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<PAGE>
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 9
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PAGE 10
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PAGE 11
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PAGE 12
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<PAGE>
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>
PAGE 18
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<PAGE>
PAGE 19
030 A000200 10355
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039 000200 N
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<PAGE>
PAGE 20
048 K020200 0.000
055 A000200 N
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066 A000200 Y
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068 A000200 N
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069 000200 N
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070 A020200 Y
070 B010200 Y
070 B020200 Y
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070 C020200 N
070 D010200 Y
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 Y
070 K010200 Y
070 K020200 Y
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070 O020200 N
<PAGE>
PAGE 21
070 P010200 Y
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070 Q020200 N
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070 R020200 Y
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<PAGE>
PAGE 22
074 E000200 19496
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075 A000200 0
075 B000200 5204466
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 EUROCLEAR QUINCY
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 23
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 CITIBANK N.A.
<PAGE>
PAGE 24
015 B000315 S
015 C010315 SAO PAULO
015 D010315 BRAZIL
015 E040315 X
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 CUSTODIAN NOMINEES
015 B000317 S
015 C010317 SYDNEY
015 D010317 AUSTRALIA
015 E040317 X
015 A000318 SPARKSSEN AG
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 HONG KONG & SHANGHAI BANK
015 B000320 S
015 C010320 SHANGHAI
015 D010320 CHINA
015 E040320 X
015 A000321 CITI-ECUADOR
015 B000321 S
015 C010321 QUITO
015 D010321 ECUADOR
015 E040321 X
015 A000322 CITIBANK BUDAPEST
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 BANQUE PARIBAS
015 B000324 S
015 C010324 MILAN
015 D010324 ITALY
015 E040324 X
015 A000325 SUMITOMO TRUST & BANKING
<PAGE>
PAGE 25
015 B000325 S
015 C010325 TOKYO
015 D010325 JAPAN
015 E040325 X
015 A000326 BANK HAPOALIM
015 B000326 S
015 C010326 TEL AVIV
015 D010326 ISRAEL
015 E040326 X
015 A000327 HONG KONG & SHANGHAI BANK
015 B000327 S
015 C010327 COLOMBO
015 D010327 SRI LANKA
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 FIRST BOSTON
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
015 A000334 ANZ (NZ)
015 B000334 S
015 C010334 WELLINGTON
015 D010334 NEW ZEALAND
015 E040334 X
015 A000335 CITIBANK POLAND S.A.
015 B000335 S
<PAGE>
PAGE 26
015 C010335 WARSAW
015 D010335 POLAND
015 E040335 X
015 A000336 CITIBANK N.A.
015 B000336 S
015 C010336 CARACAS
015 D010336 VENEZUELA
015 E040336 X
015 A000337 THE STANDARD BANK OF SOUTH AFRICA LTD
015 B000337 S
015 C010337 JOHANNESBURG
015 D010337 SOUTH AFRICA
015 E040337 X
028 A010300 151559
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<PAGE>
PAGE 27
035 000300 86
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055 A000300 N
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<PAGE>
PAGE 28
060 B000300 Y
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070 I020300 N
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070 O020300 N
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070 Q020300 N
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070 R020300 Y
071 A000300 3507488
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<PAGE>
PAGE 29
071 C000300 4951706
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<PAGE>
PAGE 30
074 M000300 116978
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015 A000401 WESTPAC CUSTODIAN NOMINEES
015 B000401 S
015 C010401 SYDNEY
015 D010401 AUSTRALIA
015 D020401 NSW 2000
015 E040401 X
015 A000402 CANADA TRUSTCO
015 B000402 S
015 C010402 TORONTO
015 D010402 CANADA
015 D020402 M5J2T2
015 E040402 X
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 QUINCY
015 B000405 S
015 C010405 BRUSSELS
015 D010405 BELGIUM
015 D020405 B-1210
015 E040405 X
015 A000406 MERITA BANK, LTD.
015 B000406 S
<PAGE>
PAGE 31
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
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
<PAGE>
PAGE 32
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 FIRST BOSTON
015 B000421 S
015 C010421 MOSCOW
015 D010421 RUSSIA
015 E040421 X
015 A000422 SPARKSSEN AG
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
<PAGE>
PAGE 33
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
015 D010426 HUNGARY
015 E040426 X
015 A000427 BANK OF IRELAND
015 B000427 S
015 C010427 DUBLIN
015 D010427 IRELAND
015 E040427 X
015 A000428 BANQUE PARIBAS
015 B000428 S
015 C010428 MILAN
015 D010428 ITALY
015 E040428 X
015 A000429 CITIBANK N.A
015 B000429 S
015 C010429 SAO PAULO
015 D010429 BRAZIL
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
015 C010431 LIMA
015 D010431 PERU
015 E040431 X
015 A000432 CITI-ECUADOR
015 B000432 S
015 C010432 QUITO
015 D010432 ECUADOR
015 E040432 X
015 A000433 BANK HAPOALIM
015 B000433 S
015 C010433 TEL AVIV
015 D010433 ISRAEL
015 E040433 X
015 A000434 SUMITOMO TRUST & BANK
015 B000434 S
015 C010434 TOKYO
015 D010434 JAPAN
015 E040434 X
<PAGE>
PAGE 34
015 A000435 HONG KONG & SHANGHAI BANK
015 B000435 S
015 C010435 COLOMBO
015 D010435 SRI LANKA
015 E040435 X
015 A000436 CITIBANK N.A.
015 B000436 S
015 C010436 CARACAS
015 D010436 VENEZUELA
015 E040436 X
015 A000437 CITIBANK POLAND
015 B000437 S
015 C010437 WARSAW
015 D010437 POLAND
015 E040437 X
015 A000438 THE STANDARD BANK OF SOUTH AFRICA
015 B000438 S
015 C010438 JOHANNESBURG
015 D010438 SOUTH AFRICA
015 E040438 X
028 A010400 177451
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030 A000400 16281
<PAGE>
PAGE 35
030 B000400 4.50
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<PAGE>
PAGE 36
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000
066 A000400 Y
066 B000400 N
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066 E000400 N
066 F000400 N
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069 000400 N
070 A010400 Y
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070 B010400 Y
070 B020400 Y
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070 D020400 N
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070 E020400 N
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070 F020400 N
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070 G020400 N
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070 H020400 N
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070 I020400 N
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070 J020400 Y
070 K010400 Y
070 K020400 Y
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070 L020400 Y
070 M010400 Y
070 M020400 Y
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070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
<PAGE>
PAGE 37
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 Y
071 A000400 3168619
071 B000400 2002992
071 C000400 3444670
071 D000400 58
072 A000400 12
072 B000400 52450
072 C000400 64555
072 D000400 0
072 E000400 0
072 F000400 33584
072 G000400 3248
072 H000400 0
072 I000400 2778
072 J000400 926
072 K000400 0
072 L000400 605
072 M000400 49
072 N000400 605
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 38
072 S000400 102
072 T000400 3344
072 U000400 3
072 V000400 0
072 W000400 103
072 X000400 45385
072 Y000400 899
072 Z000400 72519
072AA000400 572940
072BB000400 120369
072CC010400 289296
072CC020400 0
072DD010400 152494
072DD020400 35475
072EE000400 322775
073 A010400 0.0000
073 A020400 0.0000
073 B000400 1.3600
073 C000400 0.0000
074 A000400 114576
074 B000400 0
074 C000400 646936
074 D000400 209044
074 E000400 56959
<PAGE>
PAGE 38
074 F000400 3863677
074 G000400 0
074 H000400 0
074 I000400 3717
074 J000400 43565
074 K000400 0
074 L000400 34043
074 M000400 62750
074 N000400 5035267
074 O000400 18682
074 P000400 5387
074 Q000400 0
074 R010400 0
074 R020400 9682
074 R030400 0
074 R040400 25389
074 S000400 0
074 T000400 4976127
074 U010400 205338
074 U020400 58293
074 V010400 0.00
074 V020400 0.00
074 W000400 0.0000
074 X000400 224746
074 Y000400 14967
075 A000400 0
075 B000400 4198277
076 000400 0.00
015 A000501 SPARKSSEN AG
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 QUINCY
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
<PAGE>
PAGE 39
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 BANQUE PARIBAS
015 B000508 S
015 C010508 MILAN
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
<PAGE>
PAGE 40
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
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 CUSTODIAN NOMINEES
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
<PAGE>
PAGE 41
015 E040523 X
015 A000524 SEOUL BANK
015 B000524 S
015 C010524 SEOUL
015 D010524 SOUTH KOREA
015 E040524 X
015 A000525 CREDIT SUISSE FIRST BOSTON
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
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 CITIBANK N.A.
015 B000530 S
015 C010530 SAO PAULO
015 D010530 BRAZIL
015 E040530 X
015 A000531 CITI-ECUADOR
015 B000531 S
015 C010531 QUITO
015 D010531 ECUADOR
015 E040531 X
015 A000532 BANK HAPOALIM
015 B000532 S
015 C010532 TEL AVIV
015 D010532 ISRAEL
015 E040532 X
015 A000533 HONG KONG & SHANGHAI BANK
015 B000533 S
015 C010533 COLOMBO
015 D010533 SRI LANKA
015 E040533 X
<PAGE>
PAGE 42
015 A000534 ANZ (NZ)
015 B000534 S
015 C010534 WELLINGTON
015 D010534 NEW ZEALAND
015 E040534 X
015 A000535 CITIBANK POLAND
015 B000535 S
015 C010535 WARSAW
015 D010535 POLAND
015 E040535 X
015 A000536 CITIBANK N.A.
015 B000536 S
015 C010536 CARACAS
015 D010536 VENEZUELA
015 E040536 X
015 A000537 STANDARD BANK OF SOUTH AFRICA
015 B000537 S
015 C010537 JOHANNESBURG
015 D010537 SOUTH AFRICA
015 E040537 X
028 A010500 29021
028 A020500 4029
028 A030500 0
028 A040500 15774
028 B010500 26715
028 B020500 0
028 B030500 0
028 B040500 24508
028 C010500 20940
028 C020500 0
028 C030500 0
028 C040500 15974
028 D010500 36098
028 D020500 0
028 D030500 0
028 D040500 39211
028 E010500 13441
028 E020500 0
028 E030500 0
028 E040500 56231
028 F010500 20810
028 F020500 51530
028 F030500 0
028 F040500 53945
028 G010500 147025
028 G020500 55559
028 G030500 0
028 G040500 205643
028 H000500 40460
029 000500 Y
030 A000500 1988
<PAGE>
PAGE 43
030 B000500 4.50
030 C000500 0.00
031 A000500 58
031 B000500 0
032 000500 1929
033 000500 0
034 000500 Y
035 000500 19
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 469
044 000500 208
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
<PAGE>
PAGE 44
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
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
<PAGE>
PAGE 45
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 726208
071 B000500 518140
071 C000500 528072
071 D000500 98
072 A000500 12
072 B000500 6654
072 C000500 16768
072 D000500 0
072 E000500 0
072 F000500 5372
072 G000500 519
072 H000500 0
072 I000500 458
072 J000500 326
072 K000500 0
072 L000500 120
072 M000500 8
072 N000500 173
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 20
072 S000500 14
072 T000500 469
072 U000500 0
072 V000500 0
072 W000500 16
072 X000500 7496
072 Y000500 205
072 Z000500 16130
072AA000500 108159
072BB000500 33597
072CC010500 40061
072CC020500 0
072DD010500 34011
072DD020500 7820
072EE000500 28278
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.5600
073 C000500 0.0000
074 A000500 38969
074 B000500 0
074 C000500 88618
074 D000500 21170
074 E000500 268
<PAGE>
PAGE 46
074 F000500 528211
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 3178
074 K000500 97
074 L000500 6235
074 M000500 10001
074 N000500 696747
074 O000500 1532
074 P000500 695
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 5334
074 S000500 0
074 T000500 689186
074 U010500 43412
074 U020500 11347
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 44567
074 Y000500 0
075 A000500 0
075 B000500 671458
076 000500 0.00
015 A000601 STATE STREET BANK & TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02110
015 E010601 X
015 A000602 EUROCLEAR QUINCY
015 B000602 S
015 C010602 BRUSSELS
015 D010602 BELGIUM
015 E040602 X
015 A000603 CITIBANK, N.A.
015 B000603 S
015 C010603 SAO PAULO
015 D010603 BRAZIL
015 E040603 X
015 A000604 GENERALE BANK
015 B000604 S
015 C010604 BRUSSELS
015 D010604 BELGIUM
015 E040604 X
015 A000605 CANADA TRUST CO
015 B000605 S
<PAGE>
PAGE 47
015 C010605 TORONTO
015 D010605 CANADA
015 E040605 X
015 A000606 UNION BANK OF SWITZERLAND
015 B000606 S
015 C010606 ZURICH
015 D010606 SWITZERLAND
015 E040606 X
015 A000607 HONG KONG & SHANGHAI BANK
015 B000607 S
015 C010607 SHANGHAI
015 D010607 CHINA
015 E040607 X
015 A000608 DRESDNER BANK
015 B000608 S
015 C010608 FRANKFURT
015 D010608 GERMANY
015 E040608 X
015 A000609 DEN DANSKE
015 B000609 S
015 C010609 COPENHAGEN
015 D010609 DENMARK
015 E040609 X
015 A000610 MERITA BANK
015 B000610 S
015 C010610 HELSINKI
015 D010610 FINLAND
015 E040610 X
015 A000611 BANQUE PARIBAS
015 B000611 S
015 C010611 PARIS
015 D010611 FRANCE
015 E040611 X
015 A000612 STANDARD CHARTERED
015 B000612 S
015 C010612 HONG KONG
015 D010612 HONG KONG
015 E040612 X
015 A000613 BANK OF IRELAND
015 B000613 S
015 C010613 DUBLIN
015 D010613 IRELAND
015 E040613 X
015 A000614 BANK HAPOALIM
015 B000614 S
015 C010614 TEL AVIV
015 D010614 ISRAEL
015 E040614 X
015 A000615 BANQUE PARIBAS
015 B000615 S
015 C010615 MILAN
<PAGE>
PAGE 48
015 D010615 ITALY
015 E040615 X
015 A000616 STATE STREET BANK - LONDON
015 B000616 S
015 C010616 LONDON
015 D010616 UNITED KINGDOM
015 E040616 X
015 A000617 HONG KONG & SHANGHAI BANK
015 B000617 S
015 C010617 COLOMBO
015 D010617 SRI LANKA
015 E040617 X
015 A000618 MEESPIERSON N.V.
015 B000618 S
015 C010618 AMSTERDAM
015 D010618 NETHERLANDS
015 E040618 X
015 A000619 CHRISTIANIA
015 B000619 S
015 C010619 OSLO
015 D010619 NORWAY
015 E040619 X
015 A000620 ANZ (NZ)
015 B000620 S
015 C010620 WELLINGTON
015 D010620 NEW ZEALAND
015 E040620 X
015 A000621 CITIBANK N.A.
015 B000621 S
015 C010621 LIMA
015 D010621 PERU
015 E040621 X
015 A000622 CITIBANK POLAND S.A.
015 B000622 S
015 C010622 WARSAW
015 D010622 POLAND
015 E040622 X
015 A000623 BANCO COMMERCIALE PORTUGEUS
015 B000623 S
015 C010623 LISBON
015 D010623 PORTUGAL
015 E040623 X
015 A000624 SKANDINAVISKA ENSKILDA
015 B000624 S
015 C010624 STOCKHOLM
015 D010624 SWEDEN
015 E040624 X
015 A000625 DBS
015 B000625 S
015 C010625 SINGAPORE
015 D010625 SINGAPORE
<PAGE>
PAGE 49
015 E040625 X
015 A000626 THE STANDARD BANK OF SOUTH AFRICA
015 B000626 S
015 C010626 JOHANNESBURG
015 D010626 SOUTH AFRICA
015 E040626 X
028 A010600 0
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 27097
028 B020600 0
028 B030600 0
028 B040600 31
028 C010600 67194
028 C020600 0
028 C030600 0
028 C040600 1557
028 D010600 81502
028 D020600 0
028 D030600 0
028 D040600 8121
028 E010600 34228
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028 E040600 14210
028 F010600 58467
028 F020600 2082
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028 F040600 9321
028 G010600 268488
028 G020600 2082
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028 G040600 33239
028 H000600 93056
029 000600 Y
030 A000600 1880
030 B000600 4.50
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031 A000600 39
031 B000600 0
032 000600 1841
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034 000600 Y
035 000600 7
036 A000600 Y
036 B000600 0
042 A000600 0
042 B000600 0
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042 D000600 0
<PAGE>
PAGE 50
042 E000600 0
042 F000600 0
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042 H000600 100
043 000600 134
044 000600 390
045 000600 Y
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048 B010600 0
048 B020600 0.000
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048 E020600 0.000
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048 F020600 0.000
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048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 Y
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 1000
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 Y
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
<PAGE>
PAGE 51
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 Y
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 Y
070 Q020600 N
070 R010600 Y
070 R020600 Y
071 A000600 242087
071 B000600 52515
071 C000600 124255
071 D000600 42
072 A000600 12
072 B000600 641
072 C000600 605
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<PAGE>
PAGE 52
072 K000600 0
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072BB000600 953
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072EE000600 1768
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073 C000600 0.0000
074 A000600 6478
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074 D000600 3436
074 E000600 0
074 F000600 207716
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074 R040600 871
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074 U010600 11115
<PAGE>
PAGE 53
074 U020600 9900
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075 A000600 0
075 B000600 143335
076 000600 0.00
074 O003600 0
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074 R013600 0
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074 R033600 0
074 R043600 0
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074 T003600 0
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074 W003600 0.0000
074 X003600 0
074 Y003600 0
SIGNATURE /s/JAMES R. BAIO
JAMES R. BAIO
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Mutual
Shares Fund December 31, 1997 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> 001
<NAME> MUTUAL SHARES FUND- CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 7113090209
<INVESTMENTS-AT-VALUE> 9388777750
<RECEIVABLES> 126659492
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 166919361
<TOTAL-ASSETS> 9682356603
<PAYABLE-FOR-SECURITIES> 7683874
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75586354
<TOTAL-LIABILITIES> 83270228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7166357101
<SHARES-COMMON-STOCK> 49071801
<SHARES-COMMON-PRIOR> 373178
<ACCUMULATED-NII-CURRENT> 18844839
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 119083166
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2294801269
<NET-ASSETS> 9599086375
<DIVIDEND-INCOME> 100311857
<INTEREST-INCOME> 113737119
<OTHER-INCOME> 0
<EXPENSES-NET> 62837926
<NET-INVESTMENT-INCOME> 151211050
<REALIZED-GAINS-CURRENT> 763745787
<APPREC-INCREASE-CURRENT> 932565733
<NET-CHANGE-FROM-OPS> 1847522570
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20965055)
<DISTRIBUTIONS-OF-GAINS> (64397717)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45117270
<NUMBER-OF-SHARES-REDEEMED> (3362536)
<SHARES-REINVESTED> 6943889
<NET-CHANGE-IN-ASSETS> 3004516451
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92299922
<OVERDISTRIB-NII-PRIOR> (3613636)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48600626
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65345045
<AVERAGE-NET-ASSETS> 503144976
<PER-SHARE-NAV-BEGIN> 18.56<F1>
<PER-SHARE-NII> 0.34
<PER-SHARE-GAIN-APPREC> 4.43
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.26
<EXPENSE-RATIO> 1.07<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>Ratio of expenses to average net assets without the fee waiver is 1.10%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Mutual
Shares Fund December 31, 1997 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> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 7113090209
<INVESTMENTS-AT-VALUE> 9388777750
<RECEIVABLES> 126659492
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 166919361
<TOTAL-ASSETS> 9682356603
<PAYABLE-FOR-SECURITIES> 7683874
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75586354
<TOTAL-LIABILITIES> 83270228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7166357101
<SHARES-COMMON-STOCK> 30071639
<SHARES-COMMON-PRIOR> 181853
<ACCUMULATED-NII-CURRENT> 18844839
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 119083166
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2294801269
<NET-ASSETS> 9599086375
<DIVIDEND-INCOME> 100311857
<INTEREST-INCOME> 113737119
<OTHER-INCOME> 0
<EXPENSES-NET> 62837926
<NET-INVESTMENT-INCOME> 151211050
<REALIZED-GAINS-CURRENT> 763745787
<APPREC-INCREASE-CURRENT> 932565733
<NET-CHANGE-FROM-OPS> 1847522570
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10947344)
<DISTRIBUTIONS-OF-GAINS> (38739615)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26987282
<NUMBER-OF-SHARES-REDEEMED> (1020690)
<SHARES-REINVESTED> 3923194
<NET-CHANGE-IN-ASSETS> 3004516451
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92299922
<OVERDISTRIB-NII-PRIOR> (3613636)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48600626
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65345045
<AVERAGE-NET-ASSETS> 280076073
<PER-SHARE-NAV-BEGIN> 18.56<F1>
<PER-SHARE-NII> 0.20
<PER-SHARE-GAIN-APPREC> 4.42
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.18
<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>Ratio of expenses to average net assets without the fee waiver is 1.75%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Mutual
Shares Fund December 31,1997 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> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 7113090209
<INVESTMENTS-AT-VALUE> 9388777750
<RECEIVABLES> 126659492
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 166919361
<TOTAL-ASSETS> 9682356603
<PAYABLE-FOR-SECURITIES> 7683874
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75586354
<TOTAL-LIABILITIES> 83270228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7166357101
<SHARES-COMMON-STOCK> 371790528
<SHARES-COMMON-PRIOR> 70472770
<ACCUMULATED-NII-CURRENT> 18844839
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 119083166
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2294801269
<NET-ASSETS> 9599086375
<DIVIDEND-INCOME> 100311857
<INTEREST-INCOME> 113737119
<OTHER-INCOME> 0
<EXPENSES-NET> 62837926
<NET-INVESTMENT-INCOME> 151211050
<REALIZED-GAINS-CURRENT> 763745787
<APPREC-INCREASE-CURRENT> 932565733
<NET-CHANGE-FROM-OPS> 1847522570
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (186061271)
<DISTRIBUTIONS-OF-GAINS> (544604116)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6313080
<NUMBER-OF-SHARES-REDEEMED> (34805380)
<SHARES-REINVESTED> 329810058
<NET-CHANGE-IN-ASSETS> 3004516451
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 92299922
<OVERDISTRIB-NII-PRIOR> (3613636)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 48600626
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65345045
<AVERAGE-NET-ASSETS> 7317532067
<PER-SHARE-NAV-BEGIN> 18.57<F1>
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> 4.43
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (1.58)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.30
<EXPENSE-RATIO> 0.72<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>Ratio of expenses to average net assets without the fee waiver is 0.75%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Mutual
Qualified Fund December 31, 1997 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> 011
<NAME> MUTUAL QUALIFIED FUND-CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4534708662
<INVESTMENTS-AT-VALUE> 5781098720
<RECEIVABLES> 69866656
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 129699653
<TOTAL-ASSETS> 5980665029
<PAYABLE-FOR-SECURITIES> 9252316
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47154513
<TOTAL-LIABILITIES> 56406829
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4602323960
<SHARES-COMMON-STOCK> 24950021
<SHARES-COMMON-PRIOR> 627900
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (9120509)
<ACCUMULATED-NET-GAINS> 71308370
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1259746379
<NET-ASSETS> 5924258200
<DIVIDEND-INCOME> 66230062
<INTEREST-INCOME> 69098910
<OTHER-INCOME> 0
<EXPENSES-NET> 40843956
<NET-INVESTMENT-INCOME> 94485016
<REALIZED-GAINS-CURRENT> 500461624
<APPREC-INCREASE-CURRENT> 533777454
<NET-CHANGE-FROM-OPS> 1128724094
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12569160)
<DISTRIBUTIONS-OF-GAINS> (29093524)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22087534
<NUMBER-OF-SHARES-REDEEMED> (1640674)
<SHARES-REINVESTED> 3875261
<NET-CHANGE-IN-ASSETS> 1606938764
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 68761150
<OVERDISTRIB-NII-PRIOR> (1596000)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31224924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42483970
<AVERAGE-NET-ASSETS> 235110815
<PER-SHARE-NAV-BEGIN> 16.23<F1>
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 3.63
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> (1.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.14
<EXPENSE-RATIO> 1.10<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The per share NAV has been restated to reflect a 2-for-1 stock split
effective February 3, 1997.
<F2>Ratio of expenses to average net assets without the fee waiver is 1.13%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Mutual
Qualified Fund December 31, 1997 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> 012
<NAME> MUTUAL QUALIFIED FUND-CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4534708662
<INVESTMENTS-AT-VALUE> 5781098720
<RECEIVABLES> 69866656
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 129699653
<TOTAL-ASSETS> 5980665029
<PAYABLE-FOR-SECURITIES> 9252316
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47154513
<TOTAL-LIABILITIES> 56406829
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4602323960
<SHARES-COMMON-STOCK> 12808322
<SHARES-COMMON-PRIOR> 307021
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (9120509)
<ACCUMULATED-NET-GAINS> 71308370
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1259746379
<NET-ASSETS> 5924258200
<DIVIDEND-INCOME> 66230062
<INTEREST-INCOME> 69098910
<OTHER-INCOME> 0
<EXPENSES-NET> 40843956
<NET-INVESTMENT-INCOME> 94485016
<REALIZED-GAINS-CURRENT> 500461624
<APPREC-INCREASE-CURRENT> 533777454
<NET-CHANGE-FROM-OPS> 1128724094
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5635204)
<DISTRIBUTIONS-OF-GAINS> (14664407)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11295820
<NUMBER-OF-SHARES-REDEEMED> (471298)
<SHARES-REINVESTED> 1676779
<NET-CHANGE-IN-ASSETS> 1606938764
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 68761150
<OVERDISTRIB-NII-PRIOR> (1596000)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31224924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42483970
<AVERAGE-NET-ASSETS> 112686723
<PER-SHARE-NAV-BEGIN> 16.23<F1>
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> 3.63
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> (1.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.09
<EXPENSE-RATIO> 1.75<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The per share NAV has been restated to reflect a 2-for-1 stock split
effective February 3, 1997.
<F2>Ratio of expenses to average net assets without the fee waiver is 1.78%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Mutual
Qualified Fund December 31, 1997 annual report and is qualfied in its entirety
by reference to such financial statements.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 013
<NAME> MUTUAL QUALIFIED FUND-CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4534708662
<INVESTMENTS-AT-VALUE> 5781098720
<RECEIVABLES> 69866656
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 129699653
<TOTAL-ASSETS> 5980665029
<PAYABLE-FOR-SECURITIES> 9252316
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 47154513
<TOTAL-LIABILITIES> 56406829
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4602323960
<SHARES-COMMON-STOCK> 288130967
<SHARES-COMMON-PRIOR> 132024411
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (9120509)
<ACCUMULATED-NET-GAINS> 71308370
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1259746379
<NET-ASSETS> 5924258200
<DIVIDEND-INCOME> 66230062
<INTEREST-INCOME> 69098910
<OTHER-INCOME> 0
<EXPENSES-NET> 40843956
<NET-INVESTMENT-INCOME> 94485016
<REALIZED-GAINS-CURRENT> 500461624
<APPREC-INCREASE-CURRENT> 533777454
<NET-CHANGE-FROM-OPS> 1128724094
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (168780477)
<DISTRIBUTIONS-OF-GAINS> (369181157)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28947428
<NUMBER-OF-SHARES-REDEEMED> (33248338)
<SHARES-REINVESTED> 160407466
<NET-CHANGE-IN-ASSETS> 1606938764
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 68761150
<OVERDISTRIB-NII-PRIOR> (1596000)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31224924
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 42483970
<AVERAGE-NET-ASSETS> 4856668478
<PER-SHARE-NAV-BEGIN> 16.24<F1>
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 3.62
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> (1.40)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.19
<EXPENSE-RATIO> 0.75<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>The per share NAV has been restated to reflect a 2-for-1 stock split
effective February 3, 1997.
<F2>Ratio of expenses to average net assets without the fee waiver is 0.78%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
BEACON FUND DECEMBER 31, 1997 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 BEACON FUND-CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5475763366
<INVESTMENTS-AT-VALUE> 6642473332
<RECEIVABLES> 79531851
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 143410624
<TOTAL-ASSETS> 6865415807
<PAYABLE-FOR-SECURITIES> 6296657
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64353199
<TOTAL-LIABILITIES> 70649856
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5542602779
<SHARES-COMMON-STOCK> 53486802
<SHARES-COMMON-PRIOR> 1337413
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (13240115)
<ACCUMULATED-NET-GAINS> 81862137
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1183541150
<NET-ASSETS> 6794765951
<DIVIDEND-INCOME> 92860300
<INTEREST-INCOME> 67989645
<OTHER-INCOME> 0
<EXPENSES-NET> 48128593
<NET-INVESTMENT-INCOME> 112721352
<REALIZED-GAINS-CURRENT> 659094557
<APPREC-INCREASE-CURRENT> 443470119
<NET-CHANGE-FROM-OPS> 1215286028
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22305892)
<DISTRIBUTIONS-OF-GAINS> (56734666)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46602413
<NUMBER-OF-SHARES-REDEEMED> (4493034)
<SHARES-REINVESTED> 10040010
<NET-CHANGE-IN-ASSETS> 1806044896
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76197617
<OVERDISTRIB-NII-PRIOR> (1622610)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36299616
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49950888
<AVERAGE-NET-ASSETS> 409950004
<PER-SHARE-NAV-BEGIN> 12.98<F1>
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 2.65
<PER-SHARE-DIVIDEND> (0.51)
<PER-SHARE-DISTRIBUTIONS> (1.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.09
<EXPENSE-RATIO> 1.09<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE PER SHARE NAV HAS BEEN RESTATED TO REFLECT A 3-FOR-1 STOCK SPLIT
EFFECTIVE FEBRUARY 3, 1997.
<F2>RATIO OF EXPENSES TO AVERAGE NET ASSETS WITHOUT THE FEE WAIVER IS 1.12%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL BEACON FUND DECEMBER 31, 1997 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 BEACON FUND-CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5475763366
<INVESTMENTS-AT-VALUE> 6642473332
<RECEIVABLES> 79531851
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 143410624
<TOTAL-ASSETS> 6865415807
<PAYABLE-FOR-SECURITIES> 6296657
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64353199
<TOTAL-LIABILITIES> 70649856
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5542602779
<SHARES-COMMON-STOCK> 25807641
<SHARES-COMMON-PRIOR> 417780
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (13240115)
<ACCUMULATED-NET-GAINS> 81862137
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1183541150
<NET-ASSETS> 6794765951
<DIVIDEND-INCOME> 92860300
<INTEREST-INCOME> 67989645
<OTHER-INCOME> 0
<EXPENSES-NET> 48128593
<NET-INVESTMENT-INCOME> 112721352
<REALIZED-GAINS-CURRENT> 659094557
<APPREC-INCREASE-CURRENT> 443470119
<NET-CHANGE-FROM-OPS> 1215286028
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9409819)
<DISTRIBUTIONS-OF-GAINS> (27054167)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22074280
<NUMBER-OF-SHARES-REDEEMED> (926529)
<SHARES-REINVESTED> 4242110
<NET-CHANGE-IN-ASSETS> 1806044896
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76197617
<OVERDISTRIB-NII-PRIOR> (1622610)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36299616
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49950888
<AVERAGE-NET-ASSETS> 187241201
<PER-SHARE-NAV-BEGIN> 12.98<F1>
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 2.63
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> (1.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.04
<EXPENSE-RATIO> 1.74<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE PER SHARE NAV HAS BEEN RESTATED TO REFLECT A 3-FOR-1 STOCK SPLIT
EFFECTIVE FEBRUARY 3, 1997.
<F2>RATIO OF EXPENSES TO AVERAGE NET ASSETS WITHOUT THE FEE WAIVER IS 1.77%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
BEACON FUND DECEMBER 31, 1997 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 BEACON FUND-CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 5475763366
<INVESTMENTS-AT-VALUE> 6642473332
<RECEIVABLES> 79531851
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 143410624
<TOTAL-ASSETS> 6865415807
<PAYABLE-FOR-SECURITIES> 6296657
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64353199
<TOTAL-LIABILITIES> 70649856
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5542602779
<SHARES-COMMON-STOCK> 402248317
<SHARES-COMMON-PRIOR> 126316355
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (13240115)
<ACCUMULATED-NET-GAINS> 81862137
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1183541150
<NET-ASSETS> 6794765951
<DIVIDEND-INCOME> 92860300
<INTEREST-INCOME> 67989645
<OTHER-INCOME> 0
<EXPENSES-NET> 48128593
<NET-INVESTMENT-INCOME> 112721352
<REALIZED-GAINS-CURRENT> 659094557
<APPREC-INCREASE-CURRENT> 443470119
<NET-CHANGE-FROM-OPS> 1215286028
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (198852305)
<DISTRIBUTIONS-OF-GAINS> (463412045)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40718198
<NUMBER-OF-SHARES-REDEEMED> (61246008)
<SHARES-REINVESTED> 296459772
<NET-CHANGE-IN-ASSETS> 1806044896
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 76197617
<OVERDISTRIB-NII-PRIOR> (1622610)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 36299616
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49950888
<AVERAGE-NET-ASSETS> 5455668764
<PER-SHARE-NAV-BEGIN> 12.98<F1>
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 2.63
<PER-SHARE-DIVIDEND> (0.54)
<PER-SHARE-DISTRIBUTIONS> (1.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.12
<EXPENSE-RATIO> 0.74<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>THE PER SHARE NAV HAS BEEN RESTATED TO REFLECT A 3-FOR-1 STOCK SPLIT
EFFECTIVE FEBRUARY 3, 1997.
<F2>RATIO OF EXPENSES TO AVERAGE NET ASSETS WITHOUT THE FEE WAIVER IS 0.77%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Mutual
European Fund, December 31, 1997, 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> 031
<NAME> MUTUAL EUROPEAN FUND-CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 575139909
<INVESTMENTS-AT-VALUE> 638267350
<RECEIVABLES> 19510123
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 38969171
<TOTAL-ASSETS> 696746644
<PAYABLE-FOR-SECURITIES> 1531921
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6029186
<TOTAL-LIABILITIES> 7561107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 596160730
<SHARES-COMMON-STOCK> 7420423
<SHARES-COMMON-PRIOR> 808273
<ACCUMULATED-NII-CURRENT> 119297
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24408641
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68496869
<NET-ASSETS> 689185537
<DIVIDEND-INCOME> 16767672
<INTEREST-INCOME> 6654436
<OTHER-INCOME> 0
<EXPENSES-NET> 7291732
<NET-INVESTMENT-INCOME> 16130376
<REALIZED-GAINS-CURRENT> 74561133
<APPREC-INCREASE-CURRENT> 40060817
<NET-CHANGE-FROM-OPS> 130752326
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5190859)
<DISTRIBUTIONS-OF-GAINS> (3590901)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9533956
<NUMBER-OF-SHARES-REDEEMED> (3542483)
<SHARES-REINVESTED> 620677
<NET-CHANGE-IN-ASSETS> 226736581
<ACCUMULATED-NII-PRIOR> 580686
<ACCUMULATED-GAINS-PRIOR> 3364491
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5372334
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7496391
<AVERAGE-NET-ASSETS> 57251242
<PER-SHARE-NAV-BEGIN> 11.38
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 2.31
<PER-SHARE-DIVIDEND> (0.81)
<PER-SHARE-DISTRIBUTIONS> (0.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.56
<EXPENSE-RATIO> 1.37<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of expenses to average net assets without the fee waiver is 1.39%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the Mutual
European Fund, December 31, 1997, 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 EUROPEAN FUND-CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 575139909
<INVESTMENTS-AT-VALUE> 638267350
<RECEIVABLES> 19510123
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 38969171
<TOTAL-ASSETS> 696746644
<PAYABLE-FOR-SECURITIES> 1531921
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6029186
<TOTAL-LIABILITIES> 7561107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 596160730
<SHARES-COMMON-STOCK> 3926964
<SHARES-COMMON-PRIOR> 242005
<ACCUMULATED-NII-CURRENT> 119297
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24408641
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68496869
<NET-ASSETS> 689185537
<DIVIDEND-INCOME> 16767672
<INTEREST-INCOME> 6654436
<OTHER-INCOME> 0
<EXPENSES-NET> 7291732
<NET-INVESTMENT-INCOME> 16130376
<REALIZED-GAINS-CURRENT> 74561133
<APPREC-INCREASE-CURRENT> 40060817
<NET-CHANGE-FROM-OPS> 130752326
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2628833)
<DISTRIBUTIONS-OF-GAINS> (1912553)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3726239
<NUMBER-OF-SHARES-REDEEMED> (388267)
<SHARES-REINVESTED> 346987
<NET-CHANGE-IN-ASSETS> 226736581
<ACCUMULATED-NII-PRIOR> 580686
<ACCUMULATED-GAINS-PRIOR> 3364491
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5372334
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7496391
<AVERAGE-NET-ASSETS> 26964034
<PER-SHARE-NAV-BEGIN> 11.38
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 2.33
<PER-SHARE-DIVIDEND> (0.76)
<PER-SHARE-DISTRIBUTIONS> (0.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.52
<EXPENSE-RATIO> 2.02<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of expenses to average net assets without the fee waiver is 2.05%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Mutual European Fund, December 31, 1997, annual report and is qualified in
its entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUNDS, INC.
<SERIES>
<NUMBER> 033
<NAME> MUTUAL EUROPEAN FUND-CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 575139909
<INVESTMENTS-AT-VALUE> 638267350
<RECEIVABLES> 19510123
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 38969171
<TOTAL-ASSETS> 696746644
<PAYABLE-FOR-SECURITIES> 1531921
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6029186
<TOTAL-LIABILITIES> 7561107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 596160730
<SHARES-COMMON-STOCK> 43411737
<SHARES-COMMON-PRIOR> 39546933
<ACCUMULATED-NII-CURRENT> 119297
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24408641
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68496869
<NET-ASSETS> 689185537
<DIVIDEND-INCOME> 16767672
<INTEREST-INCOME> 6654436
<OTHER-INCOME> 0
<EXPENSES-NET> 7291732
<NET-INVESTMENT-INCOME> 16130376
<REALIZED-GAINS-CURRENT> 74561133
<APPREC-INCREASE-CURRENT> 40060817
<NET-CHANGE-FROM-OPS> 130752326
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34010794)
<DISTRIBUTIONS-OF-GAINS> (22774808)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19930968
<NUMBER-OF-SHARES-REDEEMED> (19568039)
<SHARES-REINVESTED> 3501875
<NET-CHANGE-IN-ASSETS> 226736581
<ACCUMULATED-NII-PRIOR> 580686
<ACCUMULATED-GAINS-PRIOR> 3364491
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5372334
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7496391
<AVERAGE-NET-ASSETS> 587242716
<PER-SHARE-NAV-BEGIN> 11.39
<PER-SHARE-NII> 0.33
<PER-SHARE-GAIN-APPREC> 2.28
<PER-SHARE-DIVIDEND> (0.84)
<PER-SHARE-DISTRIBUTIONS> (0.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.60
<EXPENSE-RATIO> 1.02<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Ratio of expenses to average net assets without the fee waiver is 1.05%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL DATA INFORMATION EXTRACTED FROM THE
MUTUAL DISCOVERY FUND DECEMBER 31, 1997 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> MUTUAL DISCOVERY FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4164669124
<INVESTMENTS-AT-VALUE> 4780332515
<RECEIVABLES> 77818004
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 177116893
<TOTAL-ASSETS> 5035267412
<PAYABLE-FOR-SECURITIES> 18682365
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40458158
<TOTAL-LIABILITIES> 59140523
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4264994866
<SHARES-COMMON-STOCK> 36860777
<SHARES-COMMON-PRIOR> 1743246
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (31183193)
<ACCUMULATED-NET-GAINS> 97057881
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 645257335
<NET-ASSETS> 4976126889
<DIVIDEND-INCOME> 64554775
<INTEREST-INCOME> 52450405
<OTHER-INCOME> 0
<EXPENSES-NET> 44486495
<NET-INVESTMENT-INCOME> 72518685
<REALIZED-GAINS-CURRENT> 452571045
<APPREC-INCREASE-CURRENT> 289296043
<NET-CHANGE-FROM-OPS> 814385773
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (23444470)
<DISTRIBUTIONS-OF-GAINS> (42486398)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37372698
<NUMBER-OF-SHARES-REDEEMED> (5560327)
<SHARES-REINVESTED> 3305160
<NET-CHANGE-IN-ASSETS> 1952590145
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 55664483
<OVERDISTRIB-NII-PRIOR> (4135091)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33584048
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45385419
<AVERAGE-NET-ASSETS> 374390699
<PER-SHARE-NAV-BEGIN> 17.15
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 3.54
<PER-SHARE-DIVIDEND> (0.77)
<PER-SHARE-DISTRIBUTIONS> (1.36)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.83
<EXPENSE-RATIO> 1.33<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>RATIO OF EXPENSES TO AVERAGE NET ASSETS WITHOUT THE FEE WAIVER IS 1.35%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL DATA INFORMATION EXTRACTED FROM THE
MUTUAL DISCOVERY FUND DECEMBER 31, 1997 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 DISCOVERY FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4164669124
<INVESTMENTS-AT-VALUE> 4780332515
<RECEIVABLES> 77818004
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 177116893
<TOTAL-ASSETS> 5035267412
<PAYABLE-FOR-SECURITIES> 18682365
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40458158
<TOTAL-LIABILITIES> 59140523
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4264994866
<SHARES-COMMON-STOCK> 21431763
<SHARES-COMMON-PRIOR> 1050641
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (31183193)
<ACCUMULATED-NET-GAINS> 97057881
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 645257335
<NET-ASSETS> 4976126889
<DIVIDEND-INCOME> 64554775
<INTEREST-INCOME> 52450405
<OTHER-INCOME> 0
<EXPENSES-NET> 44486495
<NET-INVESTMENT-INCOME> 72518685
<REALIZED-GAINS-CURRENT> 452571045
<APPREC-INCREASE-CURRENT> 289296043
<NET-CHANGE-FROM-OPS> 814385773
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12030869)
<DISTRIBUTIONS-OF-GAINS> (24238635)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19338609
<NUMBER-OF-SHARES-REDEEMED> (754555)
<SHARES-REINVESTED> 1797068
<NET-CHANGE-IN-ASSETS> 1952590145
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 55664483
<OVERDISTRIB-NII-PRIOR> (4135091)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33584048
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45385419
<AVERAGE-NET-ASSETS> 203504176
<PER-SHARE-NAV-BEGIN> 17.17
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 3.52
<PER-SHARE-DIVIDEND> (0.69)
<PER-SHARE-DISTRIBUTIONS> (1.36)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.79
<EXPENSE-RATIO> 1.98<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>RATIO OF EXPENSES TO AVERAGE NET ASSETS WITHOUT THE FEE WAIVER IS 2.00%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL DATA INFORMATION EXTRACTED FROM THE
MUTUAL DISCOVERY FUND DECEMBER 31, 1997 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 DISCOVERY FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4164669124
<INVESTMENTS-AT-VALUE> 4780332515
<RECEIVABLES> 77818004
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 177116893
<TOTAL-ASSETS> 5035267412
<PAYABLE-FOR-SECURITIES> 18682365
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40458158
<TOTAL-LIABILITIES> 59140523
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4264994866
<SHARES-COMMON-STOCK> 205337909
<SHARES-COMMON-PRIOR> 173179167
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (31183193)
<ACCUMULATED-NET-GAINS> 97057881
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 645257335
<NET-ASSETS> 4976126889
<DIVIDEND-INCOME> 64554775
<INTEREST-INCOME> 52450405
<OTHER-INCOME> 0
<EXPENSES-NET> 44486495
<NET-INVESTMENT-INCOME> 72518685
<REALIZED-GAINS-CURRENT> 452571045
<APPREC-INCREASE-CURRENT> 289296043
<NET-CHANGE-FROM-OPS> 814385773
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (152494403)
<DISTRIBUTIONS-OF-GAINS> (256049659)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47155697
<NUMBER-OF-SHARES-REDEEMED> (36032508)
<SHARES-REINVESTED> 21035553
<NET-CHANGE-IN-ASSETS> 1952590145
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 55664483
<OVERDISTRIB-NII-PRIOR> (4135091)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33584048
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45385419
<AVERAGE-NET-ASSETS> 3620381721
<PER-SHARE-NAV-BEGIN> 17.18
<PER-SHARE-NII> 0.39
<PER-SHARE-GAIN-APPREC> 3.49
<PER-SHARE-DIVIDEND> (0.81)
<PER-SHARE-DISTRIBUTIONS> (1.36)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.89
<EXPENSE-RATIO> 0.98<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>RATIO OF EXPENSES TO AVERAGE NET ASSETS WITHOUT THE FEE WAIVER IS 1.00%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
FINANCIAL SERVICES FUND DECEMBER 31, 1997 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> 051
<NAME> MUTUAL FINANCIAL SERVICES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> AUG-19-1997<F1>
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 228031794
<INVESTMENTS-AT-VALUE> 243564475
<RECEIVABLES> 9005908
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7897699
<TOTAL-ASSETS> 260468082
<PAYABLE-FOR-SECURITIES> 1107868
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1554718
<TOTAL-LIABILITIES> 2662586
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237330344
<SHARES-COMMON-STOCK> 6376348
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 108579
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3503357
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16863216
<NET-ASSETS> 257805496
<DIVIDEND-INCOME> 641194
<INTEREST-INCOME> 604980
<OTHER-INCOME> 0
<EXPENSES-NET> 659512
<NET-INVESTMENT-INCOME> 586662
<REALIZED-GAINS-CURRENT> 5249927
<APPREC-INCREASE-CURRENT> 16863216
<NET-CHANGE-FROM-OPS> 22699805
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (127466)
<DISTRIBUTIONS-OF-GAINS> (541128)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7251035
<NUMBER-OF-SHARES-REDEEMED> (923852)
<SHARES-REINVESTED> 49165
<NET-CHANGE-IN-ASSETS> 257805496
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 419994
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 986744
<AVERAGE-NET-ASSETS> 41422045
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.35
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.27
<EXPENSE-RATIO> 1.35<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>COMMENCEMENT OF OPERATIONS WAS AUGUST 19, 1997.
<F2>RATIO OF EXPENSES TO AVERAGE NET ASSETS WITHOUT THE FEE WAIVER IS 1.97%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
FINANCIAL SERVICES FUND DECEMBER 31, 1997 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> 052
<NAME> MUTUAL FINANCIAL SERVICES FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> AUG-19-1997<F1>
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 228031794
<INVESTMENTS-AT-VALUE> 243564475
<RECEIVABLES> 9005908
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7897699
<TOTAL-ASSETS> 260468082
<PAYABLE-FOR-SECURITIES> 1107868
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1554718
<TOTAL-LIABILITIES> 2662586
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237330344
<SHARES-COMMON-STOCK> 3524251
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 108579
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3503357
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16863216
<NET-ASSETS> 257805496
<DIVIDEND-INCOME> 641194
<INTEREST-INCOME> 604980
<OTHER-INCOME> 0
<EXPENSES-NET> 659512
<NET-INVESTMENT-INCOME> 586662
<REALIZED-GAINS-CURRENT> 5249927
<APPREC-INCREASE-CURRENT> 16863216
<NET-CHANGE-FROM-OPS> 22699805
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17029)
<DISTRIBUTIONS-OF-GAINS> (289180)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3598172
<NUMBER-OF-SHARES-REDEEMED> (97444)
<SHARES-REINVESTED> 23523
<NET-CHANGE-IN-ASSETS> 257805496
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 419994
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 986744
<AVERAGE-NET-ASSETS> 21855046
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.35
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.26
<EXPENSE-RATIO> 2.00<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>COMMENCEMENT OF OPERATIONS WAS AUGUST 19, 1997.
<F2>RATIO OF EXPENSES TO AVERAGE NET ASSETS WITHOUT THE FEE WAIVER IS 2.62%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
FINANCIAL SERVICES FUND DECEMBER 31, 1997 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> 053
<NAME> MUTUAL FINANCIAL SERVICES FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> AUG-19-1997<F1>
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 228031794
<INVESTMENTS-AT-VALUE> 243564475
<RECEIVABLES> 9005908
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7897699
<TOTAL-ASSETS> 260468082
<PAYABLE-FOR-SECURITIES> 1107868
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1554718
<TOTAL-LIABILITIES> 2662586
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 237330344
<SHARES-COMMON-STOCK> 11114665
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 108579
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3503357
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16863216
<NET-ASSETS> 257805496
<DIVIDEND-INCOME> 641194
<INTEREST-INCOME> 604980
<OTHER-INCOME> 0
<EXPENSES-NET> 659512
<NET-INVESTMENT-INCOME> 586662
<REALIZED-GAINS-CURRENT> 5249927
<APPREC-INCREASE-CURRENT> 16863216
<NET-CHANGE-FROM-OPS> 22699805
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (312463)
<DISTRIBUTIONS-OF-GAINS> (937387)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12843692
<NUMBER-OF-SHARES-REDEEMED> (1828659)
<SHARES-REINVESTED> 99632
<NET-CHANGE-IN-ASSETS> 257805496
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 419994
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 986744
<AVERAGE-NET-ASSETS> 80057545
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 2.35
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.27
<EXPENSE-RATIO> 1.00<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>COMMENCEMENT OF OPERATIONS WAS AUGUST 19, 1997.
<F2>RATIO OF EXPENSES TO AVERAGE NET ASSETS WITHOUT THE FEE WAIVER IS 1.62%.
</FN>
</TABLE>
ERNST & YOUNG LLP Phone: 617 266 2000
200 Clarendon Street Fax: 617 266 5843
Boston, Massachusetts 02116-5072
To the Shareholders and Board of Directors of
Franklin Mutual Series Fund, Inc.
In planning and performing our audit of the financial statements of Franklin
Mutual Series Fund Inc. (comprising, respectively, Mutual Shares Fund, Mutual
Qualified Fund, Mutual Beacon Fund, Mutual Discovery Fund, Mutual European Fund
and Mutual Financial Services Fund) for the year ended December 31, 1997, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control.
The management of Franklin Mutual Series Fund Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgements by management are required to assess
the expected benefits and related costs of controls. Generally, controls that
are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls include
the safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control and its operating,
including controls for the safeguarding securities, that we consider to be
material weaknesses as defined above at December 31, 1997.
This report is intended solely for the information and use of the board of
directors and management of Franklin Mutual Series Fund, Inc. and the Securities
and Exchange Commission.
/s/ERNST & YOUNG LLP
Ernst & Young LLP
January 30, 1998
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
