<PAGE> PAGE 1
000 B000000 10/31/99
000 C000000 948666
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 THE PENN STREET FUND, INC.
001 B000000 811-9078
001 C000000 6105789944
002 A000000 30 VALLEY STREAM PARKWAY
002 B000000 MALVERN
002 C000000 PA
002 D010000 19355
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 MCGLINN BALANCED PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 GLOBAL INCOME PORTFOLIO
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 PENN STREET ADVISORS, INC.
010 B00AA01 35115
010 C01AA01 MALVERN
010 C02AA01 PA
010 C03AA01 19355
011 A00AA01 EAST COAST CONSULTANTS, INC.
011 B00AA01 8-48205
011 C01AA01 MALVERN
011 C02AA01 PA
011 C03AA01 19355
012 A00AA01 PENN STREET ADVISORS, INC.
012 B00AA01 84-5647
012 C01AA01 MALVERN
012 C02AA01 PA
012 C03AA01 19355
<PAGE> PAGE 2
013 A00AA01 BRIGGS, BUNTING & DOUGHERTY, LLP
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
014 A00AA01 EAST COAST CONSULTANTS, INC.
014 B00AA01 8-48205
015 A00AA01 UNION BANK OF CALIFORNIA GLOBAL CUSTODY
015 B00AA01 C
015 C01AA01 SAN FRANCISCO
015 C02AA01 CA
015 C03AA01 94111
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 TIR SECURITIES
020 B000001 13-3506065
020 C000001 13
020 A000002 SCHRODER
020 B000002 13-3286161
020 C000002 2
020 A000003 BRIDGE
020 B000003 43-1450530
020 C000003 0
020 A000004 MORGAN STANLEY
020 B000004 65-0375337
020 C000004 0
020 A000005 BEAR STERNS
020 B000005 13-3286161
020 C000005 0
020 A000006 SOLOMON BROTHERS
020 B000006 22-1660266
020 C000006 0
020 A000007 HAMBRECHT
020 B000007 94-3220292
020 C000007 0
020 A000008 GOLDMAN SACHS
020 B000008 13-5108880
020 C000008 0
020 A000009 PRUDENTIAL
020 B000009 22-2347336
020 C000009 0
020 A000010 FIRST BOSTON
020 B000010 13-2227114
020 C000010 0
021 000000 15
023 C000000 0
023 D000000 0
024 00AA00 N
026 A000000 N
026 B000000 Y
<PAGE> PAGE 3
026 C000000 N
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
<PAGE> PAGE 4
060 B00AA00 Y
061 00AA00 25000
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 N000000 N
<PAGE> PAGE 5
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE COMPANY
080 C00AA00 350
081 A00AA00 Y
081 B00AA00 1
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 MCGLINN CAPITAL MANAGEMENT, INC.
008 B000101 A
008 C000101 801-47250
008 D010101 WYOMISSING
008 D020101 PA
008 D030101 19610
008 D040101 0158
028 A010100 57
028 A020100 0
028 A030100 0
028 A040100 132
028 B010100 37
028 B020100 0
028 B030100 0
028 B040100 5
028 C010100 818
028 C020100 0
028 C030100 0
028 C040100 434
028 D010100 521
028 D020100 0
<PAGE> PAGE 6
028 D030100 0
028 D040100 3
028 E010100 67
028 E020100 0
028 E030100 0
028 E040100 32
028 F010100 261
028 F020100 35
028 F030100 0
028 F040100 4
028 G010100 1761
028 G020100 35
028 G030100 0
028 G040100 610
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.600
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
<PAGE> PAGE 7
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 N
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 5366
071 B000100 4479
071 C000100 2341
071 D000100 194
072 A000100 12
072 B000100 45
072 C000100 28
072 D000100 0
072 E000100 0
072 F000100 18
072 G000100 11
072 H000100 0
072 I000100 2
072 J000100 5
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 1
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 2
072 S000100 2
072 T000100 0
072 U000100 6
072 V000100 0
<PAGE> PAGE 8
072 W000100 1
072 X000100 48
072 Y000100 0
072 Z000100 25
072AA000100 383
072BB000100 0
072CC010100 111
072CC020100 0
072DD010100 32
072DD020100 0
072EE000100 8
073 A010100 0.1500
073 A020100 0.0000
073 B000100 0.0400
073 C000100 0.0000
074 A000100 1
074 B000100 0
074 C000100 323
074 D000100 1065
074 E000100 0
074 F000100 1566
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 21
074 M000100 7
074 N000100 2983
074 O000100 209
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 4
074 S000100 0
074 T000100 2770
074 U010100 216
074 U020100 0
074 V010100 12.82
074 V020100 0.00
074 W000100 0.0000
074 X000100 14
074 Y000100 0
075 A000100 0
075 B000100 2341
076 000100 0.00
008 A000201 PENN STREET ADVISORS, INC.
008 B000201 A
008 C000201 801-35115
<PAGE> PAGE 9
008 D010201 MALVERN
008 D020201 PA
008 D030201 19355
028 A010200 1
028 A020200 0
028 A030200 0
028 A040200 20
028 B010200 2
028 B020200 0
028 B030200 0
028 B040200 305
028 C010200 1
028 C020200 0
028 C030200 0
028 C040200 357
028 D010200 2
028 D020200 0
028 D030200 0
028 D040200 2100
028 E010200 1
028 E020200 0
028 E030200 0
028 E040200 1386
028 F010200 1
028 F020200 537
028 F030200 0
028 F040200 1000
028 G010200 8
028 G020200 537
028 G030200 0
028 G040200 5168
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.500
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
<PAGE> PAGE 10
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 Y
062 B000200 0.0
062 C000200 12.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 4.0
062 M000200 34.0
062 N000200 31.0
062 O000200 0.0
062 P000200 12.0
062 Q000200 7.0
062 R000200 0.0
063 A000200 0
063 B000200 3.7
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 18104
071 B000200 24985
071 C000200 16949
071 D000200 107
072 A000200 12
072 B000200 1085
072 C000200 24
<PAGE> PAGE 11
072 D000200 0
072 E000200 0
072 F000200 120
072 G000200 63
072 H000200 0
072 I000200 20
072 J000200 5
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 4
072 O000200 3
072 P000200 0
072 Q000200 0
072 R000200 12
072 S000200 11
072 T000200 0
072 U000200 6
072 V000200 0
072 W000200 10
072 X000200 254
072 Y000200 0
072 Z000200 855
072AA000200 0
072BB000200 129
072CC010200 0
072CC020200 980
072DD010200 680
072DD020200 0
072EE000200 0
073 A010200 0.4600
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 1873
074 D000200 10789
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 201
074 M000200 8
074 N000200 12871
074 O000200 0
074 P000200 0
074 Q000200 0
<PAGE> PAGE 12
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 27
074 S000200 0
074 T000200 12844
074 U010200 1429
074 U020200 0
074 V010200 8.99
074 V020200 0.00
074 W000200 0.0000
074 X000200 6
074 Y000200 0
075 A000200 0
075 B000200 16949
076 000200 0.00
SIGNATURE JOSEPHINE COGHLAN
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 948666
<NAME> THE PENN STREET FUND, INC.
<SERIES>
<NUMBER> 1
<NAME> MCGLINN BALANCED PORTFOLIO
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 3,071,940
<INVESTMENTS-AT-VALUE> 2,953,347
<RECEIVABLES> 20,758
<ASSETS-OTHER> 7,690
<OTHER-ITEMS-ASSETS> 585
<TOTAL-ASSETS> 2,982,380
<PAYABLE-FOR-SECURITIES> 209,111
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,750
<TOTAL-LIABILITIES> 212,861
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,572,256
<SHARES-COMMON-STOCK> 216,000
<SHARES-COMMON-PRIOR> 281,050
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (684,144)
<ACCUM-APPREC-OR-DEPREC> (118,593)
<NET-ASSETS> 2,769,519
<DIVIDEND-INCOME> 28,480
<INTEREST-INCOME> 44,604
<OTHER-INCOME> 0
<EXPENSES-NET> 47,565
<NET-INVESTMENT-INCOME> 25,519
<REALIZED-GAINS-CURRENT> 383,152
<APPREC-INCREASE-CURRENT> 111,210
<NET-CHANGE-FROM-OPS> 494,279
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (31,892)
<DISTRIBUTIONS-OF-GAINS> (8,283)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155,036
<NUMBER-OF-SHARES-REDEEMED> 222,843
<SHARES-REINVESTED> 2,757
<NET-CHANGE-IN-ASSETS> (290,127)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17,502
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 47,565
<AVERAGE-NET-ASSETS> 2,341,225
<PER-SHARE-NAV-BEGIN> 10.89
<PER-SHARE-NII> 0.12
<PER-SHARE-GAIN-APPREC> 2.00
<PER-SHARE-DIVIDEND> (0.15)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.82
<EXPENSE-RATIO> 1.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 948666
<NAME> THE PENN STREET FUND, INC.
<SERIES>
<NUMBER> 2
<NAME> GLOBAL INCOME PORTFOLIO
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 12,795,914
<INVESTMENTS-AT-VALUE> 12,661,283
<RECEIVABLES> 346,203
<ASSETS-OTHER> 8,493
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,870,821
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,780
<TOTAL-LIABILITIES> 26,780
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,105,064
<SHARES-COMMON-STOCK> 1,429,172
<SHARES-COMMON-PRIOR> 2,127,461
<ACCUMULATED-NII-CURRENT> 291
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (126,683)
<ACCUM-APPREC-OR-DEPREC> (134,631)
<NET-ASSETS> 12,844,041
<DIVIDEND-INCOME> 23,529
<INTEREST-INCOME> 1,085,428
<OTHER-INCOME> 0
<EXPENSES-NET> 253,821
<NET-INVESTMENT-INCOME> 855,136
<REALIZED-GAINS-CURRENT> (128,924)
<APPREC-INCREASE-CURRENT> (976,361)
<NET-CHANGE-FROM-OPS> (1,109,021)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (679,913)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,199
<NUMBER-OF-SHARES-REDEEMED> 774,188
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (7,476,965)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 120,134
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 253,821
<AVERAGE-NET-ASSETS> 16,948,785
<PER-SHARE-NAV-BEGIN> 9.55
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> (0.69)
<PER-SHARE-DIVIDEND> (0.46)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.99
<EXPENSE-RATIO> 1.44
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL
Shareholders and Board of Directors
Penn Street Fund, Inc.
Malvern, Pennsylvania
In planning and performing our audit of the financial
statements of Penn Street Fund, Inc. (comprising,
respectively, the McGlinn Balanced Portfolio and the
Global Income Portfolio) for the year ended October
31, 1999, we considered its internal control,
including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance
on the internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally
accepted accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
error or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may
become inadequate because of changes in conditions or
that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in the internal
control that might be material weaknesses under
standards established by the American Institute of
Certified Public Accountants. A material weakness is
a condition in which the design or operation of one
or more of the internal control components does not
reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts
that would be material in relation to the financial
statements being audited may occur and not be
detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal
control, including controls for safeguarding
securities, that we consider to be material
weaknesses, as defined above, as of October 31, 1999.
This report is intended solely for the information
and use of management and the Board of Directors of
Penn Street Fund, Inc., and the Securities and
Exchange Commission.
BRIGGS, BUNTING & DOUGHERTY, LLP
Philadelphia, Pennsylvania
November 19, 1999
