PENN SQUARE MUTUAL FUND
NSAR-A, 1997-08-29
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<PAGE>      PAGE  1
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SIGNATURE   DENNIS J. WESTLEY                            
TITLE       SVP                 
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   001                                            
     <NAME>                     Penn Square Mutual Fund                        
                                Class A                                        
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Jun-30-1997                                    
<INVESTMENTS-AT-COST>           0                                              
<INVESTMENTS-AT-VALUE>          0                                              
<RECEIVABLES>                   0                                              
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  0                                              
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       0                                              
<TOTAL-LIABILITIES>             0                                              
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           27,012,372                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               2,567,736                                      
<INTEREST-INCOME>               81,974                                         
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  15,350                                         
<NET-INVESTMENT-INCOME>         2,634,360                                      
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       340,314                                        
<NET-CHANGE-FROM-OPS>           0                                              
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       2,634,360                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         649,994                                        
<NUMBER-OF-SHARES-REDEEMED>     1,729,070                                      
<SHARES-REINVESTED>             1,659,431                                      
<NET-CHANGE-IN-ASSETS>          0                                              
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           173,607                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 274,016                                        
<AVERAGE-NET-ASSETS>            339,385,755                                    
<PER-SHARE-NAV-BEGIN>           12.150                                         
<PER-SHARE-NII>                 1.059                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            1.059                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Penn Square Mutual Fund                        
                                Class C                                        
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Dec-31-1996                                    
<PERIOD-END>                    Jun-30-1997                                    
<INVESTMENTS-AT-COST>           0                                              
<INVESTMENTS-AT-VALUE>          0                                              
<RECEIVABLES>                   0                                              
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  0                                              
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       0                                              
<TOTAL-LIABILITIES>             0                                              
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        0                                              
<SHARES-COMMON-STOCK>           0                                              
<SHARES-COMMON-PRIOR>           127,886                                        
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         0                                              
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    0                                              
<DIVIDEND-INCOME>               81,974                                         
<INTEREST-INCOME>               2,567,736                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  15,350                                         
<NET-INVESTMENT-INCOME>         2,634,360                                      
<REALIZED-GAINS-CURRENT>        0                                              
<APPREC-INCREASE-CURRENT>       340,314                                        
<NET-CHANGE-FROM-OPS>           0                                              
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       2,634,360                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         71,298                                         
<NUMBER-OF-SHARES-REDEEMED>     27,661                                         
<SHARES-REINVESTED>             379                                            
<NET-CHANGE-IN-ASSETS>          0                                              
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           173,607                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 274,016                                        
<AVERAGE-NET-ASSETS>            339,385,755                                    
<PER-SHARE-NAV-BEGIN>           12.110                                         
<PER-SHARE-NII>                 1.059                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            1.059                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             0.000                                          
<EXPENSE-RATIO>                 0.00                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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