<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000731764
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE BERWYN FUND, INC.
001 B000000 811-3890
001 C000000 6102967222
002 A000000 1189 LANCASTER AVE.
002 B000000 BERWYN
002 C000000 PA
002 D010000 19312
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A000001 THE KILLEN GROUP, INC.
008 B000001 A
008 C000001 801-18770
008 D010001 BERWYN
008 D020001 PA
008 D030001 19312
012 A000001 RODNEY SQUARE MANAGEMENT CORPORATION
012 B000001 85-00761
012 C010001 WILMINGTON
<PAGE> PAGE 2
012 C020001 DE
012 C030001 19899
012 C040001 9752
013 A000001 PRICE WATERHOUSE LLP
013 B010001 PHILADELPHIA
013 B020001 PA
013 B030001 19103
014 A000001 BERWYN FINANCIAL SERVICES CORPORATION
014 B000001 8-46745
015 A000001 WILMINGTON TRUST COMPANY
015 B000001 C
015 C010001 WILMINGTON
015 C020001 DE
015 C030001 19890
015 C040001 0001
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 BERWYN FINANCIAL SERVICES
020 B000001 23-2665129
020 C000001 114
020 A000002 MERRILL LYNCH
020 B000002 13-5674085
020 C000002 32
020 A000003 OPPENHEIMER & CO.
020 B000003 13-2798343
020 C000003 13
020 A000004 LAZARD FRERES
020 B000004 13-5545100
020 C000004 4
020 A000005 EDGAR M. NORRIS & CO.
020 B000005 57-0719600
020 C000005 1
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 164
022 A000001 WILMINGTON TRUST
022 B000001 51-0055023
022 C000001 12905
022 D000001 0
022 A000002 LAZARD FRERES
022 B000002 13-5545100
022 C000002 912
022 D000002 0
022 A000003 MERRILL LYNCH & CO.
022 B000003 13-5674085
022 C000003 300
<PAGE> PAGE 3
022 D000003 41
022 A000004 CREDIT RESEARCH
022 B000004 06-1386357
022 C000004 213
022 D000004 0
022 A000005 OPPENHEIMER & CO.
022 B000005 13-2798343
022 C000005 0
022 D000005 169
022 A000006 VAN KASPER
022 B000006 94-2498482
022 C000006 56
022 D000006 0
022 A000007 INVESTMENT PARTNERS
022 B000007 13-3316748
022 C000007 30
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 14416
023 D000000 210
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
025 D000009 0
025 D000010 0
025 D000011 0
025 D000012 0
025 D000013 0
025 D000014 0
025 D000015 0
025 D000016 0
025 D000017 0
025 D000018 0
025 D000019 0
025 D000020 0
025 D000021 0
025 D000022 0
025 D000023 0
025 D000024 0
025 D000025 0
<PAGE> PAGE 4
025 D000026 0
025 D000027 0
025 D000028 0
025 D000029 0
025 D000030 0
025 D000031 0
025 D000032 0
025 D000033 0
025 D000034 0
025 D000035 0
025 D000036 0
025 D000037 0
025 D000038 0
025 D000039 0
025 D000040 0
025 D000041 0
025 D000042 0
025 D000043 0
025 D000044 0
025 D000045 0
025 D000046 0
025 D000047 0
025 D000048 0
025 D000049 0
025 D000050 0
025 D000051 0
025 D000052 0
025 D000053 0
025 D000054 0
025 D000055 0
025 D000056 0
025 D000057 0
025 D000058 0
025 D000059 0
025 D000060 0
025 D000061 0
025 D000062 0
025 D000063 0
025 D000064 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 4003
028 A020000 0
<PAGE> PAGE 5
028 A030000 0
028 A040000 3046
028 B010000 2963
028 B020000 0
028 B030000 0
028 B040000 1992
028 C010000 2226
028 C020000 0
028 C030000 0
028 C040000 7191
028 D010000 2591
028 D020000 0
028 D030000 0
028 D040000 9869
028 E010000 3015
028 E020000 0
028 E030000 0
028 E040000 1890
028 F010000 1326
028 F020000 0
028 F030000 0
028 F040000 1187
028 G010000 16124
028 G020000 0
028 G030000 0
028 G040000 25175
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
<PAGE> PAGE 6
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 N
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 N
<PAGE> PAGE 7
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 N
060 B000000 N
061 000000 10000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
<PAGE> PAGE 8
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 15363
071 B000000 24891
071 C000000 98500
071 D000000 15
072 A000000 6
072 B000000 523
072 C000000 57
072 D000000 0
072 E000000 0
072 F000000 500
072 G000000 0
072 H000000 0
072 I000000 21
072 J000000 22
072 K000000 0
072 L000000 17
072 M000000 1
072 N000000 28
072 O000000 2
072 P000000 0
072 Q000000 0
072 R000000 6
072 S000000 3
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 21
<PAGE> PAGE 9
072 X000000 621
072 Y000000 0
072 Z000000 -41
072AA000000 34980
072BB000000 5930
072CC010000 0
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 2
074 B000000 2835
074 C000000 0
074 D000000 593
074 E000000 276
074 F000000 94312
074 G000000 0
074 H000000 0
074 I000000 33
074 J000000 35
074 K000000 0
074 L000000 102
074 M000000 0
074 N000000 98188
074 O000000 278
074 P000000 82
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 13
074 S000000 0
074 T000000 97815
074 U010000 4580
074 U020000 0
074 V010000 21.36
074 V020000 0.00
074 W000000 0.0000
074 X000000 2053
074 Y000000 0
075 A000000 0
075 B000000 100575
076 000000 0.00
077 A000000 Y
077 Q010000 Y
078 000000 N
080 A000000 CONTINENTAL INSURANCE CO.
<PAGE> PAGE 10
080 C000000 400
081 A000000 N
081 B000000 0
082 A000000 Y
082 B000000 3
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE KEVIN M. RYAN
TITLE SECRETARY-TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 77,941,052
<INVESTMENTS-AT-VALUE> 98,049,497
<RECEIVABLES> 137,160
<ASSETS-OTHER> 1,530
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 98,188,187
<PAYABLE-FOR-SECURITIES> 277,804
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES 95,177
<TOTAL-LIABILITIES> 372,981
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69,608,597
<SHARES-COMMON-STOCK> 4,580,521
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (35,151)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,552,792
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,108,447
<NET-ASSETS> 97,815,206
<DIVIDEND-INCOME> 56,765
<INTEREST-INCOME> 523,080
<OTHER-INCOME>
<EXPENSES-NET> 621,334
<NET-INVESTMENT-INCOME> (41,489)
<REALIZED-GAINS-CURRENT> 3,498,138
<APPREC-INCREASE-CURRENT> 5,929,791
<NET-CHANGE-FROM-OPS> 9,386,440
<EQUALIZATION> 8,804,859
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 778,958
<NUMBER-OF-SHARES-REDEEMED> 1,201,975
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,386,440
<ACCUMULATED-NII-PRIOR> 6,338
<ACCUMULATED-GAINS-PRIOR> 54,655
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 499,998
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 621,334
<AVERAGE-NET-ASSETS> 100,575,637
<PER-SHARE-NAV-BEGIN> 19.43
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.95
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.36
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>