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<PAGE> PAGE 21
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SIGNATURE EDWARD J. BRADLEY
TITLE TREASURER
To the Board of Directors
Mutual Series Fund Inc.
In planning and performing our audit of the financial
statements of Mutual Series Fund Inc. (comprising,
respectively, Mutual Shares fund, Mutual Qualified Fund,
Mutual Beacon Fund, and Mutual Discovery Fund Portfolios) for
the year ended December 31, 1995, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-
SAR, not to provide assurance on the internal control
structure.
The management of Mutual Series Fund Inc. is responsible for
establishing and maintaining an internal control structure.
In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits
and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization
and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not
be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or
that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would
not necessary disclose all matters in the internal control
structure 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 the specific internal control
structure elements does not reduce to a relatively low level
the risk that errors or irregularities 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 e normal course of performing their
assigned function. However, we noted no matters involving
the internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses as defined above at December 31, 1995.
This reports is intented solely for the use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
February 9, 1996
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000825063
<NAME> MUTUAL SERIES FUND
<SERIES>
<NUMBER> 1
<NAME> MUTUAL SHARES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 4,304,628
<INVESTMENTS-AT-VALUE> 5,206,470
<RECEIVABLES> 83,896
<ASSETS-OTHER> 21,458
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,311,824
<PAYABLE-FOR-SECURITIES> 32,427
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49,823
<TOTAL-LIABILITIES> 82,250
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,178,667
<SHARES-COMMON-STOCK> 60,491
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 12,074
<ACCUMULATED-NET-GAINS> 179,161
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 883,820
<NET-ASSETS> 5,229,574
<DIVIDEND-INCOME> 67,015
<INTEREST-INCOME> 74,833
<OTHER-INCOME> 3,316
<EXPENSES-NET> 31,881
<NET-INVESTMENT-INCOME> 113,283
<REALIZED-GAINS-CURRENT> 711,761
<APPREC-INCREASE-CURRENT> 311,203
<NET-CHANGE-FROM-OPS> 1,136,247
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 102,773
<DISTRIBUTIONS-OF-GAINS> 674,838
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,892
<NUMBER-OF-SHARES-REDEEMED> 3,348
<SHARES-REINVESTED> 8,345
<NET-CHANGE-IN-ASSETS> 1,483,848
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27,501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 31,881
<AVERAGE-NET-ASSETS> 4,587,613
<PER-SHARE-NAV-BEGIN> 78.69
<PER-SHARE-NII> 1.99
<PER-SHARE-GAIN-APPREC> 20.51
<PER-SHARE-DIVIDEND> 1.93
<PER-SHARE-DISTRIBUTIONS> 12.81
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 86.45
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000825063
<NAME> MUTUAL SERIES FUND
<SERIES>
<NUMBER> 2
<NAME> MUTUAL QUALIFIED FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 2,582,294
<INVESTMENTS-AT-VALUE> 2,987,069
<RECEIVABLES> 52,754
<ASSETS-OTHER> 14,570
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,054,393
<PAYABLE-FOR-SECURITIES> 19,831
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,429
<TOTAL-LIABILITIES> 52,260
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,509,617
<SHARES-COMMON-STOCK> 100,959
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 5,929
<ACCUMULATED-NET-GAINS> 102,648
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 395,797
<NET-ASSETS> 3,002,133
<DIVIDEND-INCOME> 35,040
<INTEREST-INCOME> 46,267
<OTHER-INCOME> 2,354
<EXPENSES-NET> 17,528
<NET-INVESTMENT-INCOME> 66,133
<REALIZED-GAINS-CURRENT> 327,189
<APPREC-INCREASE-CURRENT> 156,170
<NET-CHANGE-FROM-OPS> 549,492
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 58,854
<DISTRIBUTIONS-OF-GAINS> 289,683
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 29,376
<NUMBER-OF-SHARES-REDEEMED> 6,937
<SHARES-REINVESTED> 11,322
<NET-CHANGE-IN-ASSETS> 1,210,192
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,608
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 17,528
<AVERAGE-NET-ASSETS> 2,437,990
<PER-SHARE-NAV-BEGIN> 26.67
<PER-SHARE-NII> 0.66
<PER-SHARE-GAIN-APPREC> 6.33
<PER-SHARE-DIVIDEND> 0.65
<PER-SHARE-DISTRIBUTIONS> 3.27
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.74
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000825063
<NAME> MUTUAL SERIES FUND
<SERIES>
<NUMBER> 3
<NAME> MUTUAL BEACON FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 3,131,633
<INVESTMENTS-AT-VALUE> 3,532,306
<RECEIVABLES> 88,541
<ASSETS-OTHER> 18,640
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,639,487
<PAYABLE-FOR-SECURITIES> 23,928
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42,262
<TOTAL-LIABILITIES> 66,190
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,073,700
<SHARES-COMMON-STOCK> 99,411
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 7,873
<ACCUMULATED-NET-GAINS> 119,814
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 387,656
<NET-ASSETS> 3,573,297
<DIVIDEND-INCOME> 47,001
<INTEREST-INCOME> 57,535
<OTHER-INCOME> 2,352
<EXPENSES-NET> 21,370
<NET-INVESTMENT-INCOME> 85,518
<REALIZED-GAINS-CURRENT> 274,784
<APPREC-INCREASE-CURRENT> 297,322
<NET-CHANGE-FROM-OPS> 657,624
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 77,358
<DISTRIBUTIONS-OF-GAINS> 200,920
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,266
<NUMBER-OF-SHARES-REDEEMED> 13,339
<SHARES-REINVESTED> 7,089
<NET-CHANGE-IN-ASSETS> 1,512,844
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,720
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 21,370
<AVERAGE-NET-ASSETS> 2,957,634
<PER-SHARE-NAV-BEGIN> 31.03
<PER-SHARE-NII> 0.87
<PER-SHARE-GAIN-APPREC> 7.09
<PER-SHARE-DIVIDEND> 0.84
<PER-SHARE-DISTRIBUTIONS> 2.21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 35.94
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000825063
<NAME> MUTUAL SERIES FUND
<SERIES>
<NUMBER> 4
<NAME> MUTUAL DISCOVERY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1,204,958
<INVESTMENTS-AT-VALUE> 1,368,427
<RECEIVABLES> 16,841
<ASSETS-OTHER> 3,839
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,389,107
<PAYABLE-FOR-SECURITIES> 6,822
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,064
<TOTAL-LIABILITIES> 18,886
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,181,144
<SHARES-COMMON-STOCK> 90,357
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 4,232
<ACCUMULATED-NET-GAINS> 37,098
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 156,211
<NET-ASSETS> 1,370,221
<DIVIDEND-INCOME> 17,265
<INTEREST-INCOME> 11,429
<OTHER-INCOME> 1,037
<EXPENSES-NET> 9,859
<NET-INVESTMENT-INCOME> 19,872
<REALIZED-GAINS-CURRENT> 84,891
<APPREC-INCREASE-CURRENT> 129,809
<NET-CHANGE-FROM-OPS> 234,572
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,921
<DISTRIBUTIONS-OF-GAINS> 66,854
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,915
<NUMBER-OF-SHARES-REDEEMED> 10,252
<SHARES-REINVESTED> 4,882
<NET-CHANGE-IN-ASSETS> 644,890
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,931
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,859
<AVERAGE-NET-ASSETS> 993,186
<PER-SHARE-NAV-BEGIN> 12.55
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 3.40
<PER-SHARE-DIVIDEND> 0.14
<PER-SHARE-DISTRIBUTIONS> 0.82
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.16
<EXPENSE-RATIO> 0.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
