PENN SERIES FUNDS, INC.
600 Dresher Road, Horsham, PA 19044
Supplement Dated July 6, 1998
To Prospectus Dated May 1, 1998
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The Prospectus is being amended and supplemented to reflect
a change in the portfolio management of the Small Capitalization
Fund. Timothy Curro will no longer serve as portfolio manager of
the Small Capitalization Fund. However, Timothy McCormack and
Gavin Albert will continue to share responsibility for managing
the assets of the Small Capitalization Fund. Accordingly, the
third paragraph on page 28 is hereby deleted and replaced with
the following:
Timothy McCormack and Gavin Albert are responsible for the
day-to-day investment management of the Small Capitalization
Fund. Timothy McCormack has been a portfolio manager of the Fund
since March 1996. Gavin Albert became portfolio manager of the
Fund on January 1, 1997. Mr. Albert, Vice President of
Oppenheimer Capital since December 1996, joined the firm in
September 1994 as a research analyst. Prior thereto he was a
management consultant for EDS Energy Management in 1994, attended
the Vanderbilt University Business School from September 1992 to
May 1994 (with a Masters of Business Administration degree in
finance and management) and was a financial analyst in the
Corporate Finance Department of Texaco, Inc. from 1990 to 1992.
Mr. McCormack, Vice President of Oppenheimer Capital, joined the
firm in 1994. From 1993 to 1994 he was a securities analyst at
U.S. Trust Company and prior thereto he was a securities analyst
at Gabelli & Company. He has a Masters of Business
Administration degree from the Wharton School.
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PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
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