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        <name>Royal Dutch Shell plc</name>
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          <isin value="GB00B03MLX29"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="32913"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>UBS</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Inhouse Asset ID" value="34474"/>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="1123276"/>
          <other otherDesc="Future Ticker" value="BPH1 Curncy"/>
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        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
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            <payOffProf>Short</payOffProf>
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                <issuerName>N/A</issuerName>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LafargeHolcim Ltd.</name>
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        <title>LafargeHolcim Ltd.</title>
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          <isin value="CH0012214059"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Vossloh AG</name>
        <lei>5299003HAEOUVX3HWX43</lei>
        <title>Vossloh AG</title>
        <cusip>N/A</cusip>
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          <isin value="DE0007667107"/>
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        <payoffProfile>Long</payoffProfile>
        <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>Direct Line Insurance Group plc</name>
        <lei>213800FF2R23ALJQOP04</lei>
        <title>Direct Line Insurance Group plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BY9D0Y18"/>
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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>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="10575"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>HSBC Bank</counterpartyName>
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            <amtCurSold>388860.43000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="9550"/>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>State Street Bank and Trust</counterpartyName>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="40903"/>
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        <curCd>N/A</curCd>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>HSBC Bank</counterpartyName>
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      <invstOrSec>
        <name>Accor SA</name>
        <lei>969500QZC2Q0TK11NV07</lei>
        <title>Accor SA</title>
        <cusip>N/A</cusip>
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          <isin value="FR0000120404"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>FR</invCountry>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BASF SE</name>
        <lei>529900PM64WH8AF1E917</lei>
        <title>BASF SE</title>
        <cusip>N/A</cusip>
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          <isin value="DE000BASF111"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>DE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="11110"/>
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              <counterpartyName>HSBC Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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              <counterpartyName>UBS</counterpartyName>
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      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
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        <name>UniCredit SpA</name>
        <lei>549300TRUWO2CD2G5692</lei>
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        <name>Cie Financiere Richemont SA</name>
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        <title>Cie Financiere Richemont SA</title>
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        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>G4S plc</name>
        <lei>549300L3KWKK8X35QR12</lei>
        <title>G4S plc</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Persimmon plc</name>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>HSBC Bank</counterpartyName>
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        <name>Siemens AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Volkswagen AG</name>
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        <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>N/A</name>
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        <name>Covestro AG</name>
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        <name>Fresenius SE &amp; Co. KGaA</name>
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        <name>N/A</name>
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        <name>Berkeley Group Holdings plc</name>
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        <name>FHLB</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Heineken NV</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>HeidelbergCement AG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Husqvarna AB</name>
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      <invstOrSec>
        <name>Avast plc</name>
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        <name>N/A</name>
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        <name>CaixaBank SA</name>
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        <name>Anheuser-Busch InBev SA</name>
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        <name>United States of America</name>
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        <name>Siemens Energy AG</name>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="9826"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-76520.30000000</valUSD>
        <pctVal>-0.00965249876</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>UBS</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
            </counterparties>
            <amtCurSold>1000000.00000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>1145483.00000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2021-01-15</settlementDt>
            <unrealizedAppr>-76520.30000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hellenic Telecommunications Organization SA</name>
        <lei>ELPUFM0XZRZO4LFXW404</lei>
        <title>Hellenic Telecommunications Organization SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GRS260333000"/>
          <other otherDesc="Inhouse Asset ID" value="198547"/>
        </identifiers>
        <balance>1651107.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.81853157"/>
        <valUSD>26551891.05000000</valUSD>
        <pctVal>3.349334693783</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="41671"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>1204.95000000</valUSD>
        <pctVal>0.000151995985</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>HSBC Bank</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
            </counterparties>
            <amtCurSold>5748400.00000000</amtCurSold>
            <curSold>SEK</curSold>
            <amtCurPur>700326.63000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2021-02-16</settlementDt>
            <unrealizedAppr>1204.95000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cairn Energy plc</name>
        <lei>213800ZJEUQ8ZOC9AL24</lei>
        <title>Cairn Energy plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B74CDH82"/>
          <other otherDesc="Inhouse Asset ID" value="319157"/>
        </identifiers>
        <balance>7532242.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73120795"/>
        <valUSD>21599025.37000000</valUSD>
        <pctVal>2.724565451380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>U.S. Treasury Bills</title>
        <cusip>912796UC1</cusip>
        <identifiers>
          <isin value="US912796UC14"/>
          <other otherDesc="Inhouse Asset ID" value="1041618"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2499920.83000000</valUSD>
        <pctVal>0.315347466282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2021-01-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASR Nederland NV</name>
        <lei>7245000G0HS48PZWUD53</lei>
        <title>ASR Nederland NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0011872643"/>
          <other otherDesc="Inhouse Asset ID" value="636096"/>
        </identifiers>
        <balance>566900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.81853157"/>
        <valUSD>22683207.83000000</valUSD>
        <pctVal>2.861327459059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Taylor Wimpey plc</name>
        <lei>21380089BTRXTD8S3R66</lei>
        <title>Taylor Wimpey plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0008782301"/>
          <other otherDesc="Inhouse Asset ID" value="8729"/>
        </identifiers>
        <balance>899076.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73120795"/>
        <valUSD>2033823.80000000</valUSD>
        <pctVal>0.256552597385</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>2021-01-29</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>
</edgarSubmission>
