<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
074 U010900 698
074 U020900 0
074 V010900 12.26
074 V020900 0.00
074 W000900 0.0000
074 X000900 6
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075 B000900 4036
076 000900 0.00
SIGNATURE ANN M. STROOTMAN
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> PENN SERIES EMERGING GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 11,325,112
<INVESTMENTS-AT-VALUE> 11,969,420
<RECEIVABLES> 207,722
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,177,142
<PAYABLE-FOR-SECURITIES> 3,612,764
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,906
<TOTAL-LIABILITIES> 3,622,670
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,708,690
<SHARES-COMMON-STOCK> 697,820
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (2,861)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 204,335
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 644,308
<NET-ASSETS> 8,554,472
<DIVIDEND-INCOME> 717
<INTEREST-INCOME> 4,178
<OTHER-INCOME> 0
<EXPENSES-NET> 7,756
<NET-INVESTMENT-INCOME> (2,861)
<REALIZED-GAINS-CURRENT> 204,335
<APPREC-INCREASE-CURRENT> 644,308
<NET-CHANGE-FROM-OPS> 845,782
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 699,598
<NUMBER-OF-SHARES-REDEEMED> 1,778
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,554,472
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,219
<AVERAGE-NET-ASSETS> 4,035,920
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.42)
<PER-SHARE-GAIN-APPREC> 2.68
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.26
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> PENN SERIES FLEXIBLY MANAGED FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 400,550,423
<INVESTMENTS-AT-VALUE> 467,177,806
<RECEIVABLES> 4,172,514
<ASSETS-OTHER> 1,420
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 471,351,740
<PAYABLE-FOR-SECURITIES> 1,096,823
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 860,209
<TOTAL-LIABILITIES> 1,957,032
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 381,520,330
<SHARES-COMMON-STOCK> 23,085,300
<SHARES-COMMON-PRIOR> 21,265,896
<ACCUMULATED-NII-CURRENT> 6,614,674
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,631,424
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 66,628,280
<NET-ASSETS> 469,394,708
<DIVIDEND-INCOME> 3,281,503
<INTEREST-INCOME> 4,955,142
<OTHER-INCOME> 0
<EXPENSES-NET> 1,621,971
<NET-INVESTMENT-INCOME> 6,614,674
<REALIZED-GAINS-CURRENT> 14,637,401
<APPREC-INCREASE-CURRENT> 14,862,923
<NET-CHANGE-FROM-OPS> 36,114,998
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,388,801
<NUMBER-OF-SHARES-REDEEMED> 569,397
<SHARES-REINVESTED> 70,850,569
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 5,978
<GROSS-ADVISORY-FEES> 1,065,767
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,621,971
<AVERAGE-NET-ASSETS> 429,839,549
<PER-SHARE-NAV-BEGIN> 18.74
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 1.30
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.33
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> PENN SERIES GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 90,241,255
<INVESTMENTS-AT-VALUE> 121,159,849
<RECEIVABLES> 3,243,691
<ASSETS-OTHER> 876
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 124,404,416
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 606,150
<TOTAL-LIABILITIES> 606,150
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87,451,010
<SHARES-COMMON-STOCK> 4,975,571
<SHARES-COMMON-PRIOR> 4,942,020
<ACCUMULATED-NII-CURRENT> 276,778
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,151,884
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 30,918,594
<NET-ASSETS> 123,798,266
<DIVIDEND-INCOME> 574,913
<INTEREST-INCOME> 137,696
<OTHER-INCOME> 0
<EXPENSES-NET> 435,831
<NET-INVESTMENT-INCOME> 276,778
<REALIZED-GAINS-CURRENT> 5,343,998
<APPREC-INCREASE-CURRENT> 11,447,198
<NET-CHANGE-FROM-OPS> 17,067,974
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 304,907
<NUMBER-OF-SHARES-REDEEMED> 271,356
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17,758,806
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (192,114)
<GROSS-ADVISORY-FEES> 271,290
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 435,831
<AVERAGE-NET-ASSETS> 114,461,195
<PER-SHARE-NAV-BEGIN> 21.46
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 3.36
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.88
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> PENN SERIES HIGH YIELD BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 48,082,833
<INVESTMENTS-AT-VALUE> 49,905,595
<RECEIVABLES> 1,637,666
<ASSETS-OTHER> 354
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,543,615
<PAYABLE-FOR-SECURITIES> 400,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 52,075
<TOTAL-LIABILITIES> 452,075
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 49,700,841
<SHARES-COMMON-STOCK> 5,323,411
<SHARES-COMMON-PRIOR> 4,941,766
<ACCUMULATED-NII-CURRENT> 2,113,809
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,545,872)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,822,762
<NET-ASSETS> 51,091,540
<DIVIDEND-INCOME> 72,364
<INTEREST-INCOME> 2,228,987
<OTHER-INCOME> 0
<EXPENSES-NET> 187,542
<NET-INVESTMENT-INCOME> 2,113,809
<REALIZED-GAINS-CURRENT> 1,994,018
<APPREC-INCREASE-CURRENT> (578,688)
<NET-CHANGE-FROM-OPS> 3,529,139
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 872,603
<NUMBER-OF-SHARES-REDEEMED> 490,958
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,049,981
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,539,890)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 116,765
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 187,542
<AVERAGE-NET-ASSETS> 47,092,942
<PER-SHARE-NAV-BEGIN> 8.91
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> PENN SERIES INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 103,487,100
<INVESTMENTS-AT-VALUE> 128,905,195
<RECEIVABLES> 588,414
<ASSETS-OTHER> 887
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 129,494,496
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,548,987
<TOTAL-LIABILITIES> 1,548,987
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,167,923
<SHARES-COMMON-STOCK> 7,307,523
<SHARES-COMMON-PRIOR> 6,688,564
<ACCUMULATED-NII-CURRENT> 316,593
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,361,551
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,099,442
<NET-ASSETS> 127,945,509
<DIVIDEND-INCOME> 1,018,292
<INTEREST-INCOME> 294,781
<OTHER-INCOME> 0
<EXPENSES-NET> 637,191
<NET-INVESTMENT-INCOME> 675,882
<REALIZED-GAINS-CURRENT> 5,296,558
<APPREC-INCREASE-CURRENT> 7,610,865
<NET-CHANGE-FROM-OPS> 13,583,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 983,754
<NUMBER-OF-SHARES-REDEEMED> 364,795
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 23,527,921
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 420,608
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 637,191
<AVERAGE-NET-ASSETS> 113,091,738
<PER-SHARE-NAV-BEGIN> 15.61
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 1.80
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.51
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> PENN SERIES MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 38,559,585
<INVESTMENTS-AT-VALUE> 38,559,585
<RECEIVABLES> 275,147
<ASSETS-OTHER> 297
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,835,029
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 198,506
<TOTAL-LIABILITIES> 198,506
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,638,055
<SHARES-COMMON-STOCK> 38,638,055
<SHARES-COMMON-PRIOR> 34,502,151
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,532)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 38,636,523
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,010,108
<OTHER-INCOME> 0
<EXPENSES-NET> 126,114
<NET-INVESTMENT-INCOME> 883,994
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 883,994
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 883,994
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,683,325
<NUMBER-OF-SHARES-REDEEMED> 19,408,451
<SHARES-REINVESTED> 861,030
<NET-CHANGE-IN-ASSETS> 4,135,904
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,532)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70,005
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 126,114
<AVERAGE-NET-ASSETS> 35,822,224
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> PENN SERIES QUALITY BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 36,341,306
<INVESTMENTS-AT-VALUE> 36,821,305
<RECEIVABLES> 1,455,908
<ASSETS-OTHER> 324
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,277,537
<PAYABLE-FOR-SECURITIES> 888,480
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59,362
<TOTAL-LIABILITIES> 947,842
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,695,507
<SHARES-COMMON-STOCK> 3,637,369
<SHARES-COMMON-PRIOR> 3,760,294
<ACCUMULATED-NII-CURRENT> 1,132,003
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (977,814)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 479,999
<NET-ASSETS> 37,329,695
<DIVIDEND-INCOME> 10,300
<INTEREST-INCOME> 1,255,853
<OTHER-INCOME> 0
<EXPENSES-NET> 134,150
<NET-INVESTMENT-INCOME> 1,132,003
<REALIZED-GAINS-CURRENT> (97,449)
<APPREC-INCREASE-CURRENT> (81,034)
<NET-CHANGE-FROM-OPS> 953,520
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 274,455
<NUMBER-OF-SHARES-REDEEMED> 397,380
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (281,646)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 81,892
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134,150
<AVERAGE-NET-ASSETS> 36,698,300
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> (0.05)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.26
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> PENN SERIES SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 24,354,237
<INVESTMENTS-AT-VALUE> 27,675,739
<RECEIVABLES> 237,480
<ASSETS-OTHER> 123
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,913,342
<PAYABLE-FOR-SECURITIES> 244,868
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42,931
<TOTAL-LIABILITIES> 287,799
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,827,927
<SHARES-COMMON-STOCK> 1,910,984
<SHARES-COMMON-PRIOR> 1,287,316
<ACCUMULATED-NII-CURRENT> 78,983
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,397,131
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,321,502
<NET-ASSETS> 27,625,543
<DIVIDEND-INCOME> 75,331
<INTEREST-INCOME> 95,668
<OTHER-INCOME> 0
<EXPENSES-NET> 92,016
<NET-INVESTMENT-INCOME> 78,983
<REALIZED-GAINS-CURRENT> 1,398,282
<APPREC-INCREASE-CURRENT> 2,024,857
<NET-CHANGE-FROM-OPS> 3,502,122
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 700,139
<NUMBER-OF-SHARES-REDEEMED> 76,471
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11,491,511
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,151)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53,194
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 92,016
<AVERAGE-NET-ASSETS> 21,454,118
<PER-SHARE-NAV-BEGIN> 12.53
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.46
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> PENN SERIES VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 181,643,829
<INVESTMENTS-AT-VALUE> 260,720,844
<RECEIVABLES> 306,431
<ASSETS-OTHER> 1,646
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 261,028,921
<PAYABLE-FOR-SECURITIES> 359,912
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 907,857
<TOTAL-LIABILITIES> 1,267,769
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 175,903,667
<SHARES-COMMON-STOCK> 11,829,135
<SHARES-COMMON-PRIOR> 10,387,893
<ACCUMULATED-NII-CURRENT> 1,636,509
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,143,961
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 79,077,015
<NET-ASSETS> 259,761,152
<DIVIDEND-INCOME> 1,445,333
<INTEREST-INCOME> 1,049,053
<OTHER-INCOME> 0
<EXPENSES-NET> 857,877
<NET-INVESTMENT-INCOME> 1,636,509
<REALIZED-GAINS-CURRENT> 3,143,961
<APPREC-INCREASE-CURRENT> 25,506,428
<NET-CHANGE-FROM-OPS> 30,286,898
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,749,462
<NUMBER-OF-SHARES-REDEEMED> 308,220
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 59,087,259
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 563,108
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 857,877
<AVERAGE-NET-ASSETS> 227,109,792
<PER-SHARE-NAV-BEGIN> 19.32
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 2.50
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.96
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
