PENFIELD PARTNERS L P
NSAR-A, 1997-08-29
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0000844240
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 PENFIELD PARTNERS, L.P.
001 B000000 811-8604
001 C000000 2127537878
002 A000000 153 EAST 53RD STREET, SUITE 5100
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10022
003  000000 N
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007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 PINE CREEK ADVISERS LIMITED PARTNERSHIP
008 B000001 A
008 C000001 801-45641
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10022
010 A000001 WILLIAM D. WITTER, INC.
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10022
013 A000001 ANCHIN, BLOCK & ANCHIN LLP
013 B010001 NEW YORK
013 B020001 NY
013 B030001 10018
015 A000001 BEAR STEARNS SECURITIES CORP.
015 B000001 C
015 C010001 BROOKLYN
015 C020001 NY
015 C030001 11201
<PAGE>      PAGE  2
015 E020001 X
018  000000 Y
019 A000000 N
019 B000000    0
020 A000001 FURMAN SELZ LLC.
020 B000001 13-4946705
020 C000001     17
020 A000002 LEERINK SWAN & CO.
020 B000002 04-3273910
020 C000002     16
020 A000003 FAHNESTOCK & CO. INC.
020 B000003 13-5657518
020 C000003     11
020 A000004 JEFFRIES & CO.
020 B000004 95-2622900
020 C000004      3
020 A000005 SOUTH COAST CAPITAL
020 B000005 72-1164960
020 C000005      2
020 A000006 WINCHESTER GROUP, INC.
020 B000006 13-3592564
020 C000006      2
020 A000007 RICE VOELKER
020 B000007 72-1308293
020 C000007      2
020 A000008 BURNHAM SECURITIES
020 B000008 13-3435435
020 C000008      2
020 A000009 FIRST MANHATTAN
020 B000009 13-1957714
020 C000009      1
020 A000010 RODMAN & RENSHAW
020 B000010 36-2679547
020 C000010      1
021  000000       57
022 A000001 FURMAN SELZ LLC
022 B000001 13-4946705
022 C000001      2448
022 D000001      2623
022 A000002 ADAMS, HARKNESS & HILL, INC.
022 B000002 04-2149932
022 C000002      1994
022 D000002       316
022 A000003 LEERINK SWAN & CO.
022 B000003 04-3273910
022 C000003       531
022 D000003      1581
022 A000004 RODMAN & RENSHAW
022 B000004 36-2679547
022 C000004       815
022 D000004       679
<PAGE>      PAGE  3
022 A000005 EVEREN SECURITIES, INC.
022 B000005 34-1542819
022 C000005       935
022 D000005       397
022 A000006 DU PASQUIER
022 B000006 13-3619844
022 C000006       554
022 D000006       775
022 A000007 TROSTER SINGER
022 B000007 13-5515150
022 C000007       609
022 D000007       337
022 A000008 FAHNESTOCK & COMPANY
022 B000008 13-5657518
022 C000008       673
022 D000008        92
022 A000009 MONTGOMERY SECURITIES
022 B000009 94-1701676
022 C000009       729
022 D000009         0
022 A000010 PAINE WEBBER
022 B000010 13-2638166
022 C000010       585
022 D000010        73
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<PAGE>      PAGE  4
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SIGNATURE   WILLIAM D. WITTER                            
TITLE       GENERAL PARTNER     
 


<TABLE> <S> <C>

<ARTICLE> 6
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                            22786
<INVESTMENTS-AT-VALUE>                           26728
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                      73
<OTHER-ITEMS-ASSETS>                               203
<TOTAL-ASSETS>                                   27004
<PAYABLE-FOR-SECURITIES>                          1045
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                         4493
<TOTAL-LIABILITIES>                               5538
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                              859
<SHARES-COMMON-PRIOR>                              721
<ACCUMULATED-NII-CURRENT>                            0<F1>
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          4421
<NET-ASSETS>                                     21466
<DIVIDEND-INCOME>                                   72
<INTEREST-INCOME>                                   64
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     157
<NET-INVESTMENT-INCOME>                           (21)
<REALIZED-GAINS-CURRENT>                         (249)
<APPREC-INCREASE-CURRENT>                         2897
<NET-CHANGE-FROM-OPS>                             2627
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                           (1748)<F2>
<NUMBER-OF-SHARES-SOLD>                            137
<NUMBER-OF-SHARES-REDEEMED>                         70
<SHARES-REINVESTED>                                105<F3>
<NET-CHANGE-IN-ASSETS>                            3249
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   3
<GROSS-EXPENSE>                                    157
<AVERAGE-NET-ASSETS>                             21320
<PER-SHARE-NAV-BEGIN>                            25000
<PER-SHARE-NII>                                      0<F4>
<PER-SHARE-GAIN-APPREC>                              0<F4>
<PER-SHARE-DIVIDEND>                                 0<F4>
<PER-SHARE-DISTRIBUTIONS>                            0<F4>
<RETURNS-OF-CAPITAL>                                 0<F5>
<PER-SHARE-NAV-END>                              25000
<EXPENSE-RATIO>                                   1.47
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>This item is not applicable to Financial Statements of a Partnership.
<F2>This amount represents repurchases of Units.
<F3>The Fund allocates additional units at the close of each fiscal
period in order to maintain a $25,000 price per unit.  This is
the amounts shown here as reinvested.
<F4>These are not meaningful for the Partnership.
<F5>No amounts are shown here as they may be misleading.  The
returns vary depending on when a parnter invested.
</FN>
        

</TABLE>


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