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PAGE 2
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PAGE 3
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PAGE 4
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PAGE 5
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PAGE 6
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PAGE 7
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PAGE 8
015 D020118 12920
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PAGE 9
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PAGE 10
015 A000137 BANCO COMERCIAL PORTUGUES
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PAGE 11
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PAGE 12
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PAGE 13
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PAGE 14
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PAGE 15
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PAGE 16
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PAGE 17
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PAGE 18
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PAGE 19
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015 D010217 HONG KONG
015 E040217 X
015 A000218 HONG KONG AND SHANGHAI BANKING CORP
015 B000218 S
015 C010218 JAKARTA
015 D010218 INDONESIA
015 D020218 12920
015 E040218 X
015 A000219 ALLIED IRISH BANKS PLC
015 B000219 S
015 C010219 DUBLIN
015 D010219 IRELAND
015 D020219 1
015 E040219 X
015 A000220 BANCA COMMERCIALE ITALIANA
015 B000220 S
015 C010220 MILAN
015 D010220 ITALY
015 D020220 20121
015 E040220 X
015 A000221 SOCIETE GENERALE
015 B000221 S
015 C010221 ABIDJAN
015 D010221 IVORY COAST
015 E040221 X
015 A000222 BANK OF TOKYO-MITSUBISHI LIMITED
015 B000222 S
015 C010222 TOKYO
015 D010222 JAPAN
015 D020222 103-0021
015 E040222 X
015 A000223 HSBC BANK - MIDDLE EAST
015 B000223 S
015 C010223 AMMAN
015 D010223 JORDAN
015 E040223 X
PAGE 20
015 A000224 STANBIC BANK KENYA LTD.
015 B000224 S
015 C010224 NAIROBI
015 D010224 KENYA
015 E040224 X
015 A000225 BANQUE ET CAISSE D' EPARGNE DE L'ETAT
015 B000225 S
015 C010225 LUXEMBOURG
015 D010225 LUXEMBOURG
015 D020225 L-2954
015 E040225 X
015 A000226 HONG KONG BANK MALAYSIA BERHAD
015 B000226 S
015 C010226 KUALA LUMPUR
015 D010226 MALAYSIA
015 D020226 50100
015 E040226 X
015 A000227 BANCO NACIONAL DE MEXICO
015 B000227 S
015 C010227 MEXICO D.F.
015 D010227 MEXICO
015 D020227 01210
015 E040227 X
015 A000228 BANQUE COMMERCIALE DU MAROC
015 B000228 S
015 C010228 CASABLANCA
015 D010228 MOROCCO
015 D020228 20000
015 E040228 X
015 A000229 STANBIC BANK NAMIBIA LTD
015 B000229 S
015 C010229 WINDHOEK
015 D010229 NAMIBIA
015 E040229 X
015 A000230 HONG KONG AND SHANGHAI BANKING CORP
015 B000230 S
015 C010230 PORT LOUIS
015 D010230 MAURITIUS
015 E040230 X
015 A000231 DEN NORSKE BANK
015 B000231 S
015 C010231 OSLO
015 D010231 NORWAY
015 E040231 X
015 A000232 MEESPIERSON
015 B000232 S
015 C010232 AMSTERDAM
015 D010232 NETHERLANDS
015 D020232 1012 KK
015 E040232 X
015 A000233 ANZ BANKING GROUP LIMITED
PAGE 21
015 B000233 S
015 C010233 WELLINGTON
015 D010233 NEW ZEALAND
015 D020233 1
015 E040233 X
015 A000234 STANDARD CHARTERED BANK
015 B000234 S
015 C010234 KARACHI
015 D010234 PAKISTAN
015 D020234 74000
015 E040234 X
015 A000235 CITIBANK N.A.
015 B000235 S
015 C010235 LIMA
015 D010235 PERU
015 D020235 27
015 E040235 X
015 A000236 HONG KONG AND SHANGHAI BANKING CORP
015 B000236 S
015 C010236 MANILA
015 D010236 PHILIPPINES
015 E040236 X
015 A000237 BANCO COMERCIAL PORTUGUES
015 B000237 S
015 C010237 LISBON
015 D010237 PORTUGAL
015 E040237 X
015 A000238 THE BRITISH BANK OF THE MIDDLE EAST
015 B000238 S
015 C010238 RUWI
015 D010238 OMAN
015 D020238 112
015 E040238 X
015 A000239 UNITED OVERSEAS BANK
015 B000239 S
015 C010239 SINGAPORE
015 D010239 SINGAPORE
015 D020239 048624
015 E040239 X
015 A000240 STANDARD BANK OF SOUTH AFRICA
015 B000240 S
015 C010240 JOHANNESBURG
015 D010240 SOUTH AFRICA
015 D020240 2001
015 E040240 X
015 A000241 STANDARD CHARTERED BANK
015 B000241 S
015 C010241 SEOUL
015 D010241 SOUTH KOREA
015 E040241 X
015 A000242 BANCO BILBAO VIZCAYA
PAGE 22
015 B000242 S
015 C010242 MADRID
015 D010242 SPAIN
015 E040242 X
015 A000243 STANBIC BANK SWAZILAND LTD
015 B000243 S
015 C010243 M'BABANE
015 D010243 SWAZILAND
015 E040243 X
015 A000244 SKANDINAVISKA ENSKILDA BANKEN
015 B000244 S
015 C010244 STOCKHOLM
015 D010244 SWEDEN
015 D020244 10640
015 E040244 X
015 A000245 UBS AG
015 B000245 S
015 C010245 ZURICH
015 D010245 SWITZERLAND
015 D020245 8052
015 E040245 X
015 A000246 STANDARD CHARTERED BANK
015 B000246 S
015 C010246 BANGKOK
015 D010246 THAILAND
015 D020246 10500
015 E040246 X
015 A000247 OTTOMAN BANK
015 B000247 S
015 C010247 ISTANBUL
015 D010247 TURKEY
015 D020247 80670
015 E040247 X
015 A000248 THE BANK OF NEW YORK
015 B000248 S
015 C010248 LONDON
015 D010248 UNITED KINGDOM
015 D020248 EC4M 6XH
015 E040248 X
015 A000249 THE BANK OF NEW YORK
015 B000249 C
015 C010249 NEW YORK
015 C020249 NY
015 C030249 10286
015 E010249 X
015 A000250 THE BANK OF BOSTON N.A.
015 B000250 S
015 C010250 MONTEVIDEO
015 D010250 URUGUAY
015 D020250 1463
015 E040250 X
PAGE 23
015 A000251 STANBIC BANK ZAMBIA LTD
015 B000251 S
015 C010251 LUSAKA
015 D010251 ZAMBIA
015 E040251 X
015 A000252 STANBIC BANK ZIMBABWE LTD
015 B000252 S
015 C010252 HARARE
015 D010252 ZIMBABWE
015 E040252 X
015 A000253 CITIBANK BUDAPEST RT
015 B000253 S
015 C010253 BUDAPEST
015 D010253 HUNGARY
015 D020253 1052
015 E040253 X
015 A000254 BANK ONE, N.A.
015 B000254 S
015 C010254 LONDON
015 D010254 UNITED KINGDOM
015 D020254 NW1-3FN
015 E040254 X
015 A000255 CEDELBANK
015 B000255 S
015 C010255 LUXEMBOURG
015 D010255 LUXEMBOURG
015 D020255 L-1331
015 E040255 X
015 A000256 EUROCLEAR OPERATIONS CENTRE
015 B000256 S
015 C010256 BRUSSELS
015 D010256 BELGIUM
015 E040256 X
015 A000257 BANK LEUMI LE-ISRAEL B.M.
015 B000257 S
015 C010257 TEL AVIV
015 D010257 ISRAEL
015 E040257 X
015 A000258 CREDIT SUISSE FIRST BOSTON AO
015 B000258 S
015 C010258 MOSCOW
015 D010258 RUSSIA
015 E040258 X
015 A000259 HONG KONG AND SHANGHAI BANKING CORP
015 B000259 S
015 C010259 TAIPEI
015 D010259 TAIWAN
015 D020259 10548
015 E040259 X
024 000200 Y
025 A000201 MORGAN STANLEY
PAGE 24
025 B000201 13-2655998
025 C000201 E
025 D000201 5896
028 A010200 23948
028 A020200 0
028 A030200 0
028 A040200 72676
028 B010200 23881
028 B020200 0
028 B030200 0
028 B040200 77769
028 C010200 24029
028 C020200 0
028 C030200 0
028 C040200 69320
028 D010200 19203
028 D020200 0
028 D030200 0
028 D040200 61456
028 E010200 20838
028 E020200 0
028 E030200 0
028 E040200 84091
028 F010200 34925
028 F020200 248031
028 F030200 0
028 F040200 124371
028 G010200 146824
028 G020200 248031
028 G030200 0
028 G040200 489683
028 H000200 18664
029 000200 Y
030 A000200 1212
030 B000200 5.75
030 C000200 0.00
031 A000200 67
031 B000200 0
032 000200 1145
033 000200 0
034 000200 Y
035 000200 307
036 A000200 Y
036 B000200 0
037 000200 N
038 000200 0
PAGE 25
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 100
043 000200 4651
044 000200 315
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.600
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 1000
066 A000200 Y
066 B000200 N
066 C000200 Y
PAGE 26
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 Y
070 C010200 Y
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 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 Y
071 A000200 2351772
071 B000200 3325073
071 C000200 3930171
071 D000200 60
072 A000200 12
072 B000200 37432
072 C000200 51397
PAGE 27
072 D000200 0
072 E000200 0
072 F000200 25230
072 G000200 3271
072 H000200 0
072 I000200 4613
072 J000200 237
072 K000200 0
072 L000200 691
072 M000200 117
072 N000200 80
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 43
072 S000200 221
072 T000200 4651
072 U000200 0
072 V000200 0
072 W000200 1488
072 X000200 40642
072 Y000200 2066
072 Z000200 50253
072AA000200 919306
072BB000200 511751
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072CC020200 0
072DD010200 51710
072DD020200 7772
072EE000200 330033
073 A010200 0.0000
073 A020200 0.0000
073 B000200 1.4800
073 C000200 0.0000
074 A000200 18723
074 B000200 0
074 C000200 151986
074 D000200 317486
074 E000200 0
074 F000200 3385440
074 G000200 0
074 H000200 0
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074 K000200 197
074 L000200 12684
074 M000200 172093
074 N000200 4089977
074 O000200 35975
074 P000200 3218
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PAGE 28
074 R010200 0
074 R020200 142294
074 R030200 0
074 R040200 16057
074 S000200 0
074 T000200 3892433
074 U010200 186364
074 U020200 43948
074 V010200 0.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 232773
074 Y000200 237305
075 A000200 0
075 B000200 4202563
076 000200 0.00
015 A000301 BANKBOSTON, N.A.
015 B000301 S
015 C010301 BUENOS AIRES
015 D010301 ARGENTINA
015 D020301 1005
015 E040301 X
015 A000302 NATIONAL AUSTRALIA BANK
015 B000302 S
015 C010302 MELBOURNE
015 D010302 AUSTRALIA
015 D020302 3000
015 E040302 X
015 A000303 BANK AUSTRIA AG
015 B000303 S
015 C010303 VIENNA
015 D010303 AUSTRIA
015 D020303 1090
015 E040303 X
015 A000304 BANQUE BRUXELLES LAMBERT
015 B000304 S
015 C010304 BRUSSELS
015 D010304 BELGIUM
015 D020304 1040
015 E040304 X
015 A000305 THE BANK OF BERMUDA
015 B000305 S
015 C010305 HAMILTON
015 D010305 BERMUDA
015 E040305 X
015 A000306 STANBIC BANK BOTSWANA
015 B000306 S
015 C010306 GABORONE
015 D010306 BOTSWANA
015 D020306 00168
015 E040306 X
PAGE 29
015 A000307 BANKBOSTON, N.A.
015 B000307 S
015 C010307 SAO PAULO
015 D010307 BRAZIL
015 D020307 01009-000
015 E040307 X
015 A000308 THE BRITISH BANK OF THE MIDDLE EAST
015 B000308 S
015 C010308 MANAMA
015 D010308 BAHRAIN
015 D020308 304
015 E040308 X
015 A000309 ROYAL BANK OF CANADA
015 B000309 S
015 C010309 TORONTO
015 D010309 CANADA
015 D020309 M5J 2J5
015 E040309 X
015 A000310 BANK OF CYPRUS
015 B000310 S
015 C010310 NICOSIA
015 D010310 CYPRUS
015 D020310 1398
015 E040310 X
015 A000311 DEN DANSKE BANK
015 B000311 S
015 C010311 COPENHAGEN
015 D010311 DENMARK
015 E040311 X
015 A000312 MERITANORDBANKEN GROUP
015 B000312 S
015 C010312 HELSINKI
015 D010312 FINLAND
015 E040312 X
015 A000313 BANQUE PARIBAS
015 B000313 S
015 C010313 PARIS
015 D010313 FRANCE
015 E040313 X
015 A000314 DRESDNER BANK
015 B000314 S
015 C010314 FRANKFURT
015 D010314 GERMANY
015 D020314 60301
015 E040314 X
015 A000315 MERCHANT BANK (GHANA) LTD
015 B000315 S
015 C010315 ACCRA
015 D010315 GHANA
015 E040315 X
015 A000316 PARIBAS-ATHENS
PAGE 30
015 B000316 S
015 C010316 ATHENS
015 D010316 GREECE
015 D020316 105 64
015 E040316 X
015 A000317 HONG KONG AND SHANGHAI BANKING CORPORATION
015 B000317 S
015 C010317 HONG KONG
015 D010317 HONG KONG
015 E040317 X
015 A000318 HONG KONG AND SHANGHAI BANKING CORPORATION
015 B000318 S
015 C010318 JAKARTA
015 D010318 INDONESIA
015 D020318 12920
015 E040318 X
015 A000319 ALLIED IRISH BANKS PLC
015 B000319 S
015 C010319 DUBLIN
015 D010319 IRELAND
015 D020319 1
015 E040319 X
015 A000320 BANCA COMMERCIALE ITALIANA
015 B000320 S
015 C010320 MILANO
015 D010320 ITALY
015 D020320 20121
015 E040320 X
015 A000321 SOCIETE GENERALE
015 B000321 S
015 C010321 ABIDJAN
015 D010321 IVORY COAST
015 E040321 X
015 A000322 BANK OF TOKYO-MITSUBISHI LIMITED
015 B000322 S
015 C010322 TOKYO
015 D010322 JAPAN
015 D020322 103-0021
015 E040322 X
015 A000323 HSBC BANK MIDDLE EAST
015 B000323 S
015 C010323 AMMAN
015 D010323 JORDAN
015 E040323 X
015 A000324 STANBIC BANK KENYA LTD
015 B000324 S
015 C010324 NAIROBI
015 D010324 KENYA
015 E040324 X
015 A000325 HONG KONG AND SHANGHAI BANKING CORPORATION
015 B000325 S
PAGE 31
015 C010325 PORT LOUIS
015 D010325 MAURITIUS
015 E040325 X
015 A000326 BANQUE ET CAISSE D'EPARGNE DE L'ETAT
015 B000326 S
015 C010326 LUXEMBOURG
015 D010326 LUXEMBOURG
015 D020326 L-2954
015 E040326 X
015 A000327 HONG KONG BANK MALAYSIA BERHAD
015 B000327 S
015 C010327 KUALA LUMPUR
015 D010327 MALAYSIA
015 D020327 50100
015 E040327 X
015 A000328 BANCO NACIONAL DE MEXICO
015 B000328 S
015 C010328 MEXICO CITY
015 D010328 MEXICO
015 D020328 01210
015 E040328 X
015 A000329 BANQUE COMMERCIALE DU MAROC
015 B000329 S
015 C010329 CASABLANCA
015 D010329 MOROCCO
015 D020329 20000
015 E040329 X
015 A000330 STANBIC BANK OF NAMIBIA LTD
015 B000330 S
015 C010330 WINDHOEK
015 D010330 NAMIBIA
015 E040330 X
015 A000331 THE BRITISH BANK OF THE MIDDLE EAST
015 B000331 S
015 C010331 RUWI
015 D010331 OMAN
015 D020331 PC 112
015 E040331 X
015 A000332 MEESPIERSON
015 B000332 S
015 C010332 AMSTERDAM
015 D010332 NETHERLANDS
015 D020332 1012 KK
015 E040332 X
015 A000333 ANZ BANKING GROUP LIMITED
015 B000333 S
015 C010333 WELLINGTON
015 D010333 NEW ZEALAND
015 E040333 X
015 A000334 DEN NORSKE BANK
015 B000334 S
PAGE 32
015 C010334 OSLO
015 D010334 NORWAY
015 E040334 X
015 A000335 CITIBANK N.A.
015 B000335 S
015 C010335 LIMA
015 D010335 PERU
015 D020335 27
015 E040335 X
015 A000336 HONG KONG AND SHANGHAI BANKING CORPORATION
015 B000336 S
015 C010336 MANILA
015 D010336 PHILIPPINES
015 E040336 X
015 A000337 BANCO COMERCIAL PORTUGUES
015 B000337 S
015 C010337 LISBON
015 D010337 PORTUGAL
015 E040337 X
015 A000338 UNITED OVERSEAS BANK
015 B000338 S
015 C010338 SINGAPORE
015 D010338 SINGAPORE
015 D020338 048624
015 E040338 X
015 A000339 STANDARD BANK OF SOUTH AFRICA
015 B000339 S
015 C010339 JOHANNESBURG
015 D010339 SOUTH AFRICA
015 D020339 2001
015 E040339 X
015 A000340 STANDARD CHARTERED BANK
015 B000340 S
015 C010340 SEOUL
015 D010340 SOUTH KOREA
015 E040340 X
015 A000341 BANCO BILBAO VIZCAYA
015 B000341 S
015 C010341 MADRID
015 D010341 SPAIN
015 E040341 X
015 A000342 STANBIC BANK SWAZILAND LTD
015 B000342 S
015 C010342 M'BABANE
015 D010342 SWAZILAND
015 E040342 X
015 A000343 SKANDINAVISKA ENSKILDA BANKEN
015 B000343 S
015 C010343 STOCKHOLM
015 D010343 SWEDEN
015 D020343 10640
PAGE 33
015 E040343 X
015 A000344 UBS AG
015 B000344 S
015 C010344 ZURICH
015 D010344 SWITZERLAND
015 D020344 8052
015 E040344 X
015 A000345 STANDARD CHARTERED BANK
015 B000345 S
015 C010345 BANGKOK
015 D010345 THAILAND
015 D020345 10500
015 E040345 X
015 A000346 OTTOMAN BANK
015 B000346 S
015 C010346 ISTANBUL
015 D010346 TURKEY
015 D020346 80670
015 E040346 X
015 A000347 THE BANK OF NEW YORK
015 B000347 S
015 C010347 LONDON
015 D010347 UNITED KINGDOM
015 D020347 EC4M 6XH
015 E040347 X
015 A000348 THE BANK OF NEW YORK
015 B000348 C
015 C010348 NEW YORK
015 C020348 NY
015 C030348 10286
015 E010348 X
015 A000349 THE BANK OF BOSTON N.A.
015 B000349 S
015 C010349 MONTEVIDEO
015 D010349 URUGUAY
015 E040349 X
015 A000350 STANBIC BANK ZAMBIA LTD
015 B000350 S
015 C010350 LUSAKA
015 D010350 ZAMBIA
015 E040350 X
015 A000351 STANBIC BANK ZIMBABWE LTD
015 B000351 S
015 C010351 HARARE
015 D010351 ZIMBABWE
015 E040351 X
015 A000352 CITIBANK BUDAPEST RT
015 B000352 S
015 C010352 BUDAPEST
015 D010352 HUNGARY
015 D020352 1052
PAGE 34
015 E040352 X
015 A000353 STANDARD CHARTERED BANK
015 B000353 S
015 C010353 KARACHI
015 D010353 PAKISTAN
015 D020353 74000
015 E040353 X
015 A000354 BANK ONE, N.A.
015 B000354 S
015 C010354 LONDON
015 D010354 UNITED KINGDOM
015 D020354 NW1 3FN
015 E040354 X
015 A000355 CEDEL BANK
015 B000355 S
015 C010355 LUXEMBOURG
015 D010355 LUXEMBOURG
015 D020355 L-1331
015 E040355 X
015 A000356 EUROCLEAR OPERATING CENTRE
015 B000356 S
015 C010356 BRUSSELS
015 D010356 BELGUIM
015 E040356 X
015 A000357 CREDIT SUISSE FIRST BOSTON
015 B000357 S
015 C010357 MOSCOW
015 D010357 RUSSIA
015 E040357 X
015 A000358 HONG KONG AND SHANGHAI BANKING CORPORATION
015 B000358 S
015 C010358 TAIPEI
015 D010358 TAIWAN
015 D020358 10548
015 E040358 X
015 A000359 BANK LEUMI LE-ISRAEL B.M.
015 B000359 S
015 C010359 TEL AVIV
015 D010359 ISRAEL
015 E040359 X
024 000300 Y
025 A000301 MORGAN STANLEY DEAN WITTER & CO.
025 B000301 13-2655998
025 C000301 E
025 D000301 9079
025 A000302 BEAR STEARNS CO. INC.
025 B000302 13-3299429
025 C000302 E
025 D000302 53257
PAGE 35
028 A010300 41136
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032 000300 1007
033 000300 0
034 000300 Y
035 000300 354
036 A000300 Y
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037 000300 N
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039 000300 N
040 000300 Y
PAGE 36
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 100
043 000300 7753
044 000300 524
045 000300 Y
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048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 1000
066 A000300 Y
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
PAGE 37
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 Y
070 C010300 Y
070 C020300 N
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PAGE 38
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PAGE 39
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015 A000404 BANQUE BRUXELLES LAMBERT
015 B000404 S
015 C010404 BRUSSELS
015 D010404 BELGIUM
015 D020404 1040
015 E040404 X
015 A000405 THE BANK OF BERMUDA
015 B000405 S
015 C010405 HAMILTON
015 D010405 BERMUDA
015 E040405 X
015 A000406 STANBIC BANK OF BOTSWANA
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PAGE 40
015 C010407 SAO PAULO
015 D010407 BRAZIL
015 D020407 01009-000
015 E040407 X
015 A000408 THE BRITISH BANK OF THE MIDDLE EAST
015 B000408 S
015 C010408 MANAMA
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015 D020408 304
015 E040408 X
015 A000409 ROYAL BANK OF CANADA
015 B000409 S
015 C010409 TORONTO
015 D010409 CANADA
015 D020409 M5J 2J5
015 E040409 X
015 A000410 BANK OF CYPRUS
015 B000410 S
015 C010410 NICOSIA
015 D010410 CYPRUS
015 D020410 1398
015 E040410 X
015 A000411 DEN DANSKE BANK
015 B000411 S
015 C010411 COPENHAGEN
015 D010411 DENMARK
015 E040411 X
015 A000412 MERITANORDBANKEN GROUP
015 B000412 S
015 C010412 HELSINKI
015 D010412 FINLAND
015 E040412 X
015 A000413 BANQUE PARIBAS
015 B000413 S
015 C010413 PARIS
015 D010413 FRANCE
015 E040413 X
015 A000414 DRESDNER BANK
015 B000414 S
015 C010414 FRANKFURT
015 D010414 GERMANY
015 D020414 60301
015 E040414 X
015 A000415 MERCHANT BANK OF GHANA LTD
015 B000415 S
015 C010415 ACCRA
015 D010415 GHANA
015 E040415 X
015 A000416 DELETE
015 A000417 HONGKONG AND SHANGHAI BANKING CORP
015 B000417 S
PAGE 41
015 C010417 HONG KONG
015 D010417 HONG KONG
015 E040417 X
015 A000418 HONGKONG AND SHANGHAI BANKING CORP
015 B000418 S
015 C010418 JAKARTA
015 D010418 INDONESIA
015 D020418 12920
015 E040418 X
015 A000419 ALLIED IRISH BANKS PLC
015 B000419 S
015 C010419 DUBLIN
015 D010419 IRELAND
015 D020419 1
015 E040419 X
015 A000420 BANCA COMMERCIALE ITALIANA
015 B000420 S
015 C010420 MILAN
015 D010420 ITALY
015 D020420 20121
015 E040420 X
015 A000421 SOCIETE GENERALE
015 B000421 S
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015 D010421 IVORY COAST
015 E040421 X
015 A000422 BANK OF TOKYO-MITSUBISHI LIMITED
015 B000422 S
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015 D010422 JAPAN
015 D020422 103-0021
015 E040422 X
015 A000423 HSBC BANK MIDDLE EAST
015 B000423 S
015 C010423 AMMAN
015 D010423 JORDAN
015 E040423 X
015 A000424 STANBIC BANK OF KENYA
015 B000424 S
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015 D010424 KENYA
015 E040424 X
015 A000425 BANQUE ET CAISSE D'EPARGNE DE L'ETAT
015 B000425 S
015 C010425 LUXEMBOURG
015 D010425 LUXEMBOURG
015 D020425 L-2954
015 E040425 X
015 A000426 HONGKONG BANK MALAYSIA BERHAD
015 B000426 S
015 C010426 KUALA LUMPUR
PAGE 42
015 D010426 MALAYSIA
015 D020426 50100
015 E040426 X
015 A000427 BANCO NACIONAL DE MEXICO
015 B000427 S
015 C010427 MEXICO CITY
015 D010427 MEXICO
015 D020427 01210
015 E040427 X
015 A000428 BANQUE COMMERCIALE DU MAROC
015 B000428 S
015 C010428 CASABLANCA
015 D010428 MOROCCO
015 D020428 20000
015 E040428 X
015 A000429 STANBIC BANK NAMIBIA LTD
015 B000429 S
015 C010429 WINDHOEK
015 D010429 NAMIBIA
015 E040429 X
015 A000430 HONGKONG AND SHANGHAI BANKING CORP
015 B000430 S
015 C010430 PORT LOUIS
015 D010430 MAURITIUS
015 E040430 X
015 A000431 MEESPIERSON
015 B000431 S
015 C010431 AMSTERDAM
015 D010431 NETHERLANDS
015 D020431 1012 KK
015 E040431 X
015 A000432 ANZ BANKING GROUP LIMITED
015 B000432 S
015 C010432 WELLINGTON
015 D010432 NEW ZEALAND
015 E040432 X
015 A000433 DEN NORSKE BANK
015 B000433 S
015 C010433 OSLO
015 D010433 NORWAY
015 E040433 X
015 A000434 STANDARD CHARTERED BANK
015 B000434 S
015 C010434 KARACHI
015 D010434 PAKISTAN
015 D020434 74000
015 E040434 X
015 A000435 CITIBANK N.A.
015 B000435 S
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015 D010435 PERU
PAGE 43
015 D020435 27
015 E040435 X
015 A000436 HONGKONG AND SHANGHAI BANKING CORP
015 B000436 S
015 C010436 MANILA
015 D010436 PHILIPPINES
015 E040436 X
015 A000437 BANCO COMERCIAL PORTUGUES
015 B000437 S
015 C010437 LISBON
015 D010437 PORTUGAL
015 E040437 X
015 A000438 THE BRITISH BANK OF THE MIDDLE EAST
015 B000438 S
015 C010438 RUWI
015 D010438 OMAN
015 D020438 112
015 E040438 X
015 A000439 UNITED OVERSEAS BANK
015 B000439 S
015 C010439 SINGAPORE
015 D010439 SINGAPORE
015 D020439 048624
015 E040439 X
015 A000440 STANDARD BANK OF SOUTH AFRICA
015 B000440 S
015 C010440 JOHANNESBURG
015 D010440 SOUTH AFRICA
015 D020440 2001
015 E040440 X
015 A000441 STANDARD CHARTERED BANK
015 B000441 S
015 C010441 SEOUL
015 D010441 SOUTH KOREA
015 E040441 X
015 A000442 BANCO BILBAO VIZCAYA
015 B000442 S
015 C010442 MADRID
015 D010442 SPAIN
015 E040442 X
015 A000443 STANBIC BANK SWAZILAND
015 B000443 S
015 C010443 M'BABANE
015 D010443 SWAZILAND
015 E040443 X
015 A000444 SKANDINAVISKA ENSKILDA BANKEN
015 B000444 S
015 C010444 STOCKHOLM
015 D010444 SWEDEN
015 D020444 10640
015 E040444 X
PAGE 44
015 A000445 UBS AG
015 B000445 S
015 C010445 ZURICH
015 D010445 SWITZERLAND
015 D020445 8052
015 E040445 X
015 A000446 STANDARD CHARTERED BANK
015 B000446 S
015 C010446 BANGKOK
015 D010446 THAILAND
015 D020446 10500
015 E040446 X
015 A000447 OTTOMAN BANK
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015 C010447 ISTANBUL
015 D010447 TURKEY
015 D020447 80670
015 E040447 X
015 A000448 BANK OF NEW YORK
015 B000448 S
015 C010448 LONDON
015 D010448 UNITED KINGDOM
015 D020448 EC4M 6XH
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015 A000449 BANK OF NEW YORK
015 B000449 C
015 C010449 NEW YORK
015 C020449 NY
015 C030449 10286
015 E010449 X
015 A000450 THE BANK OF BOSTON N.A.
015 B000450 S
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015 D020450 1463
015 E040450 X
015 A000451 STANBIC BANK ZAMBIA LTD
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015 C010451 LUSAKA
015 D010451 ZAMBIA
015 E040451 X
015 A000452 STANBIC BANK ZIMBABWE LTD
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015 C010452 HARARE
015 D010452 ZIMBABWE
015 E040452 X
015 A000453 DELETE
015 A000454 DELETE
015 A000455 DELETE
015 A000456 DELETE
015 A000457 BANK LEUMI LE-ISRAEL B.M.
PAGE 45
015 B000457 S
015 C010457 TEL AVIV
015 D010457 ISRAEL
015 E040457 X
015 A000458 CREDIT SUISSE FIRST BOSTON AO
015 B000458 S
015 C010458 MOSCOW
015 D010458 RUSSIA
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015 A000459 PARIBAS ATHENS
015 B000459 S
015 C010459 ATHENS
015 D010459 GREECE
015 D020459 105 64
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015 B000460 S
015 C010460 BUDAPEST
015 D010460 HUNGARY
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015 E040460 X
015 A000461 HONGKONG AND SHANGHAI BANKING CORP
015 B000461 S
015 C010461 TAIPEI
015 D010461 TAIWAN
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015 E040461 X
015 A000462 CEDEL BANK
015 B000462 S
015 C010462 LUXEMBOURG
015 D010462 LUXEMBOURG
015 D020462 L-1331
015 E040462 X
015 A000463 EUROCLEAR OPERATIONS CENTRE
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015 C010463 BRUSSELS
015 D010463 BELGIUM
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015 A000464 BANK ONE, N.A.
015 B000464 S
015 C010464 LONDON
015 D010464 UNITED KINGDOM
015 D020464 NW1 3FN
015 E040464 X
024 000400 Y
025 A000401 MORGAN STANLEY DEAN WITTER & CO. INC.
025 B000401 13-2655998
025 C000401 E
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025 A000402 BEAR STEARNS CO. INC.
025 B000402 13-3299429
PAGE 46
025 C000402 E
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PAGE 47
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PAGE 48
048 E020400 0.000
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066 D000400 N
066 E000400 N
066 F000400 N
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070 A020400 Y
070 B010400 Y
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070 F020400 N
070 G010400 Y
070 G020400 N
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070 H020400 N
070 I010400 N
070 I020400 N
PAGE 49
070 J010400 Y
070 J020400 Y
070 K010400 Y
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070 L020400 Y
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070 N020400 N
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070 O020400 N
070 P010400 Y
070 P020400 N
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070 Q020400 N
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070 R020400 Y
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071 C000400 3058140
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PAGE 50
072CC020400 0
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015 A000501 BANKBOSTON, N.A.
015 B000501 S
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015 A000502 NATIONAL AUSTRALIA BANK
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PAGE 51
015 D020502 3000
015 E040502 X
015 A000503 BANK AUSTRIA AG
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015 C010503 VIENNA
015 D010503 AUSTRIA
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015 E040503 X
015 A000504 BANQUE BRUXELLES LAMBERT
015 B000504 S
015 C010504 BRUSSELS
015 D010504 BELGIUM
015 D020504 1040
015 E040504 X
015 A000505 THE BANK OF BERMUDA
015 B000505 S
015 C010505 HAMILTON
015 D010505 BERMUDA
015 E040505 X
015 A000506 STANBIC BANK OF BOTSWANA
015 B000506 S
015 C010506 GABORONE
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015 D020506 00168
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015 B000507 S
015 C010507 SAO PAULO
015 D010507 BRAZIL
015 D020507 01009-000
015 E040507 X
015 A000508 THE BRITISH BANK OF THE MIDDLE EAST
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015 C010508 MANAMA
015 D010508 BAHRAIN
015 D020508 304
015 E040508 X
015 A000509 ROYAL BANK OF CANADA
015 B000509 S
015 C010509 TORONTO
015 D010509 CANADA
015 D020509 M5J 2J5
015 E040509 X
015 A000510 BANK OF CYPRUS
015 B000510 S
015 C010510 NICOSIA
015 D010510 CYPRUS
015 D020510 1398
015 E040510 X
015 A000511 DEN DANSKE BANK
015 B000511 S
PAGE 52
015 C010511 COPENHAGEN
015 D010511 DENMARK
015 E040511 X
015 A000512 MERITANORDBANKEN GROUP
015 B000512 S
015 C010512 HELSINKI
015 D010512 FINLAND
015 E040512 X
015 A000513 BANQUE PARIBAS
015 B000513 S
015 C010513 PARIS
015 D010513 FRANCE
015 E040513 X
015 A000514 DRESDNER BANK
015 B000514 S
015 C010514 FRANKFURT
015 D010514 GERMANY
015 D020514 60301
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015 A000515 MERCHANT BANK OF GHANA LTD.
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015 A000518 HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000518 S
015 C010518 JAKARTA
015 D010518 INDONESIA
015 D020518 12920
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015 A000519 ALLIED IRISH BANKS PLC
015 B000519 S
015 C010519 DUBLIN
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015 A000520 BANCA COMMERCIALE ITALIANA
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PAGE 53
015 D020520 20121
015 E040520 X
015 A000521 SOCIETE GENERALE
015 B000521 S
015 C010521 ABIDJAN
015 D010521 IVORY COAST
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015 A000522 BANK OF TOKYO-MITSUBISHI LIMITED
015 B000522 S
015 C010522 TOKYO
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015 D020522 103-0021
015 E040522 X
015 A000523 HSBC BANK MIDDLE EAST
015 B000523 S
015 C010523 AMMAN
015 D010523 JORDAN
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015 A000524 STANBIC BANK OF KENYA LTD
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015 A000525 BANQUE ET CAISSE D'EPARGNE DE L'ETAT
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015 A000526 HONGKONG BANK MALAYSIA BERHAD
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015 A000527 BANCO NACIONAL DE MEXICO
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015 D010527 MEXICO
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015 C010528 CASABLANCA
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015 D020528 20000
015 E040528 X
015 A000529 STANBIC BANK NAMIBIA LTD
015 B000529 S
015 C010529 WINDHOEK
015 D010529 NAMIBIA
PAGE 54
015 E040529 X
015 A000530 HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000530 S
015 C010530 PORT LOUIS
015 D010530 MAURITIUS
015 E040530 X
015 A000531 DEN NORSKE BANK
015 B000531 S
015 C010531 OSLO
015 D010531 NORWAY
015 E040531 X
015 A000532 MEESPIERSON
015 B000532 S
015 C010532 AMSTERDAM
015 D010532 NETHERLANDS
015 D020532 1012 KK
015 E040532 X
015 A000533 ANZ BANKING GROUP LIMITED
015 B000533 S
015 C010533 WELLINGTON
015 D010533 NEW ZEALAND
015 D020533 1
015 E040533 X
015 A000534 STANDARD CHARTERED BANK
015 B000534 S
015 C010534 KARACHI
015 D010534 PAKISTAN
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015 A000535 CITIBANK N.A.
015 B000535 S
015 C010535 LIMA
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015 D020535 27
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015 A000536 HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000536 S
015 C010536 PASIG CITY
015 D010536 PHILIPPINES
015 E040536 X
015 A000537 BANCO COMERCIAL PORTUGUES
015 B000537 S
015 C010537 LISBON
015 D010537 PORTUGAL
015 E040537 X
015 A000538 THE BRITISH BANK OF THE MIDDLE EAST
015 B000538 S
015 C010538 RUWI
015 D010538 OMAN
015 D020538 PC 112
015 E040538 X
PAGE 55
015 A000539 UNITED OVERSEAS BANK
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015 C010539 SINGAPORE
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015 D020539 048624
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015 A000540 STANDARD BANK OF SOUTH AFRICA
015 B000540 S
015 C010540 JOHANNESBURG
015 D010540 SOUTH AFRICA
015 D020540 2001
015 E040540 X
015 A000541 STANDARD CHARTERED BANK
015 B000541 S
015 C010541 SEOUL
015 D010541 SOUTH KOREA
015 E040541 X
015 A000542 BANCO BILBAO VIZCAYA
015 B000542 S
015 C010542 MADRID
015 D010542 SPAIN
015 E040542 X
015 A000543 STANBIC BANK SWAZILAND LTD
015 B000543 S
015 C010543 M'BABANE
015 D010543 SWAZILAND
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015 C010545 ZURICH
015 D010545 SWITZERLAND
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015 A000547 OTTOMAN BANK
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015 C010547 ISTANBUL
015 D010547 TURKEY
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PAGE 56
015 A000548 THE BANK OF NEW YORK
015 B000548 S
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015 D010548 UNITED KINGDOM
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015 A000550 THE BANK OF NEW YORK
015 B000550 C
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015 D010551 ZAMBIA
015 E040551 X
015 A000552 STANBIC BANK ZIMBABWE LTD
015 B000552 S
015 C010552 HARARE
015 D010552 ZIMBABWE
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015 B000553 S
015 C010553 LONDON
015 D010553 UNITED KINGDOM
015 D020553 NW1 3FN
015 E040553 X
015 A000554 CEDEL BANK
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015 C010554 LUXEMBOURG
015 D010554 LUXEMBOURG
015 D020554 L-1331
015 E040554 X
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015 B000555 S
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015 D010555 BELGIUM
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015 B000556 S
015 C010556 BUDAPEST
015 D010556 HUNGARY
015 D020556 H-1052
015 E040556 X
015 A000557 CREDIT SUISSE FIRST BOSTON AO
PAGE 57
015 B000557 S
015 C010557 MOSCOW
015 D010557 RUSSIA
015 E040557 X
015 A000558 BANK LEUMI LE-ISRAEL B.M.
015 B000558 S
015 C010558 TEL AVIV
015 D010558 ISRAEL
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024 000500 N
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PAGE 58
037 000500 N
038 000500 0
039 000500 N
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041 000500 Y
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056 000500 Y
057 000500 N
058 A000500 N
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066 A000500 Y
PAGE 59
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
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070 A020500 Y
070 B010500 Y
070 B020500 Y
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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
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070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
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070 Q020500 N
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070 R020500 Y
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072 A000500 12
PAGE 60
072 B000500 3743
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PAGE 61
074 P000500 847
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015 A000601 BANK OF NEW YORK
015 B000601 C
015 C010601 NEW YORK
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015 C030601 10286
015 E010601 X
015 A000602 BANKBOSTON, N.A.
015 B000602 S
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015 D010602 ARGENTINA
015 D020602 1005
015 E040602 X
015 A000603 NATIONAL AUSTRALIA BANK
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015 D020605 1040
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015 A000606 THE BANK OF BERMUDA
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015 C010606 HAMILTON
PAGE 62
015 D010606 BERMUDA
015 E040606 X
015 A000607 STANBIC BANK BOTSWANA
015 B000607 S
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015 D010607 BOTSWANA
015 D020607 00168
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015 D010608 BRAZIL
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015 A000609 THE BRITISH BANK OF THE MIDDLE EAST
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015 D010610 CANADA
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015 D010611 CYPRUS
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015 A000612 DEN DANSKE BANK
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015 C010612 COPENHAGEN
015 D010612 DENMARK
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015 A000613 MERITANORDBANKEN GROUP
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015 A000614 BANQUE PARIBAS
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015 C010614 PARIS
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PAGE 63
015 D020615 60301
015 E040615 X
015 A000616 MERCHANT BANK OF GHANA LTD
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015 D010616 GHANA
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015 A000617 PARIBAS-ATHENS
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015 D020619 12920
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015 A000620 ALLIED IRISH BANKS PLC
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015 D010621 ITALY
015 D020621 20121
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PAGE 64
015 E040624 X
015 A000625 STANBIC BANK KENYA LTD
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015 C010625 NAIROBI
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015 E040625 X
015 A000626 HONGKONG AND SHANGHAI BANKING CORPORATION
015 B000626 S
015 C010626 PORT LOUIS
015 D010626 MAURITIUS
015 E040626 X
015 A000627 BANQUE ET CAISSE D' EPARGNE DE L'ETAT
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015 C010627 LUXEMBOURG
015 D010627 LUXEMBOURG
015 D020627 L-2954
015 E040627 X
015 A000628 HONGKONG BANK MALAYSIA BERHAD
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015 C010628 KUALA LUMPUR
015 D010628 MALAYSIA
015 D020628 50100
015 E040628 X
015 A000629 BANCO NACIONAL DE MEXICO
015 B000629 S
015 C010629 MEXICO CITY
015 D010629 MEXICO
015 D020629 01210
015 E040629 X
015 A000630 BANQUE COMMERCIALE DU MAROC
015 B000630 S
015 C010630 CASABLANCA
015 D010630 MOROCCO
015 D020630 20000
015 E040630 X
015 A000631 STANBIC BANK NAMIBIA LTD
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015 C010631 WINDHOEK
015 D010631 NAMIBIA
015 E040631 X
015 A000632 MEESPIERSON
015 B000632 S
015 C010632 AMSTERDAM
015 D010632 NETHERLANDS
015 D020632 1012 KK
015 E040632 X
015 A000633 ANZ BANKING GROUP LIMITED
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015 C010633 WELLINGTON
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015 E040633 X
PAGE 65
015 A000634 DEN NORSKE BANK
015 B000634 S
015 C010634 OSLO
015 D010634 NORWAY
015 E040634 X
015 A000635 THE BRITISH BANK OF THE MIDDLE EAST
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015 C010635 RUWI
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015 A000636 STANDARD CHARTERED BANK
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015 D020636 74000
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015 A000637 CITIBANK N.A.
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015 C010637 LIMA
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015 E040638 X
015 A000639 BANCO COMERCIAL PORTUGUES
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015 C010639 LISBON
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015 A000640 UNITED OVERSEAS BANK
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PAGE 66
015 B000643 S
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PAGE 67
015 C010652 HARARE
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024 000600 N
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PAGE 68
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PAGE 69
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PAGE 70
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PAGE 71
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PAGE 72
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SIGNATURE /s/JAMES R. BAIO
James R. Baio
TITLE TREASURER
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THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
SHARES FUND DECEMBER 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
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<NAME> FRANKLIN MUTUAL SHARES FUND, INC.
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<INTEREST-INCOME> 91621871
<OTHER-INCOME> 0
<EXPENSES-NET> (77742314)
<NET-INVESTMENT-INCOME> 115569270
<REALIZED-GAINS-CURRENT> 831688269
<APPREC-INCREASE-CURRENT> 182982992
<NET-CHANGE-FROM-OPS> 1130240531
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (108309743)
<DISTRIBUTIONS-OF-GAINS> (409414842)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10144534
<NUMBER-OF-SHARES-REDEEMED> (81120944)
<SHARES-REINVESTED> 22397081
<NET-CHANGE-IN-ASSETS> (932695553)
<ACCUMULATED-NII-PRIOR> 5008347
<ACCUMULATED-GAINS-PRIOR> 133700373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (49291464)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (81266671)
<AVERAGE-NET-ASSETS> 8213416922
<PER-SHARE-NAV-BEGIN> 19.55
<PER-SHARE-NII> 0.33<F1>
<PER-SHARE-GAIN-APPREC> 2.55<F1>
<PER-SHARE-DIVIDEND> (0.42)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.58)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.43
<EXPENSE-RATIO> 0.77<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 0.81%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
0.75%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 0.79%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
SHARES FUND DECEMBER 31, 1999 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 A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5913743945
<INVESTMENTS-AT-VALUE> 7540406775
<RECEIVABLES> 184842479
<ASSETS-OTHER> 218473280
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7943722534
<PAYABLE-FOR-SECURITIES> 56945168
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36869352
<TOTAL-LIABILITIES> 93814520
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5830155309
<SHARES-COMMON-STOCK> 67012191
<SHARES-COMMON-PRIOR> 77429363
<ACCUMULATED-NII-CURRENT> 13620505
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 355649457
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1650482743
<NET-ASSETS> 7849908014
<DIVIDEND-INCOME> 101689713
<INTEREST-INCOME> 91621871
<OTHER-INCOME> 0
<EXPENSES-NET> (77742314)
<NET-INVESTMENT-INCOME> 115569270
<REALIZED-GAINS-CURRENT> 831688269
<APPREC-INCREASE-CURRENT> 182982992
<NET-CHANGE-FROM-OPS> 1130240531
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21630827)
<DISTRIBUTIONS-OF-GAINS> (100779589)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14951408
<NUMBER-OF-SHARES-REDEEMED> (31077434)
<SHARES-REINVESTED> 5708854
<NET-CHANGE-IN-ASSETS> (932695553)
<ACCUMULATED-NII-PRIOR> 5008347
<ACCUMULATED-GAINS-PRIOR> 133700373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (49291464)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (81266671)
<AVERAGE-NET-ASSETS> 8213416922
<PER-SHARE-NAV-BEGIN> 19.50
<PER-SHARE-NII> 0.26<F1>
<PER-SHARE-GAIN-APPREC> 2.54<F1>
<PER-SHARE-DIVIDEND> (0.34)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.58)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.38
<EXPENSE-RATIO> 1.12<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.16%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.10%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 1.14%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
SHARES FUND DECEMBER 31, 1999 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 B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5913743945
<INVESTMENTS-AT-VALUE> 7540406775
<RECEIVABLES> 184842479
<ASSETS-OTHER> 218473280
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7943722534
<PAYABLE-FOR-SECURITIES> 56945168
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36869352
<TOTAL-LIABILITIES> 93814520
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5830155309
<SHARES-COMMON-STOCK> 1067822
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13620505
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 355649457
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1650482743
<NET-ASSETS> 7849908014
<DIVIDEND-INCOME> 101689713
<INTEREST-INCOME> 91621871
<OTHER-INCOME> 0
<EXPENSES-NET> (77742314)
<NET-INVESTMENT-INCOME> 115569270
<REALIZED-GAINS-CURRENT> 831688269
<APPREC-INCREASE-CURRENT> 182982992
<NET-CHANGE-FROM-OPS> 1130240531
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (270895)
<DISTRIBUTIONS-OF-GAINS> (1324825)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1030482
<NUMBER-OF-SHARES-REDEEMED> (39161)
<SHARES-REINVESTED> 76501
<NET-CHANGE-IN-ASSETS> (932695553)
<ACCUMULATED-NII-PRIOR> 5008347
<ACCUMULATED-GAINS-PRIOR> 133700373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (49291464)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (81266671)
<AVERAGE-NET-ASSETS> 8213416922
<PER-SHARE-NAV-BEGIN> 19.50
<PER-SHARE-NII> 0.09<F1>
<PER-SHARE-GAIN-APPREC> 2.55<F1>
<PER-SHARE-DIVIDEND> (0.30)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.58)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.26
<EXPENSE-RATIO> 1.77<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.81%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.75%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 1.79%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
SHARES FUND DECEMBER 31, 1999 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> 004
<NAME> MUTUAL SHARES FUND CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 5913743945
<INVESTMENTS-AT-VALUE> 7540406775
<RECEIVABLES> 184842479
<ASSETS-OTHER> 218473280
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7943722534
<PAYABLE-FOR-SECURITIES> 56945168
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36869352
<TOTAL-LIABILITIES> 93814520
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5830155309
<SHARES-COMMON-STOCK> 43907807
<SHARES-COMMON-PRIOR> 51209632
<ACCUMULATED-NII-CURRENT> 13620505
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 355649457
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1650482743
<NET-ASSETS> 7849908014
<DIVIDEND-INCOME> 101689713
<INTEREST-INCOME> 91621871
<OTHER-INCOME> 0
<EXPENSES-NET> (77742314)
<NET-INVESTMENT-INCOME> 115569270
<REALIZED-GAINS-CURRENT> 831688269
<APPREC-INCREASE-CURRENT> 182982992
<NET-CHANGE-FROM-OPS> 1130240531
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8195525)
<DISTRIBUTIONS-OF-GAINS> (66770051)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6636188
<NUMBER-OF-SHARES-REDEEMED> (17436466)
<SHARES-REINVESTED> 3498453
<NET-CHANGE-IN-ASSETS> (932695553)
<ACCUMULATED-NII-PRIOR> 5008347
<ACCUMULATED-GAINS-PRIOR> 133700373
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (49291464)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (81266671)
<AVERAGE-NET-ASSETS> 8213416922
<PER-SHARE-NAV-BEGIN> 19.41
<PER-SHARE-NII> 0.12<F1>
<PER-SHARE-GAIN-APPREC> 2.53<F1>
<PER-SHARE-DIVIDEND> (0.20)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.57)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.29
<EXPENSE-RATIO> 1.76<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.80%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.74%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATES 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, 1999 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> 005
<NAME> MUTUAL QUALIFIED FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2961932013
<INVESTMENTS-AT-VALUE> 3714642063
<RECEIVABLES> 42225657
<ASSETS-OTHER> 190815171
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3947682891
<PAYABLE-FOR-SECURITIES> 35975276
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19274702
<TOTAL-LIABILITIES> 55249978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2943935694
<SHARES-COMMON-STOCK> 186363951
<SHARES-COMMON-PRIOR> 239532404
<ACCUMULATED-NII-CURRENT> 7744479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 175129259
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 765623481
<NET-ASSETS> 3892432913
<DIVIDEND-INCOME> 51397043
<INTEREST-INCOME> 37431847
<OTHER-INCOME> 0
<EXPENSES-NET> (38575417)
<NET-INVESTMENT-INCOME> 50253473
<REALIZED-GAINS-CURRENT> 407555363
<APPREC-INCREASE-CURRENT> 75478573
<NET-CHANGE-FROM-OPS> 533287409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (51709981)
<DISTRIBUTIONS-OF-GAINS> (265942816)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13618003
<NUMBER-OF-SHARES-REDEEMED> (84651807)
<SHARES-REINVESTED> 17865351
<NET-CHANGE-IN-ASSETS> (942838060)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 121302119
<OVERDISTRIB-NII-PRIOR> (6722046)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (25229854)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (40641413)
<AVERAGE-NET-ASSETS> 4202562927
<PER-SHARE-NAV-BEGIN> 16.46
<PER-SHARE-NII> 0.23<F1>
<PER-SHARE-GAIN-APPREC> 1.99<F1>
<PER-SHARE-DIVIDEND> (0.29)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.48)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.91
<EXPENSE-RATIO> 0.80<F2>
<FN>
<F1>Based on average weighted shares outstanding.
<F2>The expense ratio, excluding waiver and payments to affiliate is 0.85%.
The expense ratio, excluding dividend expense on securities sold short is
0.77%.
The expense ratio, excluding dividend expense on securities sold short and
waiver and payments by affiliate is 0.82%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL QUALIFIED FUND DECEMBER 31, 1999 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> 006
<NAME> MUTUAL QUALIFIED FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2961932013
<INVESTMENTS-AT-VALUE> 3714642063
<RECEIVABLES> 42225657
<ASSETS-OTHER> 190815171
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3947682891
<PAYABLE-FOR-SECURITIES> 35975276
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19274702
<TOTAL-LIABILITIES> 55249978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2943935694
<SHARES-COMMON-STOCK> 27935511
<SHARES-COMMON-PRIOR> 34721323
<ACCUMULATED-NII-CURRENT> 7744479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 175129259
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 765623481
<NET-ASSETS> 3892432913
<DIVIDEND-INCOME> 51397043
<INTEREST-INCOME> 37431847
<OTHER-INCOME> 0
<EXPENSES-NET> (38575417)
<NET-INVESTMENT-INCOME> 50253473
<REALIZED-GAINS-CURRENT> 407555363
<APPREC-INCREASE-CURRENT> 75478573
<NET-CHANGE-FROM-OPS> 533287409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6163680)
<DISTRIBUTIONS-OF-GAINS> (40759342)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6908914
<NUMBER-OF-SHARES-REDEEMED> (16285897)
<SHARES-REINVESTED> 2591171
<NET-CHANGE-IN-ASSETS> (942838060)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 121302119
<OVERDISTRIB-NII-PRIOR> (6722046)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (25229854)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (40641413)
<AVERAGE-NET-ASSETS> 4202562927
<PER-SHARE-NAV-BEGIN> 16.42
<PER-SHARE-NII> 0.17<F1>
<PER-SHARE-GAIN-APPREC> 1.99<F1>
<PER-SHARE-DIVIDEND> (0.23)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.48)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.87
<EXPENSE-RATIO> 1.14<F2>
<FN>
<F1>Based on average weighted shares outstanding.
<F2>The expense ratio, excluding waiver and payments to affiliate is 1.19%.
The expense ratio, excluding dividend expense on securities sold short is
1.11%.
The expense ratio, excluding dividend expense on securities sold short and
waiver and payments by affiliate is 1.16%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL QUALIFIED FUND DECEMBER 31, 1999 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> 007
<NAME> MUTUAL QUALIFIED FUND - CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2961932013
<INVESTMENTS-AT-VALUE> 3714642063
<RECEIVABLES> 42225657
<ASSETS-OTHER> 190815171
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3947682891
<PAYABLE-FOR-SECURITIES> 35975276
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19274702
<TOTAL-LIABILITIES> 55249978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2943935694
<SHARES-COMMON-STOCK> 248384
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7744479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 175129259
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 765623481
<NET-ASSETS> 3892432913
<DIVIDEND-INCOME> 51397043
<INTEREST-INCOME> 37431847
<OTHER-INCOME> 0
<EXPENSES-NET> (38575417)
<NET-INVESTMENT-INCOME> 50253473
<REALIZED-GAINS-CURRENT> 407555363
<APPREC-INCREASE-CURRENT> 75478573
<NET-CHANGE-FROM-OPS> 533287409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (40474)
<DISTRIBUTIONS-OF-GAINS> (269835)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 239303
<NUMBER-OF-SHARES-REDEEMED> (8948)
<SHARES-REINVESTED> 18029
<NET-CHANGE-IN-ASSETS> (942838060)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 121302119
<OVERDISTRIB-NII-PRIOR> (6722046)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (25229854)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (40641413)
<AVERAGE-NET-ASSETS> 4202562927
<PER-SHARE-NAV-BEGIN> 16.42
<PER-SHARE-NII> 0.03<F1>
<PER-SHARE-GAIN-APPREC> 2.01<F1>
<PER-SHARE-DIVIDEND> (0.20)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.48)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.78
<EXPENSE-RATIO> 1.81<F2>
<FN>
<F1>Based on average weighted shares outstanding.
<F2>The expense ratio, excluding waiver and payments to affiliate is 1.86%.
The expense ratio, excluding dividend expense on securities sold short is
1.78%.
The expense ratio, excluding dividend expense on securities sold short and
waiver and payments by affiliate is 1.83%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL QUALIFIED FUND DECEMBER 31, 1999 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> 008
<NAME> MUTUAL QUALIFIED FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2961932013
<INVESTMENTS-AT-VALUE> 3714642063
<RECEIVABLES> 42225657
<ASSETS-OTHER> 190815171
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3947682891
<PAYABLE-FOR-SECURITIES> 35975276
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19274702
<TOTAL-LIABILITIES> 55249978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2943935694
<SHARES-COMMON-STOCK> 15763690
<SHARES-COMMON-PRIOR> 19725821
<ACCUMULATED-NII-CURRENT> 7744479
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 175129259
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 765623481
<NET-ASSETS> 3892432913
<DIVIDEND-INCOME> 51397043
<INTEREST-INCOME> 37431847
<OTHER-INCOME> 0
<EXPENSES-NET> (38575417)
<NET-INVESTMENT-INCOME> 50253473
<REALIZED-GAINS-CURRENT> 407555363
<APPREC-INCREASE-CURRENT> 75478573
<NET-CHANGE-FROM-OPS> 533287409
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1567724)
<DISTRIBUTIONS-OF-GAINS> (23061319)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1917699
<NUMBER-OF-SHARES-REDEEMED> (7206720)
<SHARES-REINVESTED> 1326890
<NET-CHANGE-IN-ASSETS> (942838060)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 121302119
<OVERDISTRIB-NII-PRIOR> (6722046)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (25229854)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (40641413)
<AVERAGE-NET-ASSETS> 4202562927
<PER-SHARE-NAV-BEGIN> 16.35
<PER-SHARE-NII> 0.05<F1>
<PER-SHARE-GAIN-APPREC> 1.98<F1>
<PER-SHARE-DIVIDEND> (0.10)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.48)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.80
<EXPENSE-RATIO> 1.80<F2>
<FN>
<F1>Based on average weighted shares outstanding.
<F2>The expense ratio, excluding waiver and payments to affiliate is 1.84%.
The expense ratio, excluding dividend expense on securities sold short is
1.77%.
The expense ratio, excluding dividend expense on securities sold short and
waiver and payments by affiliate is 1.81%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
BEACON FUND DECEMBER 31, 1999 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> 009
<NAME> MUTUAL BEACON FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 3328461629
<INVESTMENTS-AT-VALUE> 4262391725
<RECEIVABLES> 82877181
<ASSETS-OTHER> 148665554
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4493934460
<PAYABLE-FOR-SECURITIES> 24345645
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22547317
<TOTAL-LIABILITIES> 46892962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3325518957
<SHARES-COMMON-STOCK> 232513294
<SHARES-COMMON-PRIOR> 307102017
<ACCUMULATED-NII-CURRENT> 10116437
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 160835377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 950570727
<NET-ASSETS> 4447041498
<DIVIDEND-INCOME> 67414997
<INTEREST-INCOME> 42852145
<OTHER-INCOME> 0
<EXPENSES-NET> (45678933)
<NET-INVESTMENT-INCOME> 64588209
<REALIZED-GAINS-CURRENT> 476729237
<APPREC-INCREASE-CURRENT> 195000980
<NET-CHANGE-FROM-OPS> 736318426
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (58214981)
<DISTRIBUTIONS-OF-GAINS> (261175450)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14294251
<NUMBER-OF-SHARES-REDEEMED> (110584648)
<SHARES-REINVESTED> 21701674
<NET-CHANGE-IN-ASSETS> (1031323623)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 93627496
<OVERDISTRIB-NII-PRIOR> (26929334)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (28621462)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (47708556)
<AVERAGE-NET-ASSETS> 4767732344
<PER-SHARE-NAV-BEGIN> 13.12
<PER-SHARE-NII> 0.22<F1>
<PER-SHARE-GAIN-APPREC> 1.95<F1>
<PER-SHARE-DIVIDEND> (0.27)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.18)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.84
<EXPENSE-RATIO> 0.79<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 0.83%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
0.78%. THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT
AND WAIVER AND PAYMENTS BY AFFILIATE IS 0.82%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
BEACON FUND DECEMBER 31, 1999 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> 010
<NAME> MUTUAL BEACON FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 3328461629
<INVESTMENTS-AT-VALUE> 4262391725
<RECEIVABLES> 82877181
<ASSETS-OTHER> 148665554
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4493934460
<PAYABLE-FOR-SECURITIES> 24345645
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22547317
<TOTAL-LIABILITIES> 46892962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3325518957
<SHARES-COMMON-STOCK> 55099886
<SHARES-COMMON-PRIOR> 72362807
<ACCUMULATED-NII-CURRENT> 10116437
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 160835377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 950570727
<NET-ASSETS> 4447041498
<DIVIDEND-INCOME> 67414997
<INTEREST-INCOME> 42852145
<OTHER-INCOME> 0
<EXPENSES-NET> (45678933)
<NET-INVESTMENT-INCOME> 64588209
<REALIZED-GAINS-CURRENT> 476729237
<APPREC-INCREASE-CURRENT> 195000980
<NET-CHANGE-FROM-OPS> 736318426
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11231337)
<DISTRIBUTIONS-OF-GAINS> (64460771)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17264722
<NUMBER-OF-SHARES-REDEEMED> (39718858)
<SHARES-REINVESTED> 5191215
<NET-CHANGE-IN-ASSETS> (1031323623)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 93627496
<OVERDISTRIB-NII-PRIOR> (26929334)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (28621462)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (47708556)
<AVERAGE-NET-ASSETS> 4767732344
<PER-SHARE-NAV-BEGIN> 13.09
<PER-SHARE-NII> 0.17<F1>
<PER-SHARE-GAIN-APPREC> 1.95<F1>
<PER-SHARE-DIVIDEND> (0.21)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.19)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.81
<EXPENSE-RATIO> 1.14<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.18%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.13%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 1.17%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
BEACON FUND DECEMBER 31, 1999 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 BEACON FUND - CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 3328461629
<INVESTMENTS-AT-VALUE> 4262391725
<RECEIVABLES> 82877181
<ASSETS-OTHER> 148665554
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4493934460
<PAYABLE-FOR-SECURITIES> 24345645
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22547317
<TOTAL-LIABILITIES> 46892962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3325518957
<SHARES-COMMON-STOCK> 654046
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10116437
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 160835377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 950570727
<NET-ASSETS> 4447041498
<DIVIDEND-INCOME> 67414997
<INTEREST-INCOME> 42852145
<OTHER-INCOME> 0
<EXPENSES-NET> (45678933)
<NET-INVESTMENT-INCOME> 64588209
<REALIZED-GAINS-CURRENT> 476729237
<APPREC-INCREASE-CURRENT> 195000980
<NET-CHANGE-FROM-OPS> 736318426
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (98872)
<DISTRIBUTIONS-OF-GAINS> (592992)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 635040
<NUMBER-OF-SHARES-REDEEMED> (28912)
<SHARES-REINVESTED> 47918
<NET-CHANGE-IN-ASSETS> (1031323623)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 93627496
<OVERDISTRIB-NII-PRIOR> (26929334)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (28621462)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (47708556)
<AVERAGE-NET-ASSETS> 4767732344
<PER-SHARE-NAV-BEGIN> 13.09
<PER-SHARE-NII> 0.05<F1>
<PER-SHARE-GAIN-APPREC> 1.93<F1>
<PER-SHARE-DIVIDEND> (0.19)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.19)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.69
<EXPENSE-RATIO> 1.79<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.84%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.78%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 1.83%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
BEACON FUND DECEMBER 31, 1999 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 BEACON FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 3328461629
<INVESTMENTS-AT-VALUE> 4262391725
<RECEIVABLES> 82877181
<ASSETS-OTHER> 148665554
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4493934460
<PAYABLE-FOR-SECURITIES> 24345645
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22547317
<TOTAL-LIABILITIES> 46892962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3325518957
<SHARES-COMMON-STOCK> 33447879
<SHARES-COMMON-PRIOR> 38365916
<ACCUMULATED-NII-CURRENT> 10116437
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 160835377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 950570727
<NET-ASSETS> 4447041498
<DIVIDEND-INCOME> 67414997
<INTEREST-INCOME> 42852145
<OTHER-INCOME> 0
<EXPENSES-NET> (45678933)
<NET-INVESTMENT-INCOME> 64588209
<REALIZED-GAINS-CURRENT> 476729237
<APPREC-INCREASE-CURRENT> 195000980
<NET-CHANGE-FROM-OPS> 736318426
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3686185)
<DISTRIBUTIONS-OF-GAINS> (37603206)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5279318
<NUMBER-OF-SHARES-REDEEMED> (12975678)
<SHARES-REINVESTED> 2778323
<NET-CHANGE-IN-ASSETS> (1031323623)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 93627496
<OVERDISTRIB-NII-PRIOR> (26929334)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (28621462)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (47708556)
<AVERAGE-NET-ASSETS> 4767732344
<PER-SHARE-NAV-BEGIN> 13.04
<PER-SHARE-NII> 0.07<F1>
<PER-SHARE-GAIN-APPREC> 1.94<F1>
<PER-SHARE-DIVIDEND> (0.12)<F1>
<PER-SHARE-DISTRIBUTIONS> (1.18)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.75
<EXPENSE-RATIO> 1.78<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.83%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.77%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 1.82%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
DISCOVERY FUND DECEMBER 31, 1999 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> 013
<NAME> MUTUAL DISCOVERY FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2551878131
<INVESTMENTS-AT-VALUE> 3251768247
<RECEIVABLES> 73634796
<ASSETS-OTHER> 147321890
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3472724933
<PAYABLE-FOR-SECURITIES> 21250357
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18705775
<TOTAL-LIABILITIES> 39956132
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2553229120
<SHARES-COMMON-STOCK> 96613584
<SHARES-COMMON-PRIOR> 145619362
<ACCUMULATED-NII-CURRENT> 8835164
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 140227720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 730476797
<NET-ASSETS> 3432768801
<DIVIDEND-INCOME> 53799257
<INTEREST-INCOME> 25582523
<OTHER-INCOME> 0
<EXPENSES-NET> (43102348)
<NET-INVESTMENT-INCOME> 36279432
<REALIZED-GAINS-CURRENT> 223471817
<APPREC-INCREASE-CURRENT> 519230537
<NET-CHANGE-FROM-OPS> 778981786
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (40349277)
<DISTRIBUTIONS-OF-GAINS> (32419104)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9449194
<NUMBER-OF-SHARES-REDEEMED> (61919974)
<SHARES-REINVESTED> 3465002
<NET-CHANGE-IN-ASSETS> (504983971)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 49435922
<OVERDISTRIB-NII-PRIOR> (45045911)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (26653620)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (44958256)
<AVERAGE-NET-ASSETS> 3330205170
<PER-SHARE-NAV-BEGIN> 17.27
<PER-SHARE-NII> .25<F1>
<PER-SHARE-GAIN-APPREC> 4.32<F1>
<PER-SHARE-DIVIDEND> (.42)<F1>
<PER-SHARE-DISTRIBUTIONS> (.32)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.10
<EXPENSE-RATIO> 1.05<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILATE IS 1.11%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.03%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 1.09%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
DISCOVERY FUND DECEMBER 31, 1999 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> 014
<NAME> MUTUAL DISCOVERY FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2551878131
<INVESTMENTS-AT-VALUE> 3251768247
<RECEIVABLES> 73634796
<ASSETS-OTHER> 147321890
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3472724933
<PAYABLE-FOR-SECURITIES> 21250357
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18705775
<TOTAL-LIABILITIES> 39956132
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2553229120
<SHARES-COMMON-STOCK> 40212933
<SHARES-COMMON-PRIOR> 50016964
<ACCUMULATED-NII-CURRENT> 8835164
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 140227720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 730476797
<NET-ASSETS> 3432768801
<DIVIDEND-INCOME> 53799257
<INTEREST-INCOME> 25582523
<OTHER-INCOME> 0
<EXPENSES-NET> (43102348)
<NET-INVESTMENT-INCOME> 36279432
<REALIZED-GAINS-CURRENT> 223471817
<APPREC-INCREASE-CURRENT> 519230537
<NET-CHANGE-FROM-OPS> 778981786
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14112750)
<DISTRIBUTIONS-OF-GAINS> (13580342)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39162598
<NUMBER-OF-SHARES-REDEEMED> (50263265)
<SHARES-REINVESTED> 1296636
<NET-CHANGE-IN-ASSETS> (504983971)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 49435922
<OVERDISTRIB-NII-PRIOR> (45045911)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (26653620)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (44958256)
<AVERAGE-NET-ASSETS> 3330205170
<PER-SHARE-NAV-BEGIN> 17.19
<PER-SHARE-NII> .18<F1>
<PER-SHARE-GAIN-APPREC> 4.30<F1>
<PER-SHARE-DIVIDEND> (.35)<F1>
<PER-SHARE-DISTRIBUTIONS> (.32)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.00
<EXPENSE-RATIO> 1.40<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILATE IS 1.46%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.38%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 1.44%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
DISCOVERY FUND DECEMBER 31, 1999 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> 015
<NAME> MUTUAL DISCOVERY FUND - CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2551878131
<INVESTMENTS-AT-VALUE> 3251768247
<RECEIVABLES> 73634796
<ASSETS-OTHER> 147321890
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3472724933
<PAYABLE-FOR-SECURITIES> 21250357
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18705775
<TOTAL-LIABILITIES> 39956132
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2553229120
<SHARES-COMMON-STOCK> 387151
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 8835164
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 140227720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 730476797
<NET-ASSETS> 3432768801
<DIVIDEND-INCOME> 53799257
<INTEREST-INCOME> 25582523
<OTHER-INCOME> 0
<EXPENSES-NET> (43102348)
<NET-INVESTMENT-INCOME> 36279432
<REALIZED-GAINS-CURRENT> 223471817
<APPREC-INCREASE-CURRENT> 519230537
<NET-CHANGE-FROM-OPS> 778981786
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (101868)
<DISTRIBUTIONS-OF-GAINS> (71532)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 412998
<NUMBER-OF-SHARES-REDEEMED> (33987)
<SHARES-REINVESTED> 8140
<NET-CHANGE-IN-ASSETS> (504983971)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 49435922
<OVERDISTRIB-NII-PRIOR> (45045911)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (26653620)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (44958256)
<AVERAGE-NET-ASSETS> 3330205170
<PER-SHARE-NAV-BEGIN> 17.19
<PER-SHARE-NII> .01<F1>
<PER-SHARE-GAIN-APPREC> 4.33<F1>
<PER-SHARE-DIVIDEND> (.31)<F1>
<PER-SHARE-DISTRIBUTIONS> (.32)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.90
<EXPENSE-RATIO> 2.05<F2>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILATE IS 2.11%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
2.03%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 2.09%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
DISCOVERY FUND DECEMBER 31, 1999 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> 016
<NAME> MUTUAL DISCOVERY FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 2551878131
<INVESTMENTS-AT-VALUE> 3251768247
<RECEIVABLES> 73634796
<ASSETS-OTHER> 147321890
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3472724933
<PAYABLE-FOR-SECURITIES> 21250357
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18705775
<TOTAL-LIABILITIES> 39956132
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2553229120
<SHARES-COMMON-STOCK> 25862187
<SHARES-COMMON-PRIOR> 32864405
<ACCUMULATED-NII-CURRENT> 8835164
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 140227720
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 730476797
<NET-ASSETS> 3432768801
<DIVIDEND-INCOME> 53799257
<INTEREST-INCOME> 25582523
<OTHER-INCOME> 0
<EXPENSES-NET> (43102348)
<NET-INVESTMENT-INCOME> 36279432
<REALIZED-GAINS-CURRENT> 223471817
<APPREC-INCREASE-CURRENT> 519230537
<NET-CHANGE-FROM-OPS> 778981786
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5682447)
<DISTRIBUTIONS-OF-GAINS> (8761056)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3695408
<NUMBER-OF-SHARES-REDEEMED> (11372965)
<SHARES-REINVESTED> 675339
<NET-CHANGE-IN-ASSETS> (504983971)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 49435922
<OVERDISTRIB-NII-PRIOR> (45045911)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (26653620)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (44958256)
<AVERAGE-NET-ASSETS> 3330205170
<PER-SHARE-NAV-BEGIN> 17.15
<PER-SHARE-NII> .06<F1>
<PER-SHARE-GAIN-APPREC> 4.28<F1>
<PER-SHARE-DIVIDEND> (.22)<F1>
<PER-SHARE-DISTRIBUTIONS> (.32)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.95
<EXPENSE-RATIO> 2.04<F2>
<FN>
<F1>BASED ON AVERAGE SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILATE IS 2.10%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
2.02%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 2.08%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL EUROPEAN FUND DECEMBER 31, 1999 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 017
<NAME> MUTUAL EUROPEAN FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 552096511
<INVESTMENTS-AT-VALUE> 772847664
<RECEIVABLES> 13497722
<ASSETS-OTHER> 29847738
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 816193124
<PAYABLE-FOR-SECURITIES> 6358745
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3482429
<TOTAL-LIABILITIES> 9841174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 547218831
<SHARES-COMMON-STOCK> 31032656
<SHARES-COMMON-PRIOR> 38578050
<ACCUMULATED-NII-CURRENT> 2840681
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19844610
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 236447828
<NET-ASSETS> 806351950
<DIVIDEND-INCOME> 15173417
<INTEREST-INCOME> 3742510
<OTHER-INCOME> 0
<EXPENSES-NET> (8639078)
<NET-INVESTMENT-INCOME> 10276849
<REALIZED-GAINS-CURRENT> 72554496
<APPREC-INCREASE-CURRENT> 189503166
<NET-CHANGE-FROM-OPS> 272334511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15264276)
<DISTRIBUTIONS-OF-GAINS> (26024392)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13762604
<NUMBER-OF-SHARES-REDEEMED> (23231916)
<SHARES-REINVESTED> 1923918
<NET-CHANGE-IN-ASSETS> 55437723
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4578672
<OVERDISTRIB-NII-PRIOR> (2431378)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5510782)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8920589)
<AVERAGE-NET-ASSETS> 688899746
<PER-SHARE-NAV-BEGIN> 12.54
<PER-SHARE-NII> 0.24<F1>
<PER-SHARE-GAIN-APPREC> 5.50<F1>
<PER-SHARE-DIVIDEND> (0.50)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.89)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.89
<EXPENSE-RATIO> 1.05<F2>
<FN>
<F1>Based on average weighted shares outstanding.
<F2>The expense ratio, excluding waiver and payments to affiliates is 1.09%.
The expense ratio, excluding dividend expense on securities sold short is
1.04%.
The expense ratio, excluding dividend expense on securities sold short and
waiver and payments by affiliates is 1.08%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL EUROPEAN FUND DECEMBER 31, 1999 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 018
<NAME> MUTUAL EUROPEAN FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 552096511
<INVESTMENTS-AT-VALUE> 772847664
<RECEIVABLES> 13497722
<ASSETS-OTHER> 29847738
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 816193124
<PAYABLE-FOR-SECURITIES> 6358745
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3482429
<TOTAL-LIABILITIES> 9841174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 547218831
<SHARES-COMMON-STOCK> 10580861
<SHARES-COMMON-PRIOR> 13668766
<ACCUMULATED-NII-CURRENT> 2840681
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19844610
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 236447828
<NET-ASSETS> 806351950
<DIVIDEND-INCOME> 15173417
<INTEREST-INCOME> 3742510
<OTHER-INCOME> 0
<EXPENSES-NET> (8639078)
<NET-INVESTMENT-INCOME> 10276849
<REALIZED-GAINS-CURRENT> 72554496
<APPREC-INCREASE-CURRENT> 189503166
<NET-CHANGE-FROM-OPS> 272334511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4704527)
<DISTRIBUTIONS-OF-GAINS> (9133142)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38967288
<NUMBER-OF-SHARES-REDEEMED> (42855796)
<SHARES-REINVESTED> 800603
<NET-CHANGE-IN-ASSETS> 55437723
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4578672
<OVERDISTRIB-NII-PRIOR> (2431378)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5510782)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8920589)
<AVERAGE-NET-ASSETS> 688899746
<PER-SHARE-NAV-BEGIN> 12.47
<PER-SHARE-NII> 0.19<F1>
<PER-SHARE-GAIN-APPREC> 5.43<F1>
<PER-SHARE-DIVIDEND> (0.45)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.89)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.75
<EXPENSE-RATIO> 1.40<F2>
<FN>
<F1>Based on average weighted shares outstanding.
<F2>The expense ratio, excluding waiver and payments to affiliates is 1.44%.
The expense ratio, excluding dividend expense on securities sold short is
1.39%.
The expense ratio, excluding dividend expense on securities sold short and
waiver and payments by affiliates is 1.43%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL EUROPEAN FUND DECEMBER 31, 1999 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 019
<NAME> MUTUAL EUROPEAN FUND - CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 552096511
<INVESTMENTS-AT-VALUE> 772847664
<RECEIVABLES> 13497722
<ASSETS-OTHER> 29847738
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 816193124
<PAYABLE-FOR-SECURITIES> 6358745
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3482429
<TOTAL-LIABILITIES> 9841174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 547218831
<SHARES-COMMON-STOCK> 62355
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2840681
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19844610
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 236447828
<NET-ASSETS> 806351950
<DIVIDEND-INCOME> 15173417
<INTEREST-INCOME> 3742510
<OTHER-INCOME> 0
<EXPENSES-NET> (8639078)
<NET-INVESTMENT-INCOME> 10276849
<REALIZED-GAINS-CURRENT> 72554496
<APPREC-INCREASE-CURRENT> 189503166
<NET-CHANGE-FROM-OPS> 272334511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18795)
<DISTRIBUTIONS-OF-GAINS> (48119)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60497
<NUMBER-OF-SHARES-REDEEMED> (2350)
<SHARES-REINVESTED> 4208
<NET-CHANGE-IN-ASSETS> 55437723
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4578672
<OVERDISTRIB-NII-PRIOR> (2431378)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5510782)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8920589)
<AVERAGE-NET-ASSETS> 688899746
<PER-SHARE-NAV-BEGIN> 12.47
<PER-SHARE-NII> 0.01<F1>
<PER-SHARE-GAIN-APPREC> 5.50<F1>
<PER-SHARE-DIVIDEND> (0.43)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.89)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.66
<EXPENSE-RATIO> 2.05<F2>
<FN>
<F1>Based on average weighted shares outstanding.
<F2>The expense ratio, excluding waiver and payments to affiliates is 2.09%.
The expense ratio, excluding dividend expense on securities sold short is
2.04%.
The expense ratio, excluding dividend expense on securities sold short and
waiver and payments by affiliates is 2.08%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
MUTUAL EUROPEAN FUND DECEMBER 31, 1999 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS.
</LEGEND>
<CIK> 0000825063
<NAME> FRANKLIN MUTUAL SERIES FUND, INC.
<SERIES>
<NUMBER> 020
<NAME> MUTUAL EUROPEAN FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 552096511
<INVESTMENTS-AT-VALUE> 772847664
<RECEIVABLES> 13497722
<ASSETS-OTHER> 29847738
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 816193124
<PAYABLE-FOR-SECURITIES> 6358745
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3482429
<TOTAL-LIABILITIES> 9841174
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 547218831
<SHARES-COMMON-STOCK> 6209138
<SHARES-COMMON-PRIOR> 7753961
<ACCUMULATED-NII-CURRENT> 2840681
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19844610
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 236447828
<NET-ASSETS> 806351950
<DIVIDEND-INCOME> 15173417
<INTEREST-INCOME> 3742510
<OTHER-INCOME> 0
<EXPENSES-NET> (8639078)
<NET-INVESTMENT-INCOME> 10276849
<REALIZED-GAINS-CURRENT> 72554496
<APPREC-INCREASE-CURRENT> 189503166
<NET-CHANGE-FROM-OPS> 272334511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2067649)
<DISTRIBUTIONS-OF-GAINS> (5032448)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4411407
<NUMBER-OF-SHARES-REDEEMED> (6386126)
<SHARES-REINVESTED> 429896
<NET-CHANGE-IN-ASSETS> 55437723
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4578672
<OVERDISTRIB-NII-PRIOR> (2431378)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5510782)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (8920589)
<AVERAGE-NET-ASSETS> 688899746
<PER-SHARE-NAV-BEGIN> 12.45
<PER-SHARE-NII> 0.10<F1>
<PER-SHARE-GAIN-APPREC> 5.44<F1>
<PER-SHARE-DIVIDEND> (0.35)<F1>
<PER-SHARE-DISTRIBUTIONS> (0.89)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.75
<EXPENSE-RATIO> 2.04<F2>
<FN>
<F1>Based on average weighted shares outstanding.
<F2>The expense ratio, excluding waiver and payments to affiliates is 2.08%.
The expense ratio, excluding dividend expense on securities sold short is
2.03%.
The expense ratio, excluding dividend expense on securities sold short and
waiver and payments by affiliates is 2.07%
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
FINANCIAL SERVICES FUND DECEMBER 31, 1999 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 FINANCIAL SERVICES FUND - CLASS Z
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 260402494
<INVESTMENTS-AT-VALUE> 268952561
<RECEIVABLES> 7086493
<ASSETS-OTHER> 3105013
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 279144067
<PAYABLE-FOR-SECURITIES> 2039376
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2415140
<TOTAL-LIABILITIES> 4454516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 261446187
<SHARES-COMMON-STOCK> 5894636
<SHARES-COMMON-PRIOR> 11137627
<ACCUMULATED-NII-CURRENT> 72102
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4472381
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8698881
<NET-ASSETS> 274689551
<DIVIDEND-INCOME> 5367725
<INTEREST-INCOME> 2255010
<OTHER-INCOME> 0
<EXPENSES-NET> (5171470)
<NET-INVESTMENT-INCOME> 2451265
<REALIZED-GAINS-CURRENT> 10541579
<APPREC-INCREASE-CURRENT> 2510923
<NET-CHANGE-FROM-OPS> 15503767
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1205105)
<DISTRIBUTIONS-OF-GAINS> (1295892)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1500207
<NUMBER-OF-SHARES-REDEEMED> (6923737)
<SHARES-REINVESTED> 180539
<NET-CHANGE-IN-ASSETS> (161148170)
<ACCUMULATED-NII-PRIOR> 662433
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1779073)
<GROSS-ADVISORY-FEES> (2719136)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5609686)
<AVERAGE-NET-ASSETS> 339700734
<PER-SHARE-NAV-BEGIN> 12.85
<PER-SHARE-NII> .16<F1>
<PER-SHARE-GAIN-APPREC> .45<F1>
<PER-SHARE-DIVIDEND> (.19)<F1>
<PER-SHARE-DISTRIBUTIONS> (.22)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.05
<EXPENSE-RATIO> 1.07<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.20%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.05%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 1.18%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
FINANCIAL SERVICES FUND DECEMBER 31, 1999 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 FINANCIAL SERVICES FUND - CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 260402494
<INVESTMENTS-AT-VALUE> 268952561
<RECEIVABLES> 7086493
<ASSETS-OTHER> 3105013
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 279144067
<PAYABLE-FOR-SECURITIES> 2039376
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2415140
<TOTAL-LIABILITIES> 4454516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 261446187
<SHARES-COMMON-STOCK> 8257567
<SHARES-COMMON-PRIOR> 12824019
<ACCUMULATED-NII-CURRENT> 72102
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4472381
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8698881
<NET-ASSETS> 274689551
<DIVIDEND-INCOME> 5367725
<INTEREST-INCOME> 2255010
<OTHER-INCOME> 0
<EXPENSES-NET> (5171470)
<NET-INVESTMENT-INCOME> 2451265
<REALIZED-GAINS-CURRENT> 10541579
<APPREC-INCREASE-CURRENT> 2510923
<NET-CHANGE-FROM-OPS> 15503767
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1195910)
<DISTRIBUTIONS-OF-GAINS> (1804345)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2330975
<NUMBER-OF-SHARES-REDEEMED> (7111825)
<SHARES-REINVESTED> 214398
<NET-CHANGE-IN-ASSETS> (161148170)
<ACCUMULATED-NII-PRIOR> 662433
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1779073)
<GROSS-ADVISORY-FEES> (2719136)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5609686)
<AVERAGE-NET-ASSETS> 339700734
<PER-SHARE-NAV-BEGIN> 12.87
<PER-SHARE-NII> .11<F1>
<PER-SHARE-GAIN-APPREC> .45<F1>
<PER-SHARE-DIVIDEND> (.14)<F1>
<PER-SHARE-DISTRIBUTIONS> (.22)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.07
<EXPENSE-RATIO> 1.42<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.55%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
1.40%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 1.53%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
FINANCIAL SERVICES FUND DECEMBER 31, 1999 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 FINANCIAL SERVICES FUND - CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 260402494
<INVESTMENTS-AT-VALUE> 268952561
<RECEIVABLES> 7086493
<ASSETS-OTHER> 3105013
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 279144067
<PAYABLE-FOR-SECURITIES> 2039376
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2415140
<TOTAL-LIABILITIES> 4454516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 261446187
<SHARES-COMMON-STOCK> 81879
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 72102
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4472381
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8698881
<NET-ASSETS> 274689551
<DIVIDEND-INCOME> 5367725
<INTEREST-INCOME> 2255010
<OTHER-INCOME> 0
<EXPENSES-NET> (5171470)
<NET-INVESTMENT-INCOME> 2451265
<REALIZED-GAINS-CURRENT> 10541579
<APPREC-INCREASE-CURRENT> 2510923
<NET-CHANGE-FROM-OPS> 15503767
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6371)
<DISTRIBUTIONS-OF-GAINS> (16201)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 81880
<NUMBER-OF-SHARES-REDEEMED> (1615)
<SHARES-REINVESTED> 1614
<NET-CHANGE-IN-ASSETS> (161148170)
<ACCUMULATED-NII-PRIOR> 662433
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1779073)
<GROSS-ADVISORY-FEES> (2719136)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5609686)
<AVERAGE-NET-ASSETS> 339700734
<PER-SHARE-NAV-BEGIN> 12.87
<PER-SHARE-NII> .03<F1>
<PER-SHARE-GAIN-APPREC> .44<F1>
<PER-SHARE-DIVIDEND> (.12)<F1>
<PER-SHARE-DISTRIBUTIONS> (.22)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.00
<EXPENSE-RATIO> 2.08<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 2.21%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
2.06%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 2.19%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE MUTUAL
FINANCIAL SERVICES FUND DECEMBER 31, 1999 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> 024
<NAME> MUTUAL FINANCIAL SERVICES FUND - CLASS C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 260402494
<INVESTMENTS-AT-VALUE> 268952561
<RECEIVABLES> 7086493
<ASSETS-OTHER> 3105013
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 279144067
<PAYABLE-FOR-SECURITIES> 2039376
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2415140
<TOTAL-LIABILITIES> 4454516
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 261446187
<SHARES-COMMON-STOCK> 6801123
<SHARES-COMMON-PRIOR> 9952021
<ACCUMULATED-NII-CURRENT> 72102
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4472381
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8698881
<NET-ASSETS> 274689551
<DIVIDEND-INCOME> 5367725
<INTEREST-INCOME> 2255010
<OTHER-INCOME> 0
<EXPENSES-NET> (5171470)
<NET-INVESTMENT-INCOME> 2451265
<REALIZED-GAINS-CURRENT> 10541579
<APPREC-INCREASE-CURRENT> 2510923
<NET-CHANGE-FROM-OPS> 15503767
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (307658)
<DISTRIBUTIONS-OF-GAINS> (1500239)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 889788
<NUMBER-OF-SHARES-REDEEMED> (4170705)
<SHARES-REINVESTED> 130019
<NET-CHANGE-IN-ASSETS> (161148170)
<ACCUMULATED-NII-PRIOR> 662433
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1779073)
<GROSS-ADVISORY-FEES> (2719136)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5609686)
<AVERAGE-NET-ASSETS> 339700734
<PER-SHARE-NAV-BEGIN> 12.83
<PER-SHARE-NII> .02<F1>
<PER-SHARE-GAIN-APPREC> .46<F1>
<PER-SHARE-DIVIDEND> (.04)<F1>
<PER-SHARE-DISTRIBUTIONS> (.22)<F1>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.05
<EXPENSE-RATIO> 2.06<F2>
<FN>
<F1>BASED ON AVERAGE WEIGHTED SHARES OUTSTANDING.
<F2>THE EXPENSE RATIO, EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 2.19%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT IS
2.04%.
THE EXPENSE RATIO, EXCLUDING DIVIDEND EXPENSE ON SECURITIES SOLD SHORT AND
WAIVER AND PAYMENTS BY AFFILIATE IS 2.17%.
</FN>
</TABLE>
Report of Independent Auditors
To the Board of Directors and Shareholders of
Franklin Mutual Series Funds, Inc.
In planning and performing our audit of the financial statements of Franklin
Mutual Series Funds, Inc. (comprising, 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, 1999, 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 internal control.
The management of Franklin Mutual Series Funds, Inc. is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments 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, error 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 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 misstatements caused by error 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
December 31, 1999.
This report is intended solely for the information and use of management, the
Board of Directors of Franklin Mutual Series Funds, Inc., and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
/s/ERNST & YOUNG LLP
January 28, 2000
