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      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
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      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
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      <seriesName>Franklin International Small Cap Fund</seriesName>
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      <repPdEnd>2020-07-31</repPdEnd>
      <repPdDate>2020-01-31</repPdDate>
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      </invstOrSec>
      <invstOrSec>
        <name>Orion Corp/Republic of Korea ORD KRW 500</name>
        <lei>N/A</lei>
        <title>Orion Corp/Republic of Korea ORD KRW 500</title>
        <cusip>000000000</cusip>
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          <isin value="KR7271560005"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>DIANA SHIPPING INC ORD USD.01</name>
        <lei>549300XD7FHNJ0THIV12</lei>
        <title>DIANA SHIPPING INC ORD USD.01</title>
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          <ticker value="DSX"/>
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        <curCd>USD</curCd>
        <valUSD>11205749.28000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SCANDINAVIAN TOBACCO GROUP A/S ORD DKK1</name>
        <lei>5299003KG4JS99TRML67</lei>
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        <cusip>000000000</cusip>
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          <isin value="DK0060696300"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Liberty Latin America Ltd ORD USD 0.01</name>
        <lei>N/A</lei>
        <title>Liberty Latin America Ltd ORD USD 0.01</title>
        <cusip>000000000</cusip>
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          <isin value="BMG9001E1286"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LOOMIS AB ORD SEK NPV CL B</name>
        <lei>213800NS2XXVRYS7WP40</lei>
        <title>LOOMIS AB ORD SEK NPV CL B</title>
        <cusip>000000000</cusip>
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          <isin value="SE0002683557"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HEADLAM GROUP PLC ORD GBP.05</name>
        <lei>213800I4AZZUJEYX9O90</lei>
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        <cusip>000000000</cusip>
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          <isin value="GB0004170089"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BRENNTAG AG ORD EUR NPV</name>
        <lei>NNROIXVWJ7CPSR27SV97</lei>
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        <cusip>000000000</cusip>
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          <isin value="DE000A1DAHH0"/>
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        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Borr Drilling Ltd ORD NOK 0.05</name>
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        <cusip>000000000</cusip>
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          <isin value="BMG1466R2078"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JOHN WOOD GROUP PLC ORD GBP.042857</name>
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        <title>JOHN WOOD GROUP PLC ORD GBP.042857</title>
        <cusip>G9745T118</cusip>
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          <ticker value="WG/"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HANSEN TECHNOLOGIES LTD ORD AUD NPV</name>
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        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HANG LUNG GROUP LTD ORD HKD1</name>
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        <cusip>000000000</cusip>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ELIS SA ORD EUR 1</name>
        <lei>969500UX71LCE8MAY492</lei>
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        <cusip>F2976F106</cusip>
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          <ticker value="ELIS"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>58.COM INC UNSPONSORED ADR</name>
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        <name>FAIRFAX FINANCIAL HOLDINGS LTD ORD SUB VTG NPV</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TOTAL PRODUCE PLC ORD EUR.01</name>
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        <name>Shurgard Self Storage SA ORD EUR 1</name>
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        <name>Dustin Group AB ORD SEK 5</name>
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        <name>HYVE GROUP PLC ORD GBP.01</name>
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        <name>Prosegur Cash SA ORD EUR 1</name>
        <lei>9598005HY5DEFPU2SM35</lei>
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        <name>STRAITS TRADING CO LTD ORD SGD NPV</name>
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        <title>STRAITS TRADING CO LTD ORD SGD NPV</title>
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      <invstOrSec>
        <name>Liberty Latin America Ltd ORD USD .01 CL A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>RENAISSANCERE HOLDINGS LTD ORD USD1</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RENAISSANCERE HOLDINGS LTD ORD USD1</title>
        <cusip>G7496G103</cusip>
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          <ticker value="RNR"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LAR ESPANA REAL ESTATE SOCIMI SA REIT EUR NPV</name>
        <lei>9598002PHMH00MHN3741</lei>
        <title>LAR ESPANA REAL ESTATE SOCIMI SA REIT EUR NPV</title>
        <cusip>E7S5A1113</cusip>
        <identifiers>
          <ticker value="LRE"/>
          <other otherDesc="Internal Identifier" value="570815"/>
        </identifiers>
        <balance>3003610.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.90637180"/>
        <valUSD>22234039.93000000</valUSD>
        <pctVal>5.491986862475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-02-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
