<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 825063
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 MUTUAL SERIES FUND INC,
001 B000000 811-5387
001 C000000 2019122086
002 A000000 51 JOHN F. KENNEDY PKWY
002 B000000 SHORT HILLS
002 C000000 NJ
002 D010000 07078
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 MUTUAL SHARES FUND
007 C030100 N
007 C010200 2
007 C020200 MUTUAL QUALIFIED FUND
007 C030200 N
007 C010300 3
007 C020300 MUTUAL BEACON FUND
007 C030300 N
007 C010400 4
007 C020400 MUTUAL DISCOVERY FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 HEINE SECURITIES CORP.
008 B00AA01 A
008 C00AA01 801-10865
008 D01AA01 SHORT HILLS
008 D02AA01 NJ
008 D03AA01 07078
012 A00AA01 PFPC INC.
012 B00AA01 85-1196
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
<PAGE> PAGE 2
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02116
014 A00AA01 CLEARWATER SECURITIES, INC.
014 B00AA01 8-46832
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 NORTH QUINCY
015 C02AA01 MA
015 C03AA01 02171
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 4
019 C00AA00 MUT-SERIES
020 A000001 CLEARWATER SECURITIES
020 B000001 22-3250592
020 C000001 1051
020 A000002 MERRILL LYNCH
020 B000002 13-5674085
020 C000002 993
020 A000003 GOLDMAN SACHS
020 B000003 95-6287525
020 C000003 841
020 A000004 INSTINET
020 B000004 13-2596491
020 C000004 684
020 A000005 JP MORGAN
020 B000005 13-3224016
020 C000005 565
020 A000006 UBS SECURITIES INC.
020 B000006 13-2932996
020 C000006 518
020 A000007 BEAR STEARNS & CO.
020 B000007 13-4946705
020 C000007 434
020 A000008 NATWEST SECURITIES
020 B000008 13-3312778
020 C000008 397
020 A000009 AUERBACH GRAYSON
020 B000009 13-3676908
020 C000009 394
020 A000010 SMITH BARNEY SHEARSON INC.
020 B000010 13-1912900
020 C000010 393
021 000000 14444
022 A000001 MERRILL LYNCH
022 B000001 13-5674085
022 C000001 2309920
022 D000001 581251
<PAGE> PAGE 3
022 A000002 CS FIRST BOSTON
022 B000002 13-5659485
022 C000002 1069857
022 D000002 302976
022 A000003 FUJI GOVERNMENT SECURITIES
022 B000003 36-2880742
022 C000003 579638
022 D000003 303692
022 A000004 STATE STREET BANK & TRUST
022 B000004 04-1867445
022 C000004 546475
022 D000004 32023
022 A000005 GARVIN, GUY, BUTLER
022 B000005 13-2748981
022 C000005 182275
022 D000005 29058
022 A000006 FEDERAL HOME LOAN BANK DIRECT
022 B000006 N/A
022 C000006 100000
022 D000006 0
022 A000007 BEAR STEARNS & CO.
022 B000007 13-4946705
022 C000007 43794
022 D000007 25243
022 A000008 DONALDSON, LUFKIN, JENRETTE
022 B000008 13-2741729
022 C000008 37690
022 D000008 20006
022 A000009 MORGAN STANLEY & CO.
022 B000009 13-3224016
022 C000009 53721
022 D000009 1491
022 A000010 LAZARD FRERES & CO.
022 B000010 13-5545100
022 C000010 49420
022 D000010 1493
023 C000000 5431394
023 D000000 1455893
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
<PAGE> PAGE 4
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 Y
080 A00AA00 MUTUAL SERIES FUND, INC.
080 C00AA00 2500
081 A00AA00 Y
081 B00AA00 5
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
<PAGE> PAGE 5
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
028 A010100 137133
028 A020100 0
028 A030100 0
028 A040100 36799
028 B010100 106303
028 B020100 0
028 B030100 0
028 B040100 28569
028 C010100 86249
028 C020100 0
028 C030100 0
028 C040100 36417
028 D010100 95085
028 D020100 0
028 D030100 0
028 D040100 51938
028 E010100 60745
028 E020100 0
028 E030100 0
028 E040100 72974
028 F010100 48533
028 F020100 176265
028 F030100 0
028 F040100 39889
028 G010100 534048
028 G020100 176265
028 G030100 0
028 G040100 266586
028 H000100 0
071 A000100 1681975
071 B000100 1085804
071 C000100 4729661
071 D000100 23
072 A000100 6
072 B000100 39089
072 C000100 101120
072 D000100 0
072 E000100 1230
072 F000100 17188
072 G000100 631
072 H000100 0
072 I000100 1017
<PAGE> PAGE 6
072 J000100 224
072 K000100 0
072 L000100 51
072 M000100 32
072 N000100 123
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 56
072 S000100 24
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 86
072 X000100 19432
072 Y000100 0
072 Z000100 122007
072AA000100 166306
072BB000100 0
072CC010100 150255
072CC020100 0
072DD010100 6335
072DD020100 0
072EE000100 183728
073 A010100 0.1000
073 A020100 0.0000
073 B000100 2.9000
073 C000100 0.0000
074 A000100 4996
074 B000100 0
074 C000100 866813
074 D000100 229968
074 E000100 53591
074 F000100 4669468
074 G000100 0
074 H000100 0
074 I000100 64823
074 J000100 64076
074 K000100 0
074 L000100 13024
074 M000100 38939
074 N000100 6005698
074 O000100 35551
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 29352
074 R030100 0
074 R040100 18989
074 S000100 0
074 T000100 5921806
<PAGE> PAGE 7
074 U010100 65380
074 U020100 0
074 V010100 90.58
074 V020100 0.00
074 W000100 0.0000
074 X000100 142851
074 Y000100 0
075 A000100 0
075 B000100 5764437
076 000100 0.00
028 A010200 146473
028 A020200 0
028 A030200 0
028 A040200 25411
028 B010200 137060
028 B020200 0
028 B030200 0
028 B040200 22635
028 C010200 107588
028 C020200 0
028 C030200 0
028 C040200 20708
028 D010200 117109
028 D020200 0
028 D030200 0
028 D040200 27016
028 E010200 85951
028 E020200 0
028 E030200 0
028 E040200 35103
028 F010200 66863
028 F020200 111130
028 F030200 0
028 F040200 34752
028 G010200 661044
028 G020200 111130
028 G030200 0
028 G040200 165625
028 H000200 0
071 A000200 1315712
071 B000200 739474
071 C000200 2861643
071 D000200 26
072 A000200 6
072 B000200 25789
072 C000200 57572
072 D000200 0
072 E000200 515
072 F000200 10464
072 G000200 367
072 H000200 0
<PAGE> PAGE 8
072 I000200 958
072 J000200 271
072 K000200 0
072 L000200 115
072 M000200 20
072 N000200 308
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 34
072 S000200 28
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 85
072 X000200 12648
072 Y000200 0
072 Z000200 71229
072AA000200 91940
072BB000200 0
072CC010200 131222
072CC020200 0
072DD010200 5797
072DD020200 0
072EE000200 110145
073 A010200 0.0500
073 A020200 0.0000
073 B000200 0.9500
073 C000200 0.0000
074 A000200 4912
074 B000200 0
074 C000200 588571
074 D000200 173044
074 E000200 40269
074 F000200 2919081
074 G000200 0
074 H000200 0
074 I000200 48901
074 J000200 41190
074 K000200 0
074 L000200 13810
074 M000200 23780
074 N000200 3853558
074 O000200 35254
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 19272
074 R030200 222
074 R040200 11680
074 S000200 0
<PAGE> PAGE 9
074 T000200 3787130
074 U010200 120257
074 U020200 0
074 V010200 31.49
074 V020200 0.00
074 W000200 0.0000
074 X000200 160839
074 Y000200 0
075 A000200 0
075 B000200 3511408
076 000200 0.00
028 A010300 179325
028 A020300 0
028 A030300 0
028 A040300 56589
028 B010300 123854
028 B020300 0
028 B030300 0
028 B040300 52276
028 C010300 118360
028 C020300 0
028 C030300 0
028 C040300 42166
028 D010300 140922
028 D020300 0
028 D030300 0
028 D040300 50603
028 E010300 112620
028 E020300 0
028 E030300 0
028 E040300 69892
028 F010300 116958
028 F020300 118952
028 F030300 0
028 F040300 68213
028 G010300 792039
028 G020300 118952
028 G030300 0
028 G040300 339739
028 H000300 0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 Y
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
<PAGE> PAGE 10
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 Y
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 Y
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 Y
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 Y
070 Q020300 N
070 R010300 Y
070 R020300 Y
071 A000300 1519370
071 B000300 934844
071 C000300 3444551
071 D000300 27
072 A000300 6
072 B000300 31084
072 C000300 81182
072 D000300 0
072 E000300 505
072 F000300 12219
072 G000300 462
072 H000300 0
072 I000300 763
072 J000300 430
072 K000300 0
<PAGE> PAGE 11
072 L000300 127
072 M000300 23
072 N000300 386
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 37
072 S000300 37
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 101
072 X000300 14585
072 Y000300 0
072 Z000300 98185
072AA000300 140102
072BB000300 0
072CC010300 148568
072CC020300 0
072DD010300 5488
072DD020300 0
072EE000300 126214
073 A010300 0.0500
073 A020300 0.0000
073 B000300 1.1500
073 C000300 0.0000
074 A000300 8127
074 B000300 0
074 C000300 602998
074 D000300 261083
074 E000300 49783
074 F000300 3376553
074 G000300 0
074 H000300 0
074 I000300 87313
074 J000300 53047
074 K000300 0
074 L000300 19480
074 M000300 20852
074 N000300 4479235
074 O000300 39726
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 18669
074 R030300 341
074 R040300 20796
074 S000300 0
074 T000300 4399703
074 U010300 114382
074 U020300 0
<PAGE> PAGE 12
074 V010300 38.46
074 V020300 0.00
074 W000300 0.0000
074 X000300 115724
074 Y000300 0
075 A000300 0
075 B000300 4099669
076 000300 0.00
028 A010400 158003
028 A020400 0
028 A030400 0
028 A040400 22682
028 B010400 123029
028 B020400 0
028 B030400 0
028 B040400 17395
028 C010400 116670
028 C020400 0
028 C030400 0
028 C040400 19656
028 D010400 167805
028 D020400 0
028 D030400 0
028 D040400 16317
028 E010400 143230
028 E020400 0
028 E030400 0
028 E040400 30902
028 F010400 110980
028 F020400 42288
028 F030400 0
028 F040400 25251
028 G010400 819717
028 G020400 42288
028 G030400 0
028 G040400 132203
028 H000400 0
071 A000400 1234923
071 B000400 604927
071 C000400 1580625
071 D000400 38
072 A000400 6
072 B000400 8444
072 C000400 33176
072 D000400 0
072 E000400 178
072 F000400 7363
072 G000400 171
072 H000400 0
072 I000400 383
072 J000400 176
<PAGE> PAGE 13
072 K000400 0
072 L000400 73
072 M000400 10
072 N000400 182
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 24
072 S000400 26
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 48
072 X000400 8457
072 Y000400 0
072 Z000400 33342
072AA000400 107137
072BB000400 0
072CC010400 67198
072CC020400 0
072DD010400 2579
072DD020400 0
072EE000400 42549
073 A010400 0.0200
073 A020400 0.0000
073 B000400 0.3300
073 C000400 0.0000
074 A000400 4555
074 B000400 0
074 C000400 355796
074 D000400 26188
074 E000400 15142
074 F000400 1828008
074 G000400 0
074 H000400 0
074 I000400 62852
074 J000400 28022
074 K000400 0
074 L000400 11123
074 M000400 4406
074 N000400 2336092
074 O000400 58417
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 3215
074 R030400 0
074 R040400 11887
074 S000400 0
074 T000400 2262573
074 U010400 134962
<PAGE> PAGE 14
074 U020400 0
074 V010400 16.76
074 V020400 0.00
074 W000400 0.0000
074 X000400 76516
074 Y000400 0
075 A000400 0
075 B000400 1855668
076 000400 0.00
SIGNATURE EDWARD J. BRADLEY
TITLE TREASURER
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> 6 MOSR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 4,834,378
<INVESTMENTS-AT-VALUE> 5,884,663
<RECEIVABLES> 77,100
<ASSETS-OTHER> 43,935
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,005,698
<PAYABLE-FOR-SECURITIES> 35,551
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,341
<TOTAL-LIABILITIES> 83,892
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,622,394
<SHARES-COMMON-STOCK> 65,380
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 103,597
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 161,738
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,034,077
<NET-ASSETS> 5,921,806
<DIVIDEND-INCOME> 101,120
<INTEREST-INCOME> 39,089
<OTHER-INCOME> 1,230
<EXPENSES-NET> 19,432
<NET-INVESTMENT-INCOME> 122,007
<REALIZED-GAINS-CURRENT> 166,306
<APPREC-INCREASE-CURRENT> 150,255
<NET-CHANGE-FROM-OPS> 438,569
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,335
<DISTRIBUTIONS-OF-GAINS> 183,728
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,869
<NUMBER-OF-SHARES-REDEEMED> 2,898
<SHARES-REINVESTED> 1,917
<NET-CHANGE-IN-ASSETS> 692,232
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 179,161
<OVERDISTRIB-NII-PRIOR> 12,074
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,188
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,432
<AVERAGE-NET-ASSETS> 5,764,437
<PER-SHARE-NAV-BEGIN> 86.45
<PER-SHARE-NII> 1.49
<PER-SHARE-GAIN-APPREC> 5.64
<PER-SHARE-DIVIDEND> .10
<PER-SHARE-DISTRIBUTIONS> 2.90
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 90.58
<EXPENSE-RATIO> 0.67
<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> 6 MOS.
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 3,233,151
<INVESTMENTS-AT-VALUE> 3,769,866
<RECEIVABLES> 55,001
<ASSETS-OTHER> 28,691
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,853,558
<PAYABLE-FOR-SECURITIES> 35,254
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,174
<TOTAL-LIABILITIES> 66,428
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,116,165
<SHARES-COMMON-STOCK> 120,257
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 59,502
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 84,444
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 527,019
<NET-ASSETS> 3,787,130
<DIVIDEND-INCOME> 57,572
<INTEREST-INCOME> 25,789
<OTHER-INCOME> 515
<EXPENSES-NET> 12,648
<NET-INVESTMENT-INCOME> 71,228
<REALIZED-GAINS-CURRENT> 91,940
<APPREC-INCREASE-CURRENT> 131,222
<NET-CHANGE-FROM-OPS> 294,390
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,797
<DISTRIBUTIONS-OF-GAINS> 110,145
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,040
<NUMBER-OF-SHARES-REDEEMED> 5,234
<SHARES-REINVESTED> 3,491
<NET-CHANGE-IN-ASSETS> 784,997
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 102,648
<OVERDISTRIB-NII-PRIOR> 5,929
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,464
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 12,648
<AVERAGE-NET-ASSETS> 3,511,408
<PER-SHARE-NAV-BEGIN> 29.74
<PER-SHARE-NII> 0.47
<PER-SHARE-GAIN-APPREC> 2.28
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.95
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 31.49
<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> 6 MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 3,823,417
<INVESTMENTS-AT-VALUE> 4,377,729
<RECEIVABLES> 72,528
<ASSETS-OTHER> 28,978
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,479,235
<PAYABLE-FOR-SECURITIES> 39,726
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,806
<TOTAL-LIABILITIES> 79,532
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,644,953
<SHARES-COMMON-STOCK> 114,382
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 84,825
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 133,702
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 536,223
<NET-ASSETS> 4,399,703
<DIVIDEND-INCOME> 81,182
<INTEREST-INCOME> 31,084
<OTHER-INCOME> 504
<EXPENSES-NET> 14,585
<NET-INVESTMENT-INCOME> 98,185
<REALIZED-GAINS-CURRENT> 140,102
<APPREC-INCREASE-CURRENT> 148,568
<NET-CHANGE-FROM-OPS> 386,855
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,488
<DISTRIBUTIONS-OF-GAINS> 126,214
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,755
<NUMBER-OF-SHARES-REDEEMED> 8,839
<SHARES-REINVESTED> 3,055
<NET-CHANGE-IN-ASSETS> 826,406
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 119,814
<OVERDISTRIB-NII-PRIOR> 7,873
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,219
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14,585
<AVERAGE-NET-ASSETS> 4,099,669
<PER-SHARE-NAV-BEGIN> 35.94
<PER-SHARE-NII> 0.70
<PER-SHARE-GAIN-APPREC> 3.02
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 1.15
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 38.46
<EXPENSE-RATIO> 0.71
<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> 6 MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 2,055,074
<INVESTMENTS-AT-VALUE> 2,287,986
<RECEIVABLES> 39,145
<ASSETS-OTHER> 8,961
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,336,092
<PAYABLE-FOR-SECURITIES> 58,417
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,102
<TOTAL-LIABILITIES> 73,519
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,910,946
<SHARES-COMMON-STOCK> 134,962
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 26,531
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 101,686
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 223,410
<NET-ASSETS> 2,262,573
<DIVIDEND-INCOME> 33,176
<INTEREST-INCOME> 8,444
<OTHER-INCOME> 178
<EXPENSES-NET> 8,456
<NET-INVESTMENT-INCOME> 33,342
<REALIZED-GAINS-CURRENT> 107,137
<APPREC-INCREASE-CURRENT> 67,198
<NET-CHANGE-FROM-OPS> 207,677
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,579
<DISTRIBUTIONS-OF-GAINS> 42,549
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50,193
<NUMBER-OF-SHARES-REDEEMED> 8,065
<SHARES-REINVESTED> 2,477
<NET-CHANGE-IN-ASSETS> 892,352
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 37,098
<OVERDISTRIB-NII-PRIOR> 4,232
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,456
<AVERAGE-NET-ASSETS> 1,855,668
<PER-SHARE-NAV-BEGIN> 15.16
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.82
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.33
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.76
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
