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        <name>United States of America</name>
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        <name>United States of America</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>ING Groep NV</name>
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      <invstOrSec>
        <name>N/A</name>
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        <name>International General Insurance Holdings Ltd.</name>
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        <name>China Pacific Insurance Group Co. Ltd.</name>
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        <name>Everest Re Group Ltd.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Southern National Bancorp of Virginia, Inc.</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>Capital One Financial Corp.</name>
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        <name>Conduit Holdings Ltd.</name>
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        <name>Synovus Financial Corp.</name>
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        <name>N/A</name>
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        <name>Credito Valtellinese SpA</name>
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        <name>N/A</name>
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        <name>Dolphin Capital Investors Ltd.</name>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deutsche Bank AG</name>
        <lei>7LTWFZYICNSX8D621K86</lei>
        <title>Deutsche Bank AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005140008"/>
          <other otherDesc="Inhouse Asset ID" value="63625"/>
        </identifiers>
        <balance>1140770.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.81853157"/>
        <valUSD>12547827.14000000</valUSD>
        <pctVal>3.656008225826</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </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>
