<PAGE> PAGE 1
000 B000000 12/31/98
000 C000000 702340
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 PENN SERIES FUNDS, INC
001 B000000 811-3459
001 C000000 2159568208
002 A000000 600 DRESHER ROAD
002 B000000 HORSHAM
002 C000000 PA
002 D010000 19044
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 9
007 C010100 1
007 C020100 PENN SERIES GROWTH EQUITY FUND
007 C030100 N
007 C010200 2
007 C020200 PENN SERIES MONEY MARKET FUND
007 C030200 N
007 C010300 3
007 C020300 PENN SERIES FLEXIBLY MANAGED FUND
007 C030300 N
007 C010400 4
007 C020400 PENN SERIES HIGH YIELD BOND FUND
007 C030400 N
007 C010500 5
007 C020500 PENN SERIES QUALITY BOND FUND
007 C030500 N
007 C010600 6
007 C020600 PENN SERIES VALUE EQUITY FUND
007 C030600 N
007 C010700 7
007 C020700 PENN SERIES INTERNATIONAL EQUITY FUND
007 C030700 N
007 C010800 8
007 C020800 PENN SERIES SMALL CAPITALIZATION FUND
007 C030800 N
007 C010900 9
007 C020900 PENN SERIES EMERGING GROWTH FUND
007 C030900 N
007 C011000 10
010 A00AA01 PENN MUTUAL LIFE INSURANCE CO.
<PAGE> PAGE 2
010 C01AA01 HORSHAM
010 C02AA01 PA
010 C03AA01 19044
012 A00AA01 PFPC, INC.
012 B00AA01 85-1196
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19899
013 A00AA01 ERNST AND YOUNG L.L.P.
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 HORNOR, TOWNSEND & KENT, INC.
014 B00AA01 8-14715
014 A00AA02 JANNEY MONTGOMERY SCOTT, INC.
014 B00AA02 8-462
015 A00AA01 PNC BANK
015 B00AA01 C
015 C01AA01 PHILADELPHIA
015 C02AA01 PA
015 C03AA01 19101
015 E01AA01 X
015 A00AA02 MORGAN STANLEY
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 11201
015 E04AA02 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 O'NEIL (WILLIAM) & CO., INC.
020 B000001 95-2269163
020 C000001 144
020 A000002 KLEINWORT BENSON
020 B000002 13-2647786
020 C000002 125
020 A000003 SMITH BARNEY, INC.
020 B000003 13-1912900
020 C000003 101
020 A000004 MERRILL LYNCH
020 B000004 12-5674085
020 C000004 77
020 A000005 BRIDGE TRADING
020 B000005 43-1450530
020 C000005 74
020 A000006 CANTOR, FITZGERALD SECURITIES CORP.
020 B000006 13-3680187
020 C000006 68
020 A000007 BEAR STEARNS & CO.
020 B000007 13-3299429
<PAGE> PAGE 3
020 C000007 64
020 A000008 MORGAN STANLEY & CO., INC.
020 B000008 13-2655998
020 C000008 55
020 A000009 PARIBAS CAPITAL MARKETS
020 B000009 13-3235334
020 C000009 52
020 A000010 GOLDMAN SACHS & CO.
020 B000010 13-5108880
020 C000010 52
021 000000 1691
022 A000001 PAINEWEBBER INC.
022 B000001 13-2638166
022 C000001 1177335
022 D000001 65596
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002 500645
022 D000002 65514
022 A000003 CHASE SECURITIES, INC.
022 B000003 13-3112953
022 C000003 540159
022 D000003 23914
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
022 C000004 392449
022 D000004 56732
022 A000005 CS FIRST BOSTON CORP.
022 B000005 13-5659485
022 C000005 296491
022 D000005 44461
022 A000006 FORD MOTOR CREDIT CORP.
022 B000006 38-1612444
022 C000006 170909
022 D000006 5911
022 A000007 LEHMAN BROTHERS SECURITIES
022 B000007 13-2518466
022 C000007 148091
022 D000007 16604
022 A000008 MORGAN STANLEY & CO., INC.
022 B000008 13-2655998
022 C000008 83105
022 D000008 72919
022 A000009 PNC CAPITAL MARKETS
022 B000009 25-1471636
022 C000009 91000
022 D000009 0
022 A000010 AMERICAN EXPRESS CREDIT CORP.
022 B000010 41-1667086
022 C000010 75357
022 D000010 0
<PAGE> PAGE 4
023 C000000 4653355
023 D000000 1206005
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 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
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
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
<PAGE> PAGE 5
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
077 A000000 N
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 B00AA00 0
084 B00AA00 0
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
008 A000101 INDEPENDENCE CAPITAL MANAGEMENT, INC
008 B000101 A
008 C000101 801-35477
008 D010101 HORSHAM
008 D020101 PA
008 D030101 19044
028 A010100 1772
028 A020100 0
028 A030100 0
028 A040100 608
028 B010100 1075
028 B020100 0
028 B030100 0
<PAGE> PAGE 6
028 B040100 1920
028 C010100 2076
028 C020100 0
028 C030100 0
028 C040100 1756
028 D010100 1407
028 D020100 0
028 D030100 0
028 D040100 1135
028 E010100 4113
028 E020100 0
028 E030100 0
028 E040100 533
028 F010100 2542
028 F020100 20420
028 F030100 0
028 F040100 1819
028 G010100 12985
028 G020100 20420
028 G030100 0
028 G040100 7771
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 0.500
048 B010100 99999999
048 B020100 0.450
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
<PAGE> PAGE 7
052 000100 N
053 A000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 N
070 A020100 N
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
<PAGE> PAGE 8
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 241535
071 B000100 243891
071 C000100 149738
071 D000100 161
072 A000100 12
072 B000100 271
072 C000100 1046
072 D000100 0
072 E000100 0
072 F000100 753
072 G000100 234
072 H000100 0
072 I000100 2
072 J000100 31
072 K000100 0
072 L000100 23
072 M000100 3
072 N000100 0
072 O000100 11
072 P000100 0
072 Q000100 103
072 R000100 8
072 S000100 6
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 11
072 X000100 1185
072 Y000100 0
072 Z000100 131
072AA000100 20481
072BB000100 0
072CC010100 36064
<PAGE> PAGE 9
072CC020100 0
072DD010100 131
072DD020100 0
072EE000100 20498
073 A010100 0.0231
073 A020100 0.0000
073 B000100 3.5706
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 182876
074 G000100 0
074 H000100 0
074 I000100 8422
074 J000100 6914
074 K000100 0
074 L000100 169
074 M000100 3
074 N000100 198384
074 O000100 2262
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 430
074 S000100 0
074 T000100 195692
074 U010100 6337
074 U020100 0
074 V010100 30.88
074 V020100 0.00
074 W000100 0.0000
074 X000100 8
074 Y000100 0
075 A000100 0
075 B000100 156236
076 000100 0.00
008 A000201 INDEPENDENCE CAPITAL MANAGEMENT, INC.
008 B000201 A
008 C000201 801-35477
008 D010201 HORSHAM
008 D020201 PA
008 D030201 19044
028 A010200 6249
028 A020200 166
028 A030200 0
028 A040200 5396
<PAGE> PAGE 10
028 B010200 15025
028 B020200 167
028 B030200 0
028 B040200 5124
028 C010200 11042
028 C020200 194
028 C030200 0
028 C040200 8396
028 D010200 12442
028 D020200 223
028 D030200 0
028 D040200 7543
028 E010200 3447
028 E020200 244
028 E030200 0
028 E040200 10900
028 F010200 6590
028 F020200 214
028 F030200 0
028 F040200 5962
028 G010200 54795
028 G020200 1208
028 G030200 0
028 G040200 43321
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 100000
048 A020200 0.400
048 B010200 99999999
048 B020200 0.350
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
<PAGE> PAGE 11
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 16.0
062 F000200 0.0
062 G000200 0.0
062 H000200 37.5
062 I000200 46.8
062 J000200 0.0
062 K000200 0.0
062 L000200 38.6
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 7.6
063 A000200 75
063 B000200 0.0
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
<PAGE> PAGE 12
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 0
071 B000200 0
071 C000200 0
071 D000200 0
072 A000200 12
072 B000200 2543
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 182
072 G000200 68
072 H000200 0
072 I000200 1
072 J000200 19
072 K000200 0
072 L000200 6
072 M000200 1
072 N000200 0
072 O000200 3
072 P000200 0
072 Q000200 34
072 R000200 2
072 S000200 2
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 9
072 X000200 327
072 Y000200 0
072 Z000200 2216
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
<PAGE> PAGE 13
072DD010200 2216
072DD020200 0
072EE000200 0
073 A010200 0.0489
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 53505
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 390
074 M000200 1
074 N000200 53896
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 270
074 S000200 0
074 T000200 53626
074 U010200 53629
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.9999
074 X000200 6
074 Y000200 0
075 A000200 45430
075 B000200 0
076 000200 0.00
008 A000301 INDEPENDENCE CAPITAL MANAGEMENT, INC.
008 B000301 A
008 C000301 801-35477
008 D010301 HORSHAM
008 D020301 PA
008 D030301 19044
008 A000302 T. ROWE PRICE ASSOCIATES, INC.
008 B000302 S
008 C000302 801-856
008 D010302 BALTIMORE
008 D020302 MD
<PAGE> PAGE 14
008 D030302 21202
028 A010300 3165
028 A020300 0
028 A030300 0
028 A040300 5579
028 B010300 2643
028 B020300 0
028 B030300 0
028 B040300 9013
028 C010300 2657
028 C020300 0
028 C030300 0
028 C040300 9128
028 D010300 2735
028 D020300 0
028 D030300 0
028 D040300 5723
028 E010300 5226
028 E020300 0
028 E030300 0
028 E040300 3026
028 F010300 4624
028 F020300 70477
028 F030300 0
028 F040300 6200
028 G010300 21050
028 G020300 70477
028 G030300 0
028 G040300 38669
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.500
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
<PAGE> PAGE 15
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
062 A000300 Y
062 B000300 2.2
062 C000300 0.6
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 6.3
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 3.6
062 N000300 7.6
062 O000300 0.0
062 P000300 21.6
062 Q000300 0.0
062 R000300 57.8
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 Y
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
<PAGE> PAGE 16
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 N
070 K010300 Y
070 K020300 Y
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 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 283021
071 B000300 230955
071 C000300 480707
071 D000300 48
072 A000300 12
072 B000300 12385
072 C000300 6846
072 D000300 0
072 E000300 0
072 F000300 2720
072 G000300 816
072 H000300 0
072 I000300 1
072 J000300 99
072 K000300 0
072 L000300 88
072 M000300 11
072 N000300 0
072 O000300 44
072 P000300 0
072 Q000300 248
072 R000300 29
072 S000300 23
072 T000300 0
072 U000300 0
<PAGE> PAGE 17
072 V000300 0
072 W000300 44
072 X000300 4123
072 Y000300 0
072 Z000300 15108
072AA000300 55254
072BB000300 0
072CC010300 0
072CC020300 39212
072DD010300 15471
072DD020300 0
072EE000300 55130
073 A010300 0.5978
073 A020300 0.0000
073 B000300 2.1256
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 37862
074 D000300 190382
074 E000300 34687
074 F000300 275370
074 G000300 389
074 H000300 0
074 I000300 1745
074 J000300 1739
074 K000300 0
074 L000300 4941
074 M000300 8
074 N000300 547123
074 O000300 793
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 844
074 S000300 0
074 T000300 545486
074 U010300 29790
074 U020300 0
074 V010300 18.31
074 V020300 0.00
074 W000300 0.0000
074 X000300 7
074 Y000300 0
075 A000300 0
075 B000300 543976
076 000300 0.00
008 A000401 INDEPENDENCE CAPITAL MANAGEMENT, INC.
008 B000401 A
<PAGE> PAGE 18
008 C000401 801-35477
008 D010401 HORSHAM
008 D020401 PA
008 D030401 19044
008 A000402 T. ROWE PRICE ASSOCIATES, INC.
008 B000402 S
008 C000402 801-856
008 D010402 BALTIMORE
008 D020402 MD
008 D030402 21202
028 A010400 1154
028 A020400 0
028 A030400 0
028 A040400 289
028 B010400 1443
028 B020400 0
028 B030400 0
028 B040400 1779
028 C010400 1046
028 C020400 0
028 C030400 0
028 C040400 1104
028 D010400 1884
028 D020400 0
028 D030400 0
028 D040400 780
028 E010400 2019
028 E020400 0
028 E030400 0
028 E040400 863
028 F010400 2150
028 F020400 5420
028 F030400 0
028 F040400 2738
028 G010400 9696
028 G020400 5420
028 G030400 0
028 G040400 7553
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.500
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
<PAGE> PAGE 19
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 5.4
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 86.2
062 Q000400 0.8
062 R000400 6.4
063 A000400 0
063 B000400 8.1
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 Y
070 C010400 Y
<PAGE> PAGE 20
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 60197
071 B000400 50537
071 C000400 61079
071 D000400 83
072 A000400 12
072 B000400 5589
072 C000400 357
072 D000400 0
072 E000400 0
072 F000400 326
072 G000400 98
072 H000400 0
072 I000400 1
072 J000400 27
072 K000400 0
072 L000400 10
072 M000400 1
072 N000400 0
072 O000400 5
072 P000400 0
<PAGE> PAGE 21
072 Q000400 49
072 R000400 4
072 S000400 3
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 8
072 X000400 532
072 Y000400 0
072 Z000400 5414
072AA000400 0
072BB000400 35
072CC010400 0
072CC020400 2434
072DD010400 5420
072DD020400 0
072EE000400 0
073 A010400 0.7863
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 1
074 B000400 0
074 C000400 3704
074 D000400 59514
074 E000400 3491
074 F000400 588
074 G000400 0
074 H000400 0
074 I000400 340
074 J000400 0
074 K000400 0
074 L000400 1471
074 M000400 0
074 N000400 69109
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 106
074 S000400 0
074 T000400 69003
074 U010400 7510
074 U020400 0
074 V010400 9.19
074 V020400 0.00
074 W000400 0.0000
074 X000400 6
074 Y000400 0
<PAGE> PAGE 22
075 A000400 0
075 B000400 65253
076 000400 0.00
008 A000501 INDEPENDENCE CAPITAL MANAGEMENT, INC.
008 B000501 A
008 C000501 801-35477
008 D010501 HORSHAM
008 D020501 PA
008 D030501 19044
028 A010500 1434
028 A020500 0
028 A030500 0
028 A040500 326
028 B010500 1335
028 B020500 0
028 B030500 0
028 B040500 732
028 C010500 2532
028 C020500 0
028 C030500 0
028 C040500 1233
028 D010500 2341
028 D020500 0
028 D030500 0
028 D040500 1333
028 E010500 1409
028 E020500 0
028 E030500 0
028 E040500 576
028 F010500 2414
028 F020500 3978
028 F030500 0
028 F040500 1125
028 G010500 11465
028 G020500 3978
028 G030500 0
028 G040500 5324
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 100000
048 A020500 0.450
048 B010500 99999999
048 B020500 0.400
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
<PAGE> PAGE 23
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 11.9
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 41.1
062 N000500 43.3
062 O000500 0.0
062 P000500 12.3
062 Q000500 0.0
062 R000500 9.0
063 A000500 0
063 B000500 11.1
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
<PAGE> PAGE 24
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 Y
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 217450
071 B000500 200667
071 C000500 42048
071 D000500 477
072 A000500 12
072 B000500 2760
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 206
072 G000500 69
072 H000500 0
072 I000500 1
072 J000500 22
072 K000500 0
072 L000500 7
072 M000500 1
072 N000500 0
072 O000500 3
072 P000500 0
072 Q000500 34
<PAGE> PAGE 25
072 R000500 2
072 S000500 2
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 5
072 X000500 352
072 Y000500 0
072 Z000500 2407
072AA000500 1533
072BB000500 0
072CC010500 488
072CC020500 0
072DD010500 2409
072DD020500 0
072EE000500 1569
073 A010500 0.5070
073 A020500 0.0000
073 B000500 0.3301
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 6398
074 D000500 51735
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 4806
074 J000500 6675
074 K000500 0
074 L000500 762
074 M000500 1
074 N000500 70377
074 O000500 16705
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 167
074 S000500 0
074 T000500 53505
074 U010500 5143
074 U020500 0
074 V010500 10.40
074 V020500 0.00
074 W000500 0.0000
074 X000500 5
074 Y000500 0
075 A000500 0
<PAGE> PAGE 26
075 B000500 45792
076 000500 0.00
008 A000601 INDEPENDENCE CAPITAL MANAGEMENT, INC.
008 B000601 A
008 C000601 801-35477
008 D010601 HORSHAM
008 D020601 PA
008 D030601 19044
008 A000602 OPCAP ADVISORS
008 B000602 S
008 C000602 801-27180
008 D010602 NEW YORK
008 D020602 NY
008 D030602 10038
028 A010600 3042
028 A020600 0
028 A030600 0
028 A040600 2270
028 B010600 2691
028 B020600 0
028 B030600 0
028 B040600 4287
028 C010600 2427
028 C020600 0
028 C030600 0
028 C040600 4411
028 D010600 2321
028 D020600 0
028 D030600 0
028 D040600 5051
028 E010600 4272
028 E020600 0
028 E030600 0
028 E040600 2313
028 F010600 1710
028 F020600 31550
028 F030600 0
028 F040600 6866
028 G010600 16463
028 G020600 31550
028 G030600 0
028 G040600 25198
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.500
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
<PAGE> PAGE 27
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 Y
066 G000600 N
067 000600 N
<PAGE> PAGE 28
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 Y
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 95883
071 B000600 67620
071 C000600 281603
071 D000600 24
072 A000600 12
072 B000600 2651
072 C000600 4048
072 D000600 0
072 E000600 0
072 F000600 1652
072 G000600 495
072 H000600 0
<PAGE> PAGE 29
072 I000600 1
072 J000600 45
072 K000600 0
072 L000600 51
072 M000600 7
072 N000600 1
072 O000600 25
072 P000600 0
072 Q000600 184
072 R000600 19
072 S000600 14
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 18
072 X000600 2512
072 Y000600 0
072 Z000600 4187
072AA000600 27332
072BB000600 0
072CC010600 0
072CC020600 3544
072DD010600 4187
072DD020600 0
072EE000600 27363
073 A010600 0.3081
073 A020600 0.0000
073 B000600 2.0138
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 29145
074 D000600 0
074 E000600 0
074 F000600 303067
074 G000600 0
074 H000600 0
074 I000600 1959
074 J000600 1618
074 K000600 0
074 L000600 405
074 M000600 5
074 N000600 336199
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 720
074 S000600 0
<PAGE> PAGE 30
074 T000600 335479
074 U010600 14981
074 U020600 0
074 V010600 22.39
074 V020600 0.00
074 W000600 0.0000
074 X000600 7
074 Y000600 0
075 A000600 0
075 B000600 330300
076 000600 0.00
008 A000701 INDEPENDENCE CAPITAL MANAGEMENT, INC.
008 B000701 A
008 C000701 801-35477
008 D010701 HORSHAM
008 D020701 PA
008 D030701 19044
008 A000702 VONTOBEL USA, INC.
008 B000702 S
008 C000702 801-21953
008 D010702 NEW YORK
008 D020702 NY
008 D030702 10022
028 A010700 1337
028 A020700 0
028 A030700 0
028 A040700 1466
028 B010700 2012
028 B020700 0
028 B030700 0
028 B040700 1397
028 C010700 3322
028 C020700 0
028 C030700 0
028 C040700 3154
028 D010700 3762
028 D020700 0
028 D030700 0
028 D040700 2591
028 E010700 1599
028 E020700 0
028 E030700 0
028 E040700 3574
028 F010700 3090
028 F020700 6355
028 F030700 0
028 F040700 2984
028 G010700 15122
028 G020700 6355
028 G030700 0
028 G040700 15166
<PAGE> PAGE 31
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.750
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 N
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
<PAGE> PAGE 32
063 B000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 Y
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 Y
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 65047
071 B000700 58985
071 C000700 135493
<PAGE> PAGE 33
071 D000700 44
072 A000700 12
072 B000700 396
072 C000700 1789
072 D000700 0
072 E000700 0
072 F000700 1071
072 G000700 214
072 H000700 0
072 I000700 1
072 J000700 70
072 K000700 0
072 L000700 22
072 M000700 3
072 N000700 1
072 O000700 11
072 P000700 0
072 Q000700 111
072 R000700 7
072 S000700 6
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 21
072 X000700 1538
072 Y000700 0
072 Z000700 647
072AA000700 5292
072BB000700 0
072CC010700 18457
072CC020700 0
072DD010700 1417
072DD020700 0
072EE000700 4939
073 A010700 0.1762
073 A020700 0.0000
073 B000700 0.6142
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 5782
074 D000700 0
074 E000700 3528
074 F000700 144197
074 G000700 0
074 H000700 0
074 I000700 452
074 J000700 0
074 K000700 0
074 L000700 339
074 M000700 0
<PAGE> PAGE 34
074 N000700 154298
074 O000700 9
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 467
074 S000700 0
074 T000700 153822
074 U010700 8371
074 U020700 0
074 V010700 18.37
074 V020700 0.00
074 W000700 0.0000
074 X000700 6
074 Y000700 0
075 A000700 0
075 B000700 142850
076 000700 0.00
008 A000801 INDEPENDENCE CAPITAL MANAGEMENT, INC.
008 B000801 A
008 C000801 801-35477
008 D010801 HORSHAM
008 D020801 PA
008 D030801 19044
008 A000802 OPCAP ADVISORS
008 B000802 S
008 C000802 801-27180
008 D010802 NEW YORK
008 D020802 NY
008 D030802 10038
028 A010800 1332
028 A020800 0
028 A030800 0
028 A040800 814
028 B010800 651
028 B020800 0
028 B030800 0
028 B040800 875
028 C010800 1836
028 C020800 0
028 C030800 0
028 C040800 447
028 D010800 598
028 D020800 0
028 D030800 0
028 D040800 544
028 E010800 630
028 E020800 0
028 E030800 0
<PAGE> PAGE 35
028 E040800 561
028 F010800 981
028 F020800 978
028 F030800 0
028 F040800 568
028 G010800 6028
028 G020800 978
028 G030800 0
028 G040800 3809
028 H000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.500
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 N
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
<PAGE> PAGE 36
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 Y
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 Y
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
<PAGE> PAGE 37
070 P010800 N
070 P020800 N
070 Q010800 Y
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 31339
071 B000800 22536
071 C000800 36438
071 D000800 62
072 A000800 12
072 B000800 316
072 C000800 303
072 D000800 0
072 E000800 0
072 F000800 210
072 G000800 63
072 H000800 0
072 I000800 1
072 J000800 18
072 K000800 0
072 L000800 7
072 M000800 1
072 N000800 0
072 O000800 3
072 P000800 0
072 Q000800 32
072 R000800 3
072 S000800 2
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 4
072 X000800 344
072 Y000800 0
072 Z000800 275
072AA000800 712
072BB000800 0
072CC010800 0
072CC020800 5287
072DD010800 275
072DD020800 0
072EE000800 712
073 A010800 0.0829
073 A020800 0.0000
073 B000800 0.2126
073 C000800 0.0000
074 A000800 191
074 B000800 0
074 C000800 3181
074 D000800 0
<PAGE> PAGE 38
074 E000800 0
074 F000800 38868
074 G000800 0
074 H000800 0
074 I000800 1161
074 J000800 75
074 K000800 0
074 L000800 299
074 M000800 0
074 N000800 43775
074 O000800 89
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 51
074 S000800 0
074 T000800 43635
074 U010800 3407
074 U020800 0
074 V010800 12.81
074 V020800 0.00
074 W000800 0.0000
074 X000800 6
074 Y000800 0
075 A000800 0
075 B000800 42091
076 000800 0.00
008 A000901 INDEPENDENCE CAPITAL MANAGEMENT, INC.
008 B000901 A
008 C000901 801-35477
008 D010901 HORSHAM
008 D020901 PA
008 D030901 19044
008 A000902 ROBERTSON STEPHEN & CO.
008 B000902 S
008 C000902 801-35477
008 D010902 SAN FRANCISCO
008 D020902 CA
008 D030902 94104
028 A010900 3587
028 A020900 0
028 A030900 0
028 A040900 385
028 B010900 2132
028 B020900 9
028 B030900 0
028 B040900 557
028 C010900 1774
028 C020900 0
<PAGE> PAGE 39
028 C030900 0
028 C040900 264
028 D010900 1188
028 D020900 0
028 D030900 0
028 D040900 507
028 E010900 1294
028 E020900 0
028 E030900 0
028 E040900 710
028 F010900 927
028 F020900 0
028 F030900 0
028 F040900 802
028 G010900 10902
028 G020900 9
028 G030900 0
028 G040900 3225
028 H000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.000
048 A010900 25000
048 A020900 0.800
048 B010900 25000
048 B020900 0.750
048 C010900 99999999
048 C020900 0.700
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
<PAGE> PAGE 40
053 C000900 N
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 N
066 D000900 Y
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
<PAGE> PAGE 41
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 73498
071 B000900 59064
071 C000900 24519
071 D000900 241
072 A000900 12
072 B000900 115
072 C000900 12
072 D000900 0
072 E000900 0
072 F000900 209
072 G000900 39
072 H000900 0
072 I000900 1
072 J000900 28
072 K000900 0
072 L000900 3
072 M000900 1
072 N000900 2
072 O000900 1
072 P000900 0
072 Q000900 26
072 R000900 2
072 S000900 1
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 6
072 X000900 319
072 Y000900 17
072 Z000900 -175
072AA000900 0
072BB000900 2191
072CC010900 10934
072CC020900 0
<PAGE> PAGE 42
072DD010900 0
072DD020900 0
072EE000900 9
073 A010900 0.0000
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 45
074 B000900 0
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 36927
074 G000900 0
074 H000900 0
074 I000900 2121
074 J000900 0
074 K000900 0
074 L000900 24
074 M000900 0
074 N000900 39117
074 O000900 6
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 447
074 S000900 0
074 T000900 38664
074 U010900 2218
074 U020900 0
074 V010900 17.43
074 V020900 0.00
074 W000900 0.0000
074 X000900 6
074 Y000900 0
075 A000900 0
075 B000900 26277
076 000900 0.00
SIGNATURE ANN STROOTMAN
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
<NUMBER> 9
<NAME> EMERGING GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 27,609,594
<INVESTMENTS-AT-VALUE> 39,047,762
<RECEIVABLES> 68,826
<ASSETS-OTHER> 391
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39,116,979
<PAYABLE-FOR-SECURITIES> 5,800
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 447,497
<TOTAL-LIABILITIES> 453,297
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,697,547
<SHARES-COMMON-STOCK> 2,218,181
<SHARES-COMMON-PRIOR> 1,683,329
<ACCUMULATED-NII-CURRENT> (229,925)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,242,108)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,438,168
<NET-ASSETS> 38,663,682
<DIVIDEND-INCOME> 12,143
<INTEREST-INCOME> 115,098
<OTHER-INCOME> (490)
<EXPENSES-NET> 301,492
<NET-INVESTMENT-INCOME> (174,741)
<REALIZED-GAINS-CURRENT> (2,191,288)
<APPREC-INCREASE-CURRENT> 10,934,484
<NET-CHANGE-FROM-OPS> 8,568,455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 8,966
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,129,936
<NUMBER-OF-SHARES-REDEEMED> 7,976,427
<SHARES-REINVESTED> 8,966
<NET-CHANGE-IN-ASSETS> 20,721,964
<ACCUMULATED-NII-PRIOR> (56,325)
<ACCUMULATED-GAINS-PRIOR> (41,854)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 208,963
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 318,699
<AVERAGE-NET-ASSETS> 26,276,967
<PER-SHARE-NAV-BEGIN> 12.85
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 4.65
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.43
<EXPENSE-RATIO> 1.14
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
<NUMBER> 3
<NAME> FLEXIBLY MANAGED FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 504,283,801
<INVESTMENTS-AT-VALUE> 540,435,293
<RECEIVABLES> 6,679,925
<ASSETS-OTHER> 8,226
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 547,123,444
<PAYABLE-FOR-SECURITIES> 793,421
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 844,451
<TOTAL-LIABILITIES> 1,637,872
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 509,598,717
<SHARES-COMMON-STOCK> 29,790,433
<SHARES-COMMON-PRIOR> 26,029,570
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (264,986)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,151,841
<NET-ASSETS> 545,485,572
<DIVIDEND-INCOME> 6,988,321
<INTEREST-INCOME> 12,385,014
<OTHER-INCOME> (142,793)
<EXPENSES-NET> 4,122,778
<NET-INVESTMENT-INCOME> 15,107,764
<REALIZED-GAINS-CURRENT> 55,254,242
<APPREC-INCREASE-CURRENT> (39,212,128)
<NET-CHANGE-FROM-OPS> 31,149,878
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,107,764
<DISTRIBUTIONS-OF-GAINS> 55,129,786
<DISTRIBUTIONS-OTHER> 363,128
<NUMBER-OF-SHARES-SOLD> 58,177,184
<NUMBER-OF-SHARES-REDEEMED> 59,980,214
<SHARES-REINVESTED> 70,600,678
<NET-CHANGE-IN-ASSETS> 29,346,848
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (26,314)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,719,881
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,122,778
<AVERAGE-NET-ASSETS> 543,976,286
<PER-SHARE-NAV-BEGIN> 19.83
<PER-SHARE-NII> 0.60
<PER-SHARE-GAIN-APPREC> 0.61
<PER-SHARE-DIVIDEND> 0.60
<PER-SHARE-DISTRIBUTIONS> 2.13
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.31
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> GROWTH EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 121,494,675
<INVESTMENTS-AT-VALUE> 191,297,598
<RECEIVABLES> 7,083,625
<ASSETS-OTHER> 2,389
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 198,383,612
<PAYABLE-FOR-SECURITIES> 2,262,093
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 429,630
<TOTAL-LIABILITIES> 2,691,723
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125,941,128
<SHARES-COMMON-STOCK> 6,337,061
<SHARES-COMMON-PRIOR> 5,583,243
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (52,162)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 69,802,923
<NET-ASSETS> 195,691,889
<DIVIDEND-INCOME> 1,045,730
<INTEREST-INCOME> 270,930
<OTHER-INCOME> 0
<EXPENSES-NET> 1,185,371
<NET-INVESTMENT-INCOME> 131,289
<REALIZED-GAINS-CURRENT> 20,481,154
<APPREC-INCREASE-CURRENT> 36,064,087
<NET-CHANGE-FROM-OPS> 56,676,530
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 131,289
<DISTRIBUTIONS-OF-GAINS> 20,497,332
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,801,255
<NUMBER-OF-SHARES-REDEEMED> 16,844,142
<SHARES-REINVESTED> 20,628,621
<NET-CHANGE-IN-ASSETS> 59,633,643
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (35,982)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 753,060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,185,371
<AVERAGE-NET-ASSETS> 156,235,546
<PER-SHARE-NAV-BEGIN> 24.37
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 10.12
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> 3.61
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.88
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> HIGH YIELD BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 67,787,989
<INVESTMENTS-AT-VALUE> 67,637,152
<RECEIVABLES> 1,470,765
<ASSETS-OTHER> 989
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,108,906
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 105,672
<TOTAL-LIABILITIES> 105,672
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 70,781,166
<SHARES-COMMON-STOCK> 7,509,507
<SHARES-COMMON-PRIOR> 6,214,249
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,627,095)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (150,837)
<NET-ASSETS> 69,003,234
<DIVIDEND-INCOME> 356,617
<INTEREST-INCOME> 5,589,119
<OTHER-INCOME> 0
<EXPENSES-NET> 532,278
<NET-INVESTMENT-INCOME> 5,413,458
<REALIZED-GAINS-CURRENT> (34,795)
<APPREC-INCREASE-CURRENT> (2,434,085)
<NET-CHANGE-FROM-OPS> 2,944,578
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,413,458
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 6,598
<NUMBER-OF-SHARES-SOLD> 17,292,747
<NUMBER-OF-SHARES-REDEEMED> 10,371,757
<SHARES-REINVESTED> 5,420,056
<NET-CHANGE-IN-ASSETS> 9,865,570
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,585,701)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 326,627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 532,278
<AVERAGE-NET-ASSETS> 65,253,344
<PER-SHARE-NAV-BEGIN> 9.52
<PER-SHARE-NII> 0.79
<PER-SHARE-GAIN-APPREC> (0.33)
<PER-SHARE-DIVIDEND> 0.79
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.19
<EXPENSE-RATIO> 0.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
<NUMBER> 7
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 115,192,146
<INVESTMENTS-AT-VALUE> 153,959,020
<RECEIVABLES> 326,439
<ASSETS-OTHER> 12,953
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 154,298,412
<PAYABLE-FOR-SECURITIES> 9,031
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 467,173
<TOTAL-LIABILITIES> 476,204
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 116,420,636
<SHARES-COMMON-STOCK> 8,371,341
<SHARES-COMMON-PRIOR> 8,038,534
<ACCUMULATED-NII-CURRENT> (1,681,574)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 304,342
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,778,804
<NET-ASSETS> 153,822,208
<DIVIDEND-INCOME> 1,960,357
<INTEREST-INCOME> 395,839
<OTHER-INCOME> (171,001)
<EXPENSES-NET> 1,537,751
<NET-INVESTMENT-INCOME> 647,444
<REALIZED-GAINS-CURRENT> 5,292,239
<APPREC-INCREASE-CURRENT> 18,456,661
<NET-CHANGE-FROM-OPS> 24,396,344
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 647,443
<DISTRIBUTIONS-OF-GAINS> 4,938,505
<DISTRIBUTIONS-OTHER> 769,507
<NUMBER-OF-SHARES-SOLD> 31,336,651
<NUMBER-OF-SHARES-REDEEMED> 31,548,343
<SHARES-REINVESTED> 6,355,455
<NET-CHANGE-IN-ASSETS> 24,184,652
<ACCUMULATED-NII-PRIOR> (1,026,453)
<ACCUMULATED-GAINS-PRIOR> 64,993
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,071,377
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,537,751
<AVERAGE-NET-ASSETS> 142,850,243
<PER-SHARE-NAV-BEGIN> 16.13
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 2.93
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (0.61)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.37
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
<NUMBER> 2
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 53,504,698
<INVESTMENTS-AT-VALUE> 53,504,698
<RECEIVABLES> 390,187
<ASSETS-OTHER> 1,180
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53,896,065
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 269,643
<TOTAL-LIABILITIES> 269,643
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 53,629,171
<SHARES-COMMON-STOCK> 53,629,171
<SHARES-COMMON-PRIOR> 37,478,141
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,749)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 53,626,422
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,543,263
<OTHER-INCOME> 0
<EXPENSES-NET> 327,220
<NET-INVESTMENT-INCOME> 2,216,043
<REALIZED-GAINS-CURRENT> (992)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,215,051
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,216,043
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 84,556,622
<NUMBER-OF-SHARES-REDEEMED> 70,581,999
<SHARES-REINVESTED> 2,176,407
<NET-CHANGE-IN-ASSETS> 16,150,038
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,757)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 181,722
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 327,220
<AVERAGE-NET-ASSETS> 45,430,567
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.049
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.049
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
<NUMBER> 5
<NAME> QUALITY BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 62,099,048
<INVESTMENTS-AT-VALUE> 62,939,099
<RECEIVABLES> 7,436,807
<ASSETS-OTHER> 1,177
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,377,083
<PAYABLE-FOR-SECURITIES> 16,705,259
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 166,718
<TOTAL-LIABILITIES> 16,871,977
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52,702,414
<SHARES-COMMON-STOCK> 5,142,854
<SHARES-COMMON-PRIOR> 3,929,034
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (37,359)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 840,051
<NET-ASSETS> 53,505,106
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,759,686
<OTHER-INCOME> 0
<EXPENSES-NET> 352,429
<NET-INVESTMENT-INCOME> 2,407,257
<REALIZED-GAINS-CURRENT> 1,533,022
<APPREC-INCREASE-CURRENT> 407,720
<NET-CHANGE-FROM-OPS> 4,427,999
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,407,257
<DISTRIBUTIONS-OF-GAINS> 1,568,759
<DISTRIBUTIONS-OTHER> 1,623
<NUMBER-OF-SHARES-SOLD> 17,780,630
<NUMBER-OF-SHARES-REDEEMED> 8,780,551
<SHARES-REINVESTED> 3,977,639
<NET-CHANGE-IN-ASSETS> 13,428,078
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 206,065
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 352,428
<AVERAGE-NET-ASSETS> 45,792,219
<PER-SHARE-NAV-BEGIN> 10.20
<PER-SHARE-NII> 0.51
<PER-SHARE-GAIN-APPREC> 0.53
<PER-SHARE-DIVIDEND> 0.51
<PER-SHARE-DISTRIBUTIONS> 0.33
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.40
<EXPENSE-RATIO> 0.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
<NUMBER> 8
<NAME> SMALL CAPITALIZATION FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 44,325,134
<INVESTMENTS-AT-VALUE> 43,209,863
<RECEIVABLES> 373,595
<ASSETS-OTHER> 191,897
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,775,355
<PAYABLE-FOR-SECURITIES> 89,221
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,294
<TOTAL-LIABILITIES> 140,515
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,758,954
<SHARES-COMMON-STOCK> 3,407,397
<SHARES-COMMON-PRIOR> 2,683,387
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,843)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,115,271)
<NET-ASSETS> 43,634,840
<DIVIDEND-INCOME> 303,081
<INTEREST-INCOME> 315,503
<OTHER-INCOME> 0
<EXPENSES-NET> 344,073
<NET-INVESTMENT-INCOME> 274,511
<REALIZED-GAINS-CURRENT> 712,102
<APPREC-INCREASE-CURRENT> (5,286,799)
<NET-CHANGE-FROM-OPS> (4,300,186)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 274,511
<DISTRIBUTIONS-OF-GAINS> 711,962
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,767,847
<NUMBER-OF-SHARES-REDEEMED> 5,558,915
<SHARES-REINVESTED> 986,473
<NET-CHANGE-IN-ASSETS> 4,908,746
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,484)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 210,456
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344,073
<AVERAGE-NET-ASSETS> 42,091,159
<PER-SHARE-NAV-BEGIN> 14.43
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> (1.41)
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0.21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.81
<EXPENSE-RATIO> 0.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
<NUMBER> 6
<NAME> VALUE EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 247,392,459
<INVESTMENTS-AT-VALUE> 334,170,576
<RECEIVABLES> 2,023,385
<ASSETS-OTHER> 4,960
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 336,198,921
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 720,391
<TOTAL-LIABILITIES> 720,391
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 248,731,465
<SHARES-COMMON-STOCK> 14,980,843
<SHARES-COMMON-PRIOR> 13,432,474
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (31,052)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86,778,117
<NET-ASSETS> 335,478,530
<DIVIDEND-INCOME> 4,099,205
<INTEREST-INCOME> 2,650,627
<OTHER-INCOME> (50,492)
<EXPENSES-NET> 2,512,447
<NET-INVESTMENT-INCOME> 4,186,893
<REALIZED-GAINS-CURRENT> 27,331,911
<APPREC-INCREASE-CURRENT> (3,543,595)
<NET-CHANGE-FROM-OPS> 27,975,209
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,186,893
<DISTRIBUTIONS-OF-GAINS> 27,362,963
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 40,295,090
<NUMBER-OF-SHARES-REDEEMED> 35,752,237
<SHARES-REINVESTED> 31,549,856
<NET-CHANGE-IN-ASSETS> 32,518,062
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,651,501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,512,447
<AVERAGE-NET-ASSETS> 330,300,245
<PER-SHARE-NAV-BEGIN> 22.55
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 1.85
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> (2.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.39
<EXPENSE-RATIO> 0.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
