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PAGE 5
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PAGE 6
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PAGE 7
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PAGE 8
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<PAGE>
PAGE 9
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PAGE 10
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PAGE 11
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<PAGE>
PAGE 12
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PAGE 13
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PAGE 14
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<PAGE>
PAGE 15
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<PAGE>
PAGE 16
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<PAGE>
PAGE 17
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PAGE 18
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<PAGE>
PAGE 19
048 K020200 0.000
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066 A000200 Y
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067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 Y
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070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
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070 O010200 Y
070 O020200 N
<PAGE>
PAGE 20
070 P010200 Y
070 P020200 N
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070 Q020200 N
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070 R020200 Y
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<PAGE>
PAGE 21
074 E000200 24333
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076 000200 0.00
015 A000301 CANADA TRUSTCO MORTGAGE COMPANY
015 B000301 S
015 C010301 TORONTO
015 D010301 CANADA
015 E040301 X
015 A000302 DEN DANSKE BANK
015 B000302 S
015 C010302 COPENHAGEN
015 D010302 DENMARK
015 E040302 X
015 A000303 THE EUROCLEAR SYSTEM (DEPOSITORY)
015 B000303 S
015 C010303 BRUSSELS
015 D010303 BELGIUM
015 E040303 X
015 A000304 MERITA BANK LTD
015 B000304 S
015 C010304 HELSINKI
015 D010304 FINLAND
015 E040304 X
015 A000305 BANQUE PARIBAS
015 B000305 S
<PAGE>
PAGE 22
015 C010305 PARIS
015 D010305 FRANCE
015 E040305 X
015 A000306 DRESDNER BANK AG
015 B000306 S
015 C010306 FRANKFURT
015 D010306 GERMANY
015 E040306 X
015 A000307 GENERALE BANK
015 B000307 S
015 C010307 BRUSSELS
015 D010307 BELGIUM
015 E040307 X
015 A000308 STANDARD CHARTERED BANK
015 B000308 S
015 C010308 HONG KONG
015 D010308 HONG KONG
015 E040308 X
015 A000309 SEOULBANK
015 B000309 S
015 C010309 SEOUL
015 D010309 SOUTH KOREA
015 E040309 X
015 A000310 MEESPIERSON N.V.
015 B000310 S
015 C010310 AMSTERDAM
015 D010310 NETHERLANDS
015 E040310 X
015 A000311 CHRISTIANIA BANK OG KREDITKASSE
015 B000311 S
015 C010311 OSLO
015 D010311 NORWAY
015 E040311 X
015 A000312 SKANDINAVISKA ENSKILDA BANKEN
015 B000312 S
015 C010312 STOCKHOLM
015 D010312 SWEDEN
015 E040312 X
015 A000313 UNION BANK OF SWITZERLAND
015 B000313 S
015 C010313 ZURICH
015 D010313 SWITZERLAND
015 D020313 8021
015 E040313 X
015 A000314 STATE STREET BANK AND TRUST COMPANY
015 B000314 S
015 C010314 LONDON
015 D010314 UNITED KINGDOM
015 D020314 E145AF
015 E040314 X
015 A000315 DELETE
<PAGE>
PAGE 23
015 A000316 STATE STREET BANK & TRUST COMPANY
015 B000316 C
015 C010316 BOSTON
015 C020316 MA
015 C030316 02110
015 E010316 X
015 A000317 WESTPAC BANKING CORPORATION
015 B000317 S
015 C010317 SYDNEY
015 D010317 AUSTRALIA
015 E040317 X
015 A000318 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARKA
015 B000318 S
015 C010318 VIENNA
015 D010318 AUSTRIA
015 E040318 X
015 A000319 STANDARD CHARTERED BANK
015 B000319 S
015 C010319 DHAKA
015 D010319 BANGLADESH
015 E040319 X
015 A000320 DELETE
015 A000321 DELETE
015 A000322 CITIBANK BUDAPEST RT.
015 B000322 S
015 C010322 BUDAPEST
015 D010322 HUNGARY
015 E040322 X
015 A000323 BANK OF IRELAND
015 B000323 S
015 C010323 DUBLIN
015 D010323 IRELAND
015 E040323 X
015 A000324 MORGAN GUARANTY TRUST COMPANY
015 B000324 S
015 C010324 MILAN
015 D010324 ITALY
015 E040324 X
015 A000325 THE DAIWA BANK, LIMITED
015 B000325 S
015 C010325 TOKYO
015 D010325 JAPAN
015 E040325 X
015 A000326 THE FUJI BANK, LIMITED
015 B000326 S
015 C010326 TOKYO
015 D010326 JAPAN
015 E040326 X
015 A000327 THE SUMITOMO TRUST & BANKING CO., LTD.
015 B000327 S
015 C010327 TOKYO
<PAGE>
PAGE 24
015 D010327 JAPAN
015 E040327 X
015 A000328 DEUTSCHE BANK AG
015 B000328 S
015 C010328 KARACHI
015 D010328 PAKISTAN
015 E040328 X
015 A000329 CITIBANK, N.A.
015 B000329 S
015 C010329 LIMA
015 D010329 PERU
015 E040329 X
015 A000330 BANCO COMERCIAL PORTUGUES
015 B000330 S
015 C010330 LISBON
015 D010330 PORTUGAL
015 E040330 X
015 A000331 CREDIT SUISSE (MOSCOW) LIMITED
015 B000331 S
015 C010331 MOSCOW
015 D010331 RUSSIA
015 E040331 X
015 A000332 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000332 S
015 C010332 SINGAPORE
015 D010332 SINGAPORE
015 E040332 X
015 A000333 BANCO SANTANDER, S.A.
015 B000333 S
015 C010333 MADRID
015 D010333 SPAIN
015 E040333 X
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<PAGE>
PAGE 25
028 E040300 56031
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<PAGE>
PAGE 26
048 F020300 0.000
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066 A000300 Y
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069 000300 N
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070 B020300 Y
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070 J020300 Y
<PAGE>
PAGE 27
070 K010300 Y
070 K020300 Y
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070 R020300 Y
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<PAGE>
PAGE 28
072DD020300 0
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015 A000401 WESTPAC BANKING CORPORATION
015 B000401 S
015 C010401 SYDNEY
015 D010401 AUSTRALIA
015 D020401 NSW 2000
015 E040401 X
015 A000402 CANADA TRUSTCO MORTGAGE COMPANY
015 B000402 S
015 C010402 TORONTO
015 D010402 CANADA
015 D020402 M5J2T2
015 E040402 X
<PAGE>
PAGE 29
015 A000403 GENERALE BANK
015 B000403 S
015 C010403 BRUSSELS
015 D010403 BELGIUM
015 E040403 X
015 A000404 DEN DANSKE BANK
015 B000404 S
015 C010404 COPENHAGEN
015 D010404 DENMARK
015 E040404 X
015 A000405 EUROCLEAR CLEARANCE SYSTEM (DEPOSITORY)
015 B000405 S
015 C010405 BRUSSELS
015 D010405 BELGIUM
015 D020405 B-1210
015 E040405 X
015 A000406 MERITA BANK, LTD.
015 B000406 S
015 C010406 HELSINKI
015 D010406 FINLAND
015 D020406 00500
015 E040406 X
015 A000407 BANQUE PARIBAS
015 B000407 S
015 C010407 PARIS
015 D010407 FRANCE
015 D020407 75002
015 E040407 X
015 A000408 DRESDNER BANK AG
015 B000408 S
015 C010408 FRANKFURT
015 D010408 GERMANY
015 D020408 D-60301
015 E040408 X
015 A000409 STANDARD CHARTERED BANK
015 B000409 S
015 C010409 HONG KONG
015 D010409 HONG KONG
015 E040409 X
015 A000410 SEOULBANK
015 B000410 S
015 C010410 SEOUL
015 D010410 SOUTH KOREA
015 E040410 X
015 A000411 MEESPIERSON N.V.
015 B000411 S
015 C010411 AMSTERDAM
015 D010411 NETHERLANDS
015 E040411 X
015 A000412 CHRISTIANIA BANK OG KREDITKASSE
015 B000412 S
<PAGE>
PAGE 30
015 C010412 OSLO
015 D010412 NORWAY
015 E040412 X
015 A000413 BANCO COMERCIAL PORTUGUES
015 B000413 S
015 C010413 LISBON
015 D010413 PORTUGAL
015 D020413 1000
015 E040413 X
015 A000414 DEVELOPMENT BANK OF SINGAPORE
015 B000414 S
015 C010414 SINGAPORE
015 D010414 SINGAPORE
015 D020414 0104
015 E040414 X
015 A000415 BANCO SANTANDER, S.A.
015 B000415 S
015 C010415 MADRID
015 D010415 SPAIN
015 D020415 28022
015 E040415 X
015 A000416 SKANDINAVISKA ENSKILDA BANKEN
015 B000416 S
015 C010416 STOCKHOLM
015 D010416 SWEDEN
015 D020416 S-106 40
015 E040416 X
015 A000417 STATE STREET BANK AND TRUST COMPANY
015 B000417 S
015 C010417 LONDON
015 D010417 UNITED KINGDOM
015 D020417 E145AF
015 E040417 X
015 A000418 UNION BANK OF SWITZERLAND
015 B000418 S
015 C010418 ZURICH
015 D010418 SWITZERLAND
015 D020418 8021
015 E040418 X
015 A000419 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B000419 S
015 C010419 WELLINGTON
015 D010419 NEW ZEALAND
015 E040419 X
015 A000420 STATE STREET BANK & TRUST COMPANY
015 B000420 C
015 C010420 BOSTON
015 C020420 MA
015 C030420 02110
015 E010420 X
015 A000421 CREDIT SUISSE (MOSCOW) LIMITED
<PAGE>
PAGE 31
015 B000421 S
015 C010421 MOSCOW
015 D010421 RUSSIA
015 E040421 X
015 A000422 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARKA
015 B000422 S
015 C010422 VIENNA
015 D010422 AUSTRIA
015 E040422 X
015 A000423 STANDARD CHARTERED BANK
015 B000423 S
015 C010423 DHAKA
015 D010423 BANGLADESH
015 E040423 X
015 A000424 THE HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000424 S
015 C010424 SHANGHAI
015 D010424 CHINA
015 E040424 X
015 A000425 THE HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000425 S
015 C010425 SHENZHEN
015 D010425 CHINA
015 E040425 X
015 A000426 CITIBANK BUDAPEST RT.
015 B000426 S
015 C010426 BUDAPEST
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015 E040426 X
015 A000427 BANK OF IRELAND
015 B000427 S
015 C010427 DUBLIN
015 D010427 IRELAND
015 E040427 X
015 A000428 MORGAN GUARANTY TRUST COMPANY
015 B000428 S
015 C010428 MILAN
015 D010428 ITALY
015 E040428 X
015 A000429 THE DAIWA BANK, LIMITED
015 B000429 S
015 C010429 TOKYO
015 D010429 JAPAN
015 E040429 X
015 A000430 DEUTSCHE BANK AG
015 B000430 S
015 C010430 KARACHI
015 D010430 PAKISTAN
015 E040430 X
015 A000431 CITIBANK, N.A.
015 B000431 S
<PAGE>
PAGE 32
015 C010431 LIMA
015 D010431 PERU
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<PAGE>
PAGE 33
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<PAGE>
PAGE 34
068 A000400 N
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<PAGE>
PAGE 35
072 I000400 1182
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<PAGE>
PAGE 36
074 T000400 4245087
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015 A000501 GIROCREDIT BANK AKTIENGESELLSCHAFT DER SPARKA
015 B000501 S
015 C010501 VIENNA
015 D010501 AUSTRIA
015 E040501 X
015 A000502 DEN DANSKE BANK
015 B000502 S
015 C010502 COPENHAGEN
015 D010502 DENMARK
015 E040502 X
015 A000503 EUROCLEAR CLEARANCE SYSTEM (DEPOSITORY)
015 B000503 S
015 C010503 BRUSSELS
015 D010503 BELGIUM
015 D020503 B-1210
015 E040503 X
015 A000504 MERITA BANK LTD
015 B000504 S
015 C010504 HELSINKI
015 D010504 FINLAND
015 E040504 X
015 A000505 BANQUE PARIBAS
015 B000505 S
015 C010505 PARIS
015 D010505 FRANCE
015 D020505 75002
015 E040505 X
015 A000506 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000506 S
015 C010506 SHENZHEN
015 D010506 CHINA
015 E040506 X
015 A000507 DRESDNER BANK AG
015 B000507 S
015 C010507 FRANKFURT
015 D010507 GERMANY
015 E040507 X
015 A000508 MORGAN GUARANTY TRUST CO
015 B000508 S
015 C010508 MILAN
<PAGE>
PAGE 37
015 D010508 ITALY
015 D020508 20121
015 E040508 X
015 A000509 MEESPIERSON NV
015 B000509 S
015 C010509 AMSTERDAM
015 D010509 NETHERLANDS
015 D020509 1000
015 E040509 X
015 A000510 CHRISTIANIA BANK OG KREDITKASSE
015 B000510 S
015 C010510 OSLO
015 D010510 NORWAY
015 E040510 X
015 A000511 BANCO COMERCIAL PORTUGUES
015 B000511 S
015 C010511 LISBON
015 D010511 PORTUGAL
015 D020511 1000
015 E040511 X
015 A000512 BANCO SANTANDER, S.A.
015 B000512 S
015 C010512 MADRID
015 D010512 SPAIN
015 D020512 28022
015 E040512 X
015 A000513 SKANDINAVISKA ENSKILDA BANKEN
015 B000513 S
015 C010513 STOCKHOLM
015 D010513 SWEDEN
015 D020513 S-106 40
015 E040513 X
015 A000514 UNION BANK OF SWITZERLAND
015 B000514 S
015 C010514 ZURICH
015 D010514 SWITZERLAND
015 D020514 8021
015 E040514 X
015 A000515 STATE STREET BANK AND TRUST COMPANY
015 B000515 S
015 C010515 LONDON
015 D010515 UNITED KINGDOM
015 D020515 E145AF
015 E040515 X
015 A000516 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000516 S
015 C010516 SINGAPORE
015 D010516 SINGAPORE
015 D020516 1204
015 E040516 X
015 A000517 STATE STREET BANK & TRUST COMPANY
<PAGE>
PAGE 38
015 B000517 C
015 C010517 BOSTON
015 C020517 MA
015 C030517 02110
015 E010517 X
015 A000518 DEUTSCHE BANK AG
015 B000518 S
015 C010518 KARACHI
015 D010518 PAKISTAN
015 E040518 X
015 A000519 CITIBANK, N.A.
015 B000519 S
015 C010519 LIMA
015 D010519 PERU
015 E040519 X
015 A000520 BANK OF IRELAND
015 B000520 S
015 C010520 DUBLIN
015 D010520 IRELAND
015 E040520 X
015 A000521 CITIBANK BUDAPEST RT
015 B000521 S
015 C010521 BUDAPEST
015 D010521 HUNGARY
015 E040521 X
015 A000522 WESTPAC BNKG CORP
015 B000522 S
015 C010522 SYNDEY
015 D010522 AUSTRALIA
015 E040522 X
015 A000523 STANDARD CHARTERED BANK
015 B000523 S
015 C010523 DHAKA
015 D010523 BANGLADESH
015 E040523 X
015 A000524 SEOUL BANK
015 B000524 S
015 C010524 SEOUL
015 D010524 SOUTH KOREA
015 E040524 X
015 A000525 CREDIT SUISSE MOSCOW LTD
015 B000525 S
015 C010525 MOSCOW
015 D010525 RUSSIA
015 E040525 X
015 A000526 STANDARD CHARTERED BANK
015 B000526 S
015 C010526 HONG KONG
015 D010526 HONG KONG
015 E040526 X
015 A000527 GENERALE BANK
<PAGE>
PAGE 39
015 B000527 S
015 C010527 BRUSSELS
015 D010527 BELGIUM
015 E040527 X
015 A000528 CANADA TRUSTCO MORTGAGE CO
015 B000528 S
015 C010528 TORONTO
015 D010528 CANADA
015 E040528 X
015 A000529 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000529 S
015 C010529 SHANGHAI
015 D010529 CHINA
015 E040529 X
015 A000530 DELETE
028 A010500 48322
028 A020500 0
028 A030500 0
028 A040500 9209
028 B010500 39884
028 B020500 0
028 B030500 0
028 B040500 10324
028 C010500 40863
028 C020500 0
028 C030500 0
028 C040500 12630
028 D010500 49762
028 D020500 0
028 D030500 0
028 D040500 24506
028 E010500 68721
028 E020500 0
028 E030500 0
028 E040500 13605
028 F010500 23175
028 F020500 0
028 F030500 0
028 F040500 31300
028 G010500 270727
028 G020500 0
028 G030500 0
028 G040500 101574
028 H000500 43116
029 000500 Y
030 A000500 1059
030 B000500 4.50
030 C000500 0.00
031 A000500 52
031 B000500 0
032 000500 1007
<PAGE>
PAGE 40
033 000500 0
034 000500 Y
035 000500 8
036 A000500 Y
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 100
043 000500 132
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.800
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
<PAGE>
PAGE 41
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
<PAGE>
PAGE 42
071 A000500 485094
071 B000500 208089
071 C000500 468639
071 D000500 44
072 A000500 6
072 B000500 3190
072 C000500 11975
072 D000500 0
072 E000500 0
072 F000500 2371
072 G000500 231
072 H000500 0
072 I000500 203
072 J000500 152
072 K000500 0
072 L000500 31
072 M000500 3
072 N000500 103
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 10
072 S000500 11
072 T000500 132
072 U000500 0
072 V000500 0
072 W000500 8
072 X000500 3255
072 Y000500 50
072 Z000500 11960
072AA000500 51794
072BB000500 12124
072CC010500 18847
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 11481
074 B000500 0
074 C000500 114884
074 D000500 19643
074 E000500 3698
074 F000500 547029
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 9701
<PAGE>
PAGE 43
074 K000500 0
074 L000500 5429
074 M000500 17716
074 N000500 729581
074 O000500 21887
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 5615
074 S000500 0
074 T000500 702079
074 U010500 47844
074 U020500 6691
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 28230
074 Y000500 0
075 A000500 0
075 B000500 599011
076 000500 0.00
074 O003600 0
074 P003600 0
074 Q003600 0
074 R013600 0
074 R023600 0
074 R033600 0
074 R043600 0
074 S003600 0
074 T003600 0
074 U013600 0
074 U023600 0
074 V013600 0.00
074 V023600 0.00
074 W003600 0.0000
074 X003600 0
074 Y003600 0
SIGNATURE JIM BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL SHARES FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> MUTUAL SHARES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 6107767673
<INVESTMENTS-AT-VALUE> 7957430970
<RECEIVABLES> 120781677
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 108946468
<TOTAL-ASSETS> 8187159115
<PAYABLE-FOR-SECURITIES> 38866353
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 94468722
<TOTAL-LIABILITIES> 133335075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5671605579
<SHARES-COMMON-STOCK> 22666132
<SHARES-COMMON-PRIOR> 373178
<ACCUMULATED-NII-CURRENT> 73406139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 425830111
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1882982211
<NET-ASSETS> 8053824040
<DIVIDEND-INCOME> 58705788
<INTEREST-INCOME> 44733310
<OTHER-INCOME> 0
<EXPENSES-NET> 26419323
<NET-INVESTMENT-INCOME> 77019775
<REALIZED-GAINS-CURRENT> 333530189
<APPREC-INCREASE-CURRENT> 520746675
<NET-CHANGE-FROM-OPS> 931296639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20139050
<NUMBER-OF-SHARES-REDEEMED> (1005306)
<SHARES-REINVESTED> 3159210
<NET-CHANGE-IN-ASSETS> 1459254116
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92299922
<OVERDISTRIB-NII-PRIOR> (3613636)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21433711
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27637264
<AVERAGE-NET-ASSETS> 235253294
<PER-SHARE-NAV-BEGIN> 18.56
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> 2.16
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.07 <F1>
<EXPENSE-RATIO> 1.06 <F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> The per share NAV has been restated to reflect a 5-for-1 stock split
effective February 3, 1997.
<F2> The expense ratio per the Mutual Shares Fund semi-annual report without
reimbursement at June 30, 1997 is 1.10%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL SHARES FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER>002
<NAME> MUTUAL SHARES FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 6107767673
<INVESTMENTS-AT-VALUE> 7957430970
<RECEIVABLES> 120781677
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 108946468
<TOTAL-ASSETS> 8187159115
<PAYABLE-FOR-SECURITIES> 38866353
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 94468722
<TOTAL-LIABILITIES> 133335075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5671605579
<SHARES-COMMON-STOCK> 11939047
<SHARES-COMMON-PRIOR> 181853
<ACCUMULATED-NII-CURRENT> 73406139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 425830111
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1882982211
<NET-ASSETS> 8053824040
<DIVIDEND-INCOME> 58705788
<INTEREST-INCOME> 44733310
<OTHER-INCOME> 0
<EXPENSES-NET> 26419323
<NET-INVESTMENT-INCOME> 77019775
<REALIZED-GAINS-CURRENT> 333530189
<APPREC-INCREASE-CURRENT> 520746675
<NET-CHANGE-FROM-OPS> 931296639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10190266
<NUMBER-OF-SHARES-REDEEMED> (129340)
<SHARES-REINVESTED> 1696268
<NET-CHANGE-IN-ASSETS> 1459254116
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92299922
<OVERDISTRIB-NII-PRIOR> (3613636)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21433711
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27637264
<AVERAGE-NET-ASSETS> 111017363
<PER-SHARE-NAV-BEGIN> 18.56
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 2.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.00 <F1>
<EXPENSE-RATIO> 1.72 <F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> The per share NAV has been restated to reflect a 5-for-1 stock split
effective February 3, 1997.
<F2> The expense ratio per the Mutual Shares Fund semi-annual report without
reimbursement at June 30, 1997 is 1.75%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL SHARES FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> MUTUAL SHARES FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 6107767673
<INVESTMENTS-AT-VALUE> 7957430970
<RECEIVABLES> 120781677
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 108946468
<TOTAL-ASSETS> 8187159115
<PAYABLE-FOR-SECURITIES> 38866353
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 94468722
<TOTAL-LIABILITIES> 133335075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5671605579
<SHARES-COMMON-STOCK> 346908614
<SHARES-COMMON-PRIOR> 70472770
<ACCUMULATED-NII-CURRENT> 73406139
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 425830111
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1882982211
<NET-ASSETS> 8053824040
<DIVIDEND-INCOME> 58705788
<INTEREST-INCOME> 44733310
<OTHER-INCOME> 0
<EXPENSES-NET> 26419323
<NET-INVESTMENT-INCOME> 77019775
<REALIZED-GAINS-CURRENT> 333530189
<APPREC-INCREASE-CURRENT> 520746675
<NET-CHANGE-FROM-OPS> 931296639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13121177
<NUMBER-OF-SHARES-REDEEMED> (16413223)
<SHARES-REINVESTED> 279727890
<NET-CHANGE-IN-ASSETS> 1459254116
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92299922
<OVERDISTRIB-NII-PRIOR> (3613636)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21433711
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27637264
<AVERAGE-NET-ASSETS> 6865703781
<PER-SHARE-NAV-BEGIN> 18.58
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 2.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.12 <F1>
<EXPENSE-RATIO> 0.71 <F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> The per share NAV has been restated to reflect a 5-for-1 stock split
effective February 3, 1997.
<F2> The expense ratio per the Mutual Shares Fund semi-annual report without
reimbursement at June 30, 1997 is .75%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL QUALIFIED FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND INC.
<SERIES>
<NUMBER> 021
<NAME> MUTUAL QUALIFIED FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 4097428897
<INVESTMENTS-AT-VALUE> 5136297212
<RECEIVABLES> 140169907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 97778001
<TOTAL-ASSETS> 5374245120
<PAYABLE-FOR-SECURITIES> 38599978
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65958273
<TOTAL-LIABILITIES> 104558251
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3864276753
<SHARES-COMMON-STOCK> 11972206
<SHARES-COMMON-PRIOR> 627900
<ACCUMULATED-NII-CURRENT> 49791111
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 282116682
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1073502323
<NET-ASSETS> 5269686869
<DIVIDEND-INCOME> 39952988
<INTEREST-INCOME> 29348740
<OTHER-INCOME> 0
<EXPENSES-NET> 17914617
<NET-INVESTMENT-INCOME> 51387111
<REALIZED-GAINS-CURRENT> 213355532
<APPREC-INCREASE-CURRENT> 347533398
<NET-CHANGE-FROM-OPS> 612276041
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9974728
<NUMBER-OF-SHARES-REDEEMED> (312534)
<SHARES-REINVESTED> 1682112
<NET-CHANGE-IN-ASSETS> 952367433
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 68761150
<OVERDISTRIB-NII-PRIOR> (1596000)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14043145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17914617
<AVERAGE-NET-ASSETS> 114279227
<PER-SHARE-NAV-BEGIN> 16.23<F2>
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 2.11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.42
<EXPENSE-RATIO> 1.10<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL QUALIFIED FUND SEMI-ANNUAL REPORT WITHOUT
REIMBURSEMENT AT JUNE 30, 1997 IS 1.13%.
<F2>THE PER SHARE NAV HAVE BEEN RESTATED TO REFLECT A 2-FOR-1 STOCK SPLIT
EFFECTIVE FEBRUARY 3, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL QUALIFIED FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND INC.
<SERIES>
<NUMBER>022
<NAME>MUTUAL QUALIFIED FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 4097428897
<INVESTMENTS-AT-VALUE> 5136297212
<RECEIVABLES> 140169907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 97778001
<TOTAL-ASSETS> 5374245120
<PAYABLE-FOR-SECURITIES> 38599978
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65958273
<TOTAL-LIABILITIES> 104558251
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3864276753
<SHARES-COMMON-STOCK> 5807507
<SHARES-COMMON-PRIOR> 307021
<ACCUMULATED-NII-CURRENT> 49791111
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 282116682
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1073502323
<NET-ASSETS> 5269686869
<DIVIDEND-INCOME> 39952988
<INTEREST-INCOME> 29348740
<OTHER-INCOME> 0
<EXPENSES-NET> 17914617
<NET-INVESTMENT-INCOME> 51387111
<REALIZED-GAINS-CURRENT> 213355532
<APPREC-INCREASE-CURRENT> 347533398
<NET-CHANGE-FROM-OPS> 612276041
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4992998
<NUMBER-OF-SHARES-REDEEMED> (147770)
<SHARES-REINVESTED> 655258
<NET-CHANGE-IN-ASSETS> 952367433
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 68761150
<OVERDISTRIB-NII-PRIOR> (1596000)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14043145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17914617
<AVERAGE-NET-ASSETS> 52325886
<PER-SHARE-NAV-BEGIN> 16.23<F2>
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 2.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.37
<EXPENSE-RATIO> 1.75<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL QUALIFIED FUND SEMI-ANNUAL RPORT WITHOUT
REIMBURSEMENT AT JUNE 30, 1997 IS 1.78%.
<F2>THE PER SHARE NAV HAVE BEEN RESTATED TO REFLECT A 2-FOR-1 STOCK SPLIT
EFFECTIVE FEBRUARY 3, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL QUALIFIED FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 023
<NAME> MUTUAL QUALIFIED FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 4097428897
<INVESTMENTS-AT-VALUE> 5136297212
<RECEIVABLES> 140169907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 97778001
<TOTAL-ASSETS> 5374245120
<PAYABLE-FOR-SECURITIES> 38599978
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 65958273
<TOTAL-LIABILITIES> 104558251
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3864276753
<SHARES-COMMON-STOCK> 267649100
<SHARES-COMMON-PRIOR> 132024411
<ACCUMULATED-NII-CURRENT> 49791111
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 282116682
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1073502323
<NET-ASSETS> 5269686869
<DIVIDEND-INCOME> 39952988
<INTEREST-INCOME> 29348740
<OTHER-INCOME> 0
<EXPENSES-NET> 17914617
<NET-INVESTMENT-INCOME> 51387111
<REALIZED-GAINS-CURRENT> 213355532
<APPREC-INCREASE-CURRENT> 347533398
<NET-CHANGE-FROM-OPS> 612276041
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19237457
<NUMBER-OF-SHARES-REDEEMED> (15000638)
<SHARES-REINVESTED> 131387870
<NET-CHANGE-IN-ASSETS> 952367433
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 68761150
<OVERDISTRIB-NII-PRIOR> (1596000)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14043145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17914617
<AVERAGE-NET-ASSETS> 4558449001
<PER-SHARE-NAV-BEGIN> 16.24<F2>
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> 2.05
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.47
<EXPENSE-RATIO> 0.74<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL QUALIFIED FUND SEMI-ANNUAL REPORT WITHOUT
REIMBURSEMENT AT JUNE 30, 1997 IS 0.78%.
<F2>THE PER SHARE NAV HAVE BEEN RESTATED TO REFLECT A 2-FOR-1 STOCK SPLIT
EFFECTIVE FEBRUARY 3, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL BEACON FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIESFUND INC.
<SERIES>
<NUMBER>031
<NAME> MUTUAL BEACON FUND CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 4938044492
<INVESTMENTS-AT-VALUE> 5963810145
<RECEIVABLES> 87451981
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 115245383
<TOTAL-ASSETS> 6166507509
<PAYABLE-FOR-SECURITIES> 37186006
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74066554
<TOTAL-LIABILITIES> 111252560
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4602005995
<SHARES-COMMON-STOCK> 28060854
<SHARES-COMMON-PRIOR> 1337413
<ACCUMULATED-NII-CURRENT> 59079937
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 326077751
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1068091266
<NET-ASSETS> 6055254949
<DIVIDEND-INCOME> 50625529
<INTEREST-INCOME> 30647672
<OTHER-INCOME> 0
<EXPENSES-NET> 20570654
<NET-INVESTMENT-INCOME> 60702547
<REALIZED-GAINS-CURRENT> 249880134
<APPREC-INCREASE-CURRENT> 328020235
<NET-CHANGE-FROM-OPS> 638602916
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23236970
<NUMBER-OF-SHARES-REDEEMED> (1266794)
<SHARES-REINVESTED> 4753265
<NET-CHANGE-IN-ASSETS> 1066533894
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76197617
<OVERDISTRIB-NII-PRIOR> (1622610)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 26083112
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 32699431
<AVERAGE-NET-ASSETS> 214614973
<PER-SHARE-NAV-BEGIN> 12.98<F2>
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 1.34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.55
<EXPENSE-RATIO> 1.08<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL BEACON FUND CLASS I SEMI-ANNUAL REPORT
WITHOUT REIMBURSEMENT AT JUNE 30, 1997 IS 1.11%.
<F2>PER SHARE NAV HAVE BEEN RESTATED TO REFLECT A 3-FOR-1 STOCK SPLIT EFFECTIVE
FEBRAURY 3, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL BEACON FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 032
<NAME> MUTUAL BEACON CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 4938044492
<INVESTMENTS-AT-VALUE> 5963810145
<RECEIVABLES> 87451981
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 115245383
<TOTAL-ASSETS> 6166507509
<PAYABLE-FOR-SECURITIES> 37186006
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74066554
<TOTAL-LIABILITIES> 111252560
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4602005995
<SHARES-COMMON-STOCK> 12453594
<SHARES-COMMON-PRIOR> 417780
<ACCUMULATED-NII-CURRENT> 59079937
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 326077751
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1068091266
<NET-ASSETS> 6055254945
<DIVIDEND-INCOME> 50625529
<INTEREST-INCOME> 30647672
<OTHER-INCOME> 0
<EXPENSES-NET> 20570654
<NET-INVESTMENT-INCOME> 60702547
<REALIZED-GAINS-CURRENT> 249880134
<APPREC-INCREASE-CURRENT> 328020235
<NET-CHANGE-FROM-OPS> 638602916
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10370027
<NUMBER-OF-SHARES-REDEEMED> (174325)
<SHARES-REINVESTED> 1840112
<NET-CHANGE-IN-ASSETS> 1066533894
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76197617
<OVERDISTRIB-NII-PRIOR> (1622610)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16331590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21482072
<AVERAGE-NET-ASSETS> 90636220
<PER-SHARE-NAV-BEGIN> 12.98<F2>
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.50
<EXPENSE-RATIO> 1.73<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL BEACON FUND SEMI-ANNUAL REPORT WITHOUT
REIMBURSEMENT AT JUNE 30, 1997 IS 1.76%.
<F2>THE PER SHARE NAV HAVE BEEN RESTATED TO REFLECT A 3-FOR-1 STOCK SPLIT
EFFECTIVE FEBRUARY 3, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL BEACON FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER>033
<NAME> MUTUAL BEACON CLASS Z
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 4938044492
<INVESTMENTS-AT-VALUE> 5963810145
<RECEIVABLES> 87451981
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 115245383
<TOTAL-ASSETS> 6166507509
<PAYABLE-FOR-SECURITIES> 37186006
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74066554
<TOTAL-LIABILITIES> 111252560
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4602005995
<SHARES-COMMON-STOCK> 374866842
<SHARES-COMMON-PRIOR> 126316355
<ACCUMULATED-NII-CURRENT> 59079937
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 326077751
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1068091266
<NET-ASSETS> 6055254945
<DIVIDEND-INCOME> 50625529
<INTEREST-INCOME> 30647672
<OTHER-INCOME> 0
<EXPENSES-NET> 20570654
<NET-INVESTMENT-INCOME> 60702547
<REALIZED-GAINS-CURRENT> 249880134
<APPREC-INCREASE-CURRENT> 328020235
<NET-CHANGE-FROM-OPS> 638602916
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24166174
<NUMBER-OF-SHARES-REDEEMED> (27339025)
<SHARES-REINVESTED> 251723338
<NET-CHANGE-IN-ASSETS> 1066533894
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76197617
<OVERDISTRIB-NII-PRIOR> (1622610)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16331590
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21482072
<AVERAGE-NET-ASSETS> 5495071339
<PER-SHARE-NAV-BEGIN> 12.998<F2>
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 1.45
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.59
<EXPENSE-RATIO> .72<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL BEACON FUND CLASS Z SEMI-ANNUAL REPORT WITHOUT
REIMBURSEMENT AT JUNE 30, 1997 IS .76%.
<F2>THE PER SHARE NAV HAVE BEEN RESTATED TO REFLECT A 3-FOR-1 STOCK SPLIT
EFFECTIVE FEBRUARY 3, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL EUROPEAN FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND INC.
<SERIES>
<NUMBER>041
<NAME>MUTUTAL EUROPEAN FUND CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 651065737
<INVESTMENTS-AT-VALUE> 685253673
<RECEIVABLES> 15129782
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29197817
<TOTAL-ASSETS> 729581272
<PAYABLE-FOR-SECURITIES> 21887874
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5614547
<TOTAL-LIABILITIES> 27502421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 599220699
<SHARES-COMMON-STOCK> 4585489
<SHARES-COMMON-PRIOR> 808273
<ACCUMULATED-NII-CURRENT> 12540982
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 43034337
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47282833
<NET-ASSETS> 702078851
<DIVIDEND-INCOME> 11974765
<INTEREST-INCOME> 3189952
<OTHER-INCOME> 0
<EXPENSES-NET> 3204421
<NET-INVESTMENT-INCOME> 11960296
<REALIZED-GAINS-CURRENT> 39669846
<APPREC-INCREASE-CURRENT> 18846781
<NET-CHANGE-FROM-OPS> 70476923
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5610052
<NUMBER-OF-SHARES-REDEEMED> (1832836)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 239629895
<ACCUMULATED-NII-PRIOR> 580686
<ACCUMULATED-GAINS-PRIOR> 3364491
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2371151
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3254455
<AVERAGE-NET-ASSETS> 35923162
<PER-SHARE-NAV-BEGIN> 11.38
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 1.29
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.85
<EXPENSE-RATIO> 1.38<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL EUROPEAN FUND CLASS I SEMI-ANNUAL REPORT
WITHOUT REIMBURSEMENT AT JUNE 30, 1997 IS 1.40%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL EUROPEAN FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER>042
<NAME> MUTUAL EUROPEAN FUND CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 651065737
<INVESTMENTS-AT-VALUE> 685253673
<RECEIVABLES> 15129782
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29197817
<TOTAL-ASSETS> 729581272
<PAYABLE-FOR-SECURITIES> 21887874
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5614547
<TOTAL-LIABILITIES> 27502421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 599220699
<SHARES-COMMON-STOCK> 2105900
<SHARES-COMMON-PRIOR> 242005
<ACCUMULATED-NII-CURRENT> 12540982
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 43034337
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47282833
<NET-ASSETS> 702078851
<DIVIDEND-INCOME> 11974765
<INTEREST-INCOME> 3189952
<OTHER-INCOME> 0
<EXPENSES-NET> 3204421
<NET-INVESTMENT-INCOME> 11960296
<REALIZED-GAINS-CURRENT> 39669846
<APPREC-INCREASE-CURRENT> 18846781
<NET-CHANGE-FROM-OPS> 70476923
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1952353
<NUMBER-OF-SHARES-REDEEMED> (88458)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 239629895
<ACCUMULATED-NII-PRIOR> 580686
<ACCUMULATED-GAINS-PRIOR> 3364491
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2371151
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3254455
<AVERAGE-NET-ASSETS> 13956853
<PER-SHARE-NAV-BEGIN> 11.38
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.80
<EXPENSE-RATIO> 2.04<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL EUROPEAN FUND CLASS II SEMI-ANNUAL REPORT
WITHOUT REIMBURSEMENT AT JUNE 30, 1997 IS 2.05%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL EUROPEAN FUND JUNE 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER>043
<NAME>MUTUAL EUROPEAN FUND CLASS Z
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 651065737
<INVESTMENTS-AT-VALUE> 685253673
<RECEIVABLES> 15129782
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29197817
<TOTAL-ASSETS> 729581272
<PAYABLE-FOR-SECURITIES> 21887874
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5614547
<TOTAL-LIABILITIES> 27502421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 599220699
<SHARES-COMMON-STOCK> 47843970
<SHARES-COMMON-PRIOR> 39546933
<ACCUMULATED-NII-CURRENT> 12540982
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 43034337
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47282833
<NET-ASSETS> 702078851
<DIVIDEND-INCOME> 11974765
<INTEREST-INCOME> 3189952
<OTHER-INCOME> 0
<EXPENSES-NET> 3204421
<NET-INVESTMENT-INCOME> 11960296
<REALIZED-GAINS-CURRENT> 39669846
<APPREC-INCREASE-CURRENT> 18846781
<NET-CHANGE-FROM-OPS> 70476923
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14677957
<NUMBER-OF-SHARES-REDEEMED> (6380920)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 239629895
<ACCUMULATED-NII-PRIOR> 580686
<ACCUMULATED-GAINS-PRIOR> 3364491
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2371151
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3254455
<AVERAGE-NET-ASSETS> 599011042
<PER-SHARE-NAV-BEGIN> 11.39
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 1.269
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.88
<EXPENSE-RATIO> 1.03<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL EUROPEAN FUND CLASS Z SEMI-ANNUAL REPORT
WITHOUT REIMBURSEMENT AT JUNE 30, 1997 IS 1.05%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL DISCOVERY, JUNE 30, 1997, SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERNCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 051
<NAME> MUTUAL DISCOVERY FUND-CLASS I
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 3612766344
<INVESTMENTS-AT-VALUE> 4177355556
<RECEIVABLES> 55844639
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 108688662
<TOTAL-ASSETS> 4341888857
<PAYABLE-FOR-SECURITIES> 58320844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38480702
<TOTAL-LIABILITIES> 96801546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3368569401
<SHARES-COMMON-STOCK> 19512083
<SHARES-COMMON-PRIOR> 1743246
<ACCUMULATED-NII-CURRENT> 38603108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 240549717
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 597365085
<NET-ASSETS> 4245087311
<DIVIDEND-INCOME> 41638323
<INTEREST-INCOME> 19596219
<OTHER-INCOME> 0
<EXPENSES-NET> 18496343
<NET-INVESTMENT-INCOME> 42738199
<REALIZED-GAINS-CURRENT> 184885234
<APPREC-INCREASE-CURRENT> 241403793
<NET-CHANGE-FROM-OPS> 469027226
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19040909
<NUMBER-OF-SHARES-REDEEMED> (1272072)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1221550567
<ACCUMULATED-NII-PRIOR> (4135091)
<ACCUMULATED-GAINS-PRIOR> 55664483
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14427089
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18876597
<AVERAGE-NET-ASSETS> 181381731
<PER-SHARE-NAV-BEGIN> 17.15
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 2.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.50
<EXPENSE-RATIO> 1.33<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL DISCOVERY FUND CLASS I SEMI-ANNUAL
REPORT WITHOUT REIMBURSEMENT AT JUNE 30, 1997 IS 1.35%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL DISCOVERY, JUNE 30, 1997, SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERNCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 052
<NAME> MUTUAL DISCOVERY FUND-CLASS II
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 3612766344
<INVESTMENTS-AT-VALUE> 4177355556
<RECEIVABLES> 55844639
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 108688662
<TOTAL-ASSETS> 4341888857
<PAYABLE-FOR-SECURITIES> 58320844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38480702
<TOTAL-LIABILITIES> 96801546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3368569401
<SHARES-COMMON-STOCK> 10025305
<SHARES-COMMON-PRIOR> 1050641
<ACCUMULATED-NII-CURRENT> 38603108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 240549717
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 597365085
<NET-ASSETS> 4245087311
<DIVIDEND-INCOME> 41638323
<INTEREST-INCOME> 19596219
<OTHER-INCOME> 0
<EXPENSES-NET> 18496343
<NET-INVESTMENT-INCOME> 42738199
<REALIZED-GAINS-CURRENT> 184885234
<APPREC-INCREASE-CURRENT> 241403793
<NET-CHANGE-FROM-OPS> 469027226
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9199550
<NUMBER-OF-SHARES-REDEEMED> (224886)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1221550567
<ACCUMULATED-NII-PRIOR> (4135091)
<ACCUMULATED-GAINS-PRIOR> 55664483
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14427089
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18876597
<AVERAGE-NET-ASSETS> 95241953
<PER-SHARE-NAV-BEGIN> 17.17
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 2.03
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.45
<EXPENSE-RATIO> 1.98<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL DISCOVERY FUND CLASS II SEMI-ANNUAL
REPORT WITHOUT REIMBURSEMENT AT JUNE 30, 1997 IS 2.00%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL DISCOVERY, JUNE 30, 1997, SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERNCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 053
<NAME> MUTUAL DISCOVERY FUND-CLASS Z
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 3612766344
<INVESTMENTS-AT-VALUE> 4177355556
<RECEIVABLES> 55844639
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 108688662
<TOTAL-ASSETS> 4341888857
<PAYABLE-FOR-SECURITIES> 58320844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38480702
<TOTAL-LIABILITIES> 96801546
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3368569401
<SHARES-COMMON-STOCK> 187551079
<SHARES-COMMON-PRIOR> 173179167
<ACCUMULATED-NII-CURRENT> 38603108
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 240549717
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 597365085
<NET-ASSETS> 4245087311
<DIVIDEND-INCOME> 41638323
<INTEREST-INCOME> 19596219
<OTHER-INCOME> 0
<EXPENSES-NET> 18496343
<NET-INVESTMENT-INCOME> 42738199
<REALIZED-GAINS-CURRENT> 184885234
<APPREC-INCREASE-CURRENT> 241403793
<NET-CHANGE-FROM-OPS> 469027226
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32148484
<NUMBER-OF-SHARES-REDEEMED> (17776572)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1221550567
<ACCUMULATED-NII-PRIOR> (4135091)
<ACCUMULATED-GAINS-PRIOR> 55664483
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14427089
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18876597
<AVERAGE-NET-ASSETS> 3366864301
<PER-SHARE-NAV-BEGIN> 17.18
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 2.18
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.57
<EXPENSE-RATIO> 1.00<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE EXPENSE RATIO PER THE MUTUAL DISCOVERY FUND CLASS I SEMI-ANNUAL
REPORT WITHOUT REIMBURSEMENT AT JUNE 30, 1997 IS 0.98%
</FN>
</TABLE>
