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      <invstOrSec>
        <name>General Motors Co.</name>
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        <name>BNP PARIBAS SA </name>
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        <name>ASR Nederland NV</name>
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        <name>Bristol-Myers Squibb Co.</name>
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        <name>N/A</name>
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        <name>GlaxoSmithKline plc</name>
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        <name>Alibaba Group Holding Ltd.</name>
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        <name>United States of America</name>
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        <name>Navistar International Corp.</name>
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        <name>Avaya Holdings Corp.</name>
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        <name>Schlumberger NV</name>
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        <name>Navistar International Corp.</name>
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        <name>Envision Healthcare Corp.</name>
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        <name>AbbVie, Inc.</name>
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        <name>Windstream Services LLC</name>
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        <name>Novartis AG</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Lee Enterprises, Inc.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Whiting Petroleum Corp.</name>
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        <name>Frontier Communications Corp.</name>
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        <name>iHeartMedia, Inc.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Medtronic plc</name>
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      <invstOrSec>
        <name>American Airlines, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>United States of America</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Merck &amp; Co., Inc.</name>
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      <invstOrSec>
        <name>Vistra Corp.</name>
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        <name>N/A</name>
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        <name>Discovery, Inc.</name>
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      <invstOrSec>
        <name>N/A</name>
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        <curCd>N/A</curCd>
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        <name>United States of America</name>
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        <name>N/A</name>
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        <name>Veritas US, Inc. / Veritas Bermuda Ltd.</name>
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        <name>Intelsat Jackson Holdings SA</name>
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        <invCountry>LU</invCountry>
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        <name>Occidental Petroleum Corp.</name>
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        <title>Occidental Petroleum Corp.</title>
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        <name>United States of America</name>
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        <name>United States of America</name>
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        <name>ENEOS Holdings, Inc.</name>
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        <name>Heineken NV</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>United States of America</name>
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        <name>Advanced Disposal Services, Inc.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>Walter Energy Corp.</name>
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        <name>Altria Group, Inc.</name>
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        <name>Charter Communications Operating LLC / Charter Communications Operating Capital</name>
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        <name>International Paper Co.</name>
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        <name>N/A</name>
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        <name>Institutional Fiduciary Trust Money Market Portfolio</name>
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        <name>Canadian Natural Resources Ltd.</name>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <name>Intelsat Jackson Holdings SA</name>
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      <invstOrSec>
        <name>Delta Air Lines, Inc.</name>
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        <name>Immunomedics, Inc.</name>
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        <name>Brighthouse Financial, Inc.</name>
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        <name>iHeartMedia, Inc.</name>
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        <name>Veritas US Inc.</name>
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        <name>iHeartCommunications, Inc.</name>
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        <name>Clear Channel Outdoor Holdings, Inc.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Baidu, Inc.</name>
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        <name>N/A</name>
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        <name>Intelsat SA</name>
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        <name>Schaeffler AG</name>
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        <title>Schaeffler AG</title>
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        <name>Macy's, Inc.</name>
        <lei>529900NZQ81TIOW3CW52</lei>
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        <name>N/A</name>
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        <name>United States of America</name>
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        <name>Charter Communications, Inc.</name>
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        <name>Sempra Energy</name>
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        <name>iHeartMedia, Inc.</name>
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        <name>Envision Healthcare Corp.</name>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>18655.89000000</valUSD>
        <pctVal>0.000585445260</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="Forward Foreign Currency Contract" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Bank of New York</counterpartyName>
              <counterpartyLei>WFLLPEPC7FZXENRZV188</counterpartyLei>
            </counterparties>
            <amtCurSold>3902937.74000000</amtCurSold>
            <curSold>GBP</curSold>
            <amtCurPur>5059741.17000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2021-02-16</settlementDt>
            <unrealizedAppr>18655.89000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse First Boston Latam Holdings LLC</name>
        <lei>549300P8DGS3P29REJ96</lei>
        <title>Credit Suisse First Boston Latam Holdings LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1113192"/>
        </identifiers>
        <balance>204100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>204100000.00000000</valUSD>
        <pctVal>6.404914354742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300P8DGS3P29REJ96" name="Credit Suisse First Boston Latam Holdings LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>0.06000000</repurchaseRt>
          <maturityDt>2020-10-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>208182000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>208182000.00000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huntington Ingalls Industries, Inc.</name>
        <lei>5TZLZ6WJTBVJ0QWBG121</lei>
        <title>Huntington Ingalls Industries, Inc.</title>
        <cusip>446413106</cusip>
        <identifiers>
          <isin value="US4464131063"/>
          <other otherDesc="Inhouse Asset ID" value="490494"/>
        </identifiers>
        <balance>356000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>50107000.00000000</valUSD>
        <pctVal>1.572420595654</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>2020-10-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Mutual Series Funds</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>
  <documents>XXXX</documents>
</edgarSubmission>
