<PAGE> PAGE 1
000 A000000 06/30/96
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008 A000001 PENN SQUARE MANAGEMENT CORP
008 B000001 A
008 C000001 801-3534
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008 D020001 PA
008 D030001 19610
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011 C020001 PA
011 C030001 19610
012 A000001 PENN SQUARE MANAGEMENT CORP
012 B000001 84- 00047
012 C010001 WYOMISSING
012 C020001 PA
012 C030001 19610
013 A000001 ERNST & YOUNG LLP
013 B010001 READING
013 B020001 PA
<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
019 A000000 Y
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019 C000000 WMPENNFUND
020 A000001 JAMES CAPEL AND CONDON
020 C000001 7
020 A000002 KIM ENG SECURITIES
020 C000002 4
020 A000003 MORGAN STANLEY LONDON
020 C000003 5
020 A000004 MERRILL LYNCH PHILADELPHIA
020 C000004 5
020 A000005 NATWEST SECURITIES LTD
020 C000005 3
020 A000006 NOMURA BANK INTERNATIONAL PLC, LONDON
020 C000006 7
020 A000007 ENSKILDA SECURITES, LONDON
020 C000007 4
020 A000008 SBC WARBURG LONDON
020 C000008 4
020 A000009 RASHID HUSSAIN SECURITIES
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022 D000003 602
022 A000004 LG (LUCKY) SECURITIES
022 C000004 344
022 D000004 0
022 A000005 ROYAL BANK OF SCOTLAND
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<PAGE> PAGE 3
022 D000006 0
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025 A000001 YAMAICHI SECURITIES
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025 D000001 480
025 A000002 PEREGRINE SECURITIES LTD
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025 D000002 262
025 D000003 0
025 D000004 0
025 D000005 0
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026 A000000 N
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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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SIGNATURE DENNIS J. WESTLEY
TITLE SVP FINANCE/ADMIN.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from
06/30/96 N-SAR and isqualified in its entirety by reference to such
N-SAR.
</LEGEND>
<CIK> 0000863886
<NAME> SCOTTISH WIDOWS INTERNATIONAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 20,367,472
<INVESTMENTS-AT-VALUE> 24,262,591
<RECEIVABLES> 1,077,995
<ASSETS-OTHER> 481,974
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,822,560
<PAYABLE-FOR-SECURITIES> 523,834
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,393,854
<TOTAL-LIABILITIES> 1,917,688
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,629,638
<SHARES-COMMON-STOCK> 1,818,312
<SHARES-COMMON-PRIOR> 2,149,036
<ACCUMULATED-NII-CURRENT> 45,580
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,340,099
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,889,555
<NET-ASSETS> 23,904,872
<DIVIDEND-INCOME> 234,433
<INTEREST-INCOME> 3,995
<OTHER-INCOME> 0
<EXPENSES-NET> 237,156
<NET-INVESTMENT-INCOME> 1,272
<REALIZED-GAINS-CURRENT> 2,044,382
<APPREC-INCREASE-CURRENT> (55,844)
<NET-CHANGE-FROM-OPS> 1,989,810
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,385,000
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 72,275
<NUMBER-OF-SHARES-REDEEMED> 402,999
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,852,054)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 270,544
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 534,421
<AVERAGE-NET-ASSETS> 26,416,685
<PER-SHARE-NAV-BEGIN> 12.91
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .99
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .75
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.15
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
