<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000077151
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001 A000000 PENN SQUARE MUTUAL FUND
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002 A000000 2650 WESTVIEW DRIVE
002 B000000 WYOMISSING
002 C000000 PA
002 D010000 19610
003 000000 N
004 000000 N
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008 A000001 PENN SQUARE MAMAGEMENT CORP
008 B000001 A
008 C000001 801-3534
008 D010001 WYOMISSING
008 D020001 PA
008 D030001 19610
011 A000001 PENN SQUARE MANAGEMENT CORP
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012 A000001 PENN SQUARE MANAGEMENT CORP
012 B000001 84- 00047
012 C010001 WYOMISSING
012 C020001 PA
012 C030001 19610
013 A000001 ERNST & YOUNG
013 B010001 READING
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<PAGE> PAGE 2
013 B030001 19610
013 B040001 6045
014 A000001 PENN SQUARE MANAGEMENT CORP
014 B000001 8-13534
015 A000001 CORESTATES BANK
015 B000001 C
015 C010001 PHILADELPHIA
015 C020001 PA
015 C030001 19101
015 E010001 X
018 000000 Y
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019 C000000 WMPENNFUND
020 A000001 OPPENHEIMER
020 B000001 13-2798343
020 C000001 28
020 A000002 LIPPER
020 B000002 13-2792478
020 C000002 26
020 A000003 SOLOMON BROS
020 B000003 00-0000000
020 C000003 54
020 A000004 GOLDMAN SACHS & CO
020 B000004 13-5108880
020 C000004 27
020 A000005 STANDARD & POOR'S
020 B000005 13-2671951
020 C000005 22
020 A000006 SAN JACINTO SECURITIES
020 B000006 75-2277466
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020 A000007 MERRILL LYNCH
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020 A000008 LAZARD FRERES
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<PAGE> PAGE 3
022 A000003 GENERAL ELECTRIC CREDIT CORP
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022 D000003 0
022 A000004 CHRYSLER FINANCIAL CREDIT CORP
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022 C000005 0
022 D000005 0
022 C000006 0
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025 A000001 TRAVELERS GROUP INC (SMITH BARNEY)
025 C000001 E
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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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SIGNATURE DENNIS J. WESTLEY
TITLE S.V.P.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information, for Class A shares,
extracted from the 6/30/96 N-SAR and is qualified in its entirety by
reference to such N-SAR.
</LEGEND>
<CIK> 0000077151
<NAME> PENN SQUARE MUTUAL FUND A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 246,130,370
<INVESTMENTS-AT-VALUE> 313,904,841
<RECEIVABLES> 4,277,488
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 318,182,329
<PAYABLE-FOR-SECURITIES> 2,152,400
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 992,883
<TOTAL-LIABILITIES> 3,145,283
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 221,957,310
<SHARES-COMMON-STOCK> 24,884,502
<SHARES-COMMON-PRIOR> 24,928,618
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (369,743)
<ACCUMULATED-NET-GAINS> 25,768,776
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67,680,703
<NET-ASSETS> 315,037,046
<DIVIDEND-INCOME> 3,461,713
<INTEREST-INCOME> 368,877
<OTHER-INCOME> 0
<EXPENSES-NET> 1,433,929
<NET-INVESTMENT-INCOME> 2,396,661
<REALIZED-GAINS-CURRENT> 25,778,612
<APPREC-INCREASE-CURRENT> (7,261,576)
<NET-CHANGE-FROM-OPS> 20,913,697
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,745,576)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,603,684
<NUMBER-OF-SHARES-REDEEMED> (9,798,485)
<SHARES-REINVESTED> 1,599,271
<NET-CHANGE-IN-ASSETS> (595,530)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (20,828)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 971,004
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,433,929
<AVERAGE-NET-ASSETS> 308,516,186
<PER-SHARE-NAV-BEGIN> 11.90
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> .74
<PER-SHARE-DIVIDEND> .11
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.63
<EXPENSE-RATIO> .009
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
