,838,440

907,106,803

Net

change

in

unrealized

appreciation

(depreciation)

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

290,165,165

36,314,436

445,993,670

(650,780,636)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

392,405,346

242,811,601

1,155,491,627

431,433,856

Distributions

to

shareholders:

Class

Z

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

—

(120,310,928)

—

(323,093,126)

Class

A

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

—

(45,042,876)

—

(526,990,456)

Class

C

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

—

(711,008)

—

(13,335,827)

Class

R

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

—

(63,800)

—

(11,195,769)

Class

R6

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

—

(12,864,674)

—

(49,580,860)

Total

distributions

to

shareholders

.....

—

(178,993,286)

—

(924,196,038)

Capital

share

transactions:

(Note

2)

Class

Z

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

(98,944,264)

(108,808,330)

(165,986,143)

94,087,029

Class

A

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

(43,449,828)

(57,380,107)

(317,960,911)

65,300,778

Class

C

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

(2,039,636)

(3,018,610)

(27,521,492)

(30,032,147)

Class

R

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

35,015

(218,962)

(11,633,827)

(2,158,173)

Class

R6

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

7,532,071

(23,405,608)

(42,665,846)

(5,335,731)

Total

capital

share

transactions

.......

(136,866,642)

(192,831,617)

(565,768,219)

121,861,756

Net

increase

(decrease)

in

net

assets

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

255,538,704

(129,013,302)

589,723,408

(370,900,426)

Net

assets:

Beginning

of

period

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

3,061,975,005

3,190,988,307

8,699,133,165

9,070,033,591

End

of

period

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

$3,317,513,709

$3,061,975,005

$9,288,856,573

$8,699,133,165

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Mutual

#### International

#### Value

#### Fund

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$14,863,035

$16,209,401

$50,717,610

$104,366,772

Net

realized

gain

(loss)

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

51,858,122

54,949,679

2,167,349

104,825,589

Net

change

in

unrealized

appreciation

(depreciation)

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

124,382,634

(43,247,266)

170,816,327

16,475,145

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

191,103,791

27,911,814

223,701,286

225,667,506

Distributions

to

shareholders:

Class

Z

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

—

(14,258,473)

—

(96,037,093)

Class

A

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

—

(7,993,478)

—

(26,054,943)

Class

C

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

—

(121,817)

—

(891,944)

Class

R

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

—

(45,028)

—

(122,847)

Class

R6

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

—

(698,748)

—

(1,452,581)

Total

distributions

to

shareholders

.....

—

(23,117,544)

—

(124,559,408)

Capital

share

transactions:

(Note

2)

Class

Z

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

85,744,046

(18,814,173)

(101,092,091)

(142,501,419)

Class

A

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

5,965,958

(11,376,847)

(32,418,982)

(56,884,263)

Class

C

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

(223,359)

(2,613,444)

(3,554,270)

(6,182,262)

Class

R

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

1,586,803

974,411

403,474

(137,685)

Class

R6

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

6,242,775

13,543,725

(2,069,944)

(2,927,801)

Total

capital

share

transactions

.......

99,316,223

(18,286,328)

(138,731,813)

(208,633,430)

Net

increase

(decrease)

in

net

assets

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

290,420,014

(13,492,058)

84,969,473

(107,525,332)

Net

assets:

Beginning

of

period

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

773,676,249

787,168,307

2,564,480,108

2,672,005,440

End

of

period

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

$1,064,096,263

$773,676,249

$2,649,449,581

$2,564,480,108

Franklin

Mutual

Series

Funds

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Mutual

#### Shares

#### Fund

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$72,744,575

$142,326,996

Net

realized

gain

(loss)

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

258,807,905

633,802,107

Net

change

in

unrealized

appreciation

(depreciation)

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

79,348,201

450,680

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

410,900,681

776,579,783

Distributions

to

shareholders:

Class

Z

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

—

(357,869,047)

Class

A

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

—

(238,418,891)

Class

C

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

—

(3,025,840)

Class

R

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

—

(3,187,409)

Class

R6

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

—

(29,619,652)

Total

distributions

to

shareholders

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

—

(632,120,839)

Capital

share

transactions:

(Note

2)

Class

Z

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

(163,536,785)

(26,710,256)

Class

A

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

(161,522,666)

(94,032,932)

Class

C

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

(5,913,361)

(11,227,751)

Class

R

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

(1,955,035)

(2,659,900)

Class

R6

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

(18,046,605)

20,489,786

Total

capital

share

transactions

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

(350,974,452)

(114,141,053)

Net

increase

(decrease)

in

net

assets

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

59,926,229

30,317,891

Net

assets:

Beginning

of

period

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

7,039,965,683

7,009,647,792

End

of

period

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

$7,099,891,912

$7,039,965,683

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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 five separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Funds

offer

five classes

of

shares:

Class

Z,

Class

A,

Class

C,

Class

R

and

Class

R6.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Funds'

significant

accounting

policies

.

a. #### 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

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

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

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

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

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.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

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,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

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

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

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

p.m.

Eastern

time.

At

June

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

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.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
Certain

or

all

Funds

may

purchase

securities

on

a

when-

issued,

forward

commitment

or

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

d. #### 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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

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.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

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.

At

June

30,

2025,

certain

or

all

Funds

had

OTC

derivatives

in

a

net

liability

position

and

the

aggregate

value

of

collateral

pledged

for

such

contracts

was

as

follows:

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

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.

At

June

30,

2025,

certain

or

all

Funds

received

U.S.

Treasury

Bonds

and

Notes

as

collateral

for

derivatives,

as

follows:

Certain

or

all

Funds

entered

into

exchange

traded

futures

contracts

primarily

to

manage

exposure

to

certain

foreign

currencies

and

equity

price

risk. 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

#### Net

#### Liability

#### Position

#### Aggregate

#### Value

#### of

#### Collateral

#### Pledged
Franklin

Mutual

Global

Discovery

Fund

$31,457,499

$16,512,576

Franklin

Mutual

Quest

Fund

$5,964,053

$2,572,723

Franklin

Mutual

Shares

Fund

$14,542,703

$6,486,454

#### Collateral

#### Received
Franklin

Mutual

Global

Discovery

Fund

$2,630,941

Franklin

Mutual

Quest

Fund

$–

Franklin

Mutual

Shares

Fund

$989,557

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

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 at

a

specific

exchange

rate

on

a

future

date. Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

See

Note

10 regarding

other

derivative

information.

e. #### Securities

#### Sold

#### Short
Certain

or

all

Funds

are

engaged

in

selling

securities

short,

which

obligates

the

Fund

to

replace

a

borrowed

security

with

the

same

security

at

current

fair

value.

The

Fund

incurs

a

loss

if

the

price

of

the

security

increases

between

the

date

of

the

short

sale

and

the

date

on

which

the

Fund

replaces

the

borrowed

security.

The

Fund

realizes

a

gain

if

the

price

of

the

security

declines

between

those

dates.

Gains

are

limited

to

the

price

at

which

the

Fund

sold

the

security

short,

while

losses

are

potentially

unlimited

in

size.

The

Fund

is

required

to

establish

a

margin

account

with

the

broker

lending

the

security

sold

short.

While

the

short

sale

is

outstanding,

the

broker

retains

the

proceeds

of

the

short

sale

to

the

extent

necessary

to

meet

margin

requirements

until

the

short

position

is

closed

out.

A

deposit

must

also

be

maintained

with

the

Fund's

custodian/counterparty

broker

consisting

of

cash

and/or

securities

having

a

value

equal

to

a

specified

percentage

of

the

value

of

the

securities

sold

short.

The

Fund

may

receive

income

from

the

investment

of

cash

collateral.

The

Fund

is

obligated

to

pay

fees

for

borrowing

the

securities

sold

short

and

is

required

to

pay

the

counterparty

any

dividends

and/or

interest

due

on

securities

sold

short.

Such

dividends

and/or

interest

and

any

security

borrowing

fees

are

recorded

as

an

expense

to

the

Fund.

At June

30,

2025,

Franklin

Mutual

Beacon

Fund,

Franklin

Mutual

Global

Discovery

Fund,

and

Franklin

Mutual

Shares

Fund

had

no

securities

sold

short.

f. #### Securities

#### Lending
Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-party

vendor,

is

reported

separately

in

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

At

June

30,

2025,

the

Funds

had

no

securities

on

loan.

g. #### Senior

#### Floating

#### Rate

#### Interests
Certain

or

all

Funds

invest

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the

Funds

invest

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

h. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

the

Funds

invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply,

certain

or

all

Funds

record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union,

certain

or

all

Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their income

tax

returns.

In

the

event

that

EU

reclaims

received

by

the

Funds during a

fiscal

year

exceed

foreign

withholding

taxes

paid

by

the

Funds,

and

the Funds

previously

passed through

to

its

shareholders

foreign

taxes

incurred

by

the

Funds

to

be

used

as

a

credit

or

deduction

on

a

shareholder's

income

tax

return,

the

Funds will

enter

into

a

closing

agreement

with

the

Internal

Revenue

Service

(IRS)

in

order

to

pay

the

associated

tax

liability

on

behalf

of

the Funds'

shareholders.

Franklin

Mutual

Global

Discovery

Fund

and

Franklin

Mutual International

Value

Fund previously

determined

to

enter

into

a

closing

agreement

with

the

IRS

and

recorded

any

adjustments

to

estimated

payments

as

a

reduction

to

income,

as

reflected

in

the

Statements

of

Operations.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

June

30,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

i. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Certain

or

all

Funds

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Funds. Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan. Dividend

income

and

dividends

declared

on

securities

sold

short

are

recorded

on

the

ex-

dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

j. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

k. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

June

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

Z

#### Class

#### Z

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

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

1,687,811

$28,151,476

2,617,691

$80,146,283

Shares

redeemed

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

(7,625,909)

(127,095,740)

(8,048,575)

(246,132,426)

Net

increase

(decrease)

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

(5,938,098)

$(98,944,264)

(5,430,884)

$(165,986,143)

Year

ended

December

31,

2024

Shares

sold

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

4,628,851

$76,350,038

4,337,312

$138,009,892

Shares

issued

in

reinvestment

of

distributions

..........

7,057,453

111,717,085

10,255,124

296,159,674

Shares

issued

on

reorganization

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

—

—

3,663,438

115,654,746

Shares

redeemed

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

(17,941,351)

(296,875,453)

(14,425,499)

(455,737,283)

Net

increase

(decrease)

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

(6,255,047)

$(108,808,330)

3,830,375

$94,087,029

Class

A

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

i. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

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

971,319

$15,991,940

4,096,612

$121,186,926

Shares

redeemed

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

(3,621,290)

(59,441,768)

(14,864,707)

(439,147,837)

Net

increase

(decrease)

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

(2,649,971)

$(43,449,828)

(10,768,095)

$(317,960,911)

Year

ended

December

31,

2024

Shares

sold

a

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

1,900,087

$30,960,683

7,388,762

$227,146,545

Shares

issued

in

reinvestment

of

distributions

..........

2,799,453

43,699,271

18,423,846

514,969,432

Shares

issued

on

reorganization

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

—

—

7,630,056

233,632,313

Shares

redeemed

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

(8,087,183)

(132,040,061)

(29,627,687)

(910,447,512)

Net

increase

(decrease)

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

(3,387,643)

$(57,380,107)

3,814,977

$65,300,778

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

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

69,730

$1,155,748

243,034

$7,289,229

Shares

redeemed

a

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

(193,957)

(3,195,384)

(1,166,103)

(34,810,721)

Net

increase

(decrease)

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

(124,227)

$(2,039,636)

(923,069)

$(27,521,492)

Year

ended

December

31,

2024

Shares

sold

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

114,716

$1,895,660

450,184

$13,933,203

Shares

issued

in

reinvestment

of

distributions

..........

44,557

704,080

469,670

13,283,045

Shares

issued

on

reorganization

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

—

—

363,201

11,182,954

Shares

redeemed

a

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

(339,314)

(5,618,350)

(2,211,808)

(68,431,349)

Net

increase

(decrease)

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

(180,041)

$(3,018,610)

(928,753)

$(30,032,147)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

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

4,552

$72,730

170,890

$5,017,334

Shares

redeemed

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

(2,353)

(37,715)

(574,540)

(16,651,161)

Net

increase

(decrease)

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

2,199

$35,015

(403,650)

$(11,633,827)

Year

ended

December

31,

2024

Shares

sold

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

9,994

$162,148

332,581

$10,007,373

Shares

issued

in

reinvestment

of

distributions

..........

4,162

63,800

408,162

11,184,219

Shares

redeemed

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

(27,633)

(444,910)

(774,085)

(23,349,765)

Net

increase

(decrease)

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

(13,477)

$(218,962)

(33,342)

$(2,158,173)

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

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

1,629,588

$27,329,894

809,502

$24,798,239

Shares

redeemed

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

(1,191,203)

(19,797,823)

(2,214,467)

(67,464,085)

Net

increase

(decrease)

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

438,385

$7,532,071

(1,404,965)

$(42,665,846)

Year

ended

December

31,

2024

Shares

sold

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

1,692,575

$27,752,382

1,806,632

$57,329,779

Shares

issued

in

reinvestment

of

distributions

..........

266,972

4,223,430

1,706,770

49,236,491

Shares

issued

on

reorganization

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

—

—

86,927

2,743,420

Shares

redeemed

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

(3,377,197)

(55,381,420)

(3,611,060)

(114,645,421)

Net

increase

(decrease)

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

(1,417,650)

$(23,405,608)

(10,731)

$(5,335,731)

#### Franklin

#### Mutual

#### International

#### Value

#### Fund

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

Z

#### Class

#### Z

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

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

4,890,820

$139,792,807

3,063,640

$45,106,431

Shares

redeemed

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

(1,987,481)

(54,048,761)

(9,916,729)

(146,198,522)

Net

increase

(decrease)

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

2,903,339

$85,744,046

(6,853,089)

$(101,092,091)

Year

ended

December

31,

2024

Shares

sold

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

2,088,669

$52,373,724

6,788,296

$98,003,437

Shares

issued

in

reinvestment

of

distributions

..........

526,616

13,114,755

6,408,210

90,616,957

Shares

redeemed

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

(3,367,974)

(84,302,652)

(22,911,380)

(331,121,813)

Net

increase

(decrease)

..........................

(752,689)

$(18,814,173)

(9,714,874)

$(142,501,419)

Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

...................................

1,256,174

$33,905,790

958,652

$13,835,150

Shares

redeemed

...............................

(1,074,595)

(27,939,832)

(3,199,472)

(46,254,132)

Net

increase

(decrease)

..........................

181,579

$5,965,958

(2,240,820)

$(32,418,982)

Year

ended

December

31,

2024

Shares

sold

a

...................................

1,431,038

$35,354,870

1,881,427

$26,710,493

Shares

issued

in

reinvestment

of

distributions

..........

305,197

7,368,785

1,844,874

25,608,731

Shares

redeemed

...............................

(2,225,027)

(54,100,502)

(7,694,426)

(109,203,487)

Net

increase

(decrease)

..........................

(488,792)

$(11,376,847)

(3,968,125)

$(56,884,263)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Mutual

#### International

#### Value

#### Fund

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

54,986

$1,513,112

85,031

$1,231,266

Shares

redeemed

a

..............................

(63,969)

(1,736,471)

(333,044)

(4,785,536)

Net

increase

(decrease)

..........................

(8,983)

$(223,359)

(248,013)

$(3,554,270)

Year

ended

December

31,

2024

Shares

sold

...................................

34,967

$867,483

158,618

$2,224,386

Shares

issued

in

reinvestment

of

distributions

..........

4,753

119,622

64,257

891,416

Shares

redeemed

a

..............................

(146,693)

(3,600,549)

(660,672)

(9,298,064)

Net

increase

(decrease)

..........................

(106,973)

$(2,613,444)

(437,797)

$(6,182,262)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

73,822

$1,920,363

175,670

$2,505,294

Shares

redeemed

...............................

(13,045)

(333,560)

(145,879)

(2,101,820)

Net

increase

(decrease)

..........................

60,777

$1,586,803

29,791

$403,474

Year

ended

December

31,

2024

Shares

sold

...................................

48,833

$1,169,548

28,479

$392,253

Shares

issued

in

reinvestment

of

distributions

..........

1,923

45,028

9,025

122,847

Shares

redeemed

...............................

(10,112)

(240,165)

(47,319)

(652,785)

Net

increase

(decrease)

..........................

40,644

$974,411

(9,815)

$(137,685)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

...................................

361,669

$10,015,883

100,722

$1,495,932

Shares

redeemed

...............................

(139,947)

(3,773,108)

(241,763)

(3,565,876)

Net

increase

(decrease)

..........................

221,722

$6,242,775

(141,041)

$(2,069,944)

Year

ended

December

31,

2024

Shares

sold

...................................

653,798

$16,756,063

256,452

$3,690,411

Shares

issued

in

reinvestment

of

distributions

..........

23,414

582,147

101,554

1,434,042

Shares

redeemed

...............................

(150,088)

(3,794,485)

(557,444)

(8,052,254)

Net

increase

(decrease)

..........................

527,124

$13,543,725

(199,438)

$(2,927,801)

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Mutual

#### Shares

#### Fund

#### Shares

#### Amount
Class

Z

#### Class

#### Z

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

..................................................................

2,421,750

$61,224,786

Shares

redeemed

..............................................................

(8,878,490)

(224,761,571)

Net

increase

(decrease)

.........................................................

(6,456,740)

$(163,536,785)

Year

ended

December

31,

2024

Shares

sold

..................................................................

4,161,880

$109,730,682

Shares

issued

in

reinvestment

of

distributions

.........................................

12,679,548

317,035,751

Shares

redeemed

..............................................................

(17,307,832)

(453,476,689)

Net

increase

(decrease)

.........................................................

(466,404)

$(26,710,256)

Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

a

..................................................................

2,042,325

$50,617,752

Shares

redeemed

..............................................................

(8,523,262)

(212,140,418)

Net

increase

(decrease)

.........................................................

(6,480,937)

$(161,522,666)

Year

ended

December

31,

2024

Shares

sold

a

..................................................................

4,534,162

$116,895,815

Shares

issued

in

reinvestment

of

distributions

.........................................

9,443,553

232,264,104

Shares

redeemed

..............................................................

(17,166,830)

(443,192,851)

Net

increase

(decrease)

.........................................................

(3,189,115)

$(94,032,932)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

..................................................................

73,863

$1,861,004

Shares

redeemed

a

.............................................................

(309,306)

(7,774,365)

Net

increase

(decrease)

.........................................................

(235,443)

$(5,913,361)

Year

ended

December

31,

2024

Shares

sold

..................................................................

155,803

$4,077,258

Shares

issued

in

reinvestment

of

distributions

.........................................

120,828

3,014,208

Shares

redeemed

a

.............................................................

(704,994)

(18,319,217)

Net

increase

(decrease)

.........................................................

(428,363)

$(11,227,751)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

..................................................................

57,213

$1,420,256

Shares

redeemed

..............................................................

(135,686)

(3,375,291)

Net

increase

(decrease)

.........................................................

(78,473)

$(1,955,035)

Year

ended

December

31,

2024

Shares

sold

..................................................................

131,767

$3,389,485

Shares

issued

in

reinvestment

of

distributions

.........................................

130,108

3,187,381

Shares

redeemed

..............................................................

(359,303)

(9,236,766)

Net

increase

(decrease)

.........................................................

(97,428)

$(2,659,900)

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Franklin

Mutual

Beacon

Fund

and

Franklin

Mutual

Quest

Fund

pay

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to Franklin

Mutual based

on

the

average

daily

net

assets

of

each

of

the

Funds

as

follows:

#### Franklin

#### Mutual

#### Shares

#### Fund

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

June

30,

2025

Shares

sold

..................................................................

238,717

$6,040,888

Shares

redeemed

..............................................................

(953,329)

(24,087,493)

Net

increase

(decrease)

.........................................................

(714,612)

$(18,046,605)

Year

ended

December

31,

2024

Shares

sold

..................................................................

1,344,500

$33,682,019

Shares

issued

in

reinvestment

of

distributions

.........................................

1,183,900

29,577,836

Shares

redeemed

..............................................................

(1,625,868)

(42,770,069)

Net

increase

(decrease)

.........................................................

902,532

$20,489,786

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Mutual

Advisers,

LLC

(Franklin

Mutual)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.675%

Up

to

and

including

$5

billion

0.645%

Over

$5

billion,

up

to

and

including

$7

billion

0.625%

Over

$7

billion,

up

to

and

including

$10

billion

0.615%

In

excess

of

$10

billion

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Mutual

Global

Discovery

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Franklin

Mutual based

on the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

Mutual

International

Value

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Franklin

Mutual based

on the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

Mutual

Shares

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Franklin

Mutual based

on the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

June

30,

2025,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.845%

Up

to

and

including

$7

billion

0.825%

Over

$7

billion,

up

to

and

including

$10

billion

0.805%

Over

$10

billion,

up

to

and

including

$13

billion

0.785%

Over

$13

billion,

up

to

and

including

$16

billion

0.765%

Over

$16

billion,

up

to

and

including

$19

billion

0.745%

Over

$19

billion,

up

to

and

including

$22

billion

0.725%

Over

$22

billion,

up

to

and

including

$25

billion

0.705%

Over

$25

billion,

up

to

and

including

$28

billion

0.685%

In

excess

of

$28

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.800%

Up

to

and

including

$1

billion

0.770%

Over

$1

billion,

up

to

and

including

$2

billion

0.750%

Over

$2

billion,

up

to

and

including

$5

billion

0.730%

In

excess

of

$5

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.675%

Up

to

and

including

$5

billion

0.645%

Over

$5

billion,

up

to

and

including

$10

billion

0.625%

Over

$10

billion,

up

to

and

including

$15

billion

0.595%

Over

$15

billion,

up

to

and

including

$20

billion

0.585%

Over

$20

billion,

up

to

and

including

$25

billion

0.565%

Over

$25

billion,

up

to

and

including

$30

billion

0.555%

Over

$30

billion,

up

to

and

including

$35

billion

0.545%

In

excess

of

$35

billion

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.675%

0.841%

0.800%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

b. #### Administrative

#### Fees
Under

an

agreement

with

Franklin

Mutual,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Franklin

Mutual

based

on

each

of the

Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class Z

and Class

R6 shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

The

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
Gross

effective

investment

management

fee

rate

....................................

0.675%

0.667%

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
Class

A

...............................

0.35%

0.35%

0.35%

Class

C

...............................

1.00%

1.00%

1.00%

Class

R

...............................

0.50%

0.50%

0.50%

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
Class

A

...............................

0.35%

0.35%

Class

C

...............................

1.00%

1.00%

Class

R

...............................

0.50%

0.50%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

June

30,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

June

30,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/

dealers

..................................................

$10,707

$82,622

$18,446

CDSC

retained

............................................

$3,265

$6,798

$1,980

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

.............

$7,632

$32,106

CDSC

retained

.............................................................

$(3,821)

$733

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
Transfer

agent

fees

.........................................

$306,813

$1,147,864

$116,433

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
Transfer

agent

fees

..........................................................

$277,976

$724,056

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### 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&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$—

$60,878,886

$(9,007,061)

$—

$—

$51,871,825

51,871,825

$77,036

#### Total

#### Affiliated

#### Securities

#### ...
$—

$60,878,886

$(9,007,061)

$—

$—

$51,871,825

$77,036

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$—

$278,089,799

$(5,786,090)

$—

$—

$272,303,709

272,303,709

$251,943

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$—

$617,000

$(617,000)

$—

$—

$—

—

$67

#### Total

#### Affiliated

#### Securities

#### ...
$—

$278,706,799

$(6,403,090)

$—

$—

$272,303,709

$252,010

#### Franklin

#### Mutual

#### International

#### Value

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$—

$49,973,795

$(3,684,362)

$—

$—

$46,289,433

46,289,433

$38,844

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$—

$26,554,000

$(26,554,000)

$—

$—

$—

—

$2,893

#### Total

#### Affiliated

#### Securities

#### ...
$—

$76,527,795

$(30,238,362)

$—

$—

$46,289,433

$41,737

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$—

$145,789,998

$(13,176,567)

$—

$—

$132,613,431

132,613,431

$232,628

#### Total

#### Affiliated

#### Securities

#### ...
$—

$145,789,998

$(13,176,567)

$—

$—

$132,613,431

$232,628

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Franklin

Mutual

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Mutual

Global

Discovery

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses,

expenses

related

to

securities

sold

short,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

1.00%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Franklin

Mutual

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Mutual

International

Value

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses,

expenses

related

to

securities

sold

short,

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.95%

based

on

the

average

net

assets

of

each

class

until

April

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

Franklin

Mutual

Beacon

Fund,

Franklin

Mutual

International

Value

Fund

and

Franklin

Mutual

Quest

Fund

have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.02%

based

on

the

average

net

assets

of

the

class

until

April

30,

2026. Transfer

agent

fees

on

Class

R6

shares

of

Franklin

Mutual

Global

Discovery

Fund

and

Franklin

Mutual

Shares

Fund

have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

April

30,

2026. 4. #### Independent

#### Trustees'

#### Retirement

#### Plan
On

January

1,

1993,

the

Trust

adopted

an

Independent

Trustees'

Retirement

Plan

(Plan).

The

Plan

is

an

unfunded

defined

benefit

plan

that

provides

benefit

payments

to

Trustees

whose

length

of

service

and

retirement

age

meets

the

eligibility

requirements

of

the

Plan.

Benefits

under

the

Plan

are

based

on

years

of

service

and

fees

paid

to

each

trustee

at

the

time

of

retirement.

Effective

in

December

1996,

the

Plan

was

closed

to

new

participants.

During

the

period

ended

June

30,

2025,

the

Fund's

projected

benefit

obligation

and

benefit

payments

under

the

Plan

were

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### 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
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.332%

$—

$286,144,349

$(46,333,619)

$—

$—

$239,810,730

239,810,730

$431,357

#### Total

#### Affiliated

#### Securities

#### ...
$—

$286,144,349

$(46,333,619)

$—

$—

$239,810,730

$431,357

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

December

31,

2024,

the

capital

loss

carryforwards

were

as

follows:

At

June

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
a

Projected

benefit

obligation

at

June

30,

2025

.....................

$185,376

$813,218

$106,576

b

Increase

(decrease)

in

projected

benefit

obligation

.................

$17,141

$49,373

$4,422

Benefit

payments

made

to

retired

trustees

........................

$(8,550)

$(24,264)

$(2,333)

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
a

Projected

benefit

obligation

at

June

30,

2025

.....................

$234,747

$734,491

b

Increase

(decrease)

in

projected

benefit

obligation

.................

$14,220

$39,502

Benefit

payments

made

to

retired

trustees

........................

$(7,056)

$(19,040)

a

The

projected

benefit

obligation

is

included

in

trustees'

fees

and

expenses

in

the

Statements

of

Assets

and

Liabilities.

b

The

increase

(decrease)

in

projected

benefit

obligation

is

reflected

in

trustees'

fees

and

expenses

in

the

Statements

of

Operations.

#### Franklin

#### Mutual

#### International

#### Value

#### Fund

#### Franklin

#### Mutual

#### Quest

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

...............................................................

$

—

$

64,452,268

Long

term

...............................................................

78,289,813

444,454,126

Total

capital

loss

carryforwards

..............................................

$78,289,813

$508,906,394

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
a

a

a

a

Cost

of

investments

........................................

$2,336,360,920

$7,343,023,656

$861,905,593

Unrealized

appreciation

......................................

$1,030,935,905

$2,248,030,634

$240,722,670

Unrealized

depreciation

......................................

(54,482,262)

(312,225,421)

(45,109,067)

Net

unrealized

appreciation

(depreciation)

........................

$976,453,643

$1,935,805,213

$195,613,603

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
a

a

a

Cost

of

investments

.........................................................

$2,322,142,770

$5,523,638,900

Unrealized

appreciation

.......................................................

$479,057,702

$1,805,731,419

Unrealized

depreciation

.......................................................

(165,511,406)

(240,039,696)

Net

unrealized

appreciation

(depreciation)

.........................................

$313,546,296

$1,565,691,723

4. #### Independent

#### Trustees'

#### Retirement

#### Plan
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

foreign

currency

transactions,

wash

sales,

EU

reclaims,

passive

foreign

investment

company

shares,

bond

discounts

and

premiums,

tax

straddles,

derivative

financial

instruments

and

corporate

actions.

6. #### Investment

#### Transactions
Purchases

and

sales

of investments

(excluding

short

term

securities

and

securities

sold

short) for

the

period

ended

June

30,

2025,

were

as

follows:

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

June

30,

2025, Franklin

Mutual

Quest

Fund had 16.1% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Funds

may

purchase

the

pre-default

or

defaulted

debt

of

distressed

companies.

Distressed

companies

are

financially

troubled

and

could

be

or

are

already

involved

in

financial

restructuring

or

bankruptcy.

Risks

associated

with

purchasing

these

securities

include

the

possibility

that

the

bankruptcy

or

other

restructuring

process

takes

longer

than

expected,

or

that

distributions

in

restructuring

are

less

than

anticipated,

either

or

both

of

which

may

result

in

unfavorable

consequences

to

the

Funds.

If

it

becomes

probable

that

the

income

on

debt

securities,

including

those

of

distressed

companies,

will

not

be

collected,

the

Funds

discontinue

accruing

income

and

recognize

an

adjustment

for

uncollectible

interest.

At

June

30,

2025,

the

aggregate

long

value

of

distressed

company

securities

for

which

interest

recognition

has

been

discontinued

for

Franklin

Mutual

Quest

Fund

was

$1,960,199,

representing

less

than

0.1%

of

the

Fund's

net

assets.

For

information

as

to

specific

securities,

see

the

accompanying

Schedule

of

Investments.

At

June

30,

2025,

Franklin

Mutual

Beacon

Fund,

Franklin

Mutual

Global

Discovery

Fund,

Franklin

Mutual

International

Value

Fund

and

Franklin

Mutual

Shares

Fund

did

not

hold

any

distressed

company

securities

for

which

interest

recognition

has

been

discontinued.

8. #### 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.

Political

and

financial

uncertainty

in

many

foreign

regions

may

increase

market

volatility

and

the

economic

risk

of

investing

in

foreign

securities.

In

addition,

certain

foreign

securities

may

not

be

as

liquid

as

U.S.

securities.

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
Purchases

...............................................

$763,894,190

$1,981,708,813

$234,507,076

Sales

...................................................

$898,367,755

$2,636,070,920

$166,279,788

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
Purchases

................................................................

$477,764,828

$1,670,639,016

Sales

....................................................................

$640,191,580

$2,098,148,885

5. #### Income

#### Taxes
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Certain

investments

in

Chinese

companies

are

made

through

a

special

structure

known

as

a

VIE.

In

a

VIE

structure,

foreign

investors,

such

as Franklin

Mutual

Global

Discovery

Fund

and

Franklin

Mutual

International

Value

Fund,

will

only

own

stock

in

a

shell

company

rather

than

directly

in

the

VIE,

which

must

be

owned

by

Chinese

nationals

(and/or

Chinese

companies)

to

obtain

the

licenses

and/or

assets

required

to

operate

in

a

restricted

or

prohibited

sector

in

China.

The

value

of

the

shell

company

is

derived

from

its

ability

to

consolidate

the

VIE

into

its

financials

pursuant

to

contractual

arrangements

that

allow

the

shell

company

to

exert

a

degree

of

control

over,

and

obtain

economic

benefits

arising

from,

the

VIE

without

formal

legal

ownership.

While

VIEs

are

a

longstanding

industry

practice

and

are

well

known

by

Chinese

officials

and

regulators,

the

structure

historically

has

not

been

formally

recognized

under

Chinese

law

and

it

is

uncertain

whether

Chinese

officials

or

regulators

will

withdraw

their

implicit

acceptance

of

the

structure.

It

is

also

uncertain

whether

the

contractual

arrangements,

which

may

be

subject

to

conflicts

of

interest

between

the

legal

owners

of

the

VIE

and

foreign

investors,

would

be

enforced

by

Chinese

courts

or

arbitration

bodies.

Prohibitions

of

these

structures

by

the

Chinese

government,

or

the

inability

to

enforce

such

contracts,

from

which

the

shell

company

derives

its

value,

would

likely

cause

the

VIE-structured

holding(s)

to

suffer

significant,

detrimental,

and

possibly

permanent

losses,

and

in

turn,

adversely

affect

the

Funds'

returns

and

net

asset

value.

9. #### Restricted

#### Securities
Certain

or

all

Funds

invest

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The

Funds

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

June

30,

2025,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Mutual

#### Quest

#### Fund
106,532

Inclusive

Language

Services

LLC,

Membership

Interests,

B

...............................

4/30/14

$

—

$

44,836,019

1,714,983

Windstream

Holdings,

Inc.

.....................

9/21/20

-

6/09/23

14,021,182

36,257,881

#### Total

#### Restricted

#### Securities
(Value

is

3.1%

of

Net

Assets)

#### ...............
$14,021,182

$81,093,900

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Mutual

#### Shares

#### Fund
2,243,497

Windstream

Holdings,

Inc.

.....................

9/21/20

-

6/09/23

$

18,342,152

$

47,431,634

#### Total

#### Restricted

#### Securities
(Value

is

0.7%

of

Net

Assets)

#### ...............
$18,342,152

$47,431,634

8. #### Concentration

#### of

#### Risk
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

10. #### Other

#### Derivative

#### Information
At

June

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

For

the

period

ended

June

30,

2025,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

13,541,283

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

41,697,065

Total

....................

$13,541,283

$41,697,065

#### Franklin

#### Mutual

#### Quest

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

2,778,584

Unrealized

depreciation

on

OTC

forward

exchange

contracts

8,742,637

Total

....................

$2,778,584

$8,742,637

#### Franklin

#### Mutual

#### Shares

#### Fund
Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

4,750,905

Unrealized

depreciation

on

OTC

forward

exchange

contracts

17,987,729

Total

....................

$4,750,905

$17,987,729

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Futures

contracts

$(21,618,301)

Futures

contracts

$(5,581,208)

Forward

exchange

contracts

3,906,341

Forward

exchange

contracts

(50,130,476)

Total

.......................

$(17,711,960)

$(55,711,684)

#### Franklin

#### Mutual

#### Quest

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Futures

contracts

(923,589)

Futures

contracts

(275,551)

Forward

exchange

contracts

4,116,414

Forward

exchange

contracts

(9,975,819)

Total

.......................

$3,192,825

$(10,251,370)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

June

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts

and

the

average

month

end

contract

value

for forward

exchange

contracts

were

as

follows:

See

Note

1(d) regarding

derivative

financial

instruments.

11. #### Holdings

#### 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.

Additionally,

as

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

companies'

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

company.

During

the

period

ended

June

30,

2025,

investments

in

"affiliated

companies"

were

as

follows:

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Franklin

#### Mutual

#### Shares

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Foreign

exchange

contracts

.....

Futures

contracts

$(1,174,492)

Futures

contracts

$(454,302)

Forward

exchange

contracts

2,157,525

Forward

exchange

contracts

(14,518,422)

Total

.......................

$983,033

$(14,972,724)

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Franklin

#### Mutual

#### Shares

#### Fund
Futures

contracts

.....................................

$

157,209,174

$

7,803,429

$

13,450,996

Forwards

exchange

contracts

............................

734,995,427

118,610,637

205,237,847

#### 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

#### Quest

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Inclusive

Language

Services

LLC,

Membership

Interests,

B

$

55,505,900

$

—

$

—

$

—

$

(10,669,881)

$

44,836,019

106,532

$

—

10. #### Other

#### Derivative

#### Information
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

12. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

June

30,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

13. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

#### 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

#### Quest

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Interest

Sorenson

Communications

LLC,

First

Lien,

Term

Loan,

B,

PIK,

8%,

4/01/30

..........

$101,849,438

$4,331,482

a

$—

$—

$1,992,530

$108,173,450

122,461,386

$4,761,370

Sorenson

Communications

LLC,

First

Lien,

Term

Loan,

B,

PIK,

10%,

4/01/30

..........

30,350,971

1,560,120

a

—

—

893,311

32,804,402

31,710,957

1,526,420

#### Total

#### Affiliated

#### Securities
(Value

is

7.0%

of

Net

Assets)

#### ..........
$187,706,309

$5,891,602

$—

$—

$(7,784,040)

$185,813,871

$6,287,790

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

include

accretion,

amortization,

and/or

other

cost

basis

adjustments.

11. #### Holdings

#### of

#### 5%

#### Voting

#### Securities

#### of

#### Portfolio

#### Companies
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

June

30,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Mutual

#### Beacon

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Automobiles

..........................

$

62,631,093

$

—

$

—

$

62,631,093

Banks

...............................

158,432,626

225,458,453

—

383,891,079

Beverages

...........................

—

112,099,744

—

112,099,744

Building

Products

......................

135,666,355

—

—

135,666,355

Capital

Markets

........................

146,578,127

—

—

146,578,127

Consumer

Staples

Distribution

&

Retail

......

33,627,713

—

—

33,627,713

Energy

Equipment

&

Services

.............

49,381,124

—

—

49,381,124

Financial

Services

......................

34,153,868

—

—

34,153,868

Health

Care

Equipment

&

Supplies

.........

180,061,642

—

—

180,061,642

Health

Care

Providers

&

Services

..........

58,216,032

—

—

58,216,032

Household

Products

....................

—

121,683,891

—

121,683,891

Insurance

............................

270,467,958

—

—

270,467,958

Interactive

Media

&

Services

..............

144,757,132

—

—

144,757,132

Life

Sciences

Tools

&

Services

............

83,013,069

—

—

83,013,069

Machinery

............................

141,012,013

—

—

141,012,013

Media

...............................

76,197,687

—

—

76,197,687

Metals

&

Mining

.......................

111,658,938

—

—

111,658,938

Oil,

Gas

&

Consumable

Fuels

.............

65,121,667

66,485,672

—

131,607,339

Pharmaceuticals

.......................

163,301,311

224,058,844

—

387,360,155

Retail

REITs

..........................

99,538,759

—

—

99,538,759

Semiconductors

&

Semiconductor

Equipment

.

75,059,399

—

—

75,059,399

Software

.............................

67,767,500

—

—

67,767,500

Specialty

Retail

........................

92,852,914

—

—

92,852,914

Textiles,

Apparel

&

Luxury

Goods

..........

—

123,802,771

—

123,802,771

Trading

Companies

&

Distributors

..........

137,856,436

—

—

137,856,436

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

51,871,825

—

—

51,871,825

Total

Investments

in

Securities

...........

$2,439,225,188

$873,589,375

b

$—

$3,312,814,563

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

—

199,387,979

—

199,387,979

Automobile

Components

.................

147,088,596

155,383,986

—

302,472,582

Automobiles

..........................

—

132,666,984

—

132,666,984

Banks

...............................

460,770,130

425,665,046

—

886,435,176

Beverages

...........................

—

169,929,282

—

169,929,282

Building

Products

......................

140,344,899

—

—

140,344,899

Capital

Markets

........................

146,487,891

181,741,853

—

328,229,744

Consumer

Finance

.....................

159,835,950

—

—

159,835,950

Consumer

Staples

Distribution

&

Retail

......

—

173,377,404

—

173,377,404

Containers

&

Packaging

.................

142,509,075

—

—

142,509,075

Diversified

Telecommunication

Services

.....

—

92,943,606

—

92,943,606

Electrical

Equipment

....................

—

169,220,979

—

169,220,979

Energy

Equipment

&

Services

.............

152,725,368

—

—

152,725,368

Entertainment

.........................

147,259,891

—

—

147,259,891

Financial

Services

......................

345,607,237

—

—

345,607,237

Food

Products

........................

210,456,518

127,184,884

—

337,641,402

Health

Care

Equipment

&

Supplies

.........

316,362,876

—

—

316,362,876

13. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Health

Care

Providers

&

Services

..........

$

345,512,744

$

168,514,461

$

—

$

514,027,205

Household

Products

....................

—

171,163,104

—

171,163,104

Industrial

Conglomerates

................

—

95,646,544

—

95,646,544

Insurance

............................

—

201,377,948

—

201,377,948

Interactive

Media

&

Services

..............

168,068,613

154,089,716

—

322,158,329

IT

Services

...........................

—

143,919,056

—

143,919,056

Media

...............................

236,138,059

—

—

236,138,059

Metals

&

Mining

.......................

—

142,372,913

—

142,372,913

Multi-Utilities

..........................

—

110,757,823

—

110,757,823

Oil,

Gas

&

Consumable

Fuels

.............

43,326,723

338,015,137

—

381,341,860

Personal

Care

Products

.................

87,754,739

—

—

87,754,739

Pharmaceuticals

.......................

372,039,629

439,284,281

—

811,323,910

Semiconductors

&

Semiconductor

Equipment

.

—

139,624,727

—

139,624,727

Software

.............................

132,073,094

—

—

132,073,094

Specialized

REITs

......................

158,721,093

—

—

158,721,093

Technology

Hardware,

Storage

&

Peripherals

.

—

177,871,434

—

177,871,434

Textiles,

Apparel

&

Luxury

Goods

..........

—

253,797,489

—

253,797,489

Tobacco

.............................

—

138,211,872

—

138,211,872

Trading

Companies

&

Distributors

..........

344,091,533

—

—

344,091,533

Corporate

Bonds

........................

—

22,407,000

—

22,407,000

Senior

Floating

Rate

Interests

...............

—

218,314,671

—

218,314,671

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

272,303,709

34,636,105

—

306,939,814

Total

Investments

in

Securities

...........

$4,529,478,367

$4,777,506,284

c

$—

$9,306,984,651

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$13,541,283

$—

$13,541,283

Total

Other

Financial

Instruments

.........

$—

$13,541,283

$—

$13,541,283

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$41,697,065

$—

$41,697,065

Total

Other

Financial

Instruments

.........

$—

$41,697,065

$—

$41,697,065

#### Franklin

#### Mutual

#### International

#### Value

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

—

52,556,412

—

52,556,412

Air

Freight

&

Logistics

...................

—

10,176,936

—

10,176,936

Automobile

Components

.................

—

19,353,526

—

19,353,526

Automobiles

..........................

—

14,870,245

—

14,870,245

Banks

...............................

—

125,367,564

—

125,367,564

Beverages

...........................

—

55,938,122

—

55,938,122

Capital

Markets

........................

—

92,812,924

—

92,812,924

Chemicals

...........................

—

10,299,797

—

10,299,797

Consumer

Staples

Distribution

&

Retail

......

—

38,205,223

—

38,205,223

Diversified

Telecommunication

Services

.....

15,771,841

30,326,393

—

46,098,234

Electrical

Equipment

....................

—

17,240,218

—

17,240,218

Electronic

Equipment,

Instruments

&

Components

........................

—

12,882,036

—

12,882,036

Energy

Equipment

&

Services

.............

19,529,336

—

—

19,529,336

Food

Products

........................

15,198,750

—

—

15,198,750

Health

Care

Equipment

&

Supplies

.........

—

13,666,011

—

13,666,011

Household

Durables

....................

—

12,465,544

—

12,465,544

13. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Mutual

#### International

#### Value

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Household

Products

....................

$

—

$

13,259,082

$

—

$

13,259,082

Insurance

............................

—

70,655,465

—

70,655,465

Interactive

Media

&

Services

..............

—

16,523,676

—

16,523,676

IT

Services

...........................

—

21,582,636

—

21,582,636

Machinery

............................

15,954,175

—

—

15,954,175

Metals

&

Mining

.......................

—

31,981,270

—

31,981,270

Multi-Utilities

..........................

—

18,823,800

—

18,823,800

Oil,

Gas

&

Consumable

Fuels

.............

—

48,570,660

—

48,570,660

Paper

&

Forest

Products

.................

—

16,857,251

—

16,857,251

Pharmaceuticals

.......................

—

91,796,755

—

91,796,755

Professional

Services

...................

—

18,661,464

—

18,661,464

Semiconductors

&

Semiconductor

Equipment

.

—

15,393,612

—

15,393,612

Technology

Hardware,

Storage

&

Peripherals

.

—

15,895,594

—

15,895,594

Textiles,

Apparel

&

Luxury

Goods

..........

—

32,129,938

—

32,129,938

Trading

Companies

&

Distributors

..........

25,392,276

—

—

25,392,276

Short

Term

Investments

...................

46,289,433

4,454,482

—

50,743,915

Total

Investments

in

Securities

...........

$138,135,811

$922,746,636

d

$—

$1,060,882,447

#### Liabilities:
Other

Financial

Instruments:

Securities

Sold

Short

.....................

$—

$3,363,251

e

$—

$3,363,251

Total

Other

Financial

Instruments

.........

$—

$3,363,251

$—

$3,363,251

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

—

16,792,121

—

16,792,121

Automobile

Components

.................

61,697,655

34,955,969

—

96,653,624

Banks

...............................

96,405,888

54,032,362

—

150,438,250

Beverages

...........................

—

40,012,715

—

40,012,715

Building

Products

......................

37,843,329

—

—

37,843,329

Capital

Markets

........................

—

35,716,762

—

35,716,762

Chemicals

...........................

62,832,087

—

—

62,832,087

Communications

Equipment

..............

36,730,119

—

44,836,019

81,566,138

Construction

&

Engineering

...............

33,452,633

—

—

33,452,633

Consumer

Staples

Distribution

&

Retail

......

33,306,770

—

—

33,306,770

Containers

&

Packaging

.................

23,117,536

—

—

23,117,536

Distributors

...........................

15,189,832

—

—

15,189,832

Diversified

Telecommunication

Services

.....

10,170,815

16,218,945

36,257,881

62,647,641

Electric

Utilities

........................

94,002,028

—

—

94,002,028

Energy

Equipment

&

Services

.............

65,851,282

—

—

65,851,282

Entertainment

.........................

36,615,317

—

—

36,615,317

Financial

Services

......................

67,200,547

—

—

67,200,547

Food

Products

........................

63,348,747

35,977,966

—

99,326,713

Health

Care

Equipment

&

Supplies

.........

57,560,763

—

—

57,560,763

Health

Care

Providers

&

Services

..........

39,795,275

26,936,279

—

66,731,554

Household

Products

....................

—

43,420,201

—

43,420,201

Industrial

Conglomerates

................

—

16,664,703

—

16,664,703

Insurance

............................

113,189,759

129,700,324

—

242,890,083

Interactive

Media

&

Services

..............

32,618,058

—

—

32,618,058

Media

...............................

43,590,007

—

—

43,590,007

Metals

&

Mining

.......................

—

43,387,618

—

43,387,618

Oil,

Gas

&

Consumable

Fuels

.............

55,906,744

37,057,789

—

92,964,533

13. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Mutual

#### Quest

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Pharmaceuticals

.......................

$

75,328,101

$

40,837,413

$

—

$

116,165,514

Professional

Services

...................

24,885,871

—

—

24,885,871

Semiconductors

&

Semiconductor

Equipment

.

—

18,209,350

—

18,209,350

Software

.............................

19,833,016

—

—

19,833,016

Specialized

REITs

......................

22,474,861

—

—

22,474,861

Specialty

Retail

........................

52,597,735

—

—

52,597,735

Technology

Hardware,

Storage

&

Peripherals

.

—

42,844,737

—

42,844,737

Tobacco

.............................

—

26,041,241

—

26,041,241

Trading

Companies

&

Distributors

..........

66,698,625

—

—

66,698,625

Wireless

Telecommunication

Services

.......

4,601,659

—

—

4,601,659

Warrants

...............................

2,195,764

—

—

2,195,764

Corporate

Bonds

........................

—

69,967,990

—

69,967,990

Senior

Floating

Rate

Interests

...............

—

215,459,935

140,977,852

356,437,787

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

132,613,431

4,978,182

—

137,591,613

Total

Investments

in

Securities

...........

$1,481,654,254

$949,212,602

f

$222,071,752

$2,652,938,608

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$2,778,584

$—

$2,778,584

Total

Other

Financial

Instruments

.........

$—

$2,778,584

$—

$2,778,584

#### Liabilities:
Other

Financial

Instruments:

Securities

Sold

Short

.....................

$—

$11,285,489

g

$—

$11,285,489

Forward

Exchange

Contracts

...............

—

8,742,637

—

8,742,637

Total

Other

Financial

Instruments

.........

$—

$20,028,126

$—

$20,028,126

#### Franklin

#### Mutual

#### Shares

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Automobiles

..........................

103,515,400

—

—

103,515,400

Banks

...............................

586,528,065

144,361,174

—

730,889,239

Building

Products

......................

120,887,265

—

—

120,887,265

Capital

Markets

........................

144,470,183

—

—

144,470,183

Communications

Equipment

..............

119,256,658

—

—

119,256,658

Consumer

Finance

.....................

116,859,494

—

—

116,859,494

Consumer

Staples

Distribution

&

Retail

......

236,560,926

—

—

236,560,926

Containers

&

Packaging

.................

112,955,318

—

—

112,955,318

Diversified

Telecommunication

Services

.....

—

—

47,431,634

47,431,634

Electric

Utilities

........................

253,949,413

—

—

253,949,413

Electronic

Equipment,

Instruments

&

Components

........................

113,409,354

—

—

113,409,354

Energy

Equipment

&

Services

.............

111,477,876

—

—

111,477,876

Entertainment

.........................

114,287,368

—

—

114,287,368

Financial

Services

......................

473,430,154

—

—

473,430,154

Food

Products

........................

72,802,080

—

—

72,802,080

Health

Care

Equipment

&

Supplies

.........

345,551,323

—

—

345,551,323

Health

Care

Providers

&

Services

..........

285,226,484

—

—

285,226,484

Household

Durables

....................

122,606,659

—

—

122,606,659

Insurance

............................

233,660,122

—

—

233,660,122

Interactive

Media

&

Services

..............

140,826,274

—

—

140,826,274

Machinery

............................

143,579,211

—

—

143,579,211

Media

...............................

265,400,853

—

—

265,400,853

Metals

&

Mining

.......................

140,167,023

—

—

140,167,023

13. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Mutual

#### Shares

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Oil,

Gas

&

Consumable

Fuels

.............

$

336,845,315

$

—

$

—

$

336,845,315

Personal

Care

Products

.................

101,352,520

—

—

101,352,520

Pharmaceuticals

.......................

238,117,489

119,030,318

—

357,147,807

Professional

Services

...................

231,953,056

—

—

231,953,056

Retail

REITs

..........................

132,292,731

—

—

132,292,731

Semiconductors

&

Semiconductor

Equipment

.

122,937,768

—

—

122,937,768

Software

.............................

215,419,070

—

—

215,419,070

Specialized

REITs

......................

129,433,511

—

—

129,433,511

Specialty

Retail

........................

102,892,331

—

—

102,892,331

Tobacco

.............................

—

113,429,802

—

113,429,802

Trading

Companies

&

Distributors

..........

273,541,973

—

—

273,541,973

Corporate

Bonds

........................

—

16,962,000

—

16,962,000

Senior

Floating

Rate

Interests

...............

—

169,415,662

—

169,415,662

Companies

in

Liquidation

..................

—

—

—

a

—

Short

Term

Investments

...................

239,810,730

9,932,860

—

249,743,590

Total

Investments

in

Securities

...........

$6,482,003,997

$573,131,816

h

$47,431,634

$7,102,567,447

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$4,750,905

$—

$4,750,905

Total

Other

Financial

Instruments

.........

$—

$4,750,905

$—

$4,750,905

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$

—

$

17,987,729

$

—

$

17,987,729

Total

Other

Financial

Instruments

.........

$—

$17,987,729

$—

$17,987,729

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$873,589,375,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$4,502,148,508,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

d

Includes

foreign

securities

valued

at

$918,292,154,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

e

Includes

foreign

securities

valued

at

$3,363,251,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

f

Includes

foreign

securities

valued

at

$658,806,495,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

g

Includes

foreign

securities

valued

at

$11,285,489,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

h

Includes

foreign

securities

valued

at

$376,821,294,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

13. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

At

June

30,

2025,

the

reconciliation

is

as

follows:

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### 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

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Communications

Equipment

.......

$

55,505,900

$

—

$

—

$

—

$

—

$

—

$

—

$

(10,669,881)

$

44,836,019

$

(10,669,881)

Diversified

Telecommunication

Services

........

30,751,158

—

—

—

—

—

—

5,506,723

36,257,881

5,506,723

Media

...........

—

(35) —

—

—

(169) 178

—

—

Senior

Floating

Rate

Interests

:

Communications

Equipment

.......

132,200,409

5,724,234

—

—

—

167,368

—

2,885,841

140,977,852

2,885,841

Companies

in

Liquidation

:

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$218,457,493

$5,724,234

$(35)

$—

$—

$167,368

$(169)

$(2,277,139)

$222,071,752

$(2,277,317)

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

financial

instruments

determined

to

have

no

value.

13. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

June

30,

2025,

are

as

follows:

14. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Funds'

Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Period

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### /

#### Range

#### (Weighted

#### Average)

#### a

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### b

#### Franklin

#### Mutual

#### Quest

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks:

Communications

Equipment.

.

.

.

.

.

.

.

$44,836,019

Market

comparables

Discount

for

lack

of

marketability

5.8%

Decrease

Estimated

EBITDA

$204.5

mil

Increase

Estimated

Revenue

$754.1

mil

Increase

EV

/

EBITDA

multiple

8.3x

Increase

EV

/

revenue

multiple

1.8x

Increase

Diversified

Telecommunication

Services

36,257,881

Market

comparables

Discount

for

lack

of

marketability

7.9%

Decrease

Estimated

EBITDA

$893.1

mil

Increase

EV

/

EBITDA

multiple

4.9x

Increase

Senior

Floating

Rate

Interests:

Communications

Equipment

.

.

.

.

.

.

140,977,852

Discounted

cash

flow

Discount

rate

9.5%

-

11.0%

(10.7%)

Decrease

All

Other

Investments

.

.

.

.

.

.

.

.

.

—

c

Total

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$222,071,752

a

Weighted

based

on

the

relative

fair

value

of

the

financial

instruments.

b

Represents

the

directional

change

in

the

fair

value

of

the

Level

financial

instruments

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

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

c

Includes

financial

instruments

determined

to

have

no

value.

#### Abbreviations

#### List

#### EBITDA

#### -
Earnings

before

interest,

taxes,

depreciation

and

amortization

#### EV

#### -
Enterprise

value

13. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Mutual

Series

Funds

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

15. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

16. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Counterparty

#### BOFA
Bank

of

America

N.A.

#### HSBK
HSBC

Bank

plc

#### UBSW
UBS

AG

#### WFLA
Wells

Fargo

Bank

NA

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CME
Chicago

Mercantile

Exchange

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

14. #### Operating

#### Segments
(continued)

Franklin

Mutual

Series

Funds

franklintempleton.com

Semiannual

Report

#### FRANKLIN

#### MUTUAL

#### SERIES

#### FUNDS

#### (EACH

#### SERIES

#### OF

#### SUCH

#### TRUST,

#### A

#### "FUND")
The

Board

of

Trustees

(Board),

including

a

majority

of

trustees

that

are

not

"interested

persons"

as

such

term

is

defined

in

section

2(a)(19)

of

the

Investment

Company

Act

of

1940

(hereinafter

referred

to

as

"independent

trustees"),

at

an

in-person

meeting

held

on

May

28,

2025,

unanimously

approved

the

continuance

of

each

Fund's

investment

management

agreement.

Prior

to

a

meeting

of

all

of

the

trustees

for

the

purpose

of

considering

such

continuance,

the

independent

trustees

participated

in

two

other

meetings

held

in

connection

with

the

renewal

process.

Throughout

the

process,

the

independent

trustees

received

assistance

and

advice

from

and

met

separately

with

independent

counsel.

The

independent

trustees

met

with

and

interviewed

officers

of

the

investment

manager

(including

portfolio

managers),

the

transfer

agent

and

shareholder

services

group

and

the

distributor.

In

approving

the

continuation

of

the

investment

management

agreement

for

the

Funds,

the

Board,

including

the

independent

trustees,

determined

that

the

investment

management

fee

structure

was

fair

and

reasonable

and

that

continuance

of

the

agreement

was

in

the

best

interests

of

each

Fund

and

its

shareholders.

In

reaching

their

decision

on

the

investment

management

agreement,

the

trustees

took

into

account

information

furnished

throughout

the

year

at

Board

meetings,

as

well

as

information

specifically

requested

and

furnished

for

the

renewal

process,

which

culminated

in

the

meetings

referred

to

above

for

the

specific

purpose

of

considering

such

agreement.

Information

furnished

throughout

the

year

included,

among

others,

reports

on

each

Fund's

investment

performance,

expenses,

portfolio

composition,

portfolio

brokerage

execution,

client

commission

arrangements,

derivatives,

securities

lending,

portfolio

turnover,

Rule

12b-1

plan,

distribution,

shareholder

servicing,

legal

and

compliance

matters,

pricing

of

securities,

sales

and

redemptions,

and

marketing

support

payments

made

to

financial

intermediaries,

as

well

as

a

third-party

survey

of

transfer

agent

fees

charged

to

funds

within

the

Franklin

Templeton

(FT)

complex

in

comparison

to

those

charged

to

other

fund

complexes

deemed

comparable.

Also,

related

financial

statements

and

other

information

about

the

scope

and

quality

of

services

provided

by

the

investment

manager

and

its

affiliates

and

enhancements

to

such

services

over

the

past

year

were

provided.

In

addition,

the

trustees

received

periodic

reports

throughout

the

year

and

during

the

renewal

process

relating

to

compliance

with

the

Funds'

investment

policies

and

restrictions.

During

the

renewal

process,

the

independent

trustees

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Mutual

Series

Funds

franklintempleton.com

Semiannual

Report

considered

the

investment

manager's

methods

of

operation

within

the

FT

group

and

its

activities

on

behalf

of

other

clients.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

FT

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

the

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

areas

of

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

information

obtained

by

the

trustees

during

the

renewal

process

also

included

a

special

report

prepared

by

Broadridge

Financial

Solutions,

Inc.,

an

independent

third-party

analyst

that

utilizes

data

from

Lipper,

Inc.

(Lipper),

comparing

each

Fund's

investment

performance

and

expenses

with

those

of

other

mutual

funds

deemed

comparable

to

such

Fund

as

selected

by

Lipper

(Broadridge

Section

15(c)

Report).

The

trustees

reviewed

the

Broadridge

Section

15(c)

Report

and

its

usefulness

in

the

renewal

process

with

respect

to

matters

such

as

comparative

fees,

expenses,

expense

ratios,

performance

and

volatility.

Except

as

noted

below,

they

concluded

that

the

report

continues

to

be

a

reliable

resource

in

the

performance

of

their

duties.

In

addition,

the

trustees

received

a

Profitability

Study

(Profitability

Study)

prepared

by

management

discussing

the

profitability

to

FT

from

its

overall

U.S.

fund

operations,

as

well

as

on

an

individual

fund-by-fund

basis.

Over

the

past

year,

the

Board

and

counsel

to

the

independent

trustees

continued

to

receive

reports

on

management's

handling

of

recent

regulatory

inquiries

and

pending

legal

actions

against

the

investment

manager

and

its

affiliates.

The

independent

trustees

were

satisfied

with

the

actions

taken

to

date

by

management

in

response

to

such

regulatory

and

legal

matters.

The

trustees

reviewed

the

personnel,

operations,

financial

condition

and

investment

management

capabilities,

methodologies

and

resources

of

the

investment

manager.

As

part

of

this

review,

particular

attention

was

given

to

management's

diligent

risk

management

program,

including

continual

monitoring

and

management

of

cybersecurity,

liquidity

and

counterparty

credit

risk,

and

attention

given

to

derivatives

and

other

complex

instruments

that

are

held

and

expected

to

be

held

by

each

Fund

and

how

such

instruments

are

used

to

carry

out

each

Fund's

investment

goal(s).

The

Board

also

took

into

account,

among

other

things,

management's

efforts

in

establishing

a

global

credit

facility

for

the

benefit

of

the

Funds

and

other

accounts

managed

by

FT

to

provide

a

source

of

cash

for

temporary

and

emergency

purposes

or

to

meet

unusual

redemption

requests

as

well

as

the

strong

financial

position

of

the

investment

manager's

parent

company

and

its

commitment

to

the

mutual

fund

business.

The

Board

noted

management's

continuing

efforts

and

expenditures

in

establishing

effective

business

continuity

plans

and

developing

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

such

as

cybersecurity

and

liquidity

risk

management.

The

Board

acknowledged

management's

continued

development

of

strategies

to

address

areas

of

heightened

concern

in

the

mutual

fund

industry,

including

various

regulatory

initiatives

and

continuing

geopolitical

concerns.

The

Board

also

recognized

management's

commitment

to

facilitating

Board

oversight

of

particular

areas,

including

derivatives

and

payments

to

intermediaries,

by

enhanced

reporting.

In

addition

to

the

above

and

other

matters

considered

by

the

trustees

throughout

the

course

of

the

year,

the

following

discussion

relates

to

certain

primary

factors

relevant

to

the

Board's

decision.

This

discussion

of

the

information

and

factors

considered

by

the

Board

(including

the

information

and

factors

discussed

above)

is

not

intended

to

be

exhaustive,

but

rather

summarizes

certain

factors

considered

by

the

Board.

In

view

of

the

wide

variety

of

factors

considered,

the

Board

did

not,

unless

otherwise

noted,

find

it

practicable

to

quantify

or

otherwise

assign

relative

weights

to

the

foregoing

factors.

In

addition,

individual

trustees

may

have

assigned

different

weights

to

various

factors.

#### NATURE,

#### EXTENT

#### AND

#### QUALITY

#### OF

#### SERVICES.
The

trustees

reviewed

the

nature,

extent

and

quality

of

the

services

provided,

and

to

be

provided,

by

the

investment

manager.

The

trustees

cited

the

investment

manager's

ability

to

implement

each

Fund's

disciplined

value

investment

approach

and

its

long-term

relationship

with

each

Fund

as

reasons

that

shareholders

choose

to

invest,

and

remain

invested,

in

the

Funds.

The

trustees

reviewed

each

Fund's

portfolio

management

team,

including

its

performance,

staffing,

skills

and

compensation

program.

With

respect

to

portfolio

manager

compensation,

management

assured

the

trustees

that

each

Fund's

long-term

performance

is

a

significant

component

of

incentive-based

compensation

and

noted

that

a

portion

of

a

portfolio

manager's

incentive-based

compensation

is

paid

in

shares

of

pre-

designated

funds

from

the

portfolio

manager's

fund

management

area.

The

trustees

noted

that

the

portfolio

manager

compensation

program

aligned

the

interests

of

the

portfolio

managers

with

that

of

shareholders

of

the

Funds.

The

trustees

discussed

with

management

various

other

products,

portfolios

and

entities

that

are

advised

by

the

investment

manager

and

the

allocation

of

assets

and

expenses

among

and

within

them,

as

well

as

their

relative

fees

and

reasons

for

differences

with

respect

thereto

and

any

Franklin

Mutual

Series

Funds

franklintempleton.com

Semiannual

Report

potential

conflicts.

During

regular

Board

meetings

and

the

aforementioned

meetings

of

the

independent

trustees,

the

trustees

received

reports

and

presentations

on

the

investment

manager's

best

execution

trading

policies.

The

trustees

considered

periodic

reports

provided

to

them

showing

that

the

investment

manager

complied

with

the

investment

policies

and

restrictions

of

each

Fund

as

well

as

other

reports

periodically

furnished

to

the

Board

covering

matters

such

as

the

compliance

of

portfolio

managers

and

other

management

personnel

with

the

code

of

ethics

covering

the

investment

management

personnel,

the

adherence

to

fair

value

pricing

procedures

established

by

the

Board

and

the

accuracy

of

net

asset

value

calculations.

The

Board

noted

the

extent

of

the

benefits

provided

to

the

Funds'

shareholders

from

being

part

of

the

FT

group

of

funds,

including

the

right

to

exchange

investments

between

funds

(same

class)

without

a

sales

charge,

the

ability

to

reinvest

dividends

from

any

of

the

Funds

into

other

funds

and

the

right

to

combine

holdings

of

other

funds

to

obtain

reduced

sales

charges.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-

day

tasks.

The

Board

also

noted

the

investment

manager's

significant

efforts

in

developing

and

implementing

compliance

procedures

established

in

accordance

with

SEC

and

other

requirements.

The

Board

considered

the

nature,

extent

and

quality

of

the

services

to

be

provided

under

each

Fund's

other

service

agreements

to

determine

that,

on

an

overall

basis,

Fund

shareholders

were

well

served.

In

this

connection,

the

Board

also

took

into

account

transfer

agent

and

shareholder

services

provided

to

the

Funds'

shareholders

by

an

affiliate

of

the

investment

manager,

and

favorable

periodic

reports

on

shareholder

services

conducted

by

independent

third

parties.

While

such

considerations

directly

affected

the

trustees'

decision

in

renewing

each

Fund's

transfer

agent

and

shareholder

services

agreement,

the

Board

also

considered

these

commitments

as

incidental

benefits

to

Fund

shareholders

deriving

from

the

investment

management

relationship.

Based

on

their

review,

the

trustees

were

satisfied

with

the

nature

and

quality

of

the

overall

services

provided,

and

to

be

provided,

by

the

investment

manager

and

its

affiliates

to

each

Fund

and

its

shareholders

and

were

confident

in

the

abilities

of

the

management

team

to

continue

the

disciplined

value

investment

approach

of

each

Fund

and

to

provide

quality

services

to

such

Fund

and

its

shareholders.

#### INVESTMENT

#### PERFORMANCE.
The

trustees

reviewed

and

placed

significant

emphasis

on

the

investment

performance

of

the

Funds

over

the

one-,

three-,

five-

and

10-year

periods

ended

December

31,

2024. They

considered

the

history

of

performance

of

each

Fund

relative

to

various

benchmarks.

As

part

of

their

review,

they

inquired

of

management

regarding

benchmarks

and

restrictions

on

permitted

investments.

Consideration

was

also

given

to

performance

in

the

context

of

available

levels

of

cash

during

the

periods.

The

trustees

had

meetings

during

the

year,

including

the

meetings

referred

to

above

held

in

connection

with

the

renewal

process,

with

each

Fund's

portfolio

managers

to

discuss

performance

and

the

management

of

such

Fund.

In

addition

to

the

materials

provided

by

management

in

connection

with

the

renewal

process,

the

independent

trustees

requested

throughout

the

year

(and

received)

additional

presentations

from

the

investment

manager

and

senior

management

of

FT

regarding

the

performance

of

the

investment

manager

and

the

Funds.

As

part

of

these

presentations,

the

investment

manager

and

senior

management

of

FT

reviewed

enhancements

that

have

been

made,

and

are

being

made,

to

the

investment

manager's

investment

process.

Particular

attention

in

assessing

performance

was

given

to

the

Broadridge

Section

15(c)

Report.

That

report

showed

the

investment

performance

of

each

Fund

(Class

A

shares)

in

comparison

to

other

funds

determined

comparable

by

Lipper.

#### Franklin

#### Mutual

#### Shares

#### Fund.
The

comparable

funds

to

the

Fund,

as

chosen

by

Lipper,

included

all

retail

and

institutional

multi-cap

value

funds.

The

Fund

had

total

returns

in

the

second-lowest

performing

quintile

for

the

one-

and

three-year

periods

ended

December

31,

2024

and

had

annualized

total

returns

for

the

five-

and

10-year

periods

in

the

lowest

performing

quintile.

The

trustees

also

compared

Fund

performance

to

other

industry

benchmarks,

including

measures

of

risk-adjusted

performance

of

a

fund,

as

part

of

their

evaluation

of

investment

performance.

The

trustees

discussed

with

management

the

reasons

for

the

relative

underperformance

for

the

one-,

three-,

five-

and

10-year

periods

ended

December

31,

2024. In

this

regard,

management

explained

that

a

significant

component

of

the

underperformance

was

attributable

to

stock

selection.

In

addition,

as

part

of

these

discussions,

management

shared

changes

and

enhancements

to

the

provision

of

services

to

Franklin

Mutual

Series

Funds

franklintempleton.com

Semiannual

Report

the

Fund

that

are

being

evaluated.

While

disappointed

with

the

Fund's

relative

underperformance,

based

on

management's

willingness

to

take

appropriate

measures

to

address

Fund

performance

issues

and

management's

responsiveness

to

the

Board's

concerns

about

investment

performance,

the

Board

concluded

that

no

changes

with

respect

to

the

Funds

were

warranted

at

the

time

and

noted

that

it

would

continue

to

monitor

future

performance.

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund.
The

comparable

funds

to

the

Fund,

as

chosen

by

Lipper,

included

all

retail

and

institutional

global

multi-cap

value

funds.

The

Fund

had

total

returns

in

the

lowest

performing

quintile

for

the

one-year

period

ended

December

31,

2024,

had

annualized

total

returns

for

the

three-year

period

in

the

second-best

performing

quintile,

and

had

annualized

total

returns

for

the

five-

and

10-year

period

in

the

second-lowest

performing

quintile.

The

trustees

also

compared

Fund

performance

to

other

industry

benchmarks,

including

measures

of

risk-adjusted

performance

of

a

fund,

as

part

of

their

evaluation

of

investment

performance.

The

trustees

discussed

with

management

the

reasons

for

the

relative

underperformance

for

the

one-,

five-,

and

10-year

periods

ended

December

31,

2024. In

this

regard,

management

explained

that

a

significant

component

of

the

underperformance

was

attributable

to

stock

selection.

In

addition,

as

part

of

these

discussions,

management

shared

changes

and

enhancements

to

the

provision

of

services

to

the

Fund

that

are

being

evaluated.

While

disappointed

with

the

Fund's

relative

underperformance,

based

on

management's

willingness

to

take

appropriate

measures

to

address

Fund

performance

issues

and

management's

responsiveness

to

the

Board's

concerns

about

investment

performance,

the

Board

concluded

that

no

changes

with

respect

to

the

Funds

were

warranted

at

the

time

and

noted

that

it

would

continue

to

monitor

future

performance.

#### Franklin

#### Mutual

#### International

#### Value

#### Fund.
The

comparable

funds

to

the

Fund,

as

chosen

by

Lipper,

included

all

retail

and

institutional

international

multi-cap

value

funds.

The

Fund

had

total

returns

in

the

middle

performing

quintile

for

the

one-year

period

ended

December

31,

2024,

had

annualized

total

returns

for

the

three-year

period

in

the

best

performing

quintile,

and

had

annualized

total

returns

for

the

five-

and

10-year

periods

in

the

second-best

performing

quintile.

The

Board

was

satisfied

with

such

comparative

performance.

The

trustees

also

compared

Fund

performance

to

other

industry

benchmarks,

including

measures

of

risk-adjusted

performance

of

a

fund,

as

part

of

their

evaluation

of

investment

performance.

The

trustees

concluded

that

the

Fund

had

performed

well

in

comparison

to

its

various

benchmarks

and

in

the

context

of

the

Fund's

goals.

#### Franklin

#### Mutual

#### Quest

#### Fund.
The

comparable

funds

to

the

Fund,

as

chosen

by

Lipper,

included

all

retail

and

institutional

flexible

portfolio

funds.

The

Fund

had

total

returns

in

the

middle

performing

quintile

for

the

one-year

period

ended

December

31,

2024,

had

annualized

total

returns

for

the

three-year

period

in

the

second-best

performing

quintile,

had

annualized

total

returns

for

the

five-year

period

in

the

second-lowest

performing

quintile

and

had

annualized

total

returns

for

the

10-

year

period

in

the

lowest

performing

quintile.

The

trustees

also

compared

Fund

performance

to

other

industry

benchmarks,

including

measures

of

risk-adjusted

performance

of

a

fund,

as

part

of

their

evaluation

of

investment

performance.

The

trustees

discussed

with

management

the

reasons

for

the

relative

underperformance

for

the

five-

and

10-year

periods

ended

December

31,

2024. In

addition,

as

part

of

these

discussions,

management

shared

changes

and

enhancements

to

the

provision

of

services

to

the

Fund

that

are

being

evaluated.

The

Board

was

encouraged

by

the

improved

performance

for

the

one-

and

three-year

periods,

but

noted

that

such

relative

improvement

would

not

have

a

significant

impact

on

the

relative

performance

for

the

three-,

five-,

and

10-year

periods

ended

December

31,

2024. Based

on

the

more

recent

relative

performance,

the

Board

concluded

that

no

changes

with

respect

to

the

Funds

were

warranted

at

the

time

and

noted

that

it

would

continue

to

monitor

future

performance.

#### Franklin

#### Mutual

#### Beacon

#### Fund.
The

comparable

funds

to

the

Fund,

as

chosen

by

Lipper,

included

all

retail

and

institutional

global

large-cap

value

funds.

The

Fund

had

total

returns

in

the

lowest

performing

quintile

for

the

one-,

three-,

and

five-year

periods

ended

December

31,

2024

and

had

annualized

total

returns

for

the

10-year

period

in

the

second-lowest

performing

quintile.

The

trustees

also

compared

Fund

performance

to

other

industry

benchmarks,

including

measures

of

risk-adjusted

performance

of

a

fund,

as

part

of

their

evaluation

of

investment

performance.

The

trustees

discussed

with

management

the

reasons

for

the

relative

underperformance

for

the

one-,

three-,

five-,

and

ten-year

periods

ended

December

31,

2024. In

this

regard,

management

explained

that

a

significant

component

of

the

underperformance

was

attributable

to

stock

selection.

In

addition,

as

part

of

these

discussions,

management

shared

changes

and

enhancements

to

the

provision

of

services

to

Franklin

Mutual

Series

Funds

franklintempleton.com

Semiannual

Report

the

Fund

that

are

being

evaluated.

While

disappointed

with

the

Fund's

relative

underperformance,

based

on

management's

willingness

to

take

appropriate

measures

to

address

Fund

performance

issues

and

management's

responsiveness

to

the

Board's

concerns

about

investment

performance,

the

Board

concluded

that

no

changes

with

respect

to

the

Funds

were

warranted

at

the

time

and

noted

that

it

would

continue

to

monitor

future

performance.

#### COMPARATIVE

#### EXPENSES

#### AND

#### MANAGEMENT

#### PROFITABILITY.
The

trustees

considered

the

cost

of

the

services

provided

and

to

be

provided

and

the

profits

realized

by

the

investment

manager

and

its

affiliates

from

their

respective

relationships

with

each

Fund.

As

part

of

the

renewal

process,

the

trustees

explored

with

management

the

trends

in

expense

ratios

over

the

past

three

fiscal

years

and

the

reasons

for

any

increases

in

each

Fund's

expense

ratios

(or

components

thereof).

In

considering

the

appropriateness

of

the

management

fees

and

other

expenses

charged

to

each

Fund,

the

Board

took

into

account

various

factors

including

investment

performance

and

matters

relating

to

each

Fund's

operations,

including,

but

not

limited

to,

the

quality

and

experience

of

its

portfolio

managers

and

research

staff.

Consideration

was

also

given

to

a

comparative

analysis

in

the

Broadridge

Section

15(c)

Report

of

the

investment

management

fee

and

total

expense

ratio

of

each

Fund

in

comparison

to

those

of

a

group

of

other

funds

selected

by

Lipper

as

its

appropriate

Lipper

expense

group.

Lipper

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Lipper

to

be

an

appropriate

measure

of

comparative

expenses.

However,

the

Board

further

noted

that

for

the

Franklin

Mutual

Global

Discovery

Fund,

the

Lipper

expense

group

was

not

as

meaningful

of

a

comparison

as

in

prior

years

due

to

(1) only

having

four

other

funds

in

the

expense

peer

group,

and

(2) Lipper

being

unable

to

produce

quintile

rankings

as

a

result

of

the

small

peer

group.

In

addition,

management

indicated

its

belief

that

the

members

of

the

peer

group

were

not

representative

of

the

Franklin

Mutual

Global

Discovery

Fund's

strategy

or

investment

team

resourcing.

In

reviewing

comparative

costs,

emphasis

was

given

to

each

Fund's

contractual

management

fees

in

comparison

to

the

contractual

management

fees

that

would

have

been

charged

by

other

funds

within

its

Lipper

expense

group

assuming

they

were

similar

in

size

to

such

Fund,

as

well

as

the

actual

total

expenses

of

each

Fund

in

comparison

to

those

of

its

Lipper

expense

group.

The

Lipper

contractual

management

fee

analysis

includes

administrative

charges

as

being

part

of

the

management

fee,

and

total

expenses,

for

comparative

consistency,

are

shown

by

Lipper

for

each

Fund's

Class

A

shares.

#### Franklin

#### Mutual

#### Shares

#### Fund.
The

Fund's

contractual

management

fee

rate

was

in

the

most

expensive

quintile

of

its

Lipper

expense

group

and

its

total

expenses

were

in

the

second-most

expensive

quintile

of

such

group.

However,

the

Board

noted

that

the

Fund's

total

expense

ratio

was

5.7 basis

points

above

the

median

of

the

Lipper

expense

group

and

the

Fund's

total

expense

ratio

was

below

the

Lipper

expense

universe

median.

The

Board

took

into

account

Lipper's

position

that

when

an

equity

fund's

total

expense

ratio

is

within

basis

points

of

median,

it

considers

that

within

Lipper's

tolerance

range

and

does

not

necessitate

a

deeper

review

of

expense

factors.

The

Board

found

such

comparative

fees

and

expenses

to

be

acceptable

in

view

of

these

additional

considerations

and

factors

relating

to

the

Fund's

operations,

such

as

the

quality

and

experience

of

its

portfolio

managers.

#### Franklin

#### Mutual

#### Global

#### Discovery

#### Fund.
As

there

were

only

five

funds

in

the

Fund's

expense

peer

group,

Lipper

was

not

able

to

assign

a

quintile

rank

for

results

set

forth

in

the

Lipper

Section

15(c)

Report.

However,

Fund

was

had

the

most

expensive

contractual

management

fees

and

total

expenses

of

the

limited

expense

peer

group.

However,

the

Board

noted

that,

when

compared

to

the

funds

in

the

expense

universe,

the

Fund

was

in

the

middle

quintile

of

actual

total

expenses

and

the

Fund's

total

expense

ratio

was

only

2.2 basis

points

above

the

expense

universe

median.

The

Board

took

into

account

Lipper's

position

that

when

an

equity

fund's

total

expense

ratio

is

within

basis

points

of

median,

it

considers

that

within

Lipper's

tolerance

range

and

does

not

necessitate

a

deeper

review

of

expense

factors.

The

Board

found

such

comparative

fees

and

expenses

to

be

acceptable

in

view

of

these

additional

considerations

and

factors

relating

to

the

Fund's

operations,

such

as

the

quality

and

experience

of

its

portfolio

managers.

#### Franklin

#### Mutual

#### International

#### Value

#### Fund.
The

Fund's

contractual

management

fee

rate

was

in

the

middle

quintile

of

its

Lipper

expense

group

and

its

total

expenses

were

also

in

the

middle

expensive

quintile

of

such

group.

The

Board

was

satisfied

with

such

comparative

fees

and

expenses.

Franklin

Mutual

Series

Funds

franklintempleton.com

Semiannual

Report

#### Franklin

#### Mutual

#### Quest

#### Fund.
The

Fund's

contractual

management

fee

rate

was

in

the

middle

quintile

of

its

Lipper

expense

group

and

its

total

expenses

were

in

the

second-least

expensive

quintile

of

such

group.

The

Board

was

satisfied

with

such

comparative

fees

and

expenses.

#### Franklin

#### Mutual

#### Beacon

#### Fund.
The

Fund's

contractual

management

fee

rate

was

in

the

least

expensive

quintile

of

its

Lipper

expense

group

and

its

total

expenses

were

also

in

the

least

expensive

quintile

of

such

group.

The

Board

was

satisfied

with

such

comparative

fees

and

expenses.

The

trustees

also

reviewed

the

Profitability

Study

addressing

profitability

of

Franklin

Resources,

Inc.

(FRI),

from

its

overall

U.S.

fund

business,

as

well

as

profitability

to

each

Fund's

investment

manager

and

its

affiliates,

from

providing

investment

management

and

other

services

to

each

Fund

during

the

12-month

period

ended

September

30,

2024,

the

most

recent

fiscal

year-end

of

FRI.

The

trustees

reviewed

the

basis

on

which

such

reports

are

prepared

and

the

cost

allocation

methodology

utilized

in

the

Profitability

Study,

it

being

recognized

that

allocation

methodologies

may

each

be

reasonable

while

producing

different

results.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

investment

manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Board

with

respect

to

the

profitability

analysis.

The

independent

trustees

met

with

management

to

discuss

the

Profitability

Study.

This

included,

among

other

things,

a

comparison

of

investment

management

income

with

investment

management

expenses

of

each

Fund;

comparison

of

underwriting

revenues

and

expenses;

the

relative

relationship

of

investment

management

and

underwriting

expenses;

shareholder

servicing

profitability;

economies

of

scale;

and

the

relative

contribution

of

each

Fund

to

the

profitability

of

the

investment

manager

and

its

parent.

In

discussing

the

Profitability

Study

with

the

Board,

the

investment

manager

stated

its

belief

that

the

costs

incurred

in

establishing

the

infrastructure

necessary

to

operate

the

type

of

mutual

fund

operations

conducted

by

it

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability.

The

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

investment

manager

but,

over

the

long

run,

is

expected

to

result

in

greater

efficiencies.

The

Board

also

took

into

account

management's

expenditures

in

improving

shareholder

services

provided

to

each

Fund,

as

well

as

the

need

to

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

trustees

also

considered

the

extent

to

which

the

investment

manager

may

derive

ancillary

benefits

from

the

Funds'

operations,

including

those

derived

from

economies

of

scale,

discussed

below,

the

allocation

of

each

Fund's

brokerage

and

the

use

of

commission

dollars

to

pay

for

research

and

other

similar

services.

Based

upon

their

consideration

of

all

these

factors,

the

trustees

determined

that

the

level

of

profits

realized

by

the

investment

manager

and

its

affiliates

in

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

quality

and

extent

of

services

provided.

#### ECONOMIES

#### OF

#### SCALE.
The

Board

considered

economies

of

scale

realized

by

the

investment

manager

and

its

affiliates

as

the

Funds

grow

larger

and

the

extent

to

which

they

are

shared

with

the

Funds'

shareholders,

as

for

example,

in

the

level

of

the

investment

management

fees

charged,

in

the

quality

and

efficiency

of

services

rendered

and

in

increased

capital

commitments

benefiting

the

Funds

directly

or

indirectly.

While

recognizing

that

any

precise

determination

is

inherently

subjective,

the

trustees

noted

that,

based

upon

the

Profitability

Study,

as

some

funds

increase

in

size,

at

some

point

economies

of

scale

may

result

in

the

investment

manager

realizing

a

larger

profit

margin

on

investment

management

services

provided

to

such

a

fund.

The

trustees

also

noted

that

benefits

of

economies

of

scale

will

be

shared

with

each

Fund's

shareholders

due

to

the

decline

in

the

effective

investment

management

fee

rate

as

breakpoints

are

achieved

by

such

Fund.

The

trustees

noted

that

breakpoints

had

been

instituted

as

part

of

each

Fund's

investment

management

fees

and

that

the

Board

regularly

evaluates

whether

additional

breakpoints

are

appropriate.

For

the

Franklin

Mutual

Shares

Fund

and

the

Franklin

Mutual

Global

Discovery

Fund,

the

trustees

assessed

the

savings

to

shareholders

resulting

from

such

breakpoints

and

believed

they

were,

and

continue

to

be,

appropriate

and

they

agreed

to

continue

to

monitor

the

appropriateness

of

the

breakpoints.

For

Franklin

Mutual

Beacon

Fund,

the

Franklin

Mutual

Quest

Fund

and

the

Franklin

Mutual

International

Value

Franklin

Mutual

Series

Funds

franklintempleton.com

Semiannual

Report

Fund,

the

trustees

believed

the

breakpoints

were,

and

continue

to

be,

appropriate

and

they

agreed

to

continue

to

monitor

the

appropriateness

of

the

breakpoints.

The

trustees

also

considered

the

effects

an

increase

in

assets

under

management

would

have

on

the

investment

management

fees

and

expense

ratio

of

each

Fund.

To

the

extent

further

economies

of

scale

may

be

realized

by

the

investment

manager

and

its

affiliates,

the

Board

believed

the

investment

management

fees

provide

a

sharing

of

benefits

with

each

Fund

and

its

shareholders.

#### CONCLUSION
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuation

of

each

Fund's

investment

management

agreement

for

an

additional

one-year

period.

MS-SFSOI

08/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
|  | There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein. |

---

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected, or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fmsf-efp17101_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fmsf-efp17101_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Franklin Mutual Series Funds** | **Franklin Mutual Series Funds** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | August 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |
| Date: | August 26, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Mutual Series Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | August 26, 2025 |
| /s/ Christopher Kings | /s/ Christopher Kings |
| Christopher Kings | Christopher Kings |
| Executive Officer – Finance and Administration | Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Mutual Series Funds**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | August 26, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Mutual Series Funds** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **June 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –**<br> **Finance and Administration** | **Chief Financial Officer, Chief**<br> **Accounting Officer and Treasurer** |
| Franklin Mutual Series Funds | Franklin Mutual Series Funds |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: August 26, 2025 | Date: August 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.