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<PAGE> PAGE 7
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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 32
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<PAGE> PAGE 33
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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SIGNATURE ANN STROOTMAN
TITLE CONTROLLER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PENN SERIES FUNDS, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PENN SERIES FUNDS, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
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<NAME> PENN SERIES QUALITY BOND FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
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<NAME> PENN SERIES VALUE EQUITY FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
<SERIES>
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<NAME> PENN SERIES SMALL CAPITALIZATION FUND
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000702340
<NAME> PENN SERIES FUNDS, INC.
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<NAME> PENN SERIES EMERGING GROWTH FUND
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[AVG-DEBT-OUTSTANDING] 0
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