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        <name>United States of America</name>
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      <invstOrSec>
        <name>BP plc</name>
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      <invstOrSec>
        <name>Avaya Holdings Corp.</name>
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        <name>American Airlines Pass-Through Trust</name>
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        <name>International Paper Co.</name>
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        <name>Medtronic plc</name>
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        <name>Willis Towers Watson plc</name>
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        <name>Comcast Corp.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>International Automotive Components Group BVBA</name>
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      <invstOrSec>
        <name>KBR, Inc.</name>
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        <name>Cognizant Technology Solutions Corp.</name>
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        <name>N/A</name>
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        <name>T-Mobile US, Inc.</name>
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        <name>N/A</name>
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        <name>Schlumberger NV</name>
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        <name>Flex Ltd.</name>
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        <name>Bosgaerde BV</name>
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        <name>Pinnacle West Capital Corp.</name>
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        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
            </counterparties>
            <amtCurSold>34907906.33000000</amtCurSold>
            <curSold>EUR</curSold>
            <amtCurPur>39983864.99000000</amtCurPur>
            <curPur>USD</curPur>
            <settlementDt>2022-08-08</settlementDt>
            <unrealizedAppr>3317637.19000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <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>2022-08-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Mutual Series Funds</ncom:nameOfApplicant>
      <ncom:signature>Jeffrey W. White </ncom:signature>
      <ncom:signerName>Jeffrey W. White </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
