UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-03459
Penn Series Funds, Inc.
(Exact name of registrant as specified in charter)
Eight Tower Bridge
161 Washington Street, Suite 1111
Conshohocken, PA 19428
Registrant's telephone number, including area code:
(215) 956-8129
Date of fiscal year end:
December 31, 2025
Date of reporting period:
January 1, 2025 to June 30, 2025
Item 1. Report to Stockholders.
(a) The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Penn Series Funds, Inc.
Aggressive Allocation Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Aggressive Allocation Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Aggressive Allocation Fund $17 0.33%
Key Fund Statistics
Fund net assets $57,188,973
Total number of portfolio holdings 20
Total advisory fee paid $33,692
Portfolio turnover rate 10%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Penn Series Index 500 Fund 27.2%
Penn Series Flexibly Managed Fund 8.9%
Penn Series International Equity Fund 8.9%
Penn Series Large Cap Value Fund 5.9%
Penn Series Quality Bond Fund 5.9%
Penn Series Large Growth Stock Fund 5.1%
Penn Series Developed International Index Fund 4.9%
Penn Series Mid Core Value Fund 4.9%
Penn Series Real Estate Securities Fund 4.9%
Penn Series Large Core Growth Fund 4.0%
Asset Allocation Target
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Balanced Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Balanced Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Balanced Fund $10 0.20%
Key Fund Statistics
Fund net assets $79,267,531
Total number of portfolio holdings 3
Total advisory fee paid N/A
Portfolio turnover rate 4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Penn Series Index 500 Fund 60.3%
Penn Series Quality Bond Fund 39.3%
Asset Allocation Target
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Conservative Allocation Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Conservative Allocation Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Conservative Allocation Fund $18 0.35%
Key Fund Statistics
Fund net assets $42,238,424
Total number of portfolio holdings 10
Total advisory fee paid $25,677
Portfolio turnover rate 10%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Penn Series Quality Bond Fund 58.5%
Penn Series Limited Maturity Bond Fund 11.6%
Penn Series Index 500 Fund 8.0%
Penn Series Flexibly Managed Fund 7.8%
Penn Series High Yield Bond Fund 4.8%
Penn Series Developed International Index Fund 2.0%
Penn Series Mid Core Value Fund 2.0%
Penn Series Real Estate Securities Fund 1.9%
Penn Series Large Core Value Fund 1.0%
Asset Allocation Target
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Developed International Index Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Developed International Index Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Developed International Index Fund $51 0.94%
Key Fund Statistics
Fund net assets $83,512,259
Total number of portfolio holdings 705
Total advisory fee paid (net of waivers) $112,309
Portfolio turnover rate 2%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
SAP S.E. 1.7%
ASML Holding N.V. 1.7%
Nestle S.A. 1.4%
Novartis AG 1.2%
Roche Holding AG 1.2%
Novo Nordisk A/S, Class B 1.2%
AstraZeneca PLC 1.1%
HSBC Holdings PLC 1.1%
Shell PLC 1.1%
Commonwealth Bank of Australia 1.1%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Emerging Markets Equity Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Emerging Markets Equity Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Emerging Markets Equity Fund $72 1.36%
Key Fund Statistics
Fund net assets $67,655,860
Total number of portfolio holdings 51
Total advisory fee paid $288,379
Portfolio turnover rate 58%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Taiwan Semiconductor Manufacturing Co., Ltd. 10.1%
Tencent Holdings Ltd. 6.8%
AIA Group Ltd. 3.9%
SK Hynix, Inc. 3.9%
Eurobank Ergasias Services and Holdings S.A. 3.1%
MercadoLibre, Inc. 3.1%
Hong Kong Exchanges & Clearing Ltd. 3.1%
Bharti Airtel Ltd. 3.0%
NetEase, Inc. 3.0%
Bajaj Finance Ltd. 3.0%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Flexibly Managed Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Flexibly Managed Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Flexibly Managed Fund $44 0.87%
Key Fund Statistics
Fund net assets $5,127,362,114
Total number of portfolio holdings 245
Total advisory fee paid $17,206,136
Portfolio turnover rate 59%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Microsoft Corp. 6.6%
U.S. Treasury Notes
4.000%, 02/28/30		 4.3%
Amazon.com, Inc. 4.2%
U.S. Treasury Notes
4.000%, 05/31/30		 3.7%
NVIDIA Corp. 3.5%
U.S. Treasury Notes
3.875%, 04/30/30		 3.3%
Becton Dickinson & Co. 2.7%
Roper Technologies, Inc. 2.7%
U.S. Treasury Notes
4.000%, 03/31/30		 2.5%
PTC, Inc. 2.2%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
2 Includes non-equity investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
High Yield Bond Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series High Yield Bond Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
High Yield Bond Fund $37 0.73%
Key Fund Statistics
Fund net assets $123,125,498
Total number of portfolio holdings 91
Total advisory fee paid $280,000
Portfolio turnover rate 81%
Weighted Average Maturity 2.2 Years
Effective Duration 3.0 Years
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Asset Class Allocation
Corporate Bonds 93.2%
Loan Agreements 5.0%
Money Market Funds 1.3%
Asset Backed Securities 0.5%
Bond Quality Allocation 1
Graphical Representation - Allocation 1 Chart
1 Source: Independent Rating Agencies such as Moody’s, S&P and Fitch.
Note: When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. "NR" is used to classify securities for which a rating is not available.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Index 500 Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Index 500 Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Index 500 Fund $17 0.34%
Key Fund Statistics
Fund net assets $875,446,317
Total number of portfolio holdings 506
Total advisory fee paid $518,924
Portfolio turnover rate 2%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
NVIDIA Corp. 7.3%
Microsoft Corp. 7.0%
Apple, Inc. 5.8%
Amazon.com, Inc. 3.9%
Meta Platforms, Inc., Class A 3.0%
Broadcom, Inc. 2.5%
Alphabet, Inc., Class A 2.0%
Berkshire Hathaway, Inc., Class B 1.7%
Tesla, Inc. 1.7%
Alphabet, Inc., Class C 1.6%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
International Equity Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series International Equity Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
International Equity Fund $58 1.07%
Key Fund Statistics
Fund net assets $243,226,109
Total number of portfolio holdings 46
Total advisory fee paid $918,017
Portfolio turnover rate 118%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Philip Morris International, Inc. 4.9%
Capcom Co., Ltd. 4.0%
Rheinmetall AG 3.9%
Svenska Handelsbanken AB, Class A 3.8%
Galderma Group AG 3.8%
Tencent Holdings Ltd. 3.7%
Games Workshop Group PLC 3.5%
Universal Music Group N.V. 3.5%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates 3.3%
SAP S.E. 3.2%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Large Cap Growth Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Cap Growth Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Large Cap Growth Fund $43 0.86%
Key Fund Statistics
Fund net assets $71,178,973
Total number of portfolio holdings 57
Total advisory fee paid $180,359
Portfolio turnover rate 7%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Microsoft Corp. 15.1%
NVIDIA Corp. 6.4%
Apple, Inc. 4.7%
Visa, Inc., Class A 4.0%
Accenture PLC, Class A 2.9%
Salesforce, Inc. 2.3%
TransUnion 2.3%
Alphabet, Inc., Class A 2.3%
Eaton Corp. PLC 2.3%
Aon PLC, Class A 2.3%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Large Cap Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Cap Value Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Large Cap Value Fund $47 0.93%
Key Fund Statistics
Fund net assets $162,003,664
Total number of portfolio holdings 74
Total advisory fee paid $533,446
Portfolio turnover rate 30%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
JPMorgan Chase & Co. 4.2%
Berkshire Hathaway, Inc., Class B 3.9%
Philip Morris International, Inc. 3.7%
Johnson & Johnson 3.6%
Walmart, Inc. 3.2%
RTX Corp. 3.0%
EOG Resources, Inc. 2.5%
Texas Instruments, Inc. 2.5%
S&P Global, Inc. 2.4%
Elevance Health, Inc. 2.2%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Large Core Growth Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Core Growth Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Large Core Growth Fund $43 0.85%
Key Fund Statistics
Fund net assets $135,892,773
Total number of portfolio holdings 38
Total advisory fee paid $374,767
Portfolio turnover rate 11%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Microsoft Corp. 13.2%
NVIDIA Corp. 12.1%
Apple, Inc. 5.9%
Alphabet, Inc., Class A 5.9%
Amazon.com, Inc. 5.1%
Visa, Inc., Class A 4.7%
Intercontinental Exchange, Inc. 3.7%
Mastercard, Inc., Class A 3.1%
Intuit, Inc. 2.9%
Salesforce, Inc. 2.7%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Large Core Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Core Value Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Large Core Value Fund $46 0.91%
Key Fund Statistics
Fund net assets $125,580,967
Total number of portfolio holdings 69
Total advisory fee paid $392,318
Portfolio turnover rate 34%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Bank of America Corp. 3.5%
Amazon.com, Inc. 3.2%
Wells Fargo & Co. 3.1%
The Charles Schwab Corp. 2.7%
American International Group, Inc. 2.5%
3M Co. 2.4%
Abbott Laboratories 2.4%
Reinsurance Group of America, Inc. 2.3%
NextEra Energy, Inc. 2.2%
Cisco Systems, Inc. 2.2%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Large Growth Stock Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Large Growth Stock Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Large Growth Stock Fund $47 0.92%
Key Fund Statistics
Fund net assets $369,276,717
Total number of portfolio holdings 64
Total advisory fee paid $1,167,898
Portfolio turnover rate 17%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Microsoft Corp. 13.2%
NVIDIA Corp. 12.5%
Apple, Inc. 7.9%
Amazon.com, Inc. 7.5%
Meta Platforms, Inc., Class A 5.4%
Broadcom, Inc. 4.7%
Alphabet, Inc., Class A 3.3%
Netflix, Inc. 3.3%
Visa, Inc., Class A 2.9%
Eli Lilly & Co. 2.4%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Limited Maturity Bond Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Limited Maturity Bond Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Limited Maturity Bond Fund $37 0.74%
Key Fund Statistics
Fund net assets $70,572,588
Total number of portfolio holdings 54
Total advisory fee paid (net of waivers) $147,735
Portfolio turnover rate 8%
Weighted Average Maturity 5.0 Years
Effective Duration 1.7 Years
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Asset Class Allocation
Corporate Bonds 34.7%
Residential Mortgage Backed Securities 28.2%
Asset Backed Securities 27.1%
Commercial Mortgage Backed Securities 5.0%
U.S. Treasury Obligations 2.8%
Money Market Funds 2.2%
Bond Quality Allocation 1
Graphical Representation - Allocation 1 Chart
1 Source: Independent Rating Agencies such as Moody’s, S&P and Fitch.
Note: When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. "NR" is used to classify securities for which a rating is not available.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Mid Cap Growth Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Mid Cap Growth Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Mid Cap Growth Fund $49 0.97%
Key Fund Statistics
Fund net assets $128,328,520
Total number of portfolio holdings 67
Total advisory fee paid $427,194
Portfolio turnover rate 28%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
IDEXX Laboratories, Inc. 3.5%
CoStar Group, Inc. 3.4%
Royal Caribbean Cruises Ltd. 3.1%
Insulet Corp. 2.6%
Cloudflare, Inc., Class A 2.6%
Fastenal Co. 2.5%
Datadog, Inc., Class A 2.4%
Howmet Aerospace, Inc. 2.3%
HEICO Corp., Class A 2.1%
LPL Financial Holdings, Inc. 2.0%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Mid Cap Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Mid Cap Value Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Mid Cap Value Fund $41 0.83%
Key Fund Statistics
Fund net assets $85,446,139
Total number of portfolio holdings 74
Total advisory fee paid (net of waivers) $225,922
Portfolio turnover rate 23%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Casey's General Stores, Inc. 2.7%
Expand Energy Corp. 2.5%
Freeport-McMoRan, Inc. 2.4%
Alliant Energy Corp. 2.4%
The Hartford Insurance Group, Inc. 2.2%
BWX Technologies, Inc. 2.2%
Agree Realty Corp. 2.2%
Axis Capital Holdings Ltd. 2.0%
TransUnion 2.0%
Ally Financial, Inc. 2.0%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.
Penn Series Funds, Inc.
Mid Core Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Mid Core Value Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Mid Core Value Fund $53 1.05%
Key Fund Statistics
Fund net assets $73,295,856
Total number of portfolio holdings 116
Total advisory fee paid $248,410
Portfolio turnover rate 39%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Zimmer Biomet Holdings, Inc. 2.7%
Enterprise Products Partners LP 2.1%
Henry Schein, Inc. 2.1%
US Bancorp 2.0%
Truist Financial Corp. 2.0%
Willis Towers Watson PLC 1.8%
Northern Trust Corp. 1.8%
Labcorp Holdings, Inc. 1.7%
Kenvue, Inc. 1.7%
MSC Industrial Direct Co., Inc., Class A 1.6%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Moderate Allocation Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Moderate Allocation Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Moderate Allocation Fund $15 0.30%
Key Fund Statistics
Fund net assets $193,471,534
Total number of portfolio holdings 20
Total advisory fee paid $114,800
Portfolio turnover rate 5%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Penn Series Quality Bond Fund 29.6%
Penn Series Index 500 Fund 20.2%
Penn Series Flexibly Managed Fund 8.9%
Penn Series Mid Core Value Fund 5.0%
Penn Series Developed International Index Fund 4.0%
Penn Series International Equity Fund 3.9%
Penn Series High Yield Bond Fund 3.9%
Penn Series Real Estate Securities Fund 3.9%
Penn Series Large Cap Value Fund 3.0%
Penn Series Limited Maturity Bond Fund 2.9%
Asset Allocation Target
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Moderately Aggressive Allocation Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Moderately Aggressive Allocation Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Moderately Aggressive Allocation Fund $15 0.30%
Key Fund Statistics
Fund net assets $194,584,251
Total number of portfolio holdings 20
Total advisory fee paid $114,792
Portfolio turnover rate 6%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Penn Series Index 500 Fund 24.2%
Penn Series Quality Bond Fund 14.8%
Penn Series Flexibly Managed Fund 8.9%
Penn Series International Equity Fund 6.9%
Penn Series Large Cap Value Fund 6.0%
Penn Series Developed International Index Fund 5.0%
Penn Series Mid Core Value Fund 5.0%
Penn Series Real Estate Securities Fund 4.9%
Penn Series Large Core Value Fund 4.0%
Penn Series Large Growth Stock Fund 3.1%
Asset Allocation Target
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Moderately Conservative Allocation Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Moderately Conservative Allocation Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Moderately Conservative Allocation Fund $16 0.32%
Key Fund Statistics
Fund net assets $72,150,304
Total number of portfolio holdings 15
Total advisory fee paid $43,348
Portfolio turnover rate 4%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Penn Series Quality Bond Fund 44.3%
Penn Series Index 500 Fund 13.1%
Penn Series Flexibly Managed Fund 7.9%
Penn Series Limited Maturity Bond Fund 6.9%
Penn Series High Yield Bond Fund 4.9%
Penn Series International Equity Fund 3.9%
Penn Series Real Estate Securities Fund 3.9%
Penn Series Large Cap Value Fund 3.0%
Penn Series Developed International Index Fund 3.0%
Penn Series Mid Core Value Fund 3.0%
Asset Allocation Target
Graphical Representation - Allocation 1 Chart
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Money Market Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Money Market Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Money Market Fund $29 0.58%
Key Fund Statistics
Fund net assets $126,925,595
Total number of portfolio holdings 27
Total advisory fee paid $213,096
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Federal National Mortgage
4.246%, 07/16/25		 6.3%
Federal National Mortgage
0.450%, 08/21/25		 4.7%
Federal Farm Credit Banks
4.249%, 07/09/25		 3.9%
Tennessee Valley Authority
4.215%, 07/09/25		 3.9%
Freddie Mac Discount Notes
4.229%, 07/11/25		 3.9%
Federal Farm Credit Banks
4.257%, 07/14/25		 3.9%
U.S. Treasury Bills
4.248%, 07/31/25		 3.9%
Federal Farm Credit Banks
4.265%, 08/07/25		 3.9%
U.S. Treasury Bills
4.321%, 08/14/25		 3.9%
U.S. Treasury Bills
4.413%, 08/19/25		 3.9%
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Quality Bond Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Quality Bond Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Quality Bond Fund $34 0.68%
Key Fund Statistics
Fund net assets $350,310,194
Total number of portfolio holdings 124
Total advisory fee paid $787,888
Portfolio turnover rate 16%
Weighted Average Maturity 9.9 Years
Effective Duration 5.9 Years
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Asset Class Allocation
Residential Mortgage Backed Securities 45.0%
Corporate Bonds 24.4%
Commercial Mortgage Backed Securities 12.6%
U.S. Treasury Obligations 7.8%
Asset Backed Securities 7.8%
Money Market Funds 1.6%
Municipal Bonds 0.8%
Bond Quality Allocation 1
Graphical Representation - Allocation 1 Chart
1 Source: Independent Rating Agencies such as Moody’s, S&P and Fitch.
Note: When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. "NR" is used to classify securities for which a rating is not available.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Real Estate Securities Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Real Estate Securities Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Real Estate Securities Fund $49 0.98%
Key Fund Statistics
Fund net assets $99,609,857
Total number of portfolio holdings 39
Total advisory fee paid $347,359
Portfolio turnover rate 12%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Welltower, Inc. 10.1%
Digital Realty Trust, Inc. 7.4%
American Tower Corp. 6.0%
Crown Castle, Inc. 5.8%
SBA Communications Corp. 5.7%
Prologis, Inc. 5.4%
Sun Communities, Inc. 4.5%
Invitation Homes, Inc. 4.1%
Extra Space Storage, Inc. 3.9%
Equinix, Inc. 3.8%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Small Cap Growth Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Small Cap Growth Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Growth Fund $50 1.00%
Key Fund Statistics
Fund net assets $93,980,888
Total number of portfolio holdings 126
Total advisory fee paid $321,828
Portfolio turnover rate 13%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
SS&C Technologies Holdings, Inc. 2.5%
Stride, Inc. 2.5%
Mirion Technologies, Inc. 2.3%
OSI Systems, Inc. 2.2%
Crown Holdings, Inc. 2.1%
Sensient Technologies Corp. 2.0%
LPL Financial Holdings, Inc. 2.0%
The Descartes Systems Group, Inc. 1.8%
Shift4 Payments, Inc., Class A 1.7%
Casey's General Stores, Inc. 1.6%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Small Cap Index Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Small Cap Index Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Index Fund $35 0.72%
Key Fund Statistics
Fund net assets $76,273,571
Total number of portfolio holdings 1,991
Total advisory fee paid $115,078
Portfolio turnover rate 10%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Credo Technology Group Holding Ltd. 0.5%
Fabrinet 0.4%
IonQ, Inc. 0.4%
Hims & Hers Health, Inc. 0.4%
HealthEquity, Inc. 0.4%
The Ensign Group, Inc. 0.3%
Fluor Corp. 0.3%
Blueprint Medicines Corp. 0.3%
AeroVironment, Inc. 0.3%
Brinker International, Inc. 0.3%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
Small Cap Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series Small Cap Value Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
Small Cap Value Fund $49 0.99%
Key Fund Statistics
Fund net assets $138,593,512
Total number of portfolio holdings 180
Total advisory fee paid $468,647
Portfolio turnover rate 45%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
TXNM Energy, Inc. 1.7%
Ameris Bancorp 1.5%
UMB Financial Corp. 1.5%
Glacier Bancorp, Inc. 1.3%
Renasant Corp. 1.3%
Atlantic Union Bankshares Corp. 1.2%
Cadence Bank 1.2%
PennyMac Financial Services, Inc. 1.2%
Gates Industrial Corp. PLC 1.2%
Independence Realty Trust, Inc. 1.1%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
SMID Cap Growth Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series SMID Cap Growth Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
SMID Cap Growth Fund $51 1.05%
Key Fund Statistics
Fund net assets $69,643,719
Total number of portfolio holdings 84
Total advisory fee paid $250,441
Portfolio turnover rate 66%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
Toast, Inc., Class A 2.4%
Natera, Inc. 2.1%
Loar Holdings, Inc. 2.0%
Texas Roadhouse, Inc. 2.0%
Credo Technology Group Holding Ltd. 2.0%
Guidewire Software, Inc. 2.0%
Applied Industrial Technologies, Inc. 1.9%
SharkNinja, Inc. 1.9%
Shake Shack, Inc., Class A 1.9%
Kinsale Capital Group, Inc. 1.8%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Penn Series Funds, Inc.
SMID Cap Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Penn Series SMID Cap Value Fund (“Fund”) for the period of January 01, 2025 to June 30, 2025. You can find additional information about the Fund at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1-800-523-0650.
This report describes changes to the Fund that occurred during the reporting period. 
Fund Expenses
Based on a hypothetical $10,000 investment
Fund Cost of $10,000 investment Costs paid as a percentage
of a $10,000 investment
SMID Cap Value Fund $57 1.17%
Key Fund Statistics
Fund net assets $47,674,027
Total number of portfolio holdings 93
Total advisory fee paid $188,598
Portfolio turnover rate 37%
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.
Top 10 Holdings
BJ's Wholesale Club Holdings, Inc. 2.0%
Encompass Health Corp. 1.8%
TXNM Energy, Inc. 1.8%
Jones Lang LaSalle, Inc. 1.7%
IDACORP, Inc. 1.6%
Nexstar Media Group, Inc. 1.6%
The Hanover Insurance Group, Inc. 1.6%
Tenet Healthcare Corp. 1.6%
Pentair PLC 1.5%
RPM International, Inc. 1.4%
Sector Allocation 1
Graphical Representation - Allocation 1 Chart
1 Sector allocation is presented as a percentage of total investments before short-term investments.
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
 There were no changes in or disagreements with accountants during the reporting period.
Availability of Additional Information
You can find additional information about the Fund’s such as the prospectus, financial information, fund holdings and proxy voting information at www.pennmutual.com/FundLiterature. You can also request this information by contacting us at 1‑800‑523‑0650.
TSR - QR Code
For additional information, please scan the QR code at left to navigate to additional hosted material at www.pennmutual.com/FundLiterature.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

 

(a)

The full Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this Form.

 

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The semi-annual Financial Statements, and the Financial Highlights are attached herewith.

Penn Series
Funds, Inc.
■  2025 Semi-Annual Financials and Other Information
Available through Penn Mutual Variable Products
[THIS PAGE INTENTIONALLY LEFT BLANK]
Table of Contents
Financial Statements (Form N-CSRS Item 7)
 2
106
114
121
129
158
180
180
181
1
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Money Market Fund
  Number of
Shares 		Value†
SHORT-TERM INVESTMENTS — 100.0%
MONEY MARKET FUNDS — 13.1%
Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 4.213%)
(Cost $16,642,276) 		16,642,276 $16,642,276
  Par
(000) 		 
U.S. TREASURY OBLIGATIONS — 20.4%
U.S. Treasury Bills    
4.248%, 07/31/25 $5,000 4,982,472
4.274%, 08/12/25 4,000 3,980,327
4.321%, 08/14/25 5,000 4,973,881
4.413%, 08/19/25 5,000 4,970,175
4.275%, 08/28/25 4,000 3,972,724
4.275%, 09/02/25 3,000 2,977,871
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $25,857,450) 		25,857,450
AGENCY OBLIGATIONS — 66.5%
Federal Farm Credit Banks    
4.249%, 07/09/25 5,000 4,995,333
4.257%, 07/14/25 5,000 4,992,362
4.265%, 08/07/25 5,000 4,978,262
4.262%, 08/14/25 4,000 3,979,320
4.260%, 08/18/25 3,000 2,983,080
Federal Home Loan Banks    
4.254%, 07/03/25 2,000 1,999,530
4.248%, 07/07/25 4,000 3,997,190
4.259%, 08/07/25 3,000 2,986,988
4.240%, 08/08/25 3,000 2,986,653
4.262%, 08/29/25 3,000 2,979,227
4.253%, 09/02/25 4,000 3,970,460
Federal National Mortgage    
4.246%, 07/16/25 8,000 7,985,937
4.232%, 07/18/25 4,000 3,992,067
4.296%, 07/22/25 3,750 3,742,272
0.450%, 08/21/25 6,000 5,967,682
Freddie Mac Discount Notes    
4.231%, 07/01/25 4,000 4,000,000
4.229%, 07/11/25 5,000 4,994,160
4.231%, 08/15/25 4,000 3,979,000
4.267%, 09/18/25 4,000 3,963,002
  Par
(000) 		Value†
 
Tennessee Valley Authority
4.215%, 07/09/25 		$5,000 $4,995,328
TOTAL AGENCY OBLIGATIONS
(Cost $84,467,853) 		  84,467,853
TOTAL SHORT-TERM INVESTMENTS
(Cost $126,967,579) 		  126,967,579
TOTAL INVESTMENTS — 100.0%
(Cost $126,967,579) 		  $126,967,579
Other Assets & Liabilities — (0.0)% (41,984)
TOTAL NET ASSETS — 100.0%   $126,925,595
† See Security Valuation Note.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Money Market Funds $16,642,276 $16,642,276 $— $—
U.S. Treasury Obligations 25,857,450 — 25,857,450 —
Agency Obligations 84,467,853 — 84,467,853 —
Total Investments $126,967,579 $16,642,276 $110,325,303 $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
2
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Limited Maturity Bond Fund
  Par
(000) 		Value†
ASSET BACKED SECURITIES — 26.7%
ECMC Group Student Loan Trust,    
Series 2018-2A Class A (30 Day Average SOFR + 0.914%, Floor 0.800%), 144A
5.220%, 09/25/68@,• 		$2,143 $2,119,428
Series 2019-1A Class A1A, 144A
2.720%, 07/25/69@ 		1,033 940,970
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A
7.781%, 01/20/33@,• 		1,500 1,504,042
Navient Private Education Refi Loan Trust, Series 2020-EA Class A, 144A
1.690%, 05/15/69@ 		979 909,485
Nelnet Student Loan Trust, Series 2004-4 Class B (90 Day Average SOFR + 0.562%),
4.925%, 01/25/41• 		2,285 2,251,243
Neuberger Berman CLO XV, Series 2013-15A Class BR2 (3 M SOFR + 1.612%, Floor 1.350%), 144A
5.868%, 10/15/29@,• 		500 500,178
SLM Student Loan Trust, Series 2014-2 Class A3 (30 Day Average SOFR + 0.704%),
5.010%, 03/25/55• 		2,658 2,635,460
SMB Private Education Loan Trust,    
Series 2017-A Class B, 144A
3.500%, 06/17/41@ 		1,030 1,014,174
Series 2014-A Class B, 144A
4.000%, 09/15/42@ 		908 894,900
Series 2015-A Class C, 144A
4.500%, 10/15/48@ 		1,000 987,981
Series 2021-C Class B, 144A
2.300%, 01/15/53@ 		1,853 1,791,320
Series 2020-PTB Class A2A, 144A
1.600%, 09/15/54@ 		1,842 1,733,776
TRINITAS CLO IV Ltd., Series 2016-4A Class A2L2 (3 M SOFR + 1.662%, Floor 1.400%), 144A
5.931%, 10/18/31@,• 		1,550 1,550,715
TOTAL ASSET BACKED SECURITIES
(Cost $19,038,796) 		18,833,672
COMMERCIAL MORTGAGE BACKED SECURITIES — 4.9%
BSPRT Issuer Ltd., Series 2021-FL6 Class B (1 M SOFR + 1.714%, Floor 1.600%), 144A
6.026%, 03/15/36@,• 		2,500 2,460,652
FHLMC Multifamily Structured Pass Through Certificates, Series KC02 Class X3,
3.297%, 08/25/25• 		8,214 857
  Par
(000) 		Value†
 
SWCH Commercial Mortgage Trust, Series 2025-DATA Class A (1 M SOFR + 1.443%, Floor 1.443%), 144A
5.755%, 02/15/42@,• 		$1,000 $992,602
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $3,511,197) 		3,454,111
CORPORATE BONDS — 34.2%
Airlines — 2.9%
Delta Air Lines, Inc./SkyMiles IP Ltd., 144A
4.750%, 10/20/28@ 		1,074 1,076,359
United Airlines Pass Through Trust, Series 2020-1 Class B
4.875%, 07/15/27 		994 992,396
    2,068,755
Auto Manufacturers — 2.1%
Ford Motor Credit Co. LLC
5.125%, 11/05/26 		1,500 1,496,188
Banks — 5.7%
First Maryland Capital II (3 M SOFR + 1.112%)
5.388%, 02/01/27• 		1,500 1,470,057
State Street Corp. (3 M SOFR + 0.822%)
5.148%, 05/15/28• 		1,305 1,266,454
Wells Fargo & Co. (3 M SOFR + 1.262%)
5.518%, 04/15/27• 		1,250 1,237,708
    3,974,219
Chemicals — 3.6%
NOVA Chemicals Corp., 144A
8.500%, 11/15/28@ 		1,000 1,056,179
W.R. Grace Holdings LLC, 144A
4.875%, 06/15/27@ 		1,500 1,490,568
    2,546,747
Electronics — 2.1%
Amphenol Corp.
4.750%, 03/30/26 		1,500 1,503,232
Hand & Machine Tools — 2.7%
Regal Rexnord Corp.
6.050%, 02/15/26 		1,875 1,885,770
Healthcare Services — 0.7%
IQVIA, Inc., 144A
5.000%, 10/15/26@ 		500 499,485
Lodging — 1.1%
Las Vegas Sands Corp.
5.625%, 06/15/28 		750 764,922
 
3
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Limited Maturity Bond Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Media — 2.1%
CCO Holdings LLC/CCO Holdings Capital Corp., 144A
5.125%, 05/01/27@ 		$1,500 $1,495,672
Oil & Gas — 1.4%
Helmerich & Payne, Inc., 144A
4.650%, 12/01/27@ 		1,000 990,605
Packaging and Containers — 1.4%
Mauser Packaging Solutions Holding Co., 144A
7.875%, 08/15/26@ 		1,000 998,278
Pipelines — 1.4%
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 144A
6.000%, 03/01/27@ 		1,000 999,561
Real Estate Investment Trusts — 3.5%
SBA Tower Trust, 144A
1.884%, 07/15/50@ 		2,500 2,459,109
Software — 3.5%
Concentrix Corp.
6.650%, 08/02/26 		1,000 1,017,987
Open Text Corp., 144A
3.875%, 02/15/28@ 		1,500 1,453,419
    2,471,406
TOTAL CORPORATE BONDS
(Cost $24,015,546) 		  24,153,949
RESIDENTIAL MORTGAGE BACKED SECURITIES — 27.9%
Collateralized Mortgage Obligations — 25.9%
Angel Oak Mortgage Trust, Series 2020-1 Class A3, 144A
2.774%, 12/25/59@,• 		294 286,110
Bunker Hill Loan Depositary Trust, Series 2019-2 Class A3, 144A
3.185%, 07/25/49@,(1) 		805 783,181
Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A
3.500%, 06/25/44@,• 		492 462,126
CSMC Trust, Series 2020-SPT1 Class A2, 144A
3.229%, 04/25/65@,(1) 		70 69,239
Flagstar Mortgage Trust, Series 2020-2 Class A4, 144A
3.000%, 08/25/50@,• 		1,134 968,264
GS Mortgage-Backed Securities Trust, Series 2021-PJ7 Class A8, 144A
2.500%, 01/25/52@,• 		3,462 3,065,986
JP Morgan Mortgage Trust, Series 2019-9 Class A3, 144A
3.500%, 05/25/50@,• 		1,018 916,071
OBX Trust, Series 2019-INV2 Class A5, 144A
4.000%, 05/27/49@,• 		193 180,825
  Par
(000) 		Value†
 
Collateralized Mortgage Obligations — (continued)
PRKCM Trust, Series 2023-AFC3 Class A2, 144A
6.987%, 09/25/58@,(1) 		$1,072 $1,082,165
Sequoia Mortgage Trust, Series 2021-5 Class A5, 144A
2.000%, 07/25/51@,• 		1,944 1,691,986
Towd Point Mortgage Trust,    
Series 2017-4 Class A1, 144A
2.750%, 06/25/57@,• 		1,637 1,594,668
Series 2020-4 Class A2, 144A
2.500%, 10/25/60@ 		2,240 1,817,477
Verus Securitization Trust,    
Series 2019-INV3 Class A1, 144A
3.692%, 11/25/59@,• 		627 620,882
Series 2023-8 Class A2, 144A
6.664%, 12/25/68@,(1) 		1,106 1,117,201
Vista Point Securitization Trust, Series 2020-1 Class M1, 144A
4.151%, 03/25/65@,• 		2,800 2,757,307
Wells Fargo Mortgage Backed Securities Trust, Series 2020-2 Class A1, 144A
3.000%, 12/25/49@,• 		995 852,470
    18,265,958
Fannie Mae REMICS — 2.0%
Series 2012-152 Class TA
2.500%, 09/25/42 		1,527 1,390,908
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $21,621,519) 		  19,656,866
  Number of
Shares 		 
SHORT-TERM INVESTMENTS — 4.9%
MONEY MARKET FUNDS — 2.1%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $1,490,630) 		1,490,630 1,490,630
  Par
(000) 		 
U.S. TREASURY OBLIGATIONS — 2.8%
U.S. Treasury Bills
4.207%, 11/13/25
(Cost $1,969,090) 		$2,000 1,968,974
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,459,720) 		  3,459,604
TOTAL INVESTMENTS — 98.6%
(Cost $71,646,778) 		  $69,558,202
Other Assets & Liabilities — 1.4% 1,014,386
TOTAL NET ASSETS — 100.0%   $70,572,588
 
4
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Limited Maturity Bond Fund
† See Security Valuation Note.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $48,185,416, which represents 68.3% of the Fund’s net assets.
• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
(1) Debt obligation initially issued at one coupon which converts to a higher coupon at a specific date.  The rate shown is the rate at June 30, 2025.
CLO— Collateralized Loan Obligation.
FHLMC— Federal Home Loan Mortgage Corporation.
LLC— Limited Liability Company.
LP— Limited Partnership.
M— Month.
REMICS— Real Estate Mortgage Investment Conduits.
SOFR— Secured Overnight Financing Rate.
Country Weightings as of 6/30/2025††
United States 88%
Cayman Islands 9
Canada 3
Total 100%
†† % of total investments as of June 30, 2025.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Asset Backed Securities $18,833,672 $— $18,833,672 $—
Commercial Mortgage Backed Securities 3,454,111 — 3,454,111 —
Corporate Bonds 24,153,949 — 24,153,949 —
Residential Mortgage Backed Securities 19,656,866 — 19,656,866 —
Short-Term Investments 3,459,604 1,490,630 1,968,974 —
Total Investments $69,558,202 $1,490,630 $68,067,572 $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
5
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Quality Bond Fund
  Par
(000) 		Value†
ASSET BACKED SECURITIES — 7.6%
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A
7.781%, 01/20/33@,• 		$4,000 $4,010,780
Granite Edvance Corp., Series 2020-1 Class A1A,
1.550%, 09/25/60 		1,821 1,656,779
ICG US CLO Ltd., Series 2015-2RA Class BR (3 M SOFR + 1.750%, Floor 1.750%), 144A
6.011%, 01/16/33@,• 		2,000 1,979,422
Navient Private Education Refi Loan Trust,    
Series 2019-EA Class B, 144A
3.390%, 05/15/68@ 		3,000 2,830,326
Series 2019-FA Class B, 144A
3.120%, 08/15/68@ 		855 752,801
Series 2021-EA Class A, 144A
0.970%, 12/16/69@ 		1,598 1,429,902
Navient Student Loan Trust,    
Series 2018-EA Class A2, 144A
4.000%, 12/15/59@ 		664 661,843
Series 2023-BA Class A1A, 144A
6.480%, 03/15/72@ 		1,585 1,623,328
Nelnet Student Loan Trust,    
Series 2004-4 Class B (90 Day Average SOFR + 0.562%),
4.925%, 01/25/41• 		2,285 2,251,243
Series 2021-CA Class B, 144A
2.530%, 04/20/62@ 		3,500 3,050,986
SLM Student Loan Trust, Series 2014-2 Class A3 (30 Day Average SOFR + 0.704%),
5.010%, 03/25/55• 		2,326 2,306,028
SMB Private Education Loan Trust,    
Series 2014-A Class B, 144A
4.000%, 09/15/42@ 		1,634 1,610,821
Series 2015-C Class B, 144A
3.500%, 09/15/43@ 		1,041 1,034,276
Trysail CLO Ltd., Series 2022-1A Class B (3 M SOFR + 1.850%, Floor 1.850%), 144A
6.122%, 10/20/33@,• 		1,500 1,500,580
TOTAL ASSET BACKED SECURITIES
(Cost $26,579,346) 		26,699,115
COMMERCIAL MORTGAGE BACKED SECURITIES — 12.4%
BANK5, Series 2024-5YR5 Class C,
7.245%, 02/15/29• 		2,550 2,623,178
Benchmark Mortgage Trust, Series 2019-B9 Class A5,
4.016%, 03/15/52 		5,000 4,866,206
FREMF Mortgage Trust,    
Series 2019-K735 Class B, 144A
4.161%, 05/25/26@,• 		6,000 5,935,169
Series 2019-K736 Class B, 144A
3.862%, 07/25/26@,• 		1,500 1,477,855
  Par
(000) 		Value†
 
Series 2016-K52 Class B, 144A
4.066%, 01/25/49@,• 		$5,065 $5,032,533
Series 2016-K53 Class C, 144A
4.187%, 03/25/49@,• 		3,525 3,491,410
Series 2017-K70 Class C, 144A
3.942%, 12/25/49@,• 		3,000 2,912,658
Series 2017-K63 Class B, 144A
4.011%, 02/25/50@,• 		1,500 1,476,863
Series 2018-K85 Class C, 144A
4.464%, 12/25/50@,• 		3,500 3,394,232
Series 2018-K83 Class B, 144A
4.422%, 11/25/51@,• 		2,000 1,958,327
Series 2019-K102 Class B, 144A
3.650%, 12/25/51@,• 		5,320 5,009,174
Series 2019-K95 Class B, 144A
4.057%, 08/25/52@,• 		2,500 2,400,522
Wells Fargo Commercial Mortgage Trust, Series 2019-C51 Class A3,
3.055%, 06/15/52 		2,829 2,683,448
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $45,095,263) 		43,261,575
CORPORATE BONDS — 24.0%
Aerospace & Defense — 0.4%
The Boeing Co.
3.500%, 03/01/39 		2,000 1,561,890
Apparel — 0.5%
VF Corp.
2.800%, 04/23/27 		2,000 1,910,253
Auto Manufacturers — 0.6%
Ford Motor Credit Co. LLC
5.303%, 09/06/29 		2,000 1,963,236
Banks — 4.3%
Allfirst Preferred Capital Trust (3 M SOFR + 1.762%)
6.018%, 07/15/29• 		3,500 3,412,570
JPMorgan Chase & Co., Series B (3 M SOFR + 0.762%)
5.038%, 02/01/27• 		3,200 3,142,728
State Street Corp. (3 M SOFR + 0.822%)
5.148%, 05/15/28• 		3,830 3,716,872
The PNC Financial Services Group, Inc. (SOFRRATE + 1.841%)
5.582%, 06/12/29• 		2,500 2,588,644
US Bancorp (UST Yield Curve CMT 5 Yr + 0.950%)
2.491%, 11/03/36• 		2,500 2,121,153
    14,981,967
Beverages — 1.0%
Constellation Brands, Inc.
4.500%, 05/09/47 		2,000 1,663,758
 
6
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Quality Bond Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Beverages — (continued)
Keurig Dr Pepper, Inc.
2.250%, 03/15/31 		$2,000 $1,765,109
    3,428,867
Biotechnology — 0.9%
Amgen, Inc.
5.600%, 03/02/43 		3,000 2,981,658
Chemicals — 0.6%
The Sherwin-Williams Co.
4.800%, 09/01/31 		2,000 2,020,929
Diversified Financial Services — 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.000%, 10/29/28 		3,000 2,857,499
Electric — 2.9%
CMS Energy Corp. (UST Yield Curve CMT 5 Yr + 2.900%)
3.750%, 12/01/50• 		2,000 1,798,851
Dominion Energy, Inc., Series A (UST Yield Curve CMT 5 Yr + 2.386%)
6.875%, 02/01/55• 		3,000 3,157,318
Duke Energy Carolinas LLC
2.850%, 03/15/32 		2,298 2,061,791
Northern States Power Co.
3.600%, 09/15/47 		4,000 2,993,121
    10,011,081
Entertainment — 0.1%
Warnermedia Holdings, Inc.
5.141%, 03/15/52 		601 419,197
Food — 2.2%
Kraft Heinz Foods Co.
4.625%, 10/01/39 		2,440 2,193,950
Mars, Inc., 144A
5.700%, 05/01/55@ 		2,000 1,997,815
The Hershey Co.
1.700%, 06/01/30 		1,000 886,214
The J.M. Smucker Co.
4.250%, 03/15/35 		3,000 2,787,058
    7,865,037
Gas — 0.7%
The Brooklyn Union Gas Co., 144A
3.407%, 03/10/26@ 		2,500 2,474,225
Healthcare Products — 0.5%
Revvity, Inc.
2.250%, 09/15/31 		2,000 1,712,055
Healthcare Services — 0.5%
Health Care Service Corp. A Mutual Legal Reserve Co., 144A
2.200%, 06/01/30@ 		2,000 1,787,843
  Par
(000) 		Value†
 
Household Products & Wares — 0.8%
Church & Dwight Co., Inc.
2.300%, 12/15/31 		$3,000 $2,617,480
Insurance — 1.4%
Arthur J Gallagher & Co.
5.000%, 02/15/32 		2,000 2,026,588
New York Life Global Funding, 144A
4.550%, 01/28/33@ 		3,000 2,936,209
    4,962,797
Investment Companies — 0.5%
Ares Capital Corp.
2.875%, 06/15/28 		2,000 1,884,463
Pharmaceuticals — 1.5%
Becton Dickinson & Co.
3.700%, 06/06/27 		1,956 1,933,395
Bristol-Myers Squibb Co.
3.400%, 07/26/29 		1,500 1,453,044
Merck & Co., Inc.
3.900%, 03/07/39 		2,200 1,937,341
    5,323,780
Pipelines — 1.2%
Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%)
6.500%µ,• 		2,185 2,198,403
Western Midstream Operating LP
5.450%, 11/15/34 		2,000 1,960,877
    4,159,280
Real Estate Investment Trusts — 0.4%
SBA Tower Trust, 144A
1.884%, 07/15/50@ 		1,500 1,475,466
Retail — 0.4%
AutoNation, Inc.
1.950%, 08/01/28 		1,500 1,390,539
Semiconductors — 0.6%
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.150%, 05/01/27 		2,000 1,956,534
Software — 0.2%
Roper Technologies, Inc.
1.400%, 09/15/27 		750 705,413
Telecommunications — 0.5%
T-Mobile USA, Inc.
3.000%, 02/15/41 		2,500 1,831,239
Transportation — 0.5%
BNSF Railway Co. Pass Through Trust, Series 2015-1, 144A
3.442%, 06/16/28@ 		1,872 1,801,447
TOTAL CORPORATE BONDS
(Cost $87,368,294) 		  84,084,175
 
7
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Quality Bond Fund
  Par
(000) 		Value†
MUNICIPAL BONDS — 0.8%
University of Virginia
5.000%, 09/01/40
(Cost $2,760,873) 		$2,800 $2,693,448
RESIDENTIAL MORTGAGE BACKED SECURITIES — 44.2%
Collateralized Mortgage Obligations — 27.9%
Agate Bay Mortgage Trust, Series 2015-6 Class B1, 144A
3.566%, 09/25/45@,• 		1,939 1,877,934
CIM Trust,    
Series 2019-INV2 Class B1A, 144A
4.737%, 05/25/49@,• 		4,413 4,210,683
Series 2020-INV1 Class A13, 144A
3.000%, 04/25/50@,• 		1,207 1,040,188
CSMC Trust, Series 2013-IVR2 Class A2, 144A
3.000%, 04/25/43@,• 		3,349 3,013,599
Fannie Mae Pool    
2.000%, 08/01/42 4,585 3,952,275
5.500%, 12/01/54 3,811 3,812,422
Freddie Mac Pool    
5.000%, 12/01/44 3,942 3,940,898
5.500%, 08/01/53 2,968 2,971,336
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2021-2 Class MBU,
2.500%, 11/25/60 		3,100 2,134,735
Ginnie Mae,    
Series 2018-37 Class BY,
3.500%, 03/20/48 		5,125 4,657,992
3.500%, 11/20/52 2,825 2,531,485
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ3 Class A13, 144A
2.500%, 10/25/50@,• 		4,250 3,559,554
GS Mortgage-Backed Securities Trust, Series 2020-PJ1 Class B1, 144A
3.594%, 05/25/50@,• 		4,932 4,379,440
JP Morgan Mortgage Trust,    
Series 2020-INV1 Class B1A, 144A
2.940%, 08/25/50@,• 		4,464 3,726,107
Series 2020-INV1 Class A3, 144A
3.500%, 08/25/50@,• 		2,891 2,598,497
Series 2020-4 Class A15, 144A
3.000%, 11/25/50@,• 		4,064 3,526,887
Series 2020-8 Class A3, 144A
3.000%, 03/25/51@,• 		2,645 2,290,387
Series 2021-1 Class A3, 144A
2.500%, 06/25/51@,• 		4,440 3,619,952
Series 2021-1 Class A15, 144A
2.500%, 06/25/51@,• 		3,320 2,690,819
Series 2021-7 Class A15, 144A
2.500%, 11/25/51@,• 		4,375 3,540,640
Series 2022-1 Class A3, 144A
2.500%, 07/25/52@,• 		3,963 3,228,085
  Par
(000) 		Value†
 
Collateralized Mortgage Obligations — (continued)
JP Morgan Seasoned Mortgage Trust Series, Series 2024-1 Class A3, 144A
4.446%, 01/25/63@,• 		$3,337 $3,195,818
MFA Trust, Series 2020-NQM1 Class B1, 144A
4.978%, 08/25/49@,• 		2,500 2,451,787
Sequoia Mortgage Trust,    
Series 2013-3 Class A2,
2.500%, 03/25/43• 		6,863 5,973,848
Series 2017-5 Class A1, 144A
3.500%, 08/25/47@,• 		1,619 1,462,914
Series 2020-4 Class A20, 144A
2.500%, 11/25/50@,• 		2,533 2,082,032
Series 2021-5 Class A5, 144A
2.000%, 07/25/51@,• 		2,591 2,255,982
Towd Point Mortgage Trust, Series 2021-1 Class A2, 144A
2.750%, 11/25/61@,• 		2,500 2,109,860
Vista Point Securitization Trust, Series 2020-1 Class M1, 144A
4.151%, 03/25/65@,• 		3,000 2,954,258
Wells Fargo Mortgage Backed Securities Trust,    
Series 2020-3 Class A1, 144A
3.000%, 06/25/50@,• 		3,898 3,331,129
Series 2022-2 Class A2, 144A
2.500%, 12/25/51@,• 		3,916 3,190,233
WinWater Mortgage Loan Trust, Series 2016-1 Class B3, 144A
3.783%, 01/20/46@,• 		1,574 1,499,205
    97,810,981
Fannie Mae Pool — 6.6%
3.500%, 10/01/45 4,035 3,695,878
1.500%, 06/01/51 3,344 2,514,947
2.000%, 11/01/51 4,027 3,197,493
2.000%, 12/01/51 2,437 1,934,749
3.000%, 03/01/52 9,084 7,871,591
6.000%, 07/01/53 3,910 3,982,188
    23,196,846
Fannie Mae REMICS — 1.0%
Series 2019-48 Class MA
3.000%, 09/25/49 		4,078 3,589,348
Freddie Mac Pool — 5.1%
2.500%, 04/01/52 9,450 7,857,939
4.000%, 09/01/52 6,231 5,805,097
4.000%, 01/01/53 4,356 4,057,244
    17,720,280
Freddie Mac REMICS — 2.9%
Series 5105 Class JM, 2.000%, 12/25/46 3,949 2,824,571
Series 5229 Class AL, 4.000%, 06/25/49 8,018 7,246,642
    10,071,213
 
8
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Quality Bond Fund
  Par
(000) 		Value†
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)
Ginnie Mae — 0.7%
Series 2015-76 Class QB
3.000%, 05/20/45 		$2,731 $2,432,763
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $163,296,074) 		  154,821,431
U.S. TREASURY OBLIGATIONS — 7.2%
U.S. Treasury Bonds    
3.250%, 05/15/42 1,700 1,407,812
2.500%, 02/15/45 6,700 4,722,715
3.000%, 02/15/48 2,050 1,525,328
3.000%, 08/15/48 14,700 10,889,484
4.125%, 08/15/53 2,150 1,923,578
U.S. Treasury Inflation Indexed Bonds    
2.125%, 02/15/54 1,045 960,410
2.375%, 02/15/55 2,542 2,465,761
U.S. Treasury Inflation Indexed Notes
1.750%, 01/15/34 		1,461 1,449,477
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $26,031,338) 		25,344,565
  Number of
Shares 		 
SHORT-TERM INVESTMENTS — 1.9%
MONEY MARKET FUNDS — 1.5%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $5,323,118) 		5,323,118 5,323,118
  Par
(000) 		 
U.S. TREASURY OBLIGATIONS — 0.4%
U.S. Treasury Bills
4.207%, 11/13/25
(Cost $1,476,817) 		$1,500 1,476,731
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,799,935) 		  6,799,849
TOTAL INVESTMENTS — 98.1%
(Cost $357,931,123) 		  $343,704,158
Other Assets & Liabilities — 1.9% 6,606,036
TOTAL NET ASSETS — 100.0%   $350,310,194
† See Security Valuation Note.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $133,882,803, which represents 38.2% of the Fund’s net assets.
• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
µ Perpetual security with no stated maturity date.
CLO— Collateralized Loan Obligation.
CMT— Constant Maturity Treasury.
FREMF— Freddie Mac Multifamily Securities.
LLC— Limited Liability Company.
LP— Limited Partnership.
M— Month.
REMICS— Real Estate Mortgage Investment Conduits.
SOFR— Secured Overnight Financing Rate.
UST— US Treasury.
Yr— Year.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Asset Backed Securities $26,699,115 $— $26,699,115 $—
Commercial Mortgage Backed Securities 43,261,575 — 43,261,575 —
Corporate Bonds 84,084,175 — 84,084,175 —
Municipal Bonds 2,693,448 — 2,693,448 —
Residential Mortgage Backed Securities 154,821,431 — 154,821,431 —
U.S. Treasury Obligations 25,344,565 — 25,344,565 —
Short-Term Investments 6,799,849 5,323,118 1,476,731 —
Total Investments $343,704,158 $5,323,118 $338,381,040 $—
Other Financial Instruments(1)        
Futures Contracts $150,746 $150,746 $— $—
Total Assets—Other Financial Instruments $150,746 $150,746 $— $—
(1) Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
 
9
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Quality Bond Fund
Futures contracts held by the Fund at June 30, 2025 are as follows:
Futures Contracts:
Exchange Traded
Type   Futures Contract   Expiration
Date 		  Numbers
of
Contracts 		  Units per
Contract 		  Closing
Price 		  Notional
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Long   U.S. Treasury 10 Year Note   09/19/25   71   1,000   $112   $7,960,875   $150,746   $—
                            $150,746   $—
The accompanying notes are an integral part of these financial statements.
10
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
High Yield Bond Fund
  Par
(000) 		Value†
ASSET BACKED SECURITIES — 0.5%
Frontier Issuer LLC, Series 2023-1 Class A2, 144A
6.600%, 08/20/53@
(Cost $578,231) 		$600 $609,444
  Number of
Shares 		 
COMMON STOCKS — 0.0%
Entertainment — 0.0%
New Cotai Participation, Class B(1),*
(Cost $24,225) 		1 0
PREFERRED STOCKS — 0.0%
Packaging and Containers — 0.0%
Smurfit-Stone Container Corp. (Escrow) CONV.(1),*
(Cost $0) 		725 0
  Par
(000) 		 
CORPORATE BONDS — 90.3%
Advertising — 0.8%
Stagwell Global LLC, 144A
5.625%, 08/15/29@ 		$1,050 1,004,227
Aerospace & Defense — 0.8%
Bombardier, Inc., 144A
6.750%, 06/15/33@ 		1,000 1,036,221
Airlines — 1.2%
American Airlines Pass Through Trust, Series 2021-1 Class B
3.950%, 01/11/32 		1,162 1,095,680
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 144A
5.500%, 04/20/26@ 		350 349,202
    1,444,882
Auto Parts & Equipment — 2.1%
Clarios Global LP/Clarios US Finance Co., 144A
6.750%, 02/15/30@ 		1,500 1,556,265
The Goodyear Tire & Rubber Co.
6.625%, 07/15/30 		1,000 1,018,174
    2,574,439
Banks — 0.9%
Freedom Mortgage Corp., 144A
12.250%, 10/01/30@ 		1,050 1,165,411
Building Materials — 1.3%
Builders FirstSource, Inc., 144A
6.750%, 05/15/35@ 		1,500 1,546,193
Chemicals — 4.8%
Methanex US Operations, Inc., 144A
6.250%, 03/15/32@ 		1,500 1,493,499
  Par
(000) 		Value†
 
Chemicals — (continued)
NOVA Chemicals Corp., 144A
8.500%, 11/15/28@ 		$1,775 $1,874,718
Olin Corp., 144A
6.625%, 04/01/33@ 		1,000 982,941
WR Grace Holdings LLC, 144A
7.375%, 03/01/31@ 		1,500 1,535,235
    5,886,393
Commercial Services — 7.4%
Albion Financing 1 Sarl/Aggreko Holdings, Inc., 144A
7.000%, 05/21/30@ 		1,000 1,020,239
Herc Holdings, Inc.    
144A, 5.500%, 07/15/27@ 1,015 1,015,090
144A, 7.250%, 06/15/33@ 1,000 1,047,726
Neptune Bidco US, Inc., 144A
9.290%, 04/15/29@ 		1,500 1,451,821
Service Corp. International    
7.500%, 04/01/27 1,750 1,810,991
4.000%, 05/15/31 1,500 1,403,514
Williams Scotsman, Inc., 144A
4.625%, 08/15/28@ 		1,350 1,326,134
    9,075,515
Diversified Financial Services — 2.5%
EZCORP, Inc., 144A
7.375%, 04/01/32@ 		1,000 1,051,372
Jefferson Capital Holdings LLC, 144A
8.250%, 05/15/30@ 		1,000 1,035,863
PennyMac Financial Services, Inc., 144A
6.875%, 05/15/32@ 		1,000 1,019,890
    3,107,125
Electric — 7.3%
Lightning Power LLC, 144A
7.250%, 08/15/32@ 		1,000 1,051,632
NRG Energy, Inc., 144A
6.250%, 11/01/34@ 		1,500 1,530,696
Talen Energy Supply LLC, 144A
8.625%, 06/01/30@ 		1,300 1,392,437
Vistra Corp. (UST Yield Curve CMT 5 Yr + 6.930%), 144A
8.000%@,µ,• 		2,000 2,048,496
Vistra Operations Co. LLC, 144A
6.875%, 04/15/32@ 		1,500 1,568,209
Vistra Operations Co., LLC, 144A
5.000%, 07/31/27@ 		1,400 1,398,759
    8,990,229
Electrical Components & Equipment — 1.0%
WESCO Distribution, Inc., 144A
7.250%, 06/15/28@ 		1,200 1,215,123
Engineering & Construction — 1.3%
Arcosa, Inc., 144A
6.875%, 08/15/32@ 		1,500 1,556,798
 
11
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
High Yield Bond Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Entertainment — 3.7%
Light & Wonder International, Inc., 144A
7.000%, 05/15/28@ 		$1,400 $1,404,663
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 144A
8.250%, 04/15/30@ 		1,500 1,548,312
Voyager Parent LLC, 144A
9.250%, 07/01/32@ 		1,500 1,559,741
    4,512,716
Environmental Control — 1.2%
Clean Harbors, Inc., 144A
6.375%, 02/01/31@ 		1,500 1,536,477
Healthcare Products — 2.9%
Avantor Funding, Inc., 144A
4.625%, 07/15/28@ 		1,100 1,080,084
Insulet Corp., 144A
6.500%, 04/01/33@ 		1,000 1,039,032
Medline Borrower LP, 144A
5.250%, 10/01/29@ 		1,500 1,488,134
    3,607,250
Healthcare Services — 8.2%
DaVita, Inc., 144A
6.750%, 07/15/33@ 		1,000 1,034,545
Encompass Health Corp.
4.750%, 02/01/30 		2,000 1,971,718
LifePoint Health, Inc.    
144A, 8.375%, 02/15/32@ 1,500 1,598,771
144A, 10.000%, 06/01/32@ 1,000 1,026,916
Prime Healthcare Services, Inc., 144A
9.375%, 09/01/29@ 		1,500 1,477,560
Surgery Center Holdings, Inc., 144A
7.250%, 04/15/32@ 		1,500 1,529,118
Tenet Healthcare Corp.
5.125%, 11/01/27 		1,400 1,398,175
    10,036,803
Home Furnishings — 1.6%
Whirlpool Corp.
6.500%, 06/15/33 		2,000 2,005,465
Insurance — 0.8%
Acrisure LLC/Acrisure Finance, Inc., 144A
6.750%, 07/01/32@ 		1,000 1,014,021
Internet — 1.1%
Go Daddy Operating Co., LLC/GD Finance Co., Inc., 144A
5.250%, 12/01/27@ 		1,400 1,397,664
Leisure Time — 1.2%
Royal Caribbean Cruises Ltd., 144A
5.625%, 09/30/31@ 		1,500 1,511,694
  Par
(000) 		Value†
 
Lodging — 1.2%
Boyd Gaming Corp., 144A
4.750%, 06/15/31@ 		$1,500 $1,437,669
Media — 4.9%
CCO Holdings LLC/CCO Holdings Capital Corp.    
144A, 5.125%, 05/01/27@ 1,675 1,670,167
144A, 4.250%, 01/15/34@ 2,000 1,780,450
Gray Media, Inc., 144A
10.500%, 07/15/29@ 		1,000 1,073,695
Sirius XM Radio LLC, 144A
5.500%, 07/01/29@ 		1,550 1,542,240
    6,066,552
Mining — 5.0%
Alumina Pty Ltd., 144A
6.375%, 09/15/32@ 		2,000 2,032,424
Capstone Copper Corp., 144A
6.750%, 03/31/33@ 		1,500 1,535,961
First Quantum Minerals Ltd., 144A
8.000%, 03/01/33@ 		1,500 1,538,464
FMG Resources August 2006 Pty Ltd., 144A
5.875%, 04/15/30@ 		1,050 1,062,933
    6,169,782
Oil & Gas — 11.9%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 144A
6.625%, 10/15/32@ 		1,500 1,526,442
Chord Energy Corp., 144A
6.750%, 03/15/33@ 		1,500 1,527,801
Civitas Resources, Inc., 144A
9.625%, 06/15/33@ 		1,500 1,538,051
Comstock Resources, Inc., 144A
6.750%, 03/01/29@ 		1,500 1,502,541
Crescent Energy Finance LLC, 144A
7.375%, 01/15/33@ 		1,000 956,184
Expand Energy Corp., 144A
5.875%, 02/01/29@ 		1,850 1,857,581
Gulfport Energy Operating Corp., 144A
6.750%, 09/01/29@ 		1,000 1,024,137
Occidental Petroleum Corp.
8.500%, 07/15/27 		1,491 1,577,925
Permian Resources Operating LLC, 144A
6.250%, 02/01/33@ 		1,500 1,513,803
Sunoco LP, 144A
7.250%, 05/01/32@ 		1,500 1,575,194
    14,599,659
Packaging and Containers — 3.7%
Crown Americas LLC, 144A
5.875%, 06/01/33@ 		1,500 1,509,907
Graham Packaging Co., Inc., 144A
7.125%, 08/15/28@ 		1,500 1,497,416
 
12
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
High Yield Bond Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Packaging and Containers — (continued)
Trivium Packaging Finance BV, 144A
8.250%, 07/15/30@ 		$1,500 $1,586,201
    4,593,524
Pharmaceuticals — 2.0%
Elanco Animal Health, Inc.
6.650%, 08/28/28 		1,050 1,092,450
Jazz Securities DAC, 144A
4.375%, 01/15/29@ 		1,400 1,352,277
    2,444,727
Pipelines — 2.9%
Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%)
6.500%µ,• 		1,975 1,987,115
Rockies Express Pipeline LLC, 144A
6.750%, 03/15/33@ 		1,500 1,564,896
    3,552,011
Real Estate Investment Trusts — 1.7%
MPT Operating Partnership LP/MPT Finance Corp., 144A
8.500%, 02/15/32@ 		1,000 1,045,778
RHP Hotel Properties LP/RHP Finance Corp., 144A
6.500%, 06/15/33@ 		1,000 1,028,746
    2,074,524
Retail — 2.3%
Bath & Body Works, Inc.
6.875%, 11/01/35 		1,500 1,547,952
The Gap, Inc., 144A
3.875%, 10/01/31@ 		1,500 1,344,251
    2,892,203
Software — 0.6%
Open Text Corp., 144A
6.900%, 12/01/27@ 		675 698,780
Telecommunications — 2.0%
Level 3 Financing, Inc., 144A
4.000%, 04/15/31@ 		1,000 855,000
Windstream Services LLC/Windstream Escrow Finance Corp., 144A
8.250%, 10/01/31@ 		1,500 1,570,267
    2,425,267
TOTAL CORPORATE BONDS
(Cost $108,262,290) 		  111,179,344
LOAN AGREEMENTS‡ — 4.9%
Commercial Services — 0.8%
Albion Financing 3 SARL
0.000%, 08/16/29× 		993 993,138
VT Topco, Inc. (1 M SOFR + 3.000%)
7.327%, 08/09/30• 		4 0
    993,138
  Par
(000) 		Value†
 
Leisure Time — 1.2%
MajorDrive Holdings IV LLC
0.000%, 06/01/28× 		$1,492 $1,461,145
Packaging and Containers — 0.0%
Clydesdale Acquisition Holdings, Inc. (1 M SOFR + 3.250%)
7.577%, 04/01/32• 		2 1,669
Retail — 1.2%
EG America LLC (3 M SOFR + 4.250%)
8.583%, 02/07/28• 		1,489 1,493,529
Telecommunications — 1.7%
Level 3 Financing, Inc. (1 M SOFR + 4.250%)
8.577%, 03/27/32• 		2,000 2,020,420
TOTAL LOAN AGREEMENTS
(Cost $5,821,392) 		  5,969,901
  Number of
Shares 		 
SHORT-TERM INVESTMENTS — 1.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $1,502,088) 		1,502,088 1,502,088
TOTAL INVESTMENTS — 96.9%
(Cost $116,188,226) 		  $119,260,777
Other Assets & Liabilities — 3.1% 3,864,721
TOTAL NET ASSETS — 100.0%   $123,125,498
† See Security Valuation Note.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $94,879,629, which represents 77.1% of the Fund’s net assets.
(1) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments.
* Non-income producing security.
µ Perpetual security with no stated maturity date.
 
13
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
High Yield Bond Fund
• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
‡ Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate (“SOFR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2025. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown.
× This loan will settle after June 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
CMT— Constant Maturity Treasury.
LLC— Limited Liability Company.
LP— Limited Partnership.
M— Month.
SOFR— Secured Overnight Financing Rate.
UST— US Treasury.
Yr— Year.
Country Weightings as of 6/30/2025††
United States 88%
Canada 6
Australia 3
Netherlands 1
Ireland 1
Luxembourg 1
Total 100%
†† % of total investments as of June 30, 2025.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Asset Backed Securities $609,444 $— $609,444 $—
Common Stocks — — — —(1)
Preferred Stocks — — — —(1)
Corporate Bonds 111,179,344 — 111,179,344 —
Loan Agreements 5,969,901 — 5,969,901 —
Short-Term Investments 1,502,088 1,502,088 — —
Total Investments $119,260,777 $1,502,088 $117,758,689 $—
(1) Includes internally fair valued securities currently priced at zero ($0).
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
14
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Flexibly Managed Fund
  Par
(000) 		Value†
ASSET BACKED SECURITIES — 0.1%
Domino's Pizza Master Issuer LLC,    
Series 2017-1A Class A23, 144A
4.118%, 07/25/47@ 		$2,751 $2,713,684
Series 2019-1A Class A2, 144A
3.668%, 10/25/49@ 		2,127 2,025,457
TOTAL ASSET BACKED SECURITIES
(Cost $4,857,688) 		4,739,141
  Number of
Shares 		 
COMMON STOCKS — 60.2%
Aerospace & Defense — 0.9%
L3Harris Technologies, Inc. 8,300 2,081,972
Lockheed Martin Corp. 16,403 7,596,885
Northrop Grumman Corp. 17,500 8,749,650
RTX Corp. 206,772 30,192,848
    48,621,355
Auto Parts & Equipment — 1.1%
Aurora Innovation, Inc.* 10,359,138 54,281,883
Banks — 0.2%
Morgan Stanley 61,274 8,631,056
Beverages — 0.2%
Keurig Dr Pepper, Inc.†† 136,800 4,522,608
PepsiCo, Inc. 60,200 7,948,808
    12,471,416
Biotechnology — 0.6%
Alnylam Pharmaceuticals, Inc.* 47,207 15,393,731
Biogen, Inc.*,†† 8,876 1,114,737
BioNTech S.E., ADR* 72,409 7,709,386
Cytokinetics, Inc.* 189,560 6,263,062
    30,480,916
Building Materials — 0.5%
Vulcan Materials Co. 97,200 25,351,704
Computers — 1.3%
Apple, Inc. 331,430 67,999,493
Diversified Financial Services — 1.3%
Cboe Global Markets, Inc. 8,100 1,889,001
CME Group, Inc. 26,300 7,248,806
Intercontinental Exchange, Inc. 30,358 5,569,782
Mastercard, Inc., Class A†† 37,553 21,102,533
Visa, Inc., Class A†† 85,456 30,341,153
    66,151,275
Electric — 3.7%
Alliant Energy Corp. 25,900 1,566,173
Ameren Corp. 701,157 67,339,118
American Electric Power Co., Inc. 38,200 3,963,632
CenterPoint Energy, Inc. 2,308,579 84,817,193
DTE Energy Co. 175,900 23,299,714
Duke Energy Corp. 22,000 2,596,000
Exelon Corp. 109,400 4,750,148
  Number of
Shares 		Value†
 
Electric — (continued)
WEC Energy Group, Inc. 35,600 $3,709,520
    192,041,498
Electronics — 2.0%
Amphenol Corp., Class A 786,235 77,640,706
Fortive Corp.†† 362,064 18,874,396
Ralliant Corp.* 118,000 5,721,820
    102,236,922
Environmental Control — 0.6%
Veralto Corp. 222,746 22,486,209
Waste Management, Inc. 35,600 8,145,992
    30,632,201
Gas — 1.6%
NiSource, Inc. 2,008,211 81,011,232
Healthcare Products — 5.0%
Abbott Laboratories 406,508 55,289,153
Avantor, Inc.* 548,873 7,387,831
Danaher Corp. 334,251 66,027,943
GE HealthCare Technologies, Inc. 57,300 4,244,211
Hologic, Inc.* 253,502 16,518,190
Revvity, Inc. 1,109,953 107,354,654
    256,821,982
Healthcare Services — 1.1%
The Cigna Group. 68,400 22,611,672
UnitedHealth Group, Inc. 106,985 33,376,110
    55,987,782
Insurance — 0.9%
Aon PLC, Class A 15,400 5,494,104
Marsh & McLennan Cos., Inc. 16,000 3,498,240
Willis Towers Watson PLC 114,739 35,167,503
    44,159,847
Internet — 7.6%
Alphabet, Inc., Class A 435,565 76,759,620
Amazon.com, Inc.*,†† 988,230 216,807,779
Meta Platforms, Inc., Class A 127,622 94,196,522
    387,763,921
Lodging — 0.6%
Hilton Worldwide Holdings, Inc. 113,527 30,236,781
Machinery — Diversified — 0.6%
Ingersoll Rand, Inc. 339,243 28,218,233
Miscellaneous Manufacturing — 0.1%
Teledyne Technologies, Inc.* 14,688 7,524,809
Oil & Gas — 1.4%
Canadian Natural Resources Ltd. 2,349,688 73,780,203
Pharmaceuticals — 5.4%
AbbVie, Inc. 62,800 11,656,936
Ascendis Pharma A/S, ADR* 23,146 3,995,000
Becton Dickinson & Co.†† 807,393 139,073,444
Cardinal Health, Inc. 41,179 6,918,072
Cencora, Inc. 29,200 8,755,620
 
15
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Flexibly Managed Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Eli Lilly & Co. 48,500 $37,807,205
Johnson & Johnson 33,400 5,101,850
McKesson Corp. 87,128 63,845,656
    277,153,783
Private Equity — 0.1%
KKR & Co., Inc. 53,863 7,165,395
Retail — 2.1%
Ferguson Enterprises, Inc. 133,191 29,002,340
Starbucks Corp.†† 521,118 47,750,043
Yum! Brands, Inc.†† 218,946 32,443,418
    109,195,801
Semiconductors — 5.9%
Advanced Micro Devices, Inc.*,†† 634,603 90,050,166
Analog Devices, Inc. 81,100 19,303,422
ASML Holding N.V. 13,309 10,665,700
NVIDIA Corp.†† 1,152,452 182,075,891
    302,095,179
Software — 15.4%
ANSYS, Inc.* 2,360 828,879
Autodesk, Inc.* 160,576 49,709,512
Intuit, Inc. 69,237 54,533,138
Microsoft Corp.†† 682,784 339,623,590
PTC, Inc.* 664,592 114,535,785
Roper Technologies, Inc.†† 242,738 137,593,608
Salesforce, Inc.†† 100,803 27,487,970
Workday, Inc., Class A* 268,056 64,333,440
    788,645,922
TOTAL COMMON STOCKS
(Cost $2,618,690,899) 		3,088,660,589
REAL ESTATE INVESTMENT TRUSTS — 0.2%
Diversified — 0.2%
American Tower Corp. 27,400 6,055,948
SBA Communications Corp. 15,800 3,710,472
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $8,356,192) 		  9,766,420
PREFERRED STOCKS — 0.5%
Auto Manufacturers — 0.5%
Waymo LLC, Series A-2, CONV(1),*,# 245,568 26,017,930
Electric — 0.0%
CMS Energy Corp., 2078 39,004 859,258
TOTAL PREFERRED STOCKS
(Cost $22,061,337) 		  26,877,188
  Par
(000) 		Value†
CORPORATE BONDS — 7.4%
Advertising — 0.1%
Lamar Media Corp.    
3.750%, 02/15/28 $2,796 $2,710,037
4.875%, 01/15/29 528 521,946
3.625%, 01/15/31 435 401,826
    3,633,809
Aerospace & Defense — 0.6%
TransDigm, Inc.    
4.625%, 01/15/29 3,235 3,171,978
144A, 6.375%, 03/01/29@ 9,870 10,115,654
144A, 7.125%, 12/01/31@ 6,846 7,171,404
144A, 6.625%, 03/01/32@ 11,451 11,859,034
    32,318,070
Commercial Services — 0.2%
Korn Ferry, 144A
4.625%, 12/15/27@ 		3,386 3,362,317
Service Corp. International    
4.625%, 12/15/27 479 475,248
3.375%, 08/15/30 2,557 2,349,739
5.750%, 10/15/32 2,818 2,846,825
    9,034,129
Computers — 0.1%
Booz Allen Hamilton, Inc.    
144A, 4.000%, 07/01/29@ 2,064 1,979,056
5.950%, 08/04/33 2,469 2,530,288
Crowdstrike Holdings, Inc.
3.000%, 02/15/29 		572 540,241
    5,049,585
Entertainment — 0.7%
Six Flags Entertainment Corp.    
144A, 7.000%, 07/01/25@ 1,844 1,844,000
144A, 5.500%, 04/15/27@ 10,244 10,222,252
Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp.    
5.375%, 04/15/27 8,262 8,252,239
6.500%, 10/01/28 5,484 5,560,370
5.250%, 07/15/29 2,749 2,692,277
Vail Resorts, Inc., 144A
6.500%, 05/15/32@ 		3,481 3,596,166
VAIL RESORTS, Inc., 144A
5.625%, 07/15/30@ 		1,555 1,560,831
    33,728,135
Healthcare Products — 0.3%
Avantor Funding, Inc.    
144A, 4.625%, 07/15/28@ 11,785 11,571,623
144A, 3.875%, 11/01/29@ 3,940 3,729,614
Hologic, Inc., 144A
3.250%, 02/15/29@ 		2,294 2,186,194
    17,487,431
Healthcare Services — 0.2%
IQVIA, Inc.    
144A, 5.000%, 05/15/27@ 4,372 4,356,330
144A, 6.500%, 05/15/30@ 2,589 2,668,627
 
16
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Flexibly Managed Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Healthcare Services — (continued)
Surgery Center Holdings, Inc., 144A
7.250%, 04/15/32@ 		$2,233 $2,276,347
    9,301,304
Insurance — 2.1%
AmWINS Group, Inc., 144A
6.375%, 02/15/29@ 		3,277 3,339,551
AssuredPartners, Inc., 144A
7.500%, 02/15/32@ 		1,463 1,567,612
BroadStreet Partners, Inc., 144A
5.875%, 04/15/29@ 		7,653 7,559,900
HUB International Ltd.    
144A, 5.625%, 12/01/29@ 4,462 4,462,477
144A, 7.250%, 06/15/30@ 45,014 47,022,533
144A, 7.375%, 01/31/32@ 26,096 27,304,987
Ryan Specialty LLC    
144A, 4.375%, 02/01/30@ 1,256 1,214,766
144A, 5.875%, 08/01/32@ 4,122 4,154,420
USI, Inc., 144A
7.500%, 01/15/32@ 		11,814 12,462,057
    109,088,303
Leisure Time — 0.0%
Life Time, Inc., 144A
6.000%, 11/15/31@ 		1,104 1,121,609
Lodging — 0.9%
Hilton Domestic Operating Co., Inc.    
144A, 5.750%, 05/01/28@ 10,025 10,045,872
144A, 5.875%, 04/01/29@ 3,928 4,012,595
144A, 3.750%, 05/01/29@ 8,034 7,700,149
4.875%, 01/15/30 7,217 7,184,228
144A, 4.000%, 05/01/31@ 7,522 7,079,165
144A, 3.625%, 02/15/32@ 9,028 8,177,644
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.875%, 04/01/27 		3,206 3,202,387
    47,402,040
Media — 0.5%
CCO Holdings LLC/CCO Holdings Capital Corp.    
144A, 5.500%, 05/01/26@ 1,740 1,739,342
144A, 5.125%, 05/01/27@ 26,233 26,157,310
    27,896,652
Packaging and Containers — 0.1%
Ball Corp.
6.000%, 06/15/29 		5,380 5,508,910
Real Estate Investment Trusts — 0.5%
Crown Castle, Inc.
4.900%, 09/01/29 		2,512 2,534,037
SBA Communications Corp.    
3.875%, 02/15/27 8,504 8,367,797
3.125%, 02/01/29 9,983 9,429,374
  Par
(000) 		Value†
 
Real Estate Investment Trusts — (continued)
SBA Tower Trust, 144A
6.599%, 11/15/52@ 		$256 $263,060
VICI Properties LP
5.750%, 04/01/34 		2,586 2,644,293
    23,238,561
Retail — 0.9%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A
4.750%, 06/01/27@ 		8,757 8,732,129
Yum! Brands, Inc.    
144A, 4.750%, 01/15/30@ 4,113 4,071,291
3.625%, 03/15/31 4,955 4,573,670
4.625%, 01/31/32 8,583 8,262,633
5.375%, 04/01/32 7,196 7,200,648
6.875%, 11/15/37 3,145 3,382,042
5.350%, 11/01/43 7,809 7,461,699
    43,684,112
Software — 0.2%
Capstone Borrower, Inc.    
144A, 8.000%, 06/15/30@ 237 247,275
Series jun, 144A, 8.000%, 06/15/30@ 2,086 2,170,948
Ellucian Holdings, Inc., 144A
6.500%, 12/01/29@ 		2,824 2,888,088
Fair Isaac Corp., 144A
6.000%, 05/15/33@ 		2,050 2,070,406
PTC, Inc., 144A
4.000%, 02/15/28@ 		3,162 3,062,769
Workday, Inc.
3.800%, 04/01/32 		2,337 2,195,922
    12,635,408
TOTAL CORPORATE BONDS
(Cost $370,302,760) 		  381,128,058
LOAN AGREEMENTS‡ — 9.5%
Aerospace & Defense — 0.4%
TransDigm, Inc.    
(3 M SOFR + 2.750%), 7.046%, 08/24/28• 8,308 8,334,947
(3 M SOFR + 2.750%), 7.046%, 03/22/30• 12,835 12,877,946
    21,212,893
Apparel — 0.3%
Varsity Brands, Inc. (3 M SOFR + 3.500%)
7.830%, 08/26/31• 		14,114 14,100,361
Commercial Services — 0.1%
Mister Car Wash Holdings, Inc. (1 M SOFR + 2.500%)
6.827%, 03/21/31• 		2,485 2,487,401
 
17
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Flexibly Managed Fund
  Par
(000) 		Value†
LOAN AGREEMENTS‡ — (continued)
Commercial Services — (continued)
TransUnion Intermediate Holdings, Inc. (1 M SOFR + 1.850%)
6.177%, 11/16/26• 		$1,012 $1,012,642
    3,500,043
Diversified Financial Services — 0.4%
Cpi Holdco B LLC    
0.000%, 05/17/31× 2,598 2,588,907
(1 M SOFR + 2.250%), 6.577%, 05/19/31• 10,794 10,780,508
Mariner Wealth Advisors LLC    
0.000%, 08/18/28× 3,187 3,193,824
(3 M SOFR + 2.500%), 6.796%, 12/18/30• 4,356 4,365,060
    20,928,299
Environmental Control — 0.8%
Filtration Group Corp.    
(1 M SOFR + 3.500%), 5.429%, 10/21/28• 6,874 8,087,102
(1 M SOFR + 3.000%), 7.327%, 10/21/28• 31,835 31,944,749
    40,031,851
Healthcare Products — 0.0%
Avantor Funding, Inc. (1 M SOFR + 2.100%)
6.427%, 11/08/27• 		70 70,529
Healthcare Services — 0.4%
ADMI Corp.    
(1 M SOFR + 3.489%), 7.816%, 12/23/27• 582 549,538
(1 M SOFR + 3.864%), 8.191%, 12/23/27• 1,767 1,680,955
Loire US Holdco 1, Inc. (1 M SOFR + 4.000%)
8.327%, 01/31/30(1),• 		19,818 19,867,222
    22,097,715
Insurance — 3.1%
AmWINS Group, Inc. (1 M SOFR + 2.250%)
6.577%, 01/30/32• 		33,799 33,804,875
Broadstreet Partners, Inc. (1 M SOFR + 3.000%)
7.327%, 06/13/31• 		32,398 32,429,625
HUB International Ltd. (3 M SOFR + 2.497%)
6.769%, 06/20/30• 		66,896 67,080,954
USI, Inc.    
(3 M SOFR + 2.250%), 6.546%, 11/22/29• 13,182 13,155,221
(3 M SOFR + 2.250%), 6.546%, 09/27/30• 13,324 13,278,715
    159,749,390
  Par
(000) 		Value†
 
Lodging — 0.5%
Four Seasons Hotels Ltd. (1 M SOFR + 1.750%)
6.077%, 11/30/29• 		$743 $746,424
Hilton Worldwide Finance LLC (1 M SOFR + 1.750%)
6.069%, 11/08/30• 		19,717 19,775,615
Wyndham Hotels & Resorts, Inc. (1 M SOFR + 1.750%)
6.077%, 05/24/30• 		2,891 2,900,824
    23,422,863
Real Estate Investment Trusts — 0.3%
SBA Senior Finance II LLC (1 M SOFR + 1.750%)
6.080%, 01/25/31• 		13,058 13,069,085
Retail — 0.1%
IRB Holding Corp. (1 M SOFR + 2.500%)
6.827%, 12/15/27• 		7,775 7,772,519
Semiconductors — 0.3%
Icon Parent, Inc.    
(3 M SOFR + 3.000%), 7.205%, 11/13/31• 11,906 11,915,125
(3 M SOFR + 5.000%), 9.205%, 11/12/32• 4,676 4,711,372
    16,626,497
Software — 2.8%
Applied Systems, Inc.    
(3 M SOFR + 2.500%), 6.796%, 02/24/31• 53,484 53,684,507
(3 M SOFR + 4.500%), 8.796%, 02/23/32• 7,839 8,021,376
Ascend Learning LLC
0.000%, 12/11/28× 		5,051 5,047,661
AthenaHealth Group, Inc. (1 M SOFR + 2.750%)
7.077%, 02/15/29• 		7,536 7,524,356
Azalea TopCo, Inc. (1 M SOFR + 3.250%)
7.577%, 04/30/31• 		9,926 9,938,400
Ccc Intelligent Solutions, Inc. (1 M SOFR + 2.000%)
6.327%, 01/23/32• 		4,495 4,494,480
Ellucian Holdings, Inc. (1 M SOFR + 3.000%)
7.327%, 10/09/29• 		8,496 8,511,679
Epicor Software Corp. (1 M SOFR + 2.750%)
7.077%, 05/30/31• 		13,003 13,029,373
Informatica LLC (1 M SOFR + 2.250%)
6.577%, 10/27/28• 		4,425 4,440,428
Quartz AcquireCo LLC (3 M SOFR + 2.250%)
6.546%, 06/28/30• 		3,192 3,200,603
 
18
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Flexibly Managed Fund
  Par
(000) 		Value†
LOAN AGREEMENTS‡ — (continued)
Software — (continued)
Storable, Inc. (1 M SOFR + 3.250%)
7.577%, 04/17/31• 		$8,545 $8,529,141
UKG, Inc. (1 M SOFR + 3.000%)
7.311%, 02/10/31• 		15,891 15,946,586
    142,368,590
TOTAL LOAN AGREEMENTS
(Cost $482,908,624) 		  484,950,635
U.S. TREASURY OBLIGATIONS — 14.3%
U.S. Treasury Notes    
4.000%, 02/28/30 220,089 222,195,320
4.000%, 03/31/30 128,668 129,839,079
3.875%, 04/30/30 169,392 170,027,220
4.000%, 05/31/30 186,069 187,842,470
3.875%, 06/30/30 20,960 21,036,963
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $724,246,153) 		730,941,052
  Number of
Shares 		 
SHORT-TERM INVESTMENTS — 8.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%) 13,503,619 13,503,619
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 4.410%) 412,019,713 412,019,712
TOTAL SHORT-TERM INVESTMENTS
(Cost $425,523,332) 		  425,523,331
TOTAL INVESTMENTS — 100.5%
(Cost $4,656,946,985) 		  $5,152,586,414
Other Assets & Liabilities — (0.5)% (25,224,300)
TOTAL NET ASSETS — 100.0%   $5,127,362,114
  Number of
Contracts 		 
WRITTEN OPTIONS — (0.2)%
Call Options    
TOTAL WRITTEN OPTIONS    
(See open written options schedule)
(Premiums $(8,420,787)) 13,318 $(11,477,194)
† See Security Valuation Note.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $281,866,545, which represents 5.5% of the Fund’s net assets.
* Non-income producing security.
†† At June 30, 2025, all or a portion of this security is pledged as collateral for OTC derivatives.
(1) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments.
# Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2025, the aggregate value of restricted securities was $26,017,930 which represented 0.5% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities.
Investment Date of
Acquisition 		Cost Value
Waymo LLC, Series A-2 05/08/20 $21,086,237 $26,017,930
‡ Loan Agreements in which the Fund invests generally pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the Prime Rate offered by one or more major U.S. banks, (ii) the lending rate offered by one or more European banks such as the Secured Overnight Financing Rate (“SOFR”) or (iii) the Certificate of Deposit rate. Rate shown represents the actual rate at June 30, 2025. Loan Agreements, while exempt from registration under the Security Act of 1933, as amended (the “1933 Act”), contain certain restrictions on resale and cannot be sold publicly. Floating rate Loan Agreements often require repayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturity shown.
• Variable rate security. The rate disclosed is the rate in effect on the report date. The information in parenthesis represents the benchmark and reference rate for each relevant security and the rate floats based upon the reference rate and spread. The security may be further subject to interest rate floors and caps. For loan agreements, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.
× This loan will settle after June 30, 2025, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
A/S— Aktieselskab.
ADR— American Depositary Receipt.
CONV— Convertible Security.
LLC— Limited Liability Company.
LP— Limited Partnership.
M— Month.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.E.— Societas Europaea.
SOFR— Secured Overnight Financing Rate.
 
19
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Flexibly Managed Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Asset Backed Securities $4,739,141 $— $4,739,141 $—
Common Stocks 3,088,660,589 3,088,660,589 — —
Real Estate Investment Trusts 9,766,420 9,766,420 — —
Preferred Stocks        
Auto Manufacturers 26,017,930 — — 26,017,930
Electric 859,258 859,258 — —
Total Preferred Stocks 26,877,188 859,258 — 26,017,930
Corporate Bonds 381,128,058 — 381,128,058 —
Loan Agreements 484,950,635 — 465,083,413 19,867,222
U.S. Treasury Obligations 730,941,052 — 730,941,052 —
Short-Term Investments 425,523,331 425,523,331 — —
Total Investments $5,152,586,414 $3,524,809,598 $1,581,891,664 $45,885,152
LIABILITIES TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Other Financial Instruments(1)        
Written Options $(11,477,194) $(11,477,194) $— $—
Total Liabilities—Other Financial Instruments $(11,477,194) $(11,477,194) $— $—
(1) Other financial instruments are derivative instruments with the exception of an unfunded loan commitment not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument and written options which are reported at their fair value at period end.
^ A reconciliation of Level 3 instruments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to the net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
 
Open written options contracts held by the Fund at June 30, 2025 are as follows:
Open Written Options
Over-the-counter
Call Options                    
Description   # of
Contracts 		  Notional   Exercise
Price 		  Expiration
Date 		  Value
Abbott Laboratories,(1)   493   $6,409,000   $130   01/16/26   $(601,460)
Abbott Laboratories,(1)   244   3,538,000   145   01/16/26   (129,320)
AbbVie, Inc.,(1)   329   6,415,500   195   01/16/26   (315,840)
AbbVie, Inc.,(1)   299   6,279,000   210   01/16/26   (152,490)
Alliant Energy Corp.,(6)   259   1,748,250   68   07/18/25   (10,101)
American Electric Power Co., Inc.,(4)   219   2,409,000   110   01/16/26   (68,328)
American Electric Power Co., Inc.,(4)   163   1,874,500   115   01/16/26   (19,560)
American Tower Corp.,(4)   274   5,754,000   210   01/16/26   (580,332)
Aon PLC,(7)   72   2,808,000   390   12/19/25   (63,360)
Aon PLC,(7)   82   3,526,000   430   12/19/25   (2,788)
Becton Dickinson & Co.,(4)   114   2,907,000   255   09/19/25   (1,596)
Cardinal Health, Inc.,(2)   411   5,754,000   140   01/16/26   (1,286,430)
Cboe Global Markets, Inc.,(2)   81   1,863,000   230   01/16/26   (149,850)
Cencora, Inc.,(6)   165   4,290,000   260   01/16/26   (806,850)
Cencora, Inc.,(6)   127   3,429,000   270   01/16/26   (519,430)
CenterPoint Energy, Inc.,(1)   1,304   4,564,000   35   12/19/25   (384,680)
CME Group, Inc.,(2)   110   2,750,000   250   01/16/26   (374,000)
CME Group, Inc.,(2)   153   4,131,000   270   01/16/26   (313,650)
Danaher Corp.,(6)   288   9,504,000   330   01/16/26   (24,480)
DTE Energy Co.,(7)   427   5,764,500   135   07/18/25   (38,430)
20
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Flexibly Managed Fund
Call Options                    
Description   # of
Contracts 		  Notional   Exercise
Price 		  Expiration
Date 		  Value
Duke Energy Corp.,(6)   219   $2,628,000   $120   01/16/26   $(122,640)
Exelon Corp.,(6)   822   3,699,000   45   01/16/26   (147,960)
Exelon Corp.,(6)   272   1,278,400   47   01/16/26   (28,560)
GE HealthCare Technologies, Inc.,(7)   299   2,915,250   98   01/16/26   (25,415)
GE HealthCare Technologies, Inc.,(7)   274   2,740,000   100   01/16/26   (20,550)
Intercontinental Exchange, Inc.,(4)   165   2,722,500   165   01/16/26   (409,200)
Intercontinental Exchange, Inc.,(4)   135   2,497,500   185   01/16/26   (152,550)
Johnson & Johnson,(7)   334   5,678,000   170   01/16/26   (68,470)
Keurig Dr Pepper, Inc.,(6)   1,368   4,788,000   35   01/16/26   (177,840)
L3Harris Technologies, Inc.,(7)   83   1,909,000   230   12/19/25   (236,550)
Lockheed Martin Corp.,(1)   65   3,250,000   500   01/16/26   (124,150)
Lockheed Martin Corp.,(1)   99   5,148,000   520   01/16/26   (134,640)
Marsh & McLennan Cos., Inc.,(2)   160   4,000,000   250   12/19/25   (39,200)
Mastercard, Inc.,(2)   109   6,322,000   580   01/16/26   (361,880)
Mastercard, Inc.,(2)   54   3,348,000   620   01/16/26   (85,320)
McKesson Corp.,(4)   41   2,706,000   660   01/16/26   (432,550)
McKesson Corp.,(4)   40   2,720,000   680   01/16/26   (364,400)
Northrop Grumman Corp.,(3)   65   3,445,000   530   01/16/26   (154,700)
Northrop Grumman Corp.,(3)   110   6,160,000   560   01/16/26   (156,200)
PepsiCo, Inc.,(3)   273   4,368,000   160   01/16/26   (51,051)
PepsiCo, Inc.,(3)   329   5,428,500   165   01/16/26   (43,757)
RTX Corp.,(4)   403   5,642,000   140   01/16/26   (582,335)
SBA Communications Corp.,(5)   158   3,634,000   230   12/19/25   (270,180)
Starbucks Corp.,(7)   235   2,937,500   125   01/16/26   (24,675)
Visa, Inc.,(4)   164   5,904,000   360   01/16/26   (405,080)
Visa, Inc.,(4)   178   6,942,000   390   01/16/26   (209,150)
Waste Management, Inc.,(5)   274   6,302,000   230   01/16/26   (358,940)
Waste Management, Inc.,(5)   82   2,050,000   250   01/16/26   (44,116)
WEC Energy Group, Inc.,(5)   220   2,420,000   110   12/19/25   (54,780)
WEC Energy Group, Inc.,(5)   136   1,564,000   115   12/19/25   (18,360)
Willis Towers Watson PLC,(6)   98   3,528,000   360   07/18/25   (2,940)
Yum! Brands, Inc.,(7)   192   2,784,000   145   01/16/26   (216,960)
Yum! Brands, Inc.,(7)   248   3,968,000   160   01/16/26   (109,120)
Total Written Options                   $(11,477,194)
(1) Counterparty - Bank of America
(2) Counterparty - Barclays
(3) Counterparty - Citigroup
(4) Counterparty - Goldman Sachs
(5) Counterparty - JP Morgan
(6) Counterparty - UBS Securities
(7) Counterparty - Wells Fargo
The accompanying notes are an integral part of these financial statements.
21
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Balanced Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 60.3%
Penn Series Index 500 Fund*
(Cost $23,100,739) 		848,703 $47,807,421
AFFILIATED FIXED INCOME FUNDS — 39.3%
Penn Series Quality Bond Fund*
(Cost $29,911,622) 		1,837,290 31,123,702
SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $357,475) 		357,475 357,475
TOTAL INVESTMENTS — 100.0%
(Cost $53,369,836) 		  $79,288,598
Other Assets & Liabilities — (0.0)% (21,067)
TOTAL NET ASSETS — 100.0%   $79,267,531
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $47,807,421 $47,807,421 $— $—
Affiliated Fixed Income Funds 31,123,702 31,123,702 — —
Short-Term Investments 357,475 357,475 — —
Total Investments $79,288,598 $79,288,598 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
22
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Growth Stock Fund
  Number of
Shares 		Value†
COMMON STOCKS — 100.6%
Aerospace & Defense — 2.9%
General Electric Co. 20,234 $5,208,029
The Boeing Co.* 17,412 3,648,337
TransDigm Group, Inc. 1,270 1,931,213
    10,787,579
Auto Manufacturers — 2.7%
Ferrari N.V. 6,640 3,258,514
Tesla, Inc.* 21,278 6,759,169
    10,017,683
Biotechnology — 0.7%
Argenx S.E., ADR* 4,818 2,655,778
Chemicals — 0.7%
Linde PLC 5,811 2,726,405
Commercial Services — 0.6%
Adyen N.V.@,* 1,085 1,992,643
Computers — 8.5%
Apple, Inc. 144,837 29,716,207
Crowdstrike Holdings, Inc., Class A* 3,560 1,813,144
    31,529,351
Diversified Financial Services — 6.5%
Ares Management Corp., Class A 8,688 1,504,761
Mastercard, Inc., Class A 15,105 8,488,104
The Charles Schwab Corp. 33,511 3,057,544
Visa, Inc., Class A 30,823 10,943,706
    23,994,115
Electronics — 1.4%
Amphenol Corp., Class A 38,539 3,805,726
Keysight Technologies, Inc.* 7,764 1,272,209
    5,077,935
Healthcare Products — 3.5%
Danaher Corp. 9,785 1,932,929
Intuitive Surgical, Inc.* 11,360 6,173,138
Natera, Inc.* 11,254 1,901,251
Stryker Corp. 6,277 2,483,369
Thermo Fisher Scientific, Inc. 705 285,849
    12,776,536
Healthcare Services — 0.9%
The Cigna Group. 3,845 1,271,080
UnitedHealth Group, Inc. 6,615 2,063,682
    3,334,762
Internet — 25.1%
Alphabet, Inc., Class A 70,462 12,417,518
Alphabet, Inc., Class C 11,666 2,069,432
Amazon.com, Inc.* 127,093 27,882,933
Booking Holdings, Inc. 453 2,622,526
Coupang, Inc.* 89,687 2,687,023
DoorDash, Inc., Class A* 9,901 2,440,696
MercadoLibre, Inc.* 1,213 3,170,333
Meta Platforms, Inc., Class A 27,226 20,095,238
Netflix, Inc.* 9,111 12,200,813
Shopify, Inc., Class A* 31,002 3,576,081
  Number of
Shares 		Value†
 
Internet — (continued)
Spotify Technology S.A.* 4,441 $3,407,757
    92,570,350
Machinery — Diversified — 0.4%
Rockwell Automation, Inc. 4,820 1,601,059
Miscellaneous Manufacturing — 0.3%
Teledyne Technologies, Inc.* 1,718 880,149
Pharmaceuticals — 2.4%
Eli Lilly & Co. 11,466 8,938,091
Retail — 2.2%
Carvana Co.* 9,841 3,316,023
Chipotle Mexican Grill, Inc.* 51,238 2,877,014
Floor & Decor Holdings, Inc., Class A* 11,867 901,417
Wingstop, Inc. 3,412 1,148,957
    8,243,411
Semiconductors — 19.2%
ASML Holding N.V. 1,964 1,573,930
Broadcom, Inc. 63,885 17,609,900
NVIDIA Corp. 296,915 46,909,601
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 20,225 4,580,760
    70,674,191
Software — 22.6%
AppLovin Corp., Class A* 7,605 2,662,358
Duolingo, Inc.* 3,492 1,431,790
Fiserv, Inc.* 7,351 1,267,386
HubSpot, Inc.* 3,525 1,962,121
Intuit, Inc. 7,326 5,770,177
Magic Leap, Inc., Class A(1),*,# 1,353 0
Microsoft Corp. 98,969 49,228,170
Monday.com Ltd.* 870 273,598
Oracle Corp. 7,388 1,615,238
Roper Technologies, Inc. 4,520 2,562,117
Samsara, Inc., Class A* 32,202 1,280,996
ServiceNow, Inc.* 7,312 7,517,321
Snowflake, Inc., Class A* 18,106 4,051,580
Stripe, Inc., Class B(1),*,# 8,608 305,584
Synopsys, Inc.* 6,942 3,559,024
    83,487,460
TOTAL COMMON STOCKS
(Cost $192,159,253) 		371,287,498
PREFERRED STOCKS — 0.1%
Auto Manufacturers — 0.1%
Waymo LLC, Series A-2, CONV(1),*,# 3,737 395,935
Electronics — 0.0%
GM Cruise, Class F, CONV(1),*,# 27,200 27,200
TOTAL PREFERRED STOCKS
(Cost $817,286) 		  423,135
 
23
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Growth Stock Fund
  Number ofShares Value†
SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%) 1,081,036 $1,081,036
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 4.410%) 1,556,779 1,556,779
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,637,815) 		  2,637,815
TOTAL INVESTMENTS — 101.4%
(Cost $195,614,354) 		  $374,348,448
Other Assets & Liabilities — (1.4)% (5,071,731)
TOTAL NET ASSETS — 100.0%   $369,276,717
† See Security Valuation Note.
* Non-income producing security.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $1,992,643, which represents 0.5% of the Fund’s net assets.
(1) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments.
# Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At June 30, 2025, the aggregate value of restricted securities was $728,719 which represented 0.2% of the Fund's net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities.
Investment Date of
Acquisition 		Cost   Value
GM Cruise, Class F 05/07/19 $496,400   $27,200
Magic Leap, Inc., Class A 01/20/16 657,500   0
Stripe, Inc., Class B 12/17/19 135,060   305,584
Waymo LLC, Series A-2 05/08/20 320,886   395,935
Total   $1,609,846   $728,719
ADR— American Depositary Receipt.
CONV— Convertible Security.
LLC— Limited Liability Company.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
S.E.— Societas Europaea.
    
Country Weightings as of 6/30/2025††
United States 93%
Netherlands 2
Taiwan 1
Canada 1
Sweden 1
Italy 1
Uruguay 1
Total 100%
†† % of total investments as of June 30, 2025.
 
24
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Growth Stock Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Aerospace & Defense $10,787,579 $10,787,579 $— $—
Auto Manufacturers 10,017,683 6,759,169 3,258,514 —
Biotechnology 2,655,778 2,655,778 — —
Chemicals 2,726,405 2,726,405 — —
Commercial Services 1,992,643 — 1,992,643 —
Computers 31,529,351 31,529,351 — —
Diversified Financial Services 23,994,115 23,994,115 — —
Electronics 5,077,935 5,077,935 — —
Healthcare Products 12,776,536 12,776,536 — —
Healthcare Services 3,334,762 3,334,762 — —
Internet 92,570,350 92,570,350 — —
Machinery — Diversified 1,601,059 1,601,059 — —
Miscellaneous Manufacturing 880,149 880,149 — —
Pharmaceuticals 8,938,091 8,938,091 — —
Retail 8,243,411 8,243,411 — —
Semiconductors 70,674,191 70,674,191 — —
Software 83,487,460 83,181,876 — 305,584
Total Common Stocks 371,287,498 365,730,757 5,251,157 305,584
Preferred Stocks 423,135 — — 423,135
Short-Term Investments 2,637,815 2,637,815 — —
Total Investments $374,348,448 $368,368,572 $5,251,157 $728,719
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
25
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 97.8%
Apparel — 1.9%
LVMH Moet Hennessy Louis Vuitton S.E. 1,291 $675,683
NIKE, Inc., Class B 9,897 703,083
    1,378,766
Auto Parts & Equipment — 0.7%
Aptiv PLC* 6,895 470,377
Beverages — 1.5%
PepsiCo, Inc. 8,304 1,096,460
Chemicals — 1.1%
The Sherwin-Williams Co. 2,333 801,059
Commercial Services — 3.6%
Moody's Corp. 1,901 953,523
TransUnion 18,571 1,634,248
    2,587,771
Computers — 8.1%
Accenture PLC, Class A 6,921 2,068,618
Apple, Inc. 16,192 3,322,112
Gartner, Inc.* 990 400,178
    5,790,908
Cosmetics & Personal Care — 2.2%
L'Oreal S.A. 1,631 698,645
The Estee Lauder Cos., Inc., Class A 11,074 894,779
    1,593,424
Distribution & Wholesale — 0.9%
Pool Corp. 2,069 603,072
Diversified Financial Services — 8.4%
Brookfield Asset Management Ltd., Class A 13,273 734,632
CME Group, Inc. 2,058 567,226
Mastercard, Inc., Class A 1,752 984,519
The Charles Schwab Corp. 9,621 877,820
Visa, Inc., Class A 7,954 2,824,068
    5,988,265
Electric — 2.0%
CMS Energy Corp. 20,707 1,434,581
Electrical Components & Equipment — 3.2%
Eaton Corp. PLC 4,534 1,618,593
Schneider Electric S.E. 2,445 656,445
    2,275,038
Electronics — 6.9%
Amphenol Corp., Class A 16,123 1,592,146
Hubbell, Inc. 3,853 1,573,604
Mettler-Toledo International, Inc.* 632 742,423
TE Connectivity PLC 5,817 981,153
    4,889,326
Food — 1.2%
McCormick & Co., Inc. 11,377 862,604
  Number of
Shares 		Value†
 
Healthcare Products — 7.4%
Agilent Technologies, Inc. 11,158 $1,316,756
Boston Scientific Corp.* 6,722 722,010
Danaher Corp. 5,036 994,811
STERIS PLC 6,520 1,566,234
Stryker Corp. 796 314,922
Thermo Fisher Scientific, Inc. 911 369,374
    5,284,107
Healthcare Services — 0.7%
ICON PLC* 3,239 471,113
Household Products & Wares — 2.2%
Church & Dwight Co., Inc. 15,879 1,526,131
Insurance — 3.4%
Aon PLC, Class A 4,494 1,603,279
Marsh & McLennan Cos., Inc. 3,714 812,029
    2,415,308
Internet — 4.0%
Alphabet, Inc., Class A 9,259 1,631,714
Tencent Holdings Ltd. 19,100 1,230,720
    2,862,434
Lodging — 1.3%
Hilton Worldwide Holdings, Inc. 3,362 895,435
Machinery — Diversified — 1.8%
Graco, Inc. 5,588 480,401
Otis Worldwide Corp. 8,010 793,150
    1,273,551
Media — 1.3%
The Walt Disney Co. 7,403 918,046
Pharmaceuticals — 1.5%
Becton Dickinson & Co. 6,269 1,079,835
Retail — 2.7%
Ross Stores, Inc. 6,632 846,111
Starbucks Corp. 3,415 312,916
The TJX Cos., Inc. 5,864 724,145
    1,883,172
Semiconductors — 9.7%
Analog Devices, Inc. 1,985 472,470
NVIDIA Corp. 28,722 4,537,789
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 6,273 1,420,772
Texas Instruments, Inc. 2,381 494,343
    6,925,374
Software — 19.3%
Fiserv, Inc.* 5,051 870,843
Microsoft Corp. 21,727 10,807,227
Salesforce, Inc. 6,029 1,644,048
Veeva Systems, Inc., Class A* 1,346 387,621
    13,709,739
 
26
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Transportation — 0.8%
Canadian Pacific Kansas City Ltd. 7,520 $596,110
TOTAL COMMON STOCKS
(Cost $49,182,431) 		69,612,006
REAL ESTATE INVESTMENT TRUSTS — 2.0%
Diversified — 2.0%
American Tower Corp.
(Cost $1,339,312) 		6,435 1,422,264
     
SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $337,450) 		337,450 337,450
TOTAL INVESTMENTS — 100.3%
(Cost $50,859,193) 		  $71,371,720
Other Assets & Liabilities — (0.3)% (192,747)
TOTAL NET ASSETS — 100.0%   $71,178,973
† See Security Valuation Note.
* Non-income producing security.
ADR— American Depositary Receipt.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
S.E.— Societas Europaea.
Country Weightings as of 6/30/2025††
United States 82%
Ireland 8
France 3
United Kingdom 2
Taiwan 2
China 2
Canada 1
Total 100%
†† % of total investments as of June 30, 2025.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Apparel $1,378,766 $703,083 $675,683 $—
Auto Parts & Equipment 470,377 470,377 — —
Beverages 1,096,460 1,096,460 — —
Chemicals 801,059 801,059 — —
Commercial Services 2,587,771 2,587,771 — —
Computers 5,790,908 5,790,908 — —
Cosmetics & Personal Care 1,593,424 894,779 698,645 —
Distribution & Wholesale 603,072 603,072 — —
Diversified Financial Services 5,988,265 5,988,265 — —
Electric 1,434,581 1,434,581 — —
Electrical Components & Equipment 2,275,038 1,618,593 656,445 —
Electronics 4,889,326 4,889,326 — —
Food 862,604 862,604 — —
Healthcare Products 5,284,107 5,284,107 — —
Healthcare Services 471,113 471,113 — —
Household Products & Wares 1,526,131 1,526,131 — —
Insurance 2,415,308 2,415,308 — —
Internet 2,862,434 1,631,714 1,230,720 —
Lodging 895,435 895,435 — —
Machinery — Diversified 1,273,551 1,273,551 — —
Media 918,046 918,046 — —
Pharmaceuticals 1,079,835 1,079,835 — —
Retail 1,883,172 1,883,172 — —
Semiconductors 6,925,374 6,925,374 — —
Software 13,709,739 13,709,739 — —
Transportation 596,110 596,110 — —
Total Common Stocks 69,612,006 66,350,513 3,261,493 —
Real Estate Investment Trusts 1,422,264 1,422,264 — —
Short-Term Investments 337,450 337,450 — —
Total Investments $71,371,720 $68,110,227 $3,261,493 $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
27
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Core Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.1%
Auto Manufacturers — 1.6%
Ferrari N.V. 4,295 $2,107,728
Beverages — 2.0%
The Coca-Cola Co. 39,233 2,775,735
Commercial Services — 4.6%
Equifax, Inc. 9,512 2,467,127
S&P Global, Inc. 5,131 2,705,525
Verisk Analytics, Inc. 3,334 1,038,541
    6,211,193
Computers — 6.0%
Apple, Inc. 39,611 8,126,989
Diversified Financial Services — 11.5%
Intercontinental Exchange, Inc. 27,378 5,023,042
Mastercard, Inc., Class A 7,421 4,170,157
Visa, Inc., Class A 18,286 6,492,444
    15,685,643
Environmental Control — 2.6%
Waste Connections, Inc. 18,848 3,519,298
Healthcare Products — 6.1%
Danaher Corp. 16,358 3,231,359
IDEXX Laboratories, Inc.* 2,143 1,149,377
Intuitive Surgical, Inc.* 4,673 2,539,355
The Cooper Cos., Inc.* 18,760 1,334,961
    8,255,052
Healthcare Services — 2.1%
UnitedHealth Group, Inc. 9,106 2,840,799
Internet — 15.2%
Alphabet, Inc., Class A 45,577 8,032,035
Alphabet, Inc., Class C 1,902 337,396
Amazon.com, Inc.* 31,861 6,989,985
Booking Holdings, Inc. 431 2,495,162
CDW Corp. 7,161 1,278,883
VeriSign, Inc. 5,495 1,586,956
    20,720,417
Real Estate — 1.7%
CoStar Group, Inc.* 28,530 2,293,812
Retail — 0.6%
The Home Depot, Inc. 2,209 809,908
Semiconductors — 14.9%
Broadcom, Inc. 4,471 1,232,431
NVIDIA Corp. 104,470 16,505,215
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 11,222 2,541,671
    20,279,317
Software — 27.2%
Autodesk, Inc.* 7,226 2,236,953
Broadridge Financial Solutions, Inc. 8,454 2,054,576
Intuit, Inc. 5,012 3,947,601
Microsoft Corp. 36,257 18,034,594
  Number of
Shares 		Value†
 
Software — (continued)
MSCI, Inc. 5,473 $3,156,498
Salesforce, Inc. 13,485 3,677,225
Synopsys, Inc.* 3,095 1,586,745
Veeva Systems, Inc., Class A* 7,792 2,243,940
    36,938,132
Telecommunications — 0.9%
Motorola Solutions, Inc. 3,054 1,284,085
Transportation — 1.1%
Old Dominion Freight Line, Inc. 9,319 1,512,474
TOTAL COMMON STOCKS
(Cost $90,646,078) 		133,360,582
REAL ESTATE INVESTMENT TRUSTS — 2.2%
Diversified — 2.2%
Equinix, Inc.
(Cost $3,094,758) 		3,703 2,945,625
     
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $366,088) 		366,088 366,088
TOTAL INVESTMENTS — 100.6%
(Cost $94,106,924) 		  $136,672,295
Other Assets & Liabilities — (0.6)% (779,522)
TOTAL NET ASSETS — 100.0%   $135,892,773
† See Security Valuation Note.
* Non-income producing security.
ADR— American Depositary Receipt.
N.V.— Naamloze Vennootschap.
Country Weightings as of 6/30/2025††
United States 94%
Canada 3
Taiwan 2
Italy 1
Total 100%
†† % of total investments as of June 30, 2025.
 
28
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Core Growth Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Auto Manufacturers $2,107,728 $— $2,107,728 $—
Beverages 2,775,735 2,775,735 — —
Commercial Services 6,211,193 6,211,193 — —
Computers 8,126,989 8,126,989 — —
Diversified Financial Services 15,685,643 15,685,643 — —
Environmental Control 3,519,298 3,519,298 — —
Healthcare Products 8,255,052 8,255,052 — —
Healthcare Services 2,840,799 2,840,799 — —
Internet 20,720,417 20,720,417 — —
Real Estate 2,293,812 2,293,812 — —
Retail 809,908 809,908 — —
Semiconductors 20,279,317 20,279,317 — —
Software 36,938,132 36,938,132 — —
Telecommunications 1,284,085 1,284,085 — —
Transportation 1,512,474 1,512,474 — —
Total Common Stocks 133,360,582 131,252,854 2,107,728 —
Real Estate Investment Trusts 2,945,625 2,945,625 — —
Short-Term Investments 366,088 366,088 — —
Total Investments $136,672,295 $134,564,567 $2,107,728 $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
29
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 95.6%
Aerospace & Defense — 3.5%
Curtiss-Wright Corp. 1,677 $819,298
RTX Corp. 33,725 4,924,525
    5,743,823
Agriculture — 3.7%
Philip Morris International, Inc. 32,962 6,003,369
Apparel — 0.8%
NIKE, Inc., Class B 18,161 1,290,157
Auto Manufacturers — 0.9%
PACCAR, Inc. 14,636 1,391,298
Auto Parts & Equipment — 1.1%
Allison Transmission Holdings, Inc. 10,387 986,661
BorgWarner, Inc. 23,193 776,502
    1,763,163
Banks — 8.0%
Citigroup, Inc. 36,590 3,114,541
JPMorgan Chase & Co. 23,423 6,790,562
Wells Fargo & Co. 37,946 3,040,233
    12,945,336
Biotechnology — 4.4%
Gilead Sciences, Inc. 26,964 2,989,499
Regeneron Pharmaceuticals, Inc. 5,822 3,056,550
United Therapeutics Corp.* 3,892 1,118,366
    7,164,415
Chemicals — 1.8%
CF Industries Holdings, Inc. 15,547 1,430,324
PPG Industries, Inc. 13,224 1,504,230
    2,934,554
Commercial Services — 2.8%
FTI Consulting, Inc.* 4,066 656,659
S&P Global, Inc. 7,218 3,805,979
    4,462,638
Computers — 2.1%
Accenture PLC, Class A 11,620 3,473,102
Diversified Financial Services — 1.3%
Mastercard, Inc., Class A 3,860 2,169,088
Electrical Components & Equipment — 1.7%
Generac Holdings, Inc.* 19,007 2,721,992
Electronics — 1.3%
Allegion PLC 7,693 1,108,715
nVent Electric PLC 12,610 923,683
    2,032,398
Environmental Control — 1.6%
Veralto Corp. 25,253 2,549,290
Food — 0.7%
Mondelez International, Inc., Class A 17,280 1,165,363
  Number of
Shares 		Value†
 
Healthcare Products — 2.2%
Agilent Technologies, Inc. 13,580 $1,602,576
GE HealthCare Technologies, Inc. 17,440 1,291,781
ResMed, Inc. 2,460 634,680
    3,529,037
Healthcare Services — 5.0%
Elevance Health, Inc. 9,079 3,531,368
HCA Healthcare, Inc. 5,028 1,926,227
Quest Diagnostics, Inc. 15,182 2,727,142
    8,184,737
Insurance — 7.9%
Axis Capital Holdings Ltd. 31,663 3,287,253
Berkshire Hathaway, Inc., Class B* 12,981 6,305,780
MetLife, Inc. 29,563 2,377,456
MGIC Investment Corp. 28,672 798,229
    12,768,718
Internet — 0.9%
Uber Technologies, Inc.* 16,510 1,540,383
Investment Companies — 0.6%
Blackstone Secured Lending Fund 32,544 1,000,728
Iron & Steel — 0.9%
Steel Dynamics, Inc. 11,205 1,434,352
Machinery — Diversified — 2.7%
Cactus, Inc., Class A 12,280 536,882
Otis Worldwide Corp. 15,210 1,506,094
Westinghouse Air Brake Technologies Corp. 11,385 2,383,450
    4,426,426
Media — 3.0%
Comcast Corp., Class A 55,015 1,963,485
The Walt Disney Co. 23,440 2,906,795
    4,870,280
Miscellaneous Manufacturing — 0.5%
Carlisle Cos., Inc. 2,050 765,470
Office & Business Equipment — 0.5%
Zebra Technologies Corp., Class A* 2,674 824,555
Oil & Gas — 5.5%
Chevron Corp. 13,160 1,884,380
ConocoPhillips 19,228 1,725,521
EOG Resources, Inc. 34,081 4,076,428
Phillips 66 9,792 1,168,186
    8,854,515
Pharmaceuticals — 6.4%
Cencora, Inc. 9,219 2,764,317
Johnson & Johnson 38,161 5,829,093
Roche Holding AG, ADR 43,960 1,791,810
    10,385,220
Real Estate — 0.2%
Jones Lang LaSalle, Inc.* 1,270 324,841
 
30
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Retail — 10.4%
Casey's General Stores, Inc. 3,791 $1,934,433
Dick's Sporting Goods, Inc. 11,009 2,177,690
Lowe's Cos., Inc. 6,100 1,353,407
Lululemon Athletica, Inc.* 2,176 516,974
MSC Industrial Direct Co., Inc., Class A 12,992 1,104,580
Ross Stores, Inc. 12,622 1,610,315
Starbucks Corp. 10,608 972,011
Ulta Beauty, Inc.* 4,367 2,042,970
Walmart, Inc. 52,160 5,100,205
    16,812,585
Semiconductors — 4.5%
Lam Research Corp. 8,617 838,779
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 10,659 2,414,157
Texas Instruments, Inc. 19,561 4,061,255
    7,314,191
Software — 4.3%
Electronic Arts, Inc. 14,406 2,300,638
Fiserv, Inc.* 19,982 3,445,097
Nice Ltd., ADR* 7,660 1,293,850
    7,039,585
Telecommunications — 2.0%
AT&T, Inc. 74,450 2,154,583
Cisco Systems, Inc. 15,070 1,045,557
    3,200,140
Transportation — 2.4%
CSX Corp. 55,110 1,798,239
J.B. Hunt Transport Services, Inc. 11,181 1,605,592
Landstar System, Inc. 3,070 426,791
    3,830,622
TOTAL COMMON STOCKS
(Cost $130,454,337) 		154,916,371
REAL ESTATE INVESTMENT TRUSTS — 1.0%
Storage & Warehousing — 1.0%
Public Storage
(Cost $1,477,465) 		5,457 1,601,193
     
SHORT-TERM INVESTMENTS — 3.1%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $4,973,643) 		4,973,643 4,973,643
TOTAL INVESTMENTS — 99.7%
(Cost $136,905,445) 		  $161,491,207
Other Assets & Liabilities — 0.3% 512,457
TOTAL NET ASSETS — 100.0%   $162,003,664
† See Security Valuation Note.
* Non-income producing security.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
PLC— Public Limited Company.
Country Weightings as of 6/30/2025††
United States 91%
Ireland 3
Bermuda 2
Taiwan 1
Switzerland 1
Israel 1
United Kingdom 1
Total 100%
†† % of total investments as of June 30, 2025.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $154,916,371 $154,916,371 $— $—
Real Estate Investment Trusts 1,601,193 1,601,193 — —
Short-Term Investments 4,973,643 4,973,643 — —
Total Investments $161,491,207 $161,491,207 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
31
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Core Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 95.6%
Banks — 7.9%
Bank of America Corp. 92,480 $4,376,153
The Goldman Sachs Group, Inc. 2,310 1,634,902
Wells Fargo & Co. 48,383 3,876,446
    9,887,501
Biotechnology — 1.1%
Gilead Sciences, Inc. 12,101 1,341,638
Building Materials — 1.6%
Johnson Controls International PLC 19,258 2,034,030
Chemicals — 1.8%
Linde PLC 4,911 2,304,143
Commercial Services — 1.3%
Robert Half, Inc. 38,922 1,597,748
Distribution & Wholesale — 0.5%
Pool Corp. 1,923 560,516
Diversified Financial Services — 5.0%
Cboe Global Markets, Inc. 3,812 888,996
Interactive Brokers Group, Inc., Class A 22,838 1,265,454
The Charles Schwab Corp. 37,438 3,415,843
Tradeweb Markets, Inc., Class A 5,162 755,717
    6,326,010
Electric — 5.6%
CMS Energy Corp. 24,135 1,672,073
Exelon Corp. 19,804 859,890
NextEra Energy, Inc. 40,065 2,781,312
Sempra 23,043 1,745,968
    7,059,243
Electrical Components & Equipment — 1.9%
Emerson Electric Co. 18,190 2,425,273
Electronics — 1.3%
Mettler-Toledo International, Inc.* 1,378 1,618,764
Food — 3.3%
General Mills, Inc. 18,467 956,775
The Hershey Co. 7,965 1,321,792
US Foods Holding Corp.* 24,346 1,874,885
    4,153,452
Healthcare Products — 4.2%
Abbott Laboratories 21,872 2,974,811
Boston Scientific Corp.* 20,718 2,225,320
    5,200,131
Home Builders — 1.2%
Meritage Homes Corp. 22,613 1,514,393
Household Products & Wares — 1.3%
The Clorox Co. 13,282 1,594,770
Insurance — 9.4%
American International Group, Inc. 36,725 3,143,293
Prudential PLC, ADR 60,002 1,501,250
  Number of
Shares 		Value†
 
Insurance — (continued)
Reinsurance Group of America, Inc. 14,413 $2,858,963
Ryan Specialty Holdings, Inc. 31,704 2,155,555
The Travelers Cos., Inc. 7,856 2,101,794
    11,760,855
Internet — 6.1%
Alphabet, Inc., Class A 9,792 1,725,644
Amazon.com, Inc.* 18,320 4,019,225
Meta Platforms, Inc., Class A 2,636 1,945,605
    7,690,474
Iron & Steel — 1.1%
Steel Dynamics, Inc. 10,778 1,379,692
Machinery — Diversified — 2.1%
Ingersoll Rand, Inc. 10,119 841,698
The Toro Co. 12,231 864,487
Westinghouse Air Brake Technologies Corp. 4,348 910,254
    2,616,439
Media — 2.0%
The Walt Disney Co. 19,791 2,454,282
Mining — 1.2%
Alcoa Corp. 48,617 1,434,688
Miscellaneous Manufacturing — 2.4%
3M Co. 19,678 2,995,779
Oil & Gas — 4.4%
EQT Corp. 35,579 2,074,967
Exxon Mobil Corp. 24,677 2,660,180
Hess Corp. 5,979 828,331
    5,563,478
Oil & Gas Services — 0.8%
Baker Hughes Co. 26,687 1,023,180
Packaging and Containers — 1.8%
Ball Corp. 40,283 2,259,473
Pharmaceuticals — 5.4%
AbbVie, Inc. 8,052 1,494,612
Bristol-Myers Squibb Co. 21,894 1,013,474
McKesson Corp. 1,008 738,642
Neurocrine Biosciences, Inc.* 14,067 1,768,081
Zoetis, Inc. 10,987 1,713,423
    6,728,232
Pipelines — 1.4%
The Williams Cos., Inc. 28,114 1,765,840
Retail — 5.7%
BJ's Wholesale Club Holdings, Inc.* 14,471 1,560,408
Lithia Motors, Inc. 4,539 1,533,365
Lowe's Cos., Inc. 8,059 1,788,050
McDonald's Corp. 7,958 2,325,089
    7,206,912
 
32
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Large Core Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Semiconductors — 3.9%
Intel Corp. 69,012 $1,545,869
Micron Technology, Inc. 17,506 2,157,615
ON Semiconductor Corp.* 23,647 1,239,339
    4,942,823
Shipbuilding — 1.3%
Huntington Ingalls Industries, Inc. 6,791 1,639,755
Software — 2.3%
Nice Ltd., ADR* 6,374 1,076,632
Salesforce, Inc. 6,749 1,840,385
    2,917,017
Telecommunications — 2.1%
Cisco Systems, Inc. 38,682 2,683,757
Toys, Games & Hobbies — 0.9%
Hasbro, Inc. 15,366 1,134,318
Transportation — 3.3%
CSX Corp. 80,806 2,636,700
United Parcel Service, Inc., Class B 15,207 1,534,994
    4,171,694
TOTAL COMMON STOCKS
(Cost $106,631,416) 		119,986,300
REAL ESTATE INVESTMENT TRUSTS — 2.5%
Apartments — 0.7%
Mid-America Apartment Communities, Inc. 5,555 822,196
Industrial — 1.3%
First Industrial Realty Trust, Inc. 35,002 1,684,646
Storage & Warehousing — 0.5%
CubeSmart 16,060 682,550
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,192,896) 		  3,189,392
     
SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $1,618,692) 		1,618,692 1,618,692
TOTAL INVESTMENTS — 99.4%
(Cost $111,443,004) 		  $124,794,384
Other Assets & Liabilities — 0.6% 786,583
TOTAL NET ASSETS — 100.0%   $125,580,967
† See Security Valuation Note.
* Non-income producing security.
ADR— American Depositary Receipt.
PLC— Public Limited Company.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $119,986,300 $119,986,300 $— $—
Real Estate Investment Trusts 3,189,392 3,189,392 — —
Short-Term Investments 1,618,692 1,618,692 — —
Total Investments $124,794,384 $124,794,384 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
33
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.2%
Advertising — 0.0%
Omnicom Group, Inc. 3,279 $235,891
The Interpublic Group of Cos., Inc. 6,222 152,315
    388,206
Aerospace & Defense — 2.0%
General Dynamics Corp. 4,211 1,228,180
General Electric Co. 17,760 4,571,246
Howmet Aerospace, Inc. 6,754 1,257,122
L3Harris Technologies, Inc. 3,119 782,370
Lockheed Martin Corp. 3,480 1,611,727
Northrop Grumman Corp. 2,269 1,134,455
RTX Corp. 22,311 3,257,852
The Boeing Co.* 12,592 2,638,402
TransDigm Group, Inc. 937 1,424,840
    17,906,194
Agriculture — 0.8%
Altria Group, Inc. 28,152 1,650,552
Archer-Daniels-Midland Co. 8,013 422,926
Bunge Global S.A. 2,202 176,777
Philip Morris International, Inc. 25,995 4,734,469
    6,984,724
Airlines — 0.2%
Delta Air Lines, Inc. 10,905 536,308
Southwest Airlines Co. 9,800 317,912
United Airlines Holdings, Inc.* 5,560 442,743
    1,296,963
Apparel — 0.2%
Deckers Outdoor Corp.* 2,566 264,477
NIKE, Inc., Class B 19,601 1,392,455
Ralph Lauren Corp. 667 182,945
Tapestry, Inc. 3,459 303,735
    2,143,612
Auto Manufacturers — 2.0%
Cummins, Inc. 2,291 750,303
Ford Motor Co. 65,118 706,530
General Motors Co. 16,056 790,116
PACCAR, Inc. 8,687 825,786
Tesla, Inc.* 46,733 14,845,205
    17,917,940
Auto Parts & Equipment — 0.0%
Aptiv PLC* 3,506 239,179
Banks — 4.6%
Bank of America Corp. 109,434 5,178,417
Citigroup, Inc. 31,203 2,655,999
Citizens Financial Group, Inc. 7,175 321,081
Fifth Third Bancorp 11,044 454,240
Huntington Bancshares, Inc. 24,603 412,346
JPMorgan Chase & Co. 46,343 13,435,299
KeyCorp 16,995 296,053
M&T Bank Corp. 2,633 510,776
Morgan Stanley 20,573 2,897,913
Northern Trust Corp. 3,241 410,926
Regions Financial Corp. 15,399 362,184
  Number of
Shares 		Value†
 
Banks — (continued)
State Street Corp. 4,837 $514,367
The Bank of New York Mellon Corp. 11,982 1,091,680
The Goldman Sachs Group, Inc. 5,124 3,626,511
The PNC Financial Services Group, Inc. 6,569 1,224,593
Truist Financial Corp. 21,805 937,397
US Bancorp 25,880 1,171,070
Wells Fargo & Co. 54,347 4,354,282
    39,855,134
Beverages — 1.1%
Brown-Forman Corp., Class B 3,065 82,479
Constellation Brands, Inc., Class A 2,582 420,040
Keurig Dr Pepper, Inc. 22,606 747,354
Molson Coors Beverage Co., Class B 2,883 138,644
Monster Beverage Corp.* 11,670 731,009
PepsiCo, Inc. 22,807 3,011,436
The Coca-Cola Co. 64,691 4,576,888
    9,707,850
Biotechnology — 1.0%
Amgen, Inc. 8,980 2,507,306
Biogen, Inc.* 2,466 309,705
Corteva, Inc. 11,358 846,512
Gilead Sciences, Inc. 20,715 2,296,672
Incyte Corp.* 2,645 180,124
Moderna, Inc.* 5,763 159,001
Regeneron Pharmaceuticals, Inc. 1,734 910,350
Vertex Pharmaceuticals, Inc.* 4,288 1,909,018
    9,118,688
Building Materials — 0.7%
Builders FirstSource, Inc.* 1,770 206,541
Carrier Global Corp. 13,315 974,525
Johnson Controls International PLC 10,952 1,156,750
Lennox International, Inc. 533 305,537
Martin Marietta Materials, Inc. 1,007 552,803
Masco Corp. 3,602 231,825
Mohawk Industries, Inc.* 878 92,050
Trane Technologies PLC 3,701 1,618,854
Vulcan Materials Co. 2,194 572,239
    5,711,124
Chemicals — 1.1%
Air Products and Chemicals, Inc. 3,713 1,047,289
Albemarle Corp. 1,997 125,152
CF Industries Holdings, Inc. 2,706 248,952
Dow, Inc. 11,816 312,888
DuPont de Nemours, Inc. 7,043 483,079
Eastman Chemical Co. 1,915 142,974
Ecolab, Inc. 4,208 1,133,803
International Flavors & Fragrances, Inc. 4,325 318,104
Linde PLC 7,861 3,688,224
LyondellBasell Industries N.V., Class A 4,388 253,890
PPG Industries, Inc. 3,791 431,226
The Mosaic Co. 5,250 191,520
 
34
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
The Sherwin-Williams Co. 3,872 $1,329,490
    9,706,591
Commercial Services — 1.5%
Automatic Data Processing, Inc. 6,762 2,085,401
Cintas Corp. 5,730 1,277,045
Corpay, Inc.* 1,165 386,570
Equifax, Inc. 2,078 538,971
Global Payments, Inc. 4,140 331,366
MarketAxess Holdings, Inc. 642 143,384
Moody's Corp. 2,582 1,295,105
PayPal Holdings, Inc.* 16,242 1,207,106
Quanta Services, Inc. 2,472 934,614
Rollins, Inc. 4,603 259,701
S&P Global, Inc. 5,237 2,761,418
United Rentals, Inc. 1,081 814,425
Verisk Analytics, Inc. 2,306 718,319
    12,753,425
Computers — 7.6%
Accenture PLC, Class A 10,455 3,124,895
Apple, Inc. 249,183 51,124,876
Cognizant Technology Solutions Corp., Class A 8,273 645,542
Crowdstrike Holdings, Inc., Class A* 4,160 2,118,730
Dell Technologies, Inc., Class C 5,003 613,368
EPAM Systems, Inc.* 955 168,863
Fortinet, Inc.* 10,552 1,115,558
Gartner, Inc.* 1,278 516,593
Hewlett Packard Enterprise Co. 21,868 447,201
HP, Inc. 15,780 385,979
International Business Machines Corp. 15,521 4,575,280
Leidos Holdings, Inc. 2,172 342,655
NetApp, Inc. 3,366 358,647
Seagate Technology Holdings PLC 3,558 513,526
Super Micro Computer, Inc.* 8,435 413,399
Western Digital Corp. 5,716 365,767
    66,830,879
Cosmetics & Personal Care — 1.0%
Colgate-Palmolive Co. 13,556 1,232,240
Kenvue, Inc. 31,957 668,860
The Estee Lauder Cos., Inc., Class A 3,981 321,665
The Procter & Gamble Co. 39,155 6,238,175
    8,460,940
Distribution & Wholesale — 0.3%
Copart, Inc.* 14,729 722,752
Fastenal Co. 19,119 802,998
LKQ Corp. 4,294 158,921
Pool Corp. 639 186,256
W.W. Grainger, Inc. 730 759,375
    2,630,302
Diversified Financial Services — 4.2%
American Express Co. 9,228 2,943,547
Ameriprise Financial, Inc. 1,594 850,765
Apollo Global Management, Inc. 7,540 1,069,700
  Number of
Shares 		Value†
 
Diversified Financial Services — (continued)
Blackrock, Inc. 2,420 $2,539,185
Capital One Financial Corp. 10,639 2,263,554
Cboe Global Markets, Inc. 1,770 412,782
CME Group, Inc. 5,985 1,649,586
Coinbase Global, Inc., Class A* 3,500 1,226,715
Franklin Resources, Inc. 5,022 119,775
Intercontinental Exchange, Inc. 9,544 1,751,038
Invesco Ltd. 7,869 124,094
Mastercard, Inc., Class A 13,519 7,596,867
Nasdaq, Inc. 6,913 618,160
Raymond James Financial, Inc. 2,973 455,969
Synchrony Financial 6,434 429,405
T. Rowe Price Group, Inc. 3,727 359,655
The Charles Schwab Corp. 28,524 2,602,530
Visa, Inc., Class A 28,574 10,145,199
    37,158,526
Electric — 2.3%
Alliant Energy Corp. 4,298 259,900
Ameren Corp. 4,529 434,965
American Electric Power Co., Inc. 8,838 917,031
CenterPoint Energy, Inc. 10,890 400,099
CMS Energy Corp. 4,999 346,331
Consolidated Edison, Inc. 6,017 603,806
Constellation Energy Corp. 5,195 1,676,738
Dominion Energy, Inc. 14,099 796,876
DTE Energy Co. 3,420 453,013
Duke Energy Corp. 12,951 1,528,218
Edison International 6,573 339,167
Entergy Corp. 7,454 619,576
Evergy, Inc. 3,855 265,725
Eversource Energy 6,073 386,364
Exelon Corp. 16,642 722,596
FirstEnergy Corp. 8,548 344,142
NextEra Energy, Inc. 34,380 2,386,660
NRG Energy, Inc. 3,265 524,294
PG&E Corp. 36,781 512,727
Pinnacle West Capital Corp. 1,930 172,677
PPL Corp. 12,170 412,441
Public Service Enterprise Group, Inc. 8,359 703,661
Sempra 10,892 825,287
The AES Corp. 11,741 123,515
The Southern Co. 18,317 1,682,050
Vistra Corp. 5,641 1,093,282
WEC Energy Group, Inc. 5,277 549,863
Xcel Energy, Inc. 9,500 646,950
    19,727,954
Electrical Components & Equipment — 0.5%
AMETEK, Inc. 3,854 697,420
Eaton Corp. PLC 6,504 2,321,863
Emerson Electric Co. 9,416 1,255,435
Generac Holdings, Inc.* 1,021 146,218
    4,420,936
Electronics — 1.0%
Allegion PLC 1,451 209,118
 
35
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Electronics — (continued)
Amphenol Corp., Class A 20,122 $1,987,048
Fortive Corp. 5,706 297,454
Garmin Ltd. 2,537 529,523
Honeywell International, Inc. 10,733 2,499,501
Hubbell, Inc. 910 371,653
Jabil, Inc. 1,824 397,814
Keysight Technologies, Inc.* 2,853 467,493
Mettler-Toledo International, Inc.* 346 406,453
Ralliant Corp.* 1 48
TE Connectivity PLC 4,942 833,567
Trimble, Inc.* 3,985 302,780
    8,302,452
Energy-Alternate Sources — 0.0%
Enphase Energy, Inc.* 2,283 90,521
First Solar, Inc.* 1,775 293,833
    384,354
Engineering & Construction — 0.0%
Jacobs Solutions, Inc. 2,036 267,632
Entertainment — 0.1%
Caesars Entertainment, Inc.* 3,498 99,308
Live Nation Entertainment, Inc.* 2,643 399,833
TKO Group Holdings, Inc. 1,103 200,691
    699,832
Environmental Control — 0.3%
Pentair PLC 2,785 285,908
Republic Services, Inc. 3,363 829,349
Veralto Corp. 4,075 411,371
Waste Management, Inc. 6,064 1,387,565
    2,914,193
Food — 0.7%
Conagra Brands, Inc. 7,930 162,327
General Mills, Inc. 9,254 479,450
Hormel Foods Corp. 4,837 146,319
Kellanova 4,490 357,090
Lamb Weston Holdings, Inc. 2,445 126,773
McCormick & Co., Inc. 4,247 322,008
Mondelez International, Inc., Class A 21,477 1,448,409
Sysco Corp. 8,142 616,675
The Campbell's Company 3,250 99,613
The Hershey Co. 2,472 410,228
The J.M. Smucker Co. 1,767 173,519
The Kraft Heinz Co. 14,598 376,920
The Kroger Co. 10,230 733,798
Tyson Foods, Inc., Class A 4,715 263,757
    5,716,886
Forest Products & Paper — 0.0%
International Paper Co. 8,737 409,154
Gas — 0.1%
Atmos Energy Corp. 2,656 409,316
NiSource, Inc. 7,851 316,710
    726,026
  Number of
Shares 		Value†
 
Hand & Machine Tools — 0.1%
Snap-on, Inc. 886 $275,705
Stanley Black & Decker, Inc. 2,641 178,928
    454,633
Healthcare Products — 2.9%
Abbott Laboratories 29,056 3,951,907
Agilent Technologies, Inc. 4,783 564,442
Align Technology, Inc.* 1,152 218,108
Baxter International, Inc. 8,365 253,292
Bio-Techne Corp. 2,630 135,313
Boston Scientific Corp.* 24,708 2,653,886
Danaher Corp. 10,637 2,101,233
Edwards Lifesciences Corp.* 9,895 773,888
GE HealthCare Technologies, Inc. 7,557 559,747
Hologic, Inc.* 3,689 240,375
IDEXX Laboratories, Inc.* 1,326 711,187
Insulet Corp.* 1,168 366,962
Intuitive Surgical, Inc.* 5,986 3,252,852
Medtronic PLC 21,410 1,866,310
ResMed, Inc. 2,441 629,778
Revvity, Inc. 2,019 195,278
Solventum Corp.* 2,284 173,219
STERIS PLC 1,660 398,765
Stryker Corp. 5,744 2,272,499
The Cooper Cos., Inc.* 3,288 233,974
Thermo Fisher Scientific, Inc. 6,304 2,556,020
Waters Corp.* 987 344,502
West Pharmaceutical Services, Inc. 1,221 267,155
Zimmer Biomet Holdings, Inc. 3,373 307,651
    25,028,343
Healthcare Services — 1.3%
Centene Corp.* 8,325 451,881
Charles River Laboratories International, Inc.* 849 128,819
DaVita, Inc.* 742 105,698
Elevance Health, Inc. 3,773 1,467,546
HCA Healthcare, Inc. 2,893 1,108,308
Humana, Inc. 2,025 495,072
IQVIA Holdings, Inc.* 2,745 432,585
Labcorp Holdings, Inc. 1,373 360,426
Molina Healthcare, Inc.* 925 275,558
Quest Diagnostics, Inc. 1,882 338,064
The Cigna Group. 4,461 1,474,717
UnitedHealth Group, Inc. 15,150 4,726,345
Universal Health Services, Inc., Class B 976 176,802
    11,541,821
Home Builders — 0.2%
D.R. Horton, Inc. 4,689 604,506
Lennar Corp., Class A 3,931 434,808
NVR, Inc.* 50 369,283
PulteGroup, Inc. 3,414 360,040
    1,768,637
Household Products & Wares — 0.2%
Avery Dennison Corp. 1,321 231,796
Church & Dwight Co., Inc. 4,079 392,032
 
36
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Household Products & Wares — (continued)
Kimberly-Clark Corp. 5,491 $707,900
The Clorox Co. 2,086 250,466
    1,582,194
Insurance — 3.8%
Aflac, Inc. 8,126 856,968
American International Group, Inc. 9,625 823,804
Aon PLC, Class A 3,613 1,288,974
Arch Capital Group Ltd. 6,229 567,150
Arthur J. Gallagher & Co. 4,251 1,360,830
Assurant, Inc. 884 174,581
Berkshire Hathaway, Inc., Class B* 30,581 14,855,332
Brown & Brown, Inc. 3,973 440,487
Chubb Ltd. 6,191 1,793,657
Cincinnati Financial Corp. 2,646 394,042
Erie Indemnity Co., Class A 412 142,877
Everest Group Ltd. 707 240,274
Globe Life, Inc. 1,399 173,882
Loews Corp. 2,935 269,022
Marsh & McLennan Cos., Inc. 8,202 1,793,285
MetLife, Inc. 9,417 757,315
Principal Financial Group, Inc. 3,523 279,832
Prudential Financial, Inc. 5,894 633,251
The Allstate Corp. 4,392 884,154
The Hartford Insurance Group, Inc. 4,671 592,610
The Progressive Corp. 9,790 2,612,559
The Travelers Cos., Inc. 3,779 1,011,034
W.R. Berkley Corp. 5,079 373,154
Willis Towers Watson PLC 1,675 513,388
    32,832,462
Internet — 13.2%
Airbnb, Inc., Class A* 7,223 955,892
Alphabet, Inc., Class A 97,065 17,105,765
Alphabet, Inc., Class C 78,288 13,887,508
Amazon.com, Inc.* 157,622 34,580,691
Booking Holdings, Inc. 543 3,143,557
CDW Corp. 2,242 400,399
DoorDash, Inc., Class A* 5,726 1,411,516
eBay, Inc. 7,699 573,267
Expedia Group, Inc. 2,073 349,674
F5, Inc.* 977 287,551
Gen Digital, Inc. 9,125 268,275
GoDaddy, Inc., Class A* 2,365 425,842
Match Group, Inc. 4,171 128,842
Meta Platforms, Inc., Class A 36,217 26,731,405
Netflix, Inc.* 7,107 9,517,197
Palo Alto Networks, Inc.* 11,004 2,251,859
Uber Technologies, Inc.* 34,924 3,258,409
VeriSign, Inc. 1,357 391,902
    115,669,551
Iron & Steel — 0.1%
Nucor Corp. 3,891 504,040
Steel Dynamics, Inc. 2,306 295,191
    799,231
  Number of
Shares 		Value†
 
Leisure Time — 0.2%
Carnival Corp.* 17,355 $488,023
Norwegian Cruise Line Holdings Ltd.* 7,409 150,254
Royal Caribbean Cruises Ltd. 4,172 1,306,420
    1,944,697
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. 3,932 1,047,249
Las Vegas Sands Corp. 5,618 244,439
Marriott International, Inc., Class A 3,794 1,036,559
MGM Resorts International* 3,709 127,552
Wynn Resorts Ltd. 1,551 145,282
    2,601,081
Machinery — Construction & Mining — 0.6%
Caterpillar, Inc. 7,855 3,049,389
GE Vernova, Inc. 4,558 2,411,866
    5,461,255
Machinery — Diversified — 0.7%
Deere & Co. 4,210 2,140,743
Dover Corp. 2,309 423,078
IDEX Corp. 1,237 217,180
Ingersoll Rand, Inc. 6,692 556,641
Nordson Corp. 927 198,721
Otis Worldwide Corp. 6,650 658,483
Rockwell Automation, Inc. 1,879 624,148
Westinghouse Air Brake Technologies Corp. 2,864 599,578
Xylem, Inc. 4,012 518,992
    5,937,564
Media — 0.9%
Charter Communications, Inc., Class A* 1,608 657,367
Comcast Corp., Class A 62,197 2,219,811
FactSet Research Systems, Inc. 633 283,128
Fox Corp., Class A 3,705 207,628
Fox Corp., Class B 2,152 111,108
News Corp., Class A 6,413 190,594
News Corp., Class B 1,762 60,454
Paramount Global, Class B 9,710 125,259
The Walt Disney Co. 30,069 3,728,857
Warner Bros Discovery, Inc.* 37,506 429,819
    8,014,025
Mining — 0.2%
Freeport-McMoRan, Inc. 23,828 1,032,944
Newmont Corp. 18,588 1,082,937
    2,115,881
Miscellaneous Manufacturing — 0.7%
3M Co. 8,922 1,358,285
A.O. Smith Corp. 1,998 131,009
Axon Enterprise, Inc.* 1,235 1,022,506
Illinois Tool Works, Inc. 4,430 1,095,317
Parker-Hannifin Corp. 2,134 1,490,535
Teledyne Technologies, Inc.* 767 392,942
 
37
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — (continued)
Textron, Inc. 3,028 $243,118
    5,733,712
Office & Business Equipment — 0.0%
Zebra Technologies Corp., Class A* 847 261,181
Oil & Gas — 2.4%
APA Corp. 5,960 109,008
Chevron Corp. 27,124 3,883,886
ConocoPhillips 21,083 1,891,988
Coterra Energy, Inc. 12,747 323,519
Devon Energy Corp. 10,971 348,988
Diamondback Energy, Inc. 3,085 423,879
EOG Resources, Inc. 9,115 1,090,245
EQT Corp. 9,989 582,559
Expand Energy Corp. 3,533 413,149
Exxon Mobil Corp. 71,979 7,759,336
Hess Corp. 4,594 636,453
Marathon Petroleum Corp. 5,131 852,310
Occidental Petroleum Corp. 11,834 497,146
Phillips 66 6,727 802,531
Texas Pacific Land Corp. 318 335,932
Valero Energy Corp. 5,240 704,361
    20,655,290
Oil & Gas Services — 0.2%
Baker Hughes Co. 16,603 636,559
Halliburton Co. 14,694 299,464
Schlumberger N.V. 22,715 767,767
    1,703,790
Packaging and Containers — 0.1%
Amcor PLC 38,482 353,650
Ball Corp. 4,633 259,865
Packaging Corp. of America 1,479 278,717
Smurfit WestRock PLC 8,378 361,511
    1,253,743
Pharmaceuticals — 4.2%
AbbVie, Inc. 29,500 5,475,790
Becton Dickinson & Co. 4,788 824,733
Bristol-Myers Squibb Co. 33,987 1,573,258
Cardinal Health, Inc. 4,039 678,552
Cencora, Inc. 2,860 857,571
CVS Health Corp. 21,062 1,452,857
Dexcom, Inc.* 6,499 567,298
Eli Lilly & Co. 13,137 10,240,686
Henry Schein, Inc.* 2,134 155,889
Johnson & Johnson 40,183 6,137,953
McKesson Corp. 2,081 1,524,915
Merck & Co., Inc. 41,936 3,319,654
Pfizer, Inc. 94,949 2,301,564
Viatris, Inc. 20,378 181,975
Zoetis, Inc. 7,480 1,166,506
    36,459,201
Pipelines — 0.4%
Kinder Morgan, Inc. 32,039 941,947
ONEOK, Inc. 10,348 844,707
  Number of
Shares 		Value†
 
Pipelines — (continued)
Targa Resources Corp. 3,607 $627,906
The Williams Cos., Inc. 20,359 1,278,749
    3,693,309
Private Equity — 0.4%
Blackstone, Inc. 12,158 1,818,594
KKR & Co., Inc. 11,207 1,490,867
    3,309,461
Real Estate — 0.1%
CoStar Group, Inc.* 7,071 568,508
Real Estate — 0.1%
CBRE Group, Inc., Class A* 4,890 685,187
Retail — 4.5%
AutoZone, Inc.* 280 1,039,424
Best Buy Co., Inc. 3,284 220,455
CarMax, Inc.* 2,657 178,577
Chipotle Mexican Grill, Inc.* 22,634 1,270,899
Costco Wholesale Corp. 7,410 7,335,456
Darden Restaurants, Inc. 1,941 423,080
Dollar General Corp. 3,645 416,915
Dollar Tree, Inc.* 3,210 317,918
Domino's Pizza, Inc. 575 259,095
Genuine Parts Co. 2,315 280,833
Lowe's Cos., Inc. 9,383 2,081,806
Lululemon Athletica, Inc.* 1,862 442,374
McDonald's Corp. 11,920 3,482,666
O'Reilly Automotive, Inc.* 14,166 1,276,782
Ross Stores, Inc. 5,502 701,945
Starbucks Corp. 18,870 1,729,058
Target Corp. 7,667 756,350
The Home Depot, Inc. 16,599 6,085,857
The TJX Cos., Inc. 18,686 2,307,534
Tractor Supply Co. 8,855 467,278
Ulta Beauty, Inc.* 754 352,736
Walgreens Boots Alliance, Inc. 11,874 136,314
Walmart, Inc. 72,005 7,040,649
Williams-Sonoma, Inc. 2,065 337,359
Yum! Brands, Inc. 4,682 693,779
    39,635,139
Semiconductors — 12.7%
Advanced Micro Devices, Inc.* 27,078 3,842,368
Analog Devices, Inc. 8,284 1,971,758
Applied Materials, Inc. 13,509 2,473,092
Broadcom, Inc. 78,426 21,618,127
Intel Corp. 72,261 1,618,646
KLA Corp. 2,208 1,977,794
Lam Research Corp. 21,329 2,076,165
Microchip Technology, Inc. 8,892 625,730
Micron Technology, Inc. 18,664 2,300,338
Monolithic Power Systems, Inc. 803 587,298
NVIDIA Corp. 406,885 64,283,761
NXP Semiconductors N.V. 4,212 920,280
ON Semiconductor Corp.* 6,997 366,713
QUALCOMM, Inc. 18,253 2,906,973
 
38
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
Skyworks Solutions, Inc. 2,507 $186,822
Teradyne, Inc. 2,754 247,640
Texas Instruments, Inc. 15,138 3,142,951
    111,146,456
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. 640 154,534
Software — 11.5%
Adobe, Inc.* 7,118 2,753,812
Akamai Technologies, Inc.* 2,332 186,000
ANSYS, Inc.* 1,454 510,674
Autodesk, Inc.* 3,589 1,111,047
Broadridge Financial Solutions, Inc. 1,931 469,291
Cadence Design Systems, Inc.* 4,553 1,403,007
Dayforce, Inc.* 2,737 151,602
Electronic Arts, Inc. 3,811 608,617
Fair Isaac Corp.* 410 749,464
Fidelity National Information Services, Inc. 8,768 713,803
Fiserv, Inc.* 9,259 1,596,344
Intuit, Inc. 4,656 3,667,205
Jack Henry & Associates, Inc. 1,246 224,492
Microsoft Corp. 124,005 61,681,327
MSCI, Inc. 1,285 741,111
Oracle Corp. 27,163 5,938,647
Palantir Technologies, Inc., Class A* 35,524 4,842,632
Paychex, Inc. 5,344 777,338
Paycom Software, Inc. 777 179,798
PTC, Inc.* 2,001 344,852
Roper Technologies, Inc. 1,778 1,007,841
Salesforce, Inc. 16,024 4,369,585
ServiceNow, Inc.* 3,457 3,554,073
Synopsys, Inc.* 2,565 1,315,024
Take-Two Interactive Software, Inc.* 2,777 674,394
Tyler Technologies, Inc.* 705 417,952
Workday, Inc., Class A* 3,618 868,320
    100,858,252
Telecommunications — 1.9%
Arista Networks, Inc.* 17,156 1,755,230
AT&T, Inc. 120,170 3,477,720
Cisco Systems, Inc. 66,257 4,596,911
Corning, Inc. 12,818 674,099
Juniper Networks, Inc. 5,477 218,697
Motorola Solutions, Inc. 2,787 1,171,822
T-Mobile US, Inc. 7,967 1,898,217
Verizon Communications, Inc. 70,409 3,046,597
    16,839,293
Toys, Games & Hobbies — 0.0%
Hasbro, Inc. 2,270 167,571
Transportation — 0.9%
C.H. Robinson Worldwide, Inc. 1,971 189,118
CSX Corp. 31,373 1,023,701
Expeditors International of Washington, Inc. 2,357 269,287
  Number of
Shares 		Value†
 
Transportation — (continued)
FedEx Corp. 3,671 $834,455
J.B. Hunt Transport Services, Inc. 1,331 191,132
Norfolk Southern Corp. 3,754 960,911
Old Dominion Freight Line, Inc. 3,102 503,455
Union Pacific Corp. 9,978 2,295,738
United Parcel Service, Inc., Class B 12,198 1,231,266
    7,499,063
Water — 0.1%
American Water Works Co., Inc. 3,264 454,055
TOTAL COMMON STOCKS
(Cost $371,111,758) 		859,208,816
REAL ESTATE INVESTMENT TRUSTS — 1.9%
Apartments — 0.2%
AvalonBay Communities, Inc. 2,360 480,260
Camden Property Trust 1,783 200,926
Equity Residential 5,727 386,515
Essex Property Trust, Inc. 1,085 307,489
Invitation Homes, Inc. 9,617 315,438
Mid-America Apartment Communities, Inc. 1,967 291,136
UDR, Inc. 5,040 205,783
    2,187,547
Diversified — 0.7%
American Tower Corp. 7,762 1,715,557
Crown Castle, Inc. 7,292 749,107
Digital Realty Trust, Inc. 5,279 920,288
Equinix, Inc. 1,627 1,294,230
SBA Communications Corp. 1,802 423,182
VICI Properties, Inc. 17,727 577,900
Weyerhaeuser Co. 12,301 316,013
    5,996,277
Healthcare — 0.3%
Alexandria Real Estate Equities, Inc. 2,558 185,788
Healthpeak Properties, Inc. 11,724 205,287
Ventas, Inc. 7,361 464,847
Welltower, Inc. 10,375 1,594,949
    2,450,871
Hotels & Resorts — 0.0%
Host Hotels & Resorts, Inc. 11,991 184,182
Industrial — 0.2%
Prologis, Inc. 15,395 1,618,322
Office Property — 0.0%
BXP, Inc. 2,451 165,369
Regional Malls — 0.1%
Simon Property Group, Inc. 5,107 821,001
Single Tenant — 0.1%
Realty Income Corp. 15,082 868,874
Storage & Warehousing — 0.2%
Extra Space Storage, Inc. 3,524 519,578
 
39
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Storage & Warehousing — (continued)
Iron Mountain, Inc. 4,880 $500,542
Public Storage 2,638 774,042
    1,794,162
Strip Centers — 0.1%
Federal Realty Investment Trust 1,251 118,832
Kimco Realty Corp. 11,176 234,920
Regency Centers Corp. 2,764 196,880
    550,632
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $12,761,787) 		  16,637,237
     
SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $2,105,907) 		2,105,907 2,105,907
TOTAL INVESTMENTS — 100.3%
(Cost $385,979,452) 		  $877,951,960
Other Assets & Liabilities — (0.3)% (2,505,643)
TOTAL NET ASSETS — 100.0%   $875,446,317
† See Security Valuation Note.
* Non-income producing security.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S&P— Standards & Poor's
S.A.— Societe Anonyme.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $859,208,816 $859,208,816 $— $—
Real Estate Investment Trusts 16,637,237 16,637,237 — —
Short-Term Investments 2,105,907 2,105,907 — —
Total Investments $877,951,960 $877,951,960 $— $—
Other Financial Instruments(1)        
Futures Contracts $68,966 $68,966 $— $—
Total Assets—Other Financial Instruments $68,966 $68,966 $— $—
(1) Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
 
40
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Index 500 Fund
Futures contracts held by the Fund at June 30, 2025 are as follows:
Futures Contracts:
Exchange Traded
Type   Futures Contract   Expiration
Date 		  Numbers
of
Contracts 		  Units per
Contract 		  Closing
Price 		  Notional
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Long   E-mini S&P 500 Index   09/19/25   8   50   $6,254   $2,501,500   $68,966   $—
                            $68,966   $—
The accompanying notes are an integral part of these financial statements.
41
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Mid Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.8%
Advertising — 1.5%
The Trade Desk, Inc., Class A* 26,598 $1,914,790
Aerospace & Defense — 5.0%
HEICO Corp., Class A 10,569 2,734,729
Howmet Aerospace, Inc. 15,918 2,962,817
Kratos Defense & Security Solutions, Inc.* 14,795 687,228
    6,384,774
Apparel — 3.1%
On Holding AG, Class A* 43,651 2,272,035
Tapestry, Inc. 18,750 1,646,437
    3,918,472
Biotechnology — 2.5%
Alnylam Pharmaceuticals, Inc.* 6,479 2,112,737
Ionis Pharmaceuticals, Inc.* 26,493 1,046,739
    3,159,476
Building Materials — 3.2%
Martin Marietta Materials, Inc. 4,059 2,228,229
SPX Technologies, Inc.* 1,207 202,390
Trex Co., Inc.* 31,688 1,723,193
    4,153,812
Commercial Services — 7.3%
Booz Allen Hamilton Holding Corp. 12,508 1,302,458
Corpay, Inc.* 7,427 2,464,427
Paylocity Holding Corp.* 8,923 1,616,758
Quanta Services, Inc. 1,035 391,313
Rollins, Inc. 37,921 2,139,503
Toast, Inc., Class A* 34,079 1,509,359
    9,423,818
Computers — 1.3%
CyberArk Software Ltd.* 4,074 1,657,629
Distribution & Wholesale — 5.5%
Copart, Inc.* 29,152 1,430,489
Fastenal Co. 77,464 3,253,488
Pool Corp. 7,917 2,307,647
    6,991,624
Diversified Financial Services — 3.6%
Blue Owl Capital, Inc. 101,676 1,953,196
LPL Financial Holdings, Inc. 7,014 2,630,040
    4,583,236
Electrical Components & Equipment — 3.2%
Generac Holdings, Inc.* 15,079 2,159,463
Novanta, Inc.* 15,002 1,934,208
    4,093,671
Electronics — 2.7%
Coherent Corp.* 22,992 2,051,116
Itron, Inc.* 11,172 1,470,571
    3,521,687
Engineering & Construction — 0.2%
EMCOR Group, Inc. 387 207,002
  Number of
Shares 		Value†
 
Hand & Machine Tools — 1.7%
Lincoln Electric Holdings, Inc. 10,501 $2,177,067
Healthcare Products — 10.9%
Align Technology, Inc.* 9,819 1,859,031
Bio-Techne Corp. 33,719 1,734,842
Edwards Lifesciences Corp.* 18,673 1,460,415
IDEXX Laboratories, Inc.* 8,427 4,519,737
Inspire Medical Systems, Inc.* 8,728 1,132,633
Insulet Corp.* 10,592 3,327,795
    14,034,453
Home Furnishings — 1.7%
SharkNinja, Inc.* 21,590 2,137,194
Insurance — 3.0%
Brown & Brown, Inc. 17,064 1,891,886
Kinsale Capital Group, Inc. 4,099 1,983,506
    3,875,392
Internet — 4.2%
CDW Corp. 8,626 1,540,517
Expedia Group, Inc. 11,436 1,929,025
Pinterest, Inc., Class A* 54,955 1,970,686
    5,440,228
Leisure Time — 3.1%
Royal Caribbean Cruises Ltd. 12,671 3,967,797
Machinery — Construction & Mining — 1.3%
BWX Technologies, Inc. 11,574 1,667,350
Real Estate — 3.4%
CoStar Group, Inc.* 54,117 4,351,007
Retail — 7.0%
Boot Barn Holdings, Inc.* 11,668 1,773,536
Casey's General Stores, Inc. 2,937 1,498,663
Dutch Bros, Inc., Class A* 18,022 1,232,164
Floor & Decor Holdings, Inc., Class A* 32,049 2,434,442
Tractor Supply Co. 38,905 2,053,017
    8,991,822
Semiconductors — 3.8%
Lattice Semiconductor Corp.* 14,217 696,491
MACOM Technology Solutions Holdings, Inc.* 11,225 1,608,430
Monolithic Power Systems, Inc. 3,561 2,604,444
    4,909,365
Software — 18.4%
Appfolio, Inc., Class A* 1,114 256,532
AppLovin Corp., Class A* 4,054 1,419,224
Bentley Systems, Inc., Class B 25,552 1,379,041
Clearwater Analytics Holdings, Inc., Class A* 49,501 1,085,557
Cloudflare, Inc., Class A* 16,943 3,317,948
Datadog, Inc., Class A* 22,821 3,065,545
HubSpot, Inc.* 4,144 2,306,675
Manhattan Associates, Inc.* 3,378 667,054
Monday.com Ltd.* 5,027 1,580,891
 
42
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Mid Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Software — (continued)
Snowflake, Inc., Class A* 11,519 $2,577,607
Tyler Technologies, Inc.* 3,305 1,959,336
Veeva Systems, Inc., Class A* 8,665 2,495,347
Waystar Holding Corp.* 36,751 1,502,013
    23,612,770
Transportation — 1.2%
Old Dominion Freight Line, Inc. 9,797 1,590,053
TOTAL COMMON STOCKS
(Cost $103,922,696) 		126,764,489
     
SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $1,756,311) 		1,756,311 1,756,311
TOTAL INVESTMENTS — 100.1%
(Cost $105,679,007) 		  $128,520,800
Other Assets & Liabilities — (0.1)% (192,280)
TOTAL NET ASSETS — 100.0%   $128,328,520
† See Security Valuation Note.
* Non-income producing security.
AG— Aktiengesellschaft.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $126,764,489 $126,764,489 $— $—
Short-Term Investments 1,756,311 1,756,311 — —
Total Investments $128,520,800 $128,520,800 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
43
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Mid Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 90.8%
Aerospace & Defense — 1.9%
L3Harris Technologies, Inc. 6,439 $1,615,159
Banks — 4.9%
Cullen/Frost Bankers, Inc. 6,924 890,011
The PNC Financial Services Group, Inc. 9,037 1,684,678
Wintrust Financial Corp. 12,827 1,590,291
    4,164,980
Beverages — 0.5%
Keurig Dr Pepper, Inc. 12,726 420,722
Biotechnology — 1.6%
Corteva, Inc. 18,037 1,344,298
Building Materials — 1.2%
Martin Marietta Materials, Inc. 1,862 1,022,163
Chemicals — 0.7%
Westlake Corp. 8,297 629,991
Commercial Services — 3.2%
MarketAxess Holdings, Inc. 4,581 1,023,121
TransUnion 19,521 1,717,848
    2,740,969
Distribution & Wholesale — 1.7%
LKQ Corp. 40,027 1,481,399
Diversified Financial Services — 4.3%
Ally Financial, Inc. 43,687 1,701,608
Jefferies Financial Group, Inc. 9,474 518,133
Lazard, Inc. 29,709 1,425,438
    3,645,179
Electric — 4.7%
Alliant Energy Corp. 33,423 2,021,089
Entergy Corp. 19,811 1,646,690
PPL Corp. 11,349 384,618
    4,052,397
Electrical Components & Equipment — 2.8%
AMETEK, Inc. 7,119 1,288,254
Littelfuse, Inc. 5,039 1,142,493
    2,430,747
Electronics — 3.3%
Arrow Electronics, Inc.* 4,744 604,528
Keysight Technologies, Inc.* 3,516 576,132
Vontier Corp. 44,433 1,639,577
    2,820,237
Engineering & Construction — 1.1%
TopBuild Corp.* 2,876 931,076
Environmental Control — 1.5%
Waste Connections, Inc. 6,804 1,270,443
Food — 1.8%
Lamb Weston Holdings, Inc. 22,506 1,166,936
The Hershey Co. 2,296 381,021
    1,547,957
  Number of
Shares 		Value†
 
Hand & Machine Tools — 1.6%
Lincoln Electric Holdings, Inc. 6,486 $1,344,677
Healthcare Products — 2.2%
Globus Medical, Inc., Class A* 16,719 986,755
Hologic, Inc.* 7,853 511,702
Zimmer Biomet Holdings, Inc. 3,811 347,601
    1,846,058
Healthcare Services — 2.8%
Humana, Inc. 1,265 309,267
ICON PLC* 6,182 899,172
Labcorp Holdings, Inc. 4,698 1,233,272
    2,441,711
Home Builders — 1.2%
Toll Brothers, Inc. 8,885 1,014,045
Insurance — 7.9%
Axis Capital Holdings Ltd. 16,549 1,718,117
Everest Group Ltd. 4,916 1,670,703
Selective Insurance Group, Inc. 16,727 1,449,395
The Hartford Insurance Group, Inc. 14,883 1,888,206
    6,726,421
Internet — 0.7%
CDW Corp. 3,403 607,742
Machinery — Construction & Mining — 2.2%
BWX Technologies, Inc. 12,928 1,862,408
Media — 1.4%
Fox Corp., Class B 23,572 1,217,022
Mining — 2.4%
Freeport-McMoRan, Inc. 47,523 2,060,122
Miscellaneous Manufacturing — 4.3%
3M Co. 8,823 1,343,214
Carlisle Cos., Inc. 4,148 1,548,863
Fabrinet* 2,787 821,273
    3,713,350
Oil & Gas — 5.0%
ConocoPhillips 15,105 1,355,523
Expand Energy Corp. 17,800 2,081,532
Valero Energy Corp. 6,012 808,133
    4,245,188
Oil & Gas Services — 0.6%
Baker Hughes Co. 12,931 495,775
Packaging and Containers — 2.9%
Ball Corp. 27,030 1,516,113
Graphic Packaging Holding Co. 46,858 987,298
    2,503,411
Pharmaceuticals — 0.9%
Cardinal Health, Inc. 4,611 774,648
Real Estate — 1.3%
CBRE Group, Inc., Class A* 8,217 1,151,366
 
44
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Mid Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Retail — 9.4%
AutoZone, Inc.* 322 $1,195,338
Bath & Body Works, Inc. 47,148 1,412,554
Boot Barn Holdings, Inc.* 3,152 479,104
Burlington Stores, Inc.* 2,693 626,500
Casey's General Stores, Inc. 4,553 2,323,259
MSC Industrial Direct Co., Inc., Class A 10,063 855,556
O'Reilly Automotive, Inc.* 9,750 878,767
Target Corp. 2,504 247,020
    8,018,098
Semiconductors — 1.1%
Teradyne, Inc. 10,085 906,843
Software — 3.1%
Electronic Arts, Inc. 5,099 814,310
Fidelity National Information Services, Inc. 12,529 1,019,986
Nice Ltd., ADR* 4,608 778,337
    2,612,633
Transportation — 4.6%
Canadian Pacific Kansas City Ltd. 14,069 1,115,250
Kirby Corp.* 14,398 1,632,877
Landstar System, Inc. 4,196 583,328
Saia, Inc.* 2,296 629,081
    3,960,536
TOTAL COMMON STOCKS
(Cost $61,883,168) 		77,619,771
REAL ESTATE INVESTMENT TRUSTS — 6.2%
Diversified — 1.8%
Lamar Advertising Co., Class A 12,763 1,548,918
Industrial — 1.2%
STAG lndustrial, Inc. 28,268 1,025,563
Manufactured Homes — 1.0%
Equity LifeStyle Properties, Inc. 13,937 859,495
Single Tenant — 2.2%
Agree Realty Corp. 24,993 1,825,988
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $4,364,840) 		  5,259,964
     
SHORT-TERM INVESTMENTS — 2.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $1,864,565) 		1,864,565 1,864,565
TOTAL INVESTMENTS — 99.2%
(Cost $68,112,573) 		  $84,744,300
Other Assets & Liabilities — 0.8% 701,839
TOTAL NET ASSETS — 100.0%   $85,446,139
† See Security Valuation Note.
* Non-income producing security.
ADR— American Depositary Receipt.
PLC— Public Limited Company.
Country Weightings as of 6/30/2025††
United States 90%
Bermuda 4
Canada 3
Ireland 1
Thailand 1
Israel 1
Total 100%
†† % of total investments as of June 30, 2025.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $77,619,771 $77,619,771 $— $—
Real Estate Investment Trusts 5,259,964 5,259,964 — —
Short-Term Investments 1,864,565 1,864,565 — —
Total Investments $84,744,300 $84,744,300 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
45
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Mid Core Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 86.2%
Advertising — 1.4%
Omnicom Group, Inc. 7,181 $516,601
The Interpublic Group of Cos., Inc. 21,757 532,611
    1,049,212
Aerospace & Defense — 2.0%
Hexcel Corp. 8,043 454,349
L3Harris Technologies, Inc. 4,122 1,033,963
    1,488,312
Airlines — 1.0%
Southwest Airlines Co. 21,841 708,522
Auto Manufacturers — 1.1%
Cummins, Inc. 2,435 797,462
Auto Parts & Equipment — 1.6%
BorgWarner, Inc. 13,593 455,094
Cie Generale des Etablissements Michelin SCA 10,666 396,713
Gentex Corp. 15,013 330,136
    1,181,943
Banks — 10.9%
Commerce Bancshares, Inc. 18,312 1,138,457
First Hawaiian, Inc. 7,479 186,676
Northern Trust Corp. 10,105 1,281,213
Prosperity Bancshares, Inc. 8,992 631,598
The Bank of New York Mellon Corp. 5,388 490,901
The PNC Financial Services Group, Inc. 5,363 999,771
Truist Financial Corp. 33,308 1,431,911
US Bancorp 31,777 1,437,909
Westamerica BanCorp 8,269 400,550
    7,998,986
Beverages — 1.6%
Heineken N.V. 5,835 509,062
Pernod Ricard S.A. 6,381 636,513
    1,145,575
Building Materials — 1.5%
Eagle Materials, Inc. 2,669 539,432
Mohawk Industries, Inc.* 5,185 543,595
    1,083,027
Chemicals — 1.2%
Akzo Nobel N.V. 5,383 377,691
PPG Industries, Inc. 4,449 506,074
    883,765
Commercial Services — 1.1%
ABM Industries, Inc. 10,029 473,469
Ashtead Group PLC 5,688 364,749
    838,218
Computers — 2.9%
Amdocs Ltd. 8,572 782,109
Cognizant Technology Solutions Corp., Class A 7,906 616,905
HP, Inc. 30,217 739,108
    2,138,122
  Number of
Shares 		Value†
 
Cosmetics & Personal Care — 2.7%
Kenvue, Inc. 58,518 $1,224,782
The Estee Lauder Cos., Inc., Class A 9,563 772,690
    1,997,472
Distribution & Wholesale — 1.4%
Bunzl PLC 32,382 1,031,901
Diversified Financial Services — 1.3%
Raymond James Financial, Inc. 2,551 391,247
T. Rowe Price Group, Inc. 6,044 583,246
    974,493
Electric — 6.0%
Duke Energy Corp. 1,556 183,608
Evergy, Inc. 14,910 1,027,746
Eversource Energy 15,979 1,016,584
Northwestern Energy Group, Inc. 18,787 963,773
PPL Corp. 5,441 184,396
Xcel Energy, Inc. 14,828 1,009,787
    4,385,894
Electrical Components & Equipment — 1.1%
Emerson Electric Co. 3,250 433,322
Legrand S.A. 2,699 361,743
    795,065
Electronics — 1.1%
Fortive Corp. 3,047 158,840
Ralliant Corp.* 1,016 49,250
TE Connectivity PLC 3,394 572,466
    780,556
Engineering & Construction — 0.5%
Vinci S.A. 2,429 358,206
Environmental Control — 0.2%
Republic Services, Inc. 439 108,262
Food — 2.9%
Conagra Brands, Inc. 33,543 686,625
General Mills, Inc. 10,464 542,140
Koninklijke Ahold Delhaize N.V. 13,057 545,344
Mondelez International, Inc., Class A 5,327 359,253
    2,133,362
Food Service — 0.5%
Sodexo S.A. 6,339 390,143
Gas — 1.9%
ONE Gas, Inc. 9,316 669,448
Spire, Inc. 10,323 753,476
    1,422,924
Healthcare Products — 6.3%
Envista Holdings Corp.* 25,406 496,433
GE HealthCare Technologies, Inc. 10,360 767,365
Hologic, Inc.* 9,091 592,370
Medtronic PLC 8,233 717,671
QIAGEN N.V. 2,737 131,540
 
46
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Mid Core Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Healthcare Products — (continued)
Zimmer Biomet Holdings, Inc. 21,251 $1,938,304
    4,643,683
Healthcare Services — 5.2%
Centene Corp.* 10,269 557,401
ICON PLC* 2,387 347,189
IQVIA Holdings, Inc.* 3,864 608,928
Labcorp Holdings, Inc. 4,776 1,253,748
Quest Diagnostics, Inc. 3,250 583,797
Universal Health Services, Inc., Class B 2,331 422,261
    3,773,324
Home Builders — 0.3%
PulteGroup, Inc. 2,413 254,475
Household Products & Wares — 2.3%
Kimberly-Clark Corp. 7,821 1,008,283
Reckitt Benckiser Group PLC 10,401 708,589
    1,716,872
Insurance — 4.4%
Reinsurance Group of America, Inc. 5,194 1,030,282
The Allstate Corp. 2,068 416,309
The Hanover Insurance Group, Inc. 2,441 414,653
Willis Towers Watson PLC 4,361 1,336,646
    3,197,890
Internet — 0.5%
F5, Inc.* 1,238 364,368
Iron & Steel — 1.0%
Reliance, Inc. 2,269 712,239
Machinery — Construction & Mining — 1.6%
Oshkosh Corp. 10,203 1,158,449
Machinery — Diversified — 1.1%
Dover Corp. 1,057 193,674
Gates Industrial Corp. PLC* 7,573 174,406
The Toro Co. 5,870 414,892
    782,972
Metal Fabricate/Hardware — 0.8%
The Timken Co. 7,798 565,745
Miscellaneous Manufacturing — 0.6%
A.O. Smith Corp. 6,578 431,319
Oil & Gas — 2.1%
Coterra Energy, Inc. 24,133 612,496
Diamondback Energy, Inc. 3,173 435,970
Occidental Petroleum Corp. 11,028 463,286
    1,511,752
Oil & Gas Services — 1.4%
Baker Hughes Co. 27,069 1,037,825
Packaging and Containers — 2.5%
Graphic Packaging Holding Co. 46,796 985,992
  Number of
Shares 		Value†
 
Packaging and Containers — (continued)
Packaging Corp. of America 4,482 $844,633
    1,830,625
Pharmaceuticals — 3.8%
Becton Dickinson & Co. 5,998 1,033,156
Cencora, Inc. 939 281,559
Henry Schein, Inc.* 20,401 1,490,293
    2,805,008
Retail — 1.6%
MSC Industrial Direct Co., Inc., Class A 13,675 1,162,648
Semiconductors — 1.7%
Analog Devices, Inc. 614 146,144
NXP Semiconductors N.V. 1,863 407,047
Teradyne, Inc. 7,891 709,559
    1,262,750
Transportation — 3.1%
CSX Corp. 34,829 1,136,470
Norfolk Southern Corp. 4,409 1,128,572
    2,265,042
TOTAL COMMON STOCKS
(Cost $63,122,794) 		63,168,408
REAL ESTATE INVESTMENT TRUSTS — 9.0%
Apartments — 1.7%
Equity Residential 14,676 990,483
Essex Property Trust, Inc. 910 257,894
    1,248,377
Diversified — 2.4%
American Tower Corp. 3,252 718,757
VICI Properties, Inc. 33,151 1,080,723
    1,799,480
Healthcare — 1.6%
Healthpeak Properties, Inc. 34,817 609,646
Ventas, Inc. 8,825 557,299
    1,166,945
Single Tenant — 1.9%
Agree Realty Corp. 3,533 258,121
Realty Income Corp. 19,776 1,139,295
    1,397,416
Storage & Warehousing — 1.1%
Public Storage 2,777 814,827
Strip Centers — 0.3%
Regency Centers Corp. 2,829 201,510
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $6,950,448) 		  6,628,555
PREFERRED STOCKS — 0.7%
Household Products & Wares — 0.7%
Henkel AG & Co., KGaA
(Cost $498,561) 		6,930 544,584
 
47
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Mid Core Value Fund
  Number of
Shares 		Value†
MASTER LIMITED PARTNERSHIP — 2.1%
Pipelines — 2.1%
Enterprise Products Partners LP
(Cost $1,085,264) 		49,157 $1,524,359
     
SHORT-TERM INVESTMENTS — 1.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $858,120) 		858,120 858,120
TOTAL INVESTMENTS — 99.2%
(Cost $72,515,187) 		  $72,724,026
Other Assets & Liabilities — 0.8% 571,830
TOTAL NET ASSETS — 100.0%   $73,295,856
† See Security Valuation Note.
* Non-income producing security.
AG— Aktiengesellschaft.
KGaA— Kommanditgesellschaft auf Aktien.
LP— Limited Partnership.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
Country Weightings as of 6/30/2025††
United States 86%
United Kingdom 5
France 3
Netherlands 3
Ireland 2
Germany 1
Total 100%
†† % of total investments as of June 30, 2025.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Advertising $1,049,212 $1,049,212 $— $—
Aerospace & Defense 1,488,312 1,488,312 — —
Airlines 708,522 708,522 — —
Auto Manufacturers 797,462 797,462 — —
Auto Parts & Equipment 1,181,943 785,230 396,713 —
Banks 7,998,986 7,998,986 — —
Beverages 1,145,575 — 1,145,575 —
Building Materials 1,083,027 1,083,027 — —
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Chemicals $883,765 $506,074 $377,691 $—
Commercial Services 838,218 473,469 364,749 —
Computers 2,138,122 2,138,122 — —
Cosmetics & Personal Care 1,997,472 1,997,472 — —
Distribution & Wholesale 1,031,901 — 1,031,901 —
Diversified Financial Services 974,493 974,493 — —
Electric 4,385,894 4,385,894 — —
Electrical Components & Equipment 795,065 433,322 361,743 —
Electronics 780,556 780,556 — —
Engineering & Construction 358,206 — 358,206 —
Environmental Control 108,262 108,262 — —
Food 2,133,362 1,588,018 545,344 —
Food Service 390,143 — 390,143 —
Gas 1,422,924 1,422,924 — —
Healthcare Products 4,643,683 4,643,683 — —
Healthcare Services 3,773,324 3,773,324 — —
Home Builders 254,475 254,475 — —
Household Products & Wares 1,716,872 1,008,283 708,589 —
Insurance 3,197,890 3,197,890 — —
Internet 364,368 364,368 — —
Iron & Steel 712,239 712,239 — —
Machinery — Construction & Mining 1,158,449 1,158,449 — —
Machinery — Diversified 782,972 782,972 — —
Metal Fabricate/Hardware 565,745 565,745 — —
Miscellaneous Manufacturing 431,319 431,319 — —
Oil & Gas 1,511,752 1,511,752 — —
Oil & Gas Services 1,037,825 1,037,825 — —
Packaging and Containers 1,830,625 1,830,625 — —
Pharmaceuticals 2,805,008 2,805,008 — —
Retail 1,162,648 1,162,648 — —
Semiconductors 1,262,750 1,262,750 — —
Transportation 2,265,042 2,265,042 — —
Total Common Stocks 63,168,408 57,487,754 5,680,654 —
Real Estate Investment Trusts 6,628,555 6,628,555 — —
Preferred Stocks 544,584 — 544,584 —
Master Limited Partnership 1,524,359 1,524,359 — —
Short-Term Investments 858,120 858,120 — —
Total Investments $72,724,026 $66,498,788 $6,225,238 $—
LIABILITIES TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Other Financial Instruments(1)        
Forward Foreign Currency Contracts $(116,577) $— $(116,577) $—
Total Liabilities—Other Financial Instruments $(116,577) $— $(116,577) $—
 
48
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Mid Core Value Fund
(1) Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
 
Open forward foreign currency contracts held at June 30, 2025 are as follows:
Open forward foreign currency contracts
  Currency   Counterparty   Settlement
Date 		  Foreign
Currency
Contract 		  Forward
Rate 		  U.S.
Contract
Amount 		  U.S.
Contract
Value 		  Unrealized
Foreign
Exchange
Gain 		  Unrealized
Foreign
Exchange
Loss
Sell Pound Sterling   Bank of America   09/26/25   (460,071)   0.72810   $(617,470)   $(631,876)   $—   $(14,406)
Sell Pound Sterling   Citibank N.A.   09/26/25   (418,890)   0.72810   (561,099)   (575,317)   —   (14,218)
Sell Euro   Goldman Sachs & Co.   09/26/25   (743,242)   0.84403   (862,242)   (880,583)   —   (18,342)
Sell Pound Sterling   Goldman Sachs & Co.   09/26/25   (418,890)   0.72810   (561,219)   (575,317)   —   (14,098)
Sell Euro   JPMorgan Chase   09/26/25   (743,242)   0.84403   (862,561)   (880,584)   —   (18,023)
Sell Euro   Morgan Stanley   09/26/25   (743,242)   0.84403   (861,502)   (880,584)   —   (19,082)
Sell Euro   UBS AG   09/26/25   (743,242)   0.84403   (862,175)   (880,584)   —   (18,408)
  Total                           $—   $(116,577)
The accompanying notes are an integral part of these financial statements.
49
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
SMID Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 99.4%
Aerospace & Defense — 4.2%
Karman Holdings, Inc.* 9,863 $496,799
Loar Holdings, Inc.* 16,511 1,422,753
Moog, Inc., Class A 5,437 983,934
    2,903,486
Apparel — 3.7%
Birkenstock Holding PLC* 25,466 1,252,418
Deckers Outdoor Corp.* 5,329 549,260
On Holding AG, Class A* 14,324 745,564
    2,547,242
Biotechnology — 5.4%
Bridgebio Pharma, Inc.* 11,151 481,500
Caris Life Sciences, Inc.* 3,386 90,474
Exelixis, Inc.* 15,061 663,814
Insmed, Inc.* 10,704 1,077,250
Ionis Pharmaceuticals, Inc.* 14,813 585,262
Revolution Medicines, Inc.* 11,756 432,503
Roivant Sciences Ltd.* 40,588 457,427
    3,788,230
Building Materials — 2.7%
AAON, Inc. 10,536 777,030
SPX Technologies, Inc.* 6,418 1,076,170
    1,853,200
Chemicals — 1.2%
RPM International, Inc. 7,926 870,592
Commercial Services — 2.4%
Toast, Inc., Class A* 38,138 1,689,132
Computers — 5.6%
CyberArk Software Ltd.* 1,893 770,224
Parsons Corp.* 13,325 956,335
Rubrik, Inc., Class A* 10,638 953,058
SailPoint, Inc.* 20,918 478,186
Varonis Systems, Inc.* 14,707 746,380
    3,904,183
Distribution & Wholesale — 1.3%
Watsco, Inc. 1,218 537,893
WESCO International, Inc. 1,990 368,548
    906,441
Diversified Financial Services — 2.9%
Houlihan Lokey, Inc. 5,697 1,025,175
Jefferies Financial Group, Inc. 18,459 1,009,523
    2,034,698
Electrical Components & Equipment — 1.5%
Novanta, Inc.* 8,304 1,070,635
Electronics — 2.8%
Badger Meter, Inc. 3,730 913,664
Hubbell, Inc. 2,464 1,006,322
    1,919,986
Engineering & Construction — 1.1%
EMCOR Group, Inc. 1,426 762,753
  Number of
Shares 		Value†
 
Environmental Control — 1.7%
Casella Waste Systems, Inc., Class A* 10,041 $1,158,531
Food — 1.2%
Sprouts Farmers Market, Inc.* 5,225 860,244
Hand & Machine Tools — 1.2%
Lincoln Electric Holdings, Inc. 4,054 840,475
Healthcare Products — 7.7%
Bio-Techne Corp. 9,339 480,492
Bruker Corp. 14,807 610,048
Glaukos Corp.* 4,105 424,005
Globus Medical, Inc., Class A* 14,782 872,434
Merit Medical Systems, Inc.* 11,275 1,053,987
Natera, Inc.* 8,803 1,487,179
Penumbra, Inc.* 1,607 412,404
    5,340,549
Healthcare Services — 3.3%
Encompass Health Corp. 6,129 751,599
RadNet, Inc.* 12,267 698,115
The Ensign Group, Inc. 5,461 842,414
    2,292,128
Home Furnishings — 1.9%
SharkNinja, Inc.* 13,266 1,313,201
Insurance — 3.4%
Equitable Holdings, Inc. 18,971 1,064,273
Kinsale Capital Group, Inc. 2,642 1,278,464
    2,342,737
Leisure Time — 2.4%
Amer Sports, Inc.* 23,081 894,619
Viking Holdings Ltd.* 14,209 757,198
    1,651,817
Machinery — Diversified — 5.2%
Applied Industrial Technologies, Inc. 5,788 1,345,421
Crane Co. 3,396 644,866
Esab Corp. 5,623 677,853
Nordson Corp. 4,367 936,154
    3,604,294
Media — 1.1%
Liberty Media Corp.-Liberty Formula One, Class C* 7,389 772,151
Metal Fabricate/Hardware — 1.5%
RBC Bearings, Inc.* 2,747 1,057,046
Miscellaneous Manufacturing — 2.1%
Fabrinet* 2,648 780,312
Federal Signal Corp. 6,623 704,820
    1,485,132
Oil & Gas — 0.3%
Expand Energy Corp. 1,794 209,790
Pharmaceuticals — 3.0%
Ascendis Pharma A/S, ADR* 2,387 411,996
 
50
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
SMID Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Jazz Pharmaceuticals PLC* 4,042 $428,937
Madrigal Pharmaceuticals, Inc.* 1,367 413,709
Neurocrine Biosciences, Inc.* 6,786 852,932
    2,107,574
Retail — 11.1%
BJ's Wholesale Club Holdings, Inc.* 5,940 640,510
Brinker International, Inc.* 5,843 1,053,668
Casey's General Stores, Inc. 1,620 826,637
Cava Group, Inc.* 5,012 422,161
Dick's Sporting Goods, Inc. 3,502 692,731
Dutch Bros, Inc., Class A* 8,719 596,118
Ollie's Bargain Outlet Holdings, Inc.* 6,088 802,277
Shake Shack, Inc., Class A* 9,251 1,300,691
Texas Roadhouse, Inc. 7,433 1,393,018
    7,727,811
Semiconductors — 4.4%
Astera Labs, Inc.* 10,749 971,925
Lattice Semiconductor Corp.* 19,391 949,965
MACOM Technology Solutions Holdings, Inc.* 7,911 1,133,567
    3,055,457
Software — 11.1%
Chime Financial, Inc., Class A* 5,446 187,941
Dynatrace, Inc.* 20,454 1,129,265
Guidewire Software, Inc.* 5,832 1,373,144
Klaviyo, Inc., Class A* 29,408 987,521
Manhattan Associates, Inc.* 5,368 1,060,019
Monday.com Ltd.* 3,460 1,088,101
Nutanix, Inc., Class A* 9,724 743,303
ServiceTitan, Inc., Class A* 4,447 476,630
Waystar Holding Corp.* 17,645 721,151
    7,767,075
Telecommunications — 2.0%
Credo Technology Group Holding Ltd.* 14,927 1,382,091
TOTAL COMMON STOCKS
(Cost $60,508,038) 		69,218,681
     
SHORT-TERM INVESTMENTS — 1.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $888,513) 		888,513 888,513
TOTAL INVESTMENTS — 100.7%
(Cost $61,396,551) 		  $70,107,194
Other Assets & Liabilities — (0.7)% (463,475)
TOTAL NET ASSETS — 100.0%   $69,643,719
† See Security Valuation Note.
* Non-income producing security.
A/S— Aktieselskab.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
PLC— Public Limited Company.
Country Weightings as of 6/30/2025††
United States 90%
Israel 3
United Kingdom 2
Finland 1
Thailand 1
Bermuda 1
Switzerland 1
Ireland 1
Total 100%
†† % of total investments as of June 30, 2025.
 
51
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
SMID Cap Growth Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $69,218,681 $69,218,681 $— $—
Short-Term Investments 888,513 888,513 — —
Total Investments $70,107,194 $70,107,194 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
52
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
SMID Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 91.3%
Aerospace & Defense — 1.0%
Hexcel Corp. 8,519 $481,238
Apparel — 1.3%
Crocs, Inc.* 6,189 626,822
Auto Parts & Equipment — 1.3%
BorgWarner, Inc. 18,192 609,068
Banks — 9.7%
Comerica, Inc. 6,434 383,788
First Bancorp 20,443 425,828
First Citizens BancShares, Inc., Class A 304 594,767
First Hawaiian, Inc. 17,548 437,998
Independent Bank Corp. 7,475 470,065
Texas Capital Bancshares, Inc.* 4,960 393,824
UMB Financial Corp. 5,871 617,394
Walker & Dunlop, Inc. 4,743 334,287
Webster Financial Corp. 7,160 390,936
Wintrust Financial Corp. 4,476 554,935
    4,603,822
Chemicals — 2.4%
Avient Corp. 14,627 472,598
RPM International, Inc. 6,195 680,459
    1,153,057
Commercial Services — 6.0%
ADT, Inc. 75,527 639,714
First Advantage Corp.* 24,375 404,869
GXO Logistics, Inc.* 12,922 629,301
Herc Holdings, Inc. 3,879 510,826
Laureate Education, Inc.* 2,018 47,181
Robert Half, Inc. 3,770 154,758
WillScot Holdings Corp. 17,773 486,980
    2,873,629
Computers — 5.8%
CACI International, Inc., Class A* 1,408 671,194
Crane NXT Co. 8,490 457,611
Globant S.A.* 5,278 479,453
Lumentum Holdings, Inc.* 5,319 505,624
NCR Atleos Corp.* 22,600 644,778
    2,758,660
Distribution & Wholesale — 1.2%
Core & Main, Inc., Class A* 9,162 552,927
Diversified Financial Services — 3.9%
Cboe Global Markets, Inc. 2,801 653,221
Invesco Ltd. 41,653 656,868
Stifel Financial Corp. 5,242 544,015
    1,854,104
Electric — 3.3%
IDACORP, Inc. 6,536 754,581
TXNM Energy, Inc. 14,713 828,636
    1,583,217
Electrical Components & Equipment — 0.7%
Belden, Inc. 2,961 342,884
  Number of
Shares 		Value†
 
Electronics — 2.1%
Avnet, Inc. 8,210 $435,787
TD SYNNEX Corp. 4,203 570,347
    1,006,134
Engineering & Construction — 1.6%
Fluor Corp.* 10,675 547,307
MasTec, Inc.* 1,142 194,631
    741,938
Environmental Control — 1.5%
Pentair PLC 6,959 714,411
Food — 1.3%
Nomad Foods Ltd. 36,183 614,749
Gas — 1.0%
ONE Gas, Inc. 6,759 485,702
Healthcare Products — 2.5%
Envista Holdings Corp.* 29,401 574,495
Integer Holdings Corp.* 5,210 640,674
    1,215,169
Healthcare Services — 4.5%
Encompass Health Corp. 6,975 855,344
ICON PLC* 3,956 575,400
Tenet Healthcare Corp.* 4,136 727,936
    2,158,680
Home Furnishings — 0.9%
MillerKnoll, Inc. 22,939 445,475
Household Products & Wares — 1.1%
WD-40 Co. 2,226 507,728
Insurance — 2.9%
American Financial Group, Inc. 4,989 629,662
The Hanover Insurance Group, Inc. 4,335 736,386
    1,366,048
Internet — 1.8%
Criteo S.A., ADR* 16,103 385,828
F5, Inc.* 1,615 475,327
    861,155
Investment Companies — 1.1%
HA Sustainable Infrastructure Capital, Inc. 19,484 523,340
Leisure Time — 1.0%
Brunswick Corp. 8,722 481,803
Machinery — Diversified — 2.4%
CNH Industrial N.V. 39,287 509,160
Regal Rexnord Corp. 4,521 655,364
    1,164,524
Media — 1.6%
Nexstar Media Group, Inc. 4,288 741,610
 
53
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
SMID Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Mining — 0.7%
Cameco Corp. 4,278 $317,556
Miscellaneous Manufacturing — 1.2%
JBT Marel Corp. 4,783 575,203
Oil & Gas — 3.4%
HF Sinclair Corp. 4,996 205,236
Magnolia Oil & Gas Corp., Class A 21,371 480,420
Matador Resources Co. 11,022 525,970
Northern Oil & Gas, Inc. 13,838 392,307
    1,603,933
Packaging and Containers — 2.3%
Graphic Packaging Holding Co. 29,010 611,241
O-I Glass, Inc.* 32,638 481,084
    1,092,325
Real Estate — 1.6%
Jones Lang LaSalle, Inc.* 3,055 781,408
Retail — 7.5%
AutoNation, Inc.* 2,814 559,001
Bath & Body Works, Inc. 22,138 663,255
BJ's Wholesale Club Holdings, Inc.* 8,675 935,425
Cracker Barrel Old Country Store, Inc. 4,718 288,175
Dollar Tree, Inc.* 6,410 634,846
Group 1 Automotive, Inc. 1,122 489,989
    3,570,691
Savings & Loans — 0.6%
Flagstar Financial, Inc. 26,316 278,950
Semiconductors — 2.7%
FormFactor, Inc.* 9,838 338,526
IPG Photonics Corp.* 7,110 488,101
ON Semiconductor Corp.* 9,161 480,128
    1,306,755
Software — 2.6%
ACI Worldwide, Inc.* 10,217 469,062
Commvault Systems, Inc.* 1,790 312,051
Nice Ltd., ADR* 2,650 447,612
    1,228,725
Telecommunications — 0.7%
Calix, Inc.* 6,341 337,278
Transportation — 4.1%
ArcBest Corp. 7,029 541,303
C.H. Robinson Worldwide, Inc. 5,497 527,437
Kirby Corp.* 4,643 526,563
Star Bulk Carriers Corp. 21,123 364,372
    1,959,675
TOTAL COMMON STOCKS
(Cost $41,205,327) 		43,520,393
REAL ESTATE INVESTMENT TRUSTS — 7.2%
Apartments — 1.2%
Independence Realty Trust, Inc. 33,430 591,377
  Number of
Shares 		Value†
 
Diversified — 0.6%
Broadstone Net Lease, Inc. 16,099 $258,389
Healthcare — 1.3%
American Healthcare REIT, Inc. 16,570 608,782
Hotels & Resorts — 0.7%
Ryman Hospitality Properties, Inc. 3,563 351,561
Industrial — 1.5%
First Industrial Realty Trust, Inc. 3,604 173,461
STAG lndustrial, Inc. 14,537 527,402
    700,863
Office Property — 1.3%
COPT Defense Properties 22,928 632,354
Storage & Warehousing — 0.6%
CubeSmart 6,750 286,875
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,498,619) 		  3,430,201
     
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $161,919) 		161,919 161,919
TOTAL INVESTMENTS — 98.8%
(Cost $44,865,865) 		  $47,112,513
Other Assets & Liabilities — 1.2% 561,514
TOTAL NET ASSETS — 100.0%   $47,674,027
† See Security Valuation Note.
* Non-income producing security.
ADR— American Depositary Receipt.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
REIT— Real Estate Investment Trust.
S.A.— Societe Anonyme.
Country Weightings as of 6/30/2025††
United States 90%
United Kingdom 4
Ireland 1
Luxembourg 1
Israel 1
Puerto Rico 1
France 1
Greece 1
Total 100%
†† % of total investments as of June 30, 2025.
 
54
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
SMID Cap Value Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $43,520,393 $43,520,393 $— $—
Real Estate Investment Trusts 3,430,201 3,430,201 — —
Short-Term Investments 161,919 161,919 — —
Total Investments $47,112,513 $47,112,513 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
55
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.7%
Aerospace & Defense — 2.0%
Loar Holdings, Inc.* 9,080 $782,424
StandardAero, Inc.* 23,402 740,673
Voyager Technologies, Inc., Class A* 9,153 359,255
    1,882,352
Apparel — 1.7%
Gildan Activewear, Inc. 20,573 1,013,015
On Holding AG, Class A* 12,087 629,128
    1,642,143
Banks — 0.8%
Walker & Dunlop, Inc. 10,758 758,224
Biotechnology — 8.2%
89bio, Inc.* 33,717 331,101
Akero Therapeutics, Inc.* 6,189 330,245
Arcellx, Inc.* 4,579 301,527
Avidity Biosciences, Inc.* 19,170 544,428
Biohaven Ltd.* 13,499 190,471
Bridgebio Pharma, Inc.* 16,856 727,842
Caris Life Sciences, Inc.* 19,790 528,789
Crinetics Pharmaceuticals, Inc.* 7,087 203,822
Disc Medicine, Inc.* 3,163 167,513
Edgewise Therapeutics, Inc.* 5,986 78,476
Ideaya Biosciences, Inc.* 14,273 300,018
Insmed, Inc.* 9,103 916,126
Janux Therapeutics, Inc.* 8,797 203,211
Ligand Pharmaceuticals, Inc.* 8,014 911,032
NeoGenomics, Inc.* 32,490 237,502
Revolution Medicines, Inc.* 12,860 473,119
Soleno Therapeutics, Inc.* 7,121 596,597
Structure Therapeutics, Inc., ADR* 7,967 165,236
Travere Therapeutics, Inc.* 14,068 208,206
Xenon Pharmaceuticals, Inc.* 8,115 254,000
    7,669,261
Building Materials — 1.3%
SPX Technologies, Inc.* 7,093 1,189,354
Chemicals — 2.0%
Sensient Technologies Corp. 18,801 1,852,274
Commercial Services — 11.2%
Alight, Inc., Class A 103,486 585,731
CBIZ, Inc.* 6,346 455,072
Colliers International Group, Inc. 4,122 538,086
Euronet Worldwide, Inc.* 11,564 1,172,358
Paylocity Holding Corp.* 6,316 1,144,396
Rentokil Initial PLC, ADR 61,055 1,465,320
Shift4 Payments, Inc., Class A* 15,904 1,576,245
Stride, Inc.* 16,332 2,371,243
UL Solutions, Inc., Class A 7,616 554,902
WEX, Inc.* 4,519 663,796
    10,527,149
Computers — 0.9%
CACI International, Inc., Class A* 1,779 848,049
  Number of
Shares 		Value†
 
Cosmetics & Personal Care — 1.3%
Oddity Tech Ltd., Class A* 16,717 $1,261,632
Distribution & Wholesale — 1.5%
Core & Main, Inc., Class A* 23,898 1,442,244
Diversified Financial Services — 4.0%
Cboe Global Markets, Inc. 5,783 1,348,654
Hamilton Lane, Inc., Class A 3,819 542,756
LPL Financial Holdings, Inc. 4,937 1,851,227
    3,742,637
Electric — 1.4%
NRG Energy, Inc. 8,388 1,346,945
Electrical Components & Equipment — 1.2%
EnerSys 5,277 452,608
Novanta, Inc.* 5,023 647,616
    1,100,224
Electronics — 6.8%
Bel Fuse, Inc., Class B 8,543 834,566
Itron, Inc.* 5,098 671,050
Mirion Technologies, Inc.* 103,004 2,217,676
Napco Security Technologies, Inc. 18,493 549,057
OSI Systems, Inc.* 9,285 2,087,825
    6,360,174
Engineering & Construction — 0.9%
Sterling Infrastructure, Inc.* 3,889 897,309
Entertainment — 1.1%
Atlanta Braves Holdings, Inc., Class C* 14,897 696,732
Manchester United PLC, Class A* 19,254 342,914
    1,039,646
Environmental Control — 2.3%
CECO Environmental Corp.* 26,833 759,642
Clean Harbors, Inc.* 3,922 906,688
Montrose Environmental Group, Inc.* 22,333 488,869
    2,155,199
Food — 0.8%
Premium Brands Holdings Corp. 12,756 760,817
Food Service — 1.3%
Aramark 28,922 1,210,964
Hand & Machine Tools — 0.6%
MSA Safety, Inc. 3,220 539,447
Healthcare Products — 5.4%
Beta Bionics, Inc.* 10,150 147,784
Bruker Corp. 7,948 327,458
Glaukos Corp.* 9,578 989,312
Globus Medical, Inc., Class A* 19,895 1,174,203
ICU Medical, Inc.* 7,503 991,521
Lantheus Holdings, Inc.* 12,062 987,395
STERIS PLC 1,924 462,183
    5,079,856
 
56
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Healthcare Services — 0.8%
HealthEquity, Inc.* 7,252 $759,719
Home Builders — 0.8%
Dream Finders Homes, Inc., Class A* 18,018 452,792
Thor Industries, Inc. 3,754 333,393
    786,185
Insurance — 1.3%
Baldwin Insurance Group, Inc.* 13,030 557,814
RLI Corp. 8,747 631,709
    1,189,523
Internet — 0.5%
Ziff Davis, Inc.* 14,484 438,431
Machinery — Diversified — 4.3%
ATS Corp.* 25,700 819,645
CSW Industrials, Inc. 2,340 671,182
Gates Industrial Corp. PLC* 37,725 868,807
Kornit Digital Ltd.* 23,560 469,080
Zurn Elkay Water Solutions Corp. 33,222 1,214,928
    4,043,642
Miscellaneous Manufacturing — 2.9%
Carlisle Cos., Inc. 2,191 818,120
Enpro, Inc. 4,057 777,118
ITT, Inc. 7,293 1,143,761
    2,738,999
Oil & Gas — 2.0%
California Resources Corp. 7,732 353,120
Magnolia Oil & Gas Corp., Class A 52,997 1,191,373
Weatherford International PLC 5,977 300,703
    1,845,196
Packaging and Containers — 2.1%
Crown Holdings, Inc. 19,517 2,009,861
Pharmaceuticals — 5.1%
Ascendis Pharma A/S, ADR* 4,655 803,453
Avadel Pharmaceuticals PLC* 49,591 438,880
BellRing Brands, Inc.* 10,598 613,942
Centessa Pharmaceuticals PLC, ADR* 15,354 201,752
Madrigal Pharmaceuticals, Inc.* 2,617 792,009
Mirum Pharmaceuticals, Inc.* 15,013 764,012
Vaxcyte, Inc.* 11,365 369,476
Verona Pharma PLC, ADR* 8,369 791,540
    4,775,064
Retail — 2.7%
Casey's General Stores, Inc. 2,894 1,476,722
Portillo's, Inc., Class A* 34,499 402,603
Wingstop, Inc. 2,008 676,174
    2,555,499
Semiconductors — 2.3%
Entegris, Inc. 5,219 420,912
MACOM Technology Solutions Holdings, Inc.* 3,712 531,892
Nova Ltd.* 1,604 441,421
  Number of
Shares 		Value†
 
Semiconductors — (continued)
ON Semiconductor Corp.* 14,195 $743,960
    2,138,185
Software — 15.6%
Alkami Technology, Inc.* 19,937 600,901
Asure Software, Inc.* 53,215 519,379
Blackbaud, Inc.* 14,305 918,524
Broadridge Financial Solutions, Inc. 5,468 1,328,888
Clearwater Analytics Holdings, Inc., Class A* 22,674 497,241
Consensus Cloud Solutions, Inc.* 22,406 516,682
Doximity, Inc., Class A* 12,311 755,157
Dynatrace, Inc.* 22,964 1,267,843
Inspired Entertainment, Inc.* 38,922 317,993
Kinaxis, Inc.* 4,034 599,938
Nice Ltd., ADR* 2,996 506,054
PagerDuty, Inc.* 25,612 391,351
PDF Solutions, Inc.* 23,119 494,284
Procore Technologies, Inc.* 6,290 430,362
Simulations Plus, Inc. 23,312 406,794
SS&C Technologies Holdings, Inc. 28,831 2,387,207
The Descartes Systems Group, Inc.* 16,609 1,687,184
Vertex, Inc., Class A* 15,756 556,738
Waystar Holding Corp.* 11,839 483,860
    14,666,380
Telecommunications — 0.6%
AST SpaceMobile, Inc.* 12,714 594,125
Transportation — 1.0%
Saia, Inc.* 3,313 907,729
TOTAL COMMON STOCKS
(Cost $65,386,924) 		92,754,438
REAL ESTATE INVESTMENT TRUSTS — 0.9%
Diversified — 0.9%
Lamar Advertising Co., Class A
(Cost $399,730) 		7,007 850,369
RIGHTS — 0.0%
OmniAb, Inc.* 3,339 2,296
OmniAb, Inc.* 3,339 1,981
TOTAL RIGHTS
(Cost $8,726) 		  4,277
 
57
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Growth Fund
  Number ofShares Value†
SHORT-TERM INVESTMENTS — 0.9%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $815,585) 		815,585 $815,585
TOTAL INVESTMENTS — 100.5%
(Cost $66,610,965) 		  $94,424,669
Other Assets & Liabilities — (0.5)% (443,781)
TOTAL NET ASSETS — 100.0%   $93,980,888
† See Security Valuation Note.
* Non-income producing security.
A/S— Aktieselskab.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
PLC— Public Limited Company.
Country Weightings as of 6/30/2025††
United States 86%
Canada 6
Israel 3
United Kingdom 3
Denmark 1
Switzerland 1
Total 100%
†† % of total investments as of June 30, 2025.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $92,754,438 $92,754,438 $— $—
Real Estate Investment Trusts 850,369 850,369 — —
Rights 4,277 — 4,277 —
Short-Term Investments 815,585 815,585 — —
Total Investments $94,424,669 $94,420,392 $4,277 $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
58
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 89.2%
Aerospace & Defense — 1.3%
Mercury Systems, Inc.* 17,238 $928,439
Moog, Inc., Class A 4,548 823,051
    1,751,490
Apparel — 0.7%
Crocs, Inc.* 4,131 418,388
Kontoor Brands, Inc. 8,734 576,182
    994,570
Auto Parts & Equipment — 2.0%
Adient PLC* 21,311 414,712
Dana, Inc. 34,517 591,967
Phinia, Inc. 19,945 887,353
The Goodyear Tire & Rubber Co.* 60,325 625,570
Visteon Corp.* 2,236 208,619
    2,728,221
Banks — 17.9%
Amerant Bancorp, Inc. 40,258 733,903
Ameris Bancorp 32,825 2,123,778
Atlantic Union Bankshares Corp. 54,723 1,711,735
Cadence Bank 52,064 1,665,007
Community Financial System, Inc. 19,926 1,133,192
ConnectOne Bancorp, Inc. 53,897 1,248,255
FB Financial Corp. 21,516 974,675
First Merchants Corp. 29,507 1,130,118
Glacier Bancorp, Inc. 41,186 1,774,293
MidWestOne Financial Group, Inc. 33,225 955,883
Northpointe Bancshares, Inc. 42,794 586,706
Old Second Bancorp, Inc. 58,606 1,039,670
Origin Bancorp, Inc. 34,044 1,216,733
Renasant Corp. 49,038 1,761,935
Seacoast Banking Corp of Florida 28,099 776,094
SouthState Corp. 14,221 1,308,759
TriCo Bancshares 22,160 897,258
UMB Financial Corp. 19,392 2,039,263
Valley National Bancorp 147,398 1,316,264
Walker & Dunlop, Inc. 6,834 481,660
    24,875,181
Biotechnology — 2.2%
Bridgebio Pharma, Inc.* 4,611 199,103
CG oncology, Inc.* 9,226 239,876
Cytokinetics, Inc.* 12,778 422,185
Dynavax Technologies Corp.* 23,722 235,322
Immunovant, Inc.* 12,695 203,120
Ionis Pharmaceuticals, Inc.* 6,974 275,543
NeoGenomics, Inc.* 67,308 492,021
Revolution Medicines, Inc.* 8,142 299,544
Syndax Pharmaceuticals, Inc.* 22,372 209,514
Ultragenyx Pharmaceutical, Inc.* 8,221 298,916
Xenon Pharmaceuticals, Inc.* 6,461 202,229
    3,077,373
Building Materials — 1.7%
Knife River Corp.* 6,434 525,272
Masterbrand, Inc.* 35,687 390,059
  Number of
Shares 		Value†
 
Building Materials — (continued)
SPX Technologies, Inc.* 8,529 $1,430,142
    2,345,473
Chemicals — 1.9%
Avient Corp. 27,930 902,418
Element Solutions, Inc. 19,837 449,308
H.B. Fuller Co. 19,636 1,181,106
Rogers Corp.* 2,215 151,683
    2,684,515
Commercial Services — 2.7%
AMN Healthcare Services, Inc.* 11,207 231,649
BrightView Holdings, Inc.* 53,893 897,318
CBIZ, Inc.* 5,791 415,273
Korn Ferry 17,027 1,248,590
Valvoline, Inc.* 24,066 911,379
    3,704,209
Computers — 1.4%
ASGN, Inc.* 18,500 923,705
CACI International, Inc., Class A* 1,103 525,800
Tenable Holdings, Inc.* 12,806 432,587
    1,882,092
Cosmetics & Personal Care — 0.6%
Prestige Consumer Healthcare, Inc.* 10,939 873,479
Distribution & Wholesale — 0.7%
MRC Global, Inc.* 36,033 494,012
VSE Corp. 3,366 440,879
    934,891
Diversified Financial Services — 5.1%
Bread Financial Holdings, Inc. 12,262 700,405
Encore Capital Group, Inc.* 19,565 757,361
Enova International, Inc.* 6,571 732,798
Jefferson Capital, Inc.* 41,910 773,240
PennyMac Financial Services, Inc. 16,251 1,619,250
Perella Weinberg Partners 70,841 1,375,732
Piper Sandler Cos. 4,103 1,140,388
    7,099,174
Electric — 3.1%
IDACORP, Inc. 11,619 1,341,414
MGE Energy, Inc. 6,744 596,439
TXNM Energy, Inc. 41,570 2,341,222
    4,279,075
Electrical Components & Equipment — 0.6%
Belden, Inc. 4,761 551,324
Energizer Holdings, Inc. 11,750 236,880
    788,204
Electronics — 4.3%
Advanced Energy Industries, Inc. 5,256 696,420
Atkore, Inc. 7,644 539,284
ESCO Technologies, Inc. 5,379 1,032,069
Itron, Inc.* 4,596 604,972
Knowles Corp.* 73,648 1,297,678
Sanmina Corp.* 10,621 1,039,052
 
59
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Electronics — (continued)
TTM Technologies, Inc.* 17,399 $710,227
    5,919,702
Engineering & Construction — 2.4%
Arcosa, Inc. 14,022 1,215,848
Fluor Corp.* 18,087 927,320
Granite Construction, Inc. 5,526 516,736
MYR Group, Inc.* 3,918 710,921
    3,370,825
Entertainment — 0.7%
Churchill Downs, Inc. 4,137 417,837
Red Rock Resorts, Inc., Class A 10,871 565,618
    983,455
Food — 1.0%
Grocery Outlet Holding Corp.* 27,369 339,923
The Marzetti Company 3,286 567,722
Utz Brands, Inc. 43,991 552,087
    1,459,732
Gas — 1.0%
Chesapeake Utilities Corp. 5,141 618,051
ONE Gas, Inc. 11,668 838,462
    1,456,513
Hand & Machine Tools — 0.3%
Cadre Holdings, Inc. 11,495 366,116
Healthcare Products — 1.5%
Enovis Corp.* 10,750 337,120
Globus Medical, Inc., Class A* 8,254 487,151
LivaNova PLC* 15,445 695,334
Merit Medical Systems, Inc.* 6,666 623,138
    2,142,743
Healthcare Services — 0.3%
Surgery Partners, Inc.* 17,099 380,111
Home Builders — 3.9%
Installed Building Products, Inc. 2,320 418,343
LCI Industries 6,130 558,995
M/I Homes, Inc.* 10,452 1,171,878
Meritage Homes Corp. 19,321 1,293,927
Taylor Morrison Home Corp.* 24,029 1,475,861
Thor Industries, Inc. 5,254 466,608
    5,385,612
Insurance — 4.6%
Abacus Global Management, Inc.* 111,154 571,332
Aspen Insurance Holdings Ltd., Class A* 21,177 666,440
CNO Financial Group, Inc. 26,197 1,010,680
HCI Group, Inc. 4,606 701,033
Kemper Corp. 10,795 696,709
NMI Holdings, Inc.* 19,706 831,396
Skyward Specialty Insurance Group, Inc.* 12,208 705,500
Slide Insurance Holdings, Inc.* 32,869 711,943
  Number of
Shares 		Value†
 
Insurance — (continued)
The Hanover Insurance Group, Inc. 2,525 $428,922
    6,323,955
Iron & Steel — 0.8%
Commercial Metals Co. 22,219 1,086,731
Machinery — Construction & Mining — 0.7%
Terex Corp. 20,650 964,148
Machinery — Diversified — 2.0%
Esab Corp. 6,300 759,465
Gates Industrial Corp. PLC* 68,992 1,588,886
The Gorman-Rupp Co. 11,620 426,686
    2,775,037
Media — 0.4%
TEGNA, Inc. 29,771 498,962
Metal Fabricate/Hardware — 1.3%
AZZ, Inc. 11,691 1,104,566
Standex International Corp. 4,851 759,084
    1,863,650
Mining — 1.0%
Coeur Mining, Inc.* 90,428 801,192
Constellium S.E.* 40,548 539,288
    1,340,480
Miscellaneous Manufacturing — 0.5%
Federal Signal Corp. 6,071 646,076
Oil & Gas — 4.9%
California Resources Corp. 15,790 721,129
CNX Resources Corp.* 25,343 853,552
Crescent Energy Co., Class A 82,172 706,679
Delek US Holdings, Inc. 17,749 375,924
Gulfport Energy Corp.* 3,895 783,557
Magnolia Oil & Gas Corp., Class A 35,941 807,954
Matador Resources Co. 17,199 820,736
Noble Corp. PLC 31,990 849,335
Patterson-UTI Energy, Inc. 89,565 531,120
Seadrill Ltd.* 12,430 326,288
    6,776,274
Oil & Gas Services — 0.8%
Kodiak Gas Services, Inc. 23,037 789,478
Liberty Energy, Inc. 29,945 343,769
    1,133,247
Packaging and Containers — 1.6%
Greif, Inc., Class A 12,003 780,075
O-I Glass, Inc.* 51,223 755,027
Silgan Holdings, Inc. 12,788 692,854
    2,227,956
Pharmaceuticals — 0.7%
Alkermes PLC* 16,839 481,764
Madrigal Pharmaceuticals, Inc.* 1,018 308,087
Protagonist Therapeutics, Inc.* 3,834 211,905
    1,001,756
 
60
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Pipelines — 0.4%
Kinetik Holdings, Inc. 13,185 $580,799
Real Estate — 1.6%
Cushman & Wakefield PLC* 83,300 922,131
Newmark Group, Inc., Class A 102,724 1,248,097
    2,170,228
Real Estate Investment Trusts — 0.3%
Smartstop Self Storage REIT, Inc. 13,021 471,751
Retail — 4.1%
Academy Sports & Outdoors, Inc. 13,658 612,015
Advance Auto Parts, Inc. 9,891 459,833
Group 1 Automotive, Inc. 3,056 1,334,586
La-Z-Boy, Inc. 21,447 797,185
Ollie's Bargain Outlet Holdings, Inc.* 5,021 661,667
Patrick Industries, Inc. 9,108 840,395
The Cheesecake Factory, Inc. 4,932 309,039
Urban Outfitters, Inc.* 6,630 480,940
Victoria's Secret & Co.* 10,920 202,239
    5,697,899
Savings & Loans — 1.3%
Banc of California, Inc. 73,349 1,030,554
Pacific Premier Bancorp, Inc. 36,069 760,695
    1,791,249
Semiconductors — 2.5%
Axcelis Technologies, Inc.* 9,192 640,591
Cohu, Inc.* 23,939 460,586
Qorvo, Inc.* 6,685 567,623
Rambus, Inc.* 10,562 676,179
Semtech Corp.* 13,686 617,786
Silicon Laboratories, Inc.* 3,501 515,908
    3,478,673
Software — 1.1%
BlackLine, Inc.* 10,829 613,138
Commvault Systems, Inc.* 3,171 552,800
Digi International, Inc.* 11,131 388,027
    1,553,965
Transportation — 1.3%
DHT Holdings, Inc. 48,821 527,755
RXO, Inc.* 17,480 274,786
Saia, Inc.* 2,050 561,679
Scorpio Tankers, Inc. 11,221 439,078
    1,803,298
TOTAL COMMON STOCKS
(Cost $118,599,945) 		123,668,890
REAL ESTATE INVESTMENT TRUSTS — 8.6%
Apartments — 1.1%
Independence Realty Trust, Inc. 83,457 1,476,354
Diversified — 1.0%
InvenTrust Properties Corp. 33,529 918,695
  Number of
Shares 		Value†
 
Diversified — (continued)
UMH Properties, Inc. 27,215 $456,940
    1,375,635
Hotels & Resorts — 0.4%
Pebblebrook Hotel Trust 60,246 601,858
Industrial — 1.7%
STAG lndustrial, Inc. 27,164 985,510
Terreno Realty Corp. 25,120 1,408,478
    2,393,988
Mortgage Banks — 1.2%
Ladder Capital Corp. 89,488 961,996
Redwood Trust, Inc. 103,520 611,803
    1,573,799
Office Property — 1.2%
Cousins Properties, Inc. 27,728 832,672
Highwoods Properties, Inc. 25,303 786,670
    1,619,342
Regional Malls — 0.5%
Tanger, Inc. 23,969 732,972
Single Tenant — 1.5%
Essential Properties Realty Trust, Inc. 36,149 1,153,515
Four Corners Property Trust, Inc. 33,734 907,782
    2,061,297
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $12,687,740) 		  11,835,245
     
SHORT-TERM INVESTMENTS — 1.8%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $2,581,586) 		2,581,586 2,581,586
TOTAL INVESTMENTS — 99.6%
(Cost $133,869,271) 		  $138,085,721
Other Assets & Liabilities — 0.4% 507,791
TOTAL NET ASSETS — 100.0%   $138,593,512
† See Security Valuation Note.
* Non-income producing security.
PLC— Public Limited Company.
REIT— Real Estate Investment Trust.
S.E.— Societas Europaea.
 
61
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Value Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $123,668,890 $123,668,890 $— $—
Real Estate Investment Trusts 11,835,245 11,835,245 — —
Short-Term Investments 2,581,586 2,581,586 — —
Total Investments $138,085,721 $138,085,721 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
62
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — 93.6%
Advertising — 0.1%
Advantage Solutions, Inc.* 2,600 $3,432
Boston Omaha Corp., Class A* 700 9,828
National CineMedia, Inc. 1,700 8,236
Nexxen International Ltd.* 1,200 12,492
Stagwell, Inc.* 2,700 12,150
TechTarget, Inc.* 900 6,993
    53,131
Aerospace & Defense — 1.7%
AAR Corp.* 1,069 73,536
AeroVironment, Inc.* 826 235,369
AerSale Corp.* 1,000 6,010
Amprius Technologies, Inc.* 3,000 12,630
Archer Aviation, Inc., Class A* 16,400 177,940
Astronics Corp.* 795 26,617
Ducommun, Inc.* 400 33,052
Eve Holding, Inc.* 700 4,802
Intuitive Machines, Inc.* 3,400 36,958
Joby Aviation, Inc.* 13,900 146,645
Kratos Defense & Security Solutions, Inc.* 4,922 228,627
Mercury Systems, Inc.* 1,500 80,790
Moog, Inc., Class A 861 155,815
National Presto Industries, Inc. 148 14,498
Red Cat Holdings, Inc.* 2,300 16,744
Redwire Corp.* 1,100 17,930
Triumph Group, Inc.* 2,200 56,650
    1,324,613
Agriculture — 0.3%
Alico, Inc. 200 6,536
Dole PLC 2,300 32,177
Fresh Del Monte Produce, Inc. 916 29,697
Ispire Technology, Inc.* 800 2,048
Limoneira Co. 600 9,390
Tejon Ranch Co.* 725 12,296
The Andersons, Inc. 932 34,251
Turning Point Brands, Inc. 500 37,885
Universal Corp. 655 38,147
Vital Farms, Inc.* 1,100 42,372
    244,799
Airlines — 0.3%
Allegiant Travel Co.* 424 23,299
Frontier Group Holdings, Inc.* 1,200 4,356
JetBlue Airways Corp.* 9,700 41,031
SkyWest, Inc.* 1,181 121,607
Spirit Aviation Holdings, Inc.* 600 2,994
Sun Country Airlines Holdings, Inc.* 1,200 14,100
    207,387
Apparel — 0.5%
Capri Holdings Ltd.* 3,500 61,950
Carter's, Inc. 1,100 33,143
Ermenegildo Zegna N.V. 1,900 16,245
Hanesbrands, Inc.* 10,400 47,632
Kontoor Brands, Inc. 1,600 105,552
Lakeland Industries, Inc. 300 4,083
  Number of
Shares 		Value†
 
Apparel — (continued)
Oxford Industries, Inc. 408 $16,422
Rocky Brands, Inc. 200 4,438
Steven Madden Ltd. 2,073 49,710
Superior Group of Cos., Inc. 500 5,150
Torrid Holdings, Inc.* 400 1,180
Weyco Group, Inc. 200 6,632
Wolverine World Wide, Inc. 2,482 44,875
    397,012
Auto Manufacturers — 0.2%
Blue Bird Corp.* 992 42,815
Hyliion Holdings Corp.* 3,900 5,148
REV Group, Inc. 1,500 71,385
Wabash National Corp. 1,400 14,882
    134,230
Auto Parts & Equipment — 1.0%
Adient PLC* 2,400 46,704
Aeva Technologies, Inc.* 980 37,034
American Axle & Manufacturing Holdings, Inc.* 3,416 13,937
Cooper-Standard Holdings, Inc.* 500 10,750
Dana, Inc. 3,796 65,101
Dorman Products, Inc.* 839 102,920
Douglas Dynamics, Inc. 600 17,682
Fox Factory Holding Corp.* 1,257 32,607
Garrett Motion, Inc. 3,900 40,989
Gentherm, Inc.* 968 27,385
Holley, Inc.* 1,700 3,400
indie Semiconductor, Inc., Class A* 5,500 19,580
Luminar Technologies, Inc.* 773 2,218
Methode Electronics, Inc. 1,060 10,081
Microvast Holdings, Inc.* 6,200 22,506
Miller Industries, Inc. 343 15,250
Motorcar Parts of America, Inc.* 600 6,720
Phinia, Inc. 1,200 53,388
Solid Power, Inc.* 4,500 9,855
Standard Motor Products, Inc. 600 18,432
Strattec Security Corp.* 100 6,221
The Goodyear Tire & Rubber Co.* 8,395 87,056
The Shyft Group, Inc. 900 11,286
Titan International, Inc.* 1,300 13,351
Visteon Corp.* 862 80,425
XPEL, Inc.* 800 28,720
    783,598
Banks — 9.5%
1st Source Corp. 588 36,497
ACNB Corp. 200 8,568
Alerus Financial Corp. 600 12,984
Amalgamated Financial Corp. 600 18,720
Amerant Bancorp, Inc. 1,200 21,876
Ameris Bancorp 1,912 123,706
Ames National Corp. 300 5,343
Arrow Financial Corp. 475 12,550
Associated Banc-Corp. 4,900 119,511
Atlantic Union Bankshares Corp. 4,337 135,661
 
63
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Banks — (continued)
BancFirst Corp. 620 $76,644
Bank First Corp. 300 35,295
Bank of Hawaii Corp. 1,200 81,036
Bank of Marin Bancorp 480 10,963
Bank7 Corp. 100 4,183
BankUnited, Inc. 2,200 78,298
Bankwell Financial Group, Inc. 200 7,206
Banner Corp. 1,000 64,150
Bar Harbor Bankshares 397 11,894
BayCom Corp. 200 5,542
BCB Bancorp, Inc. 500 4,210
Blue Foundry Bancorp* 600 5,742
Blue Ridge Bankshares, Inc.* 2,200 7,898
Bridgewater Bancshares, Inc.* 700 11,137
Burke & Herbert Financial Services Corp. 402 24,012
Business First Bancshares, Inc. 800 19,720
Byline Bancorp, Inc. 900 24,057
C&F Financial Corp. 100 6,173
Cadence Bank 5,383 172,148
California BanCorp* 777 12,246
Camden National Corp. 439 17,815
Capital Bancorp, Inc. 300 10,074
Capital City Bank Group, Inc. 469 18,455
Carter Bankshares, Inc.* 800 13,872
Cathay General Bancorp 2,050 93,337
CB Financial Services, Inc. 200 5,700
Central Pacific Financial Corp. 800 22,424
Chain Bridge Bancorp, Inc., Class A* 100 2,577
Chemung Financial Corp. 100 4,847
ChoiceOne Financial Services, Inc. 300 8,610
Citizens & Northern Corp. 356 6,743
Citizens Financial Services, Inc. 102 5,990
City Holding Co. 445 54,477
Civista Bancshares, Inc. 300 6,960
CNB Financial Corp. 574 13,122
Coastal Financial Corp.* 400 38,748
Colony Bankcorp, Inc. 500 8,235
Community Financial System, Inc. 1,537 87,409
Community Trust Bancorp, Inc. 483 25,560
Community West Bancshares 400 7,804
ConnectOne Bancorp, Inc. 1,413 32,725
Customers Bancorp, Inc.* 880 51,691
CVB Financial Corp. 3,892 77,023
Dime Community Bancshares, Inc. 1,109 29,877
Eagle Bancorp, Inc. 873 17,006
Eagle Financial Services, Inc. 200 6,124
Eastern Bankshares, Inc. 5,686 86,825
ECB Bancorp, Inc.* 300 4,632
Enterprise Bancorp, Inc. 313 12,407
Enterprise Financial Services Corp. 1,080 59,508
Equity Bancshares, Inc., Class A 500 20,400
Esquire Financial Holdings, Inc. 200 18,932
Farmers & Merchants Bancorp, Inc. 400 10,112
Farmers National Banc Corp. 1,100 15,169
FB Bancorp, Inc.* 600 6,750
  Number of
Shares 		Value†
 
Banks — (continued)
FB Financial Corp. 1,086 $49,196
Fidelity D&D Bancorp, Inc. 100 4,600
Financial Institutions, Inc. 440 11,299
Finwise Bancorp* 300 4,503
First Bancorp 1,224 53,966
First Bancorp 4,800 99,984
First Bank 500 7,735
First Busey Corp. 2,414 55,244
First Business Financial Services, Inc. 200 10,132
First Commonwealth Financial Corp. 3,121 50,654
First Community Bankshares, Inc. 526 20,603
First Community Corp. 300 7,314
First Financial Bancorp 2,782 67,491
First Financial Bankshares, Inc. 3,904 140,466
First Financial Corp. 380 20,592
First Foundation, Inc. 1,800 9,180
First Internet Bancorp 300 8,070
First Interstate BancSystem, Inc., Class A 2,687 77,439
First Merchants Corp. 1,730 66,259
First Mid Bancshares, Inc. 700 26,243
First National Corp. 300 5,841
First United Corp. 200 6,202
Firstsun Capital Bancorp* 400 13,900
Five Star Bancorp 500 14,270
Franklin Financial Services Corp. 100 3,463
Fulton Financial Corp. 5,403 97,470
FVCBankcorp, Inc.* 500 5,900
German American Bancorp, Inc. 1,138 43,824
Glacier Bancorp, Inc. 3,399 146,429
Great Southern Bancorp, Inc. 271 15,929
Guaranty Bancshares, Inc. 230 9,761
Hancock Whitney Corp. 2,578 147,977
Hanmi Financial Corp. 813 20,065
Hanover Bancorp, Inc. 200 4,578
HarborOne Bancorp, Inc. 1,177 13,747
Hawthorn Bancshares, Inc. 200 5,828
HBT Financial, Inc. 400 10,084
Heritage Commerce Corp. 1,900 18,867
Heritage Financial Corp. 1,030 24,555
Hilltop Holdings, Inc. 1,442 43,765
Home BancShares, Inc. 5,535 157,526
HomeStreet, Inc.* 600 7,842
Hope Bancorp, Inc. 3,567 38,274
Horizon Bancorp, Inc. 1,350 20,763
Independent Bank Corp. 1,260 79,235
Independent Bank Corp. 600 19,446
International Bancshares Corp. 1,625 108,160
Investar Holding Corp. 200 3,864
John Marshall Bancorp, Inc. 400 7,412
Kearny Financial Corp. 1,445 9,335
Lakeland Financial Corp. 691 42,462
Landmark Bancorp, Inc. 200 5,288
LCNB Corp. 400 5,812
LINKBANCORP, Inc. 900 6,579
Live Oak Bancshares, Inc. 1,100 32,780
 
64
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Banks — (continued)
MainStreet Bancshares, Inc. 300 $5,670
Mercantile Bank Corp. 500 23,205
Merchants Bancorp 800 26,456
Meridian Corp. 300 3,867
Metrocity Bankshares, Inc. 600 17,148
Metropolitan Bank Holding Corp.* 300 21,000
Mid Penn Bancorp, Inc. 700 19,740
Middlefield Banc Corp. 100 3,011
Midland States Bancorp, Inc. 600 10,392
MidWestOne Financial Group, Inc. 600 17,262
MVB Financial Corp. 400 9,012
National Bank Holdings Corp., Class A 1,100 41,371
National Bankshares, Inc. 200 5,440
NB Bancorp, Inc.* 1,100 19,646
NBT Bancorp, Inc. 1,569 65,192
Nicolet Bankshares, Inc. 400 49,392
Northeast Bank 200 17,798
Northeast Community Bancorp, Inc. 300 6,974
Northpointe Bancshares, Inc. 400 5,484
Northrim BanCorp, Inc. 200 18,652
Norwood Financial Corp. 300 7,734
Oak Valley Bancorp 100 2,724
OFG Bancorp 1,310 56,068
Ohio Valley Banc Corp. 100 3,223
Old National Bancorp 9,650 205,931
Old Point Financial Corp. 100 3,925
Old Second Bancorp, Inc. 1,400 24,836
OP Bancorp 400 5,196
Orange County Bancorp, Inc. 200 5,168
Origin Bancorp, Inc. 900 32,166
Orrstown Financial Services, Inc. 600 19,098
Park National Corp. 412 68,911
Parke Bancorp, Inc. 300 6,111
Pathward Financial, Inc. 700 55,384
Patriot National Bancorp, Inc.* 1,900 2,888
PCB Bancorp 400 8,392
Peapack-Gladstone Financial Corp. 536 15,142
Penns Woods Bancorp, Inc. 200 6,072
Peoples Bancorp of North Carolina, Inc. 200 5,770
Peoples Bancorp, Inc. 1,091 33,319
Peoples Financial Services Corp. 300 14,811
Pioneer Bancorp, Inc.* 500 6,015
Plumas Bancorp 200 8,892
Ponce Financial Group, Inc.* 600 8,304
Preferred Bank 400 34,618
Primis Financial Corp. 500 5,425
Princeton Bancorp, Inc. 200 6,108
Provident Bancorp, Inc.* 600 7,494
QCR Holdings, Inc. 500 33,950
RBB Bancorp 600 10,326
Red River Bancshares, Inc. 100 5,870
Renasant Corp. 2,735 98,269
Republic Bancorp, Inc., Class A 187 13,672
Rhinebeck Bancorp, Inc.* 200 2,346
Richmond Mutual BanCorp, Inc. 300 4,140
S&T Bancorp, Inc. 1,181 44,665
  Number of
Shares 		Value†
 
Banks — (continued)
SB Financial Group, Inc. 200 $3,820
Seacoast Banking Corp of Florida 2,496 68,940
ServisFirst Bancshares, Inc. 1,500 116,265
Shore Bancshares, Inc. 865 13,598
Sierra Bancorp 412 12,232
Simmons First National Corp., Class A 3,696 70,076
SmartFinancial, Inc. 500 16,890
South Plains Financial, Inc. 400 14,416
Southern First Bancshares, Inc.* 200 7,606
Southern States Bancshares, Inc. 300 10,911
Southside Bancshares, Inc. 771 22,691
SR Bancorp, Inc. 300 4,050
Stellar Bancorp, Inc. 1,492 41,746
Sterling Bancorp, Inc.* 600 0
Stock Yards Bancorp, Inc. 767 60,578
Texas Capital Bancshares, Inc.* 1,400 111,160
The Bancorp, Inc.* 1,312 74,745
The Bank of NT Butterfield & Son Ltd. 1,300 57,564
The First Bancorp, Inc. 334 8,487
Third Coast Bancshares, Inc.* 300 9,801
Tompkins Financial Corp. 358 22,457
Towne Bank 2,077 70,992
TriCo Bancshares 998 40,409
Triumph Financial, Inc.* 600 33,066
TrustCo Bank Corp. 450 15,039
Trustmark Corp. 1,830 66,722
UMB Financial Corp. 2,205 231,878
United Bankshares, Inc. 4,260 155,192
United Community Banks, Inc. 3,571 106,380
United Security Bancshares 500 4,325
Unity Bancorp, Inc. 200 9,416
Univest Financial Corp. 787 23,642
USCB Financial Holdings, Inc. 400 6,616
Valley National Bancorp 13,983 124,868
Veritex Holdings, Inc. 1,553 40,533
Virginia National Bankshares Corp. 100 3,700
Walker & Dunlop, Inc. 940 66,251
Washington Trust Bancorp, Inc. 470 13,292
WesBanco, Inc. 2,834 89,639
West BanCorp, Inc. 478 9,383
Westamerica BanCorp 773 37,444
Western New England Bancorp, Inc. 600 5,538
    7,210,146
Beverages — 0.1%
BRC, Inc., Class A* 1,800 2,358
MGP Ingredients, Inc. 400 11,988
National Beverage Corp.* 684 29,576
The Vita Coco Co., Inc.* 1,200 43,320
Westrock Coffee Co.* 1,100 6,303
Zevia PBC, Class A* 1,200 3,864
    97,409
Biotechnology — 6.7%
4D Molecular Therapeutics, Inc.* 1,700 6,307
89bio, Inc.* 3,800 37,316
Aardvark Therapeutics, Inc.* 200 2,704
 
65
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Abeona Therapeutics, Inc.* 1,400 $7,952
Absci Corp.* 2,900 7,453
ACADIA Pharmaceuticals, Inc.* 3,800 81,966
ADC Therapeutics S.A.* 2,600 6,968
ADMA Biologics, Inc.* 6,900 125,649
Akero Therapeutics, Inc.* 2,200 117,392
Aldeyra Therapeutics, Inc.* 1,800 6,894
Allogene Therapeutics, Inc.* 2,800 3,164
Alpha Teknova, Inc.* 500 2,455
Altimmune, Inc.* 2,100 8,127
Alumis, Inc.* 1,107 3,321
Amicus Therapeutics, Inc.* 8,700 49,851
AnaptysBio, Inc.* 700 15,540
Anavex Life Sciences Corp.* 2,100 19,362
ANI Pharmaceuticals, Inc.* 500 32,625
Annexon, Inc.* 3,000 7,200
Apogee Therapeutics, Inc.* 1,100 47,773
Arbutus Biopharma Corp.* 4,800 14,832
Arcellx, Inc.* 1,100 72,435
Arcturus Therapeutics Holdings, Inc.* 700 9,107
Arcus Biosciences, Inc.* 1,800 14,652
Arcutis Biotherapeutics, Inc.* 3,100 43,462
Ardelyx, Inc.* 6,700 26,264
ArriVent Biopharma, Inc.* 900 19,593
Arrowhead Pharmaceuticals, Inc.* 3,500 55,300
ARS Pharmaceuticals, Inc.* 1,400 24,430
Astria Therapeutics, Inc.* 1,600 8,576
Atea Pharmaceuticals, Inc.* 2,800 10,080
Aura Biosciences, Inc.* 1,600 10,016
Aurinia Pharmaceuticals, Inc.* 4,000 33,880
Avidity Biosciences, Inc.* 3,400 96,560
Axsome Therapeutics, Inc.* 1,200 125,268
Beam Therapeutics, Inc.* 2,800 47,628
Benitec Biopharma, Inc.* 500 5,850
Bicara Therapeutics, Inc.* 600 5,574
BioAge Labs, Inc.* 900 3,717
BioCryst Pharmaceuticals, Inc.* 6,100 54,656
Biohaven Ltd.* 2,661 37,547
Blueprint Medicines Corp.* 1,900 243,542
Bridgebio Pharma, Inc.* 4,655 201,003
Bright Minds Biosciences, Inc.* 200 5,222
Candel Therapeutics, Inc.* 800 4,048
Capricor Therapeutics, Inc.* 900 8,937
Cardiff Oncology, Inc.* 1,600 5,040
Cargo Therapeutics, Inc.* 1,100 4,532
Cartesian Therapeutics, Inc.* 160 1,662
Celcuity, Inc.* 800 10,680
Celldex Therapeutics, Inc.* 1,900 38,665
CG oncology, Inc.* 1,500 39,000
Chinook Therapeutics, Inc.* 2,060 0
Cogent Biosciences, Inc.* 2,900 20,822
Compass Therapeutics, Inc.* 3,500 9,100
Crinetics Pharmaceuticals, Inc.* 2,700 77,652
CRISPR Therapeutics AG* 2,500 121,600
Cullinan Therapeutics, Inc.* 1,700 12,801
Cytek Biosciences, Inc.* 4,000 13,600
  Number of
Shares 		Value†
 
Biotechnology — (continued)
Cytokinetics, Inc.* 3,400 $112,336
Day One Biopharmaceuticals, Inc.* 1,700 11,050
Denali Therapeutics, Inc.* 4,000 55,960
Design Therapeutics, Inc.* 1,300 4,381
DiaMedica Therapeutics, Inc.* 1,000 3,900
Dianthus Therapeutics, Inc.* 800 14,904
Disc Medicine, Inc.* 700 37,072
Dynavax Technologies Corp.* 3,220 31,943
Dyne Therapeutics, Inc.* 2,500 23,800
Edgewise Therapeutics, Inc.* 2,300 30,153
Editas Medicine, Inc.* 2,500 5,500
Eledon Pharmaceuticals, Inc.* 2,000 5,420
Emergent BioSolutions, Inc.* 1,700 10,846
Entrada Therapeutics, Inc.* 800 5,376
Erasca, Inc.* 4,400 5,588
Esperion Therapeutics, Inc.* 6,600 6,497
Evolus, Inc.* 1,500 13,815
EyePoint Pharmaceuticals, Inc.* 1,700 15,997
Fate Therapeutics, Inc.* 2,900 3,248
Forafric Global PLC* 200 1,560
Geron Corp.* 17,040 24,026
Gossamer Bio, Inc.* 6,200 7,626
GRAIL, Inc.* 900 46,278
Greenwich Lifesciences, Inc.* 200 1,814
Guardant Health, Inc.* 3,500 182,140
Humacyte, Inc.* 3,100 6,479
Ideaya Biosciences, Inc.* 2,600 54,652
ImmunityBio, Inc.* 7,200 19,008
Immunome, Inc.* 1,800 16,740
Immunovant, Inc.* 2,100 33,600
Inhibrx Biosciences, Inc.* 200 2,854
Inmune Bio, Inc.* 500 1,155
Innoviva, Inc.* 1,700 34,153
Intellia Therapeutics, Inc.* 3,200 30,016
Iovance Biotherapeutics, Inc.* 7,900 13,588
iTeos Therapeutics, Inc.* 700 6,979
Jade Biosciences, Inc. 1,008 10,070
Janux Therapeutics, Inc.* 1,200 27,720
Keros Therapeutics, Inc.* 900 12,015
Kodiak Sciences, Inc.* 1,100 4,103
Korro Bio, Inc.* 200 2,498
Krystal Biotech, Inc.* 743 102,133
Kura Oncology, Inc.* 2,300 13,271
Kymera Therapeutics, Inc.* 1,400 61,096
Larimar Therapeutics, Inc.* 1,500 4,335
LENZ Therapeutics, Inc.* 385 11,284
Lexeo Therapeutics, Inc.* 200 804
Ligand Pharmaceuticals, Inc.* 621 70,595
Liquidia Corp.* 2,000 24,920
Maravai LifeSciences Holdings, Inc., Class A* 3,800 9,158
MBX Biosciences, Inc.* 400 4,564
MeiraGTx Holdings PLC* 1,100 7,172
Merrimack Pharmaceuticals, Inc.* 400 0
Metsera, Inc.* 500 14,225
Mind Medicine MindMed, Inc.* 2,000 12,980
 
66
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Mineralys Therapeutics, Inc.* 1,200 $16,236
Monopar Therapeutics, Inc.* 100 3,578
Monte Rosa Therapeutics, Inc.* 1,100 4,961
Myriad Genetics, Inc.* 2,800 14,868
NeoGenomics, Inc.* 4,000 29,240
Niagen Bioscience, Inc.* 1,400 20,174
Nkarta, Inc.* 1,900 3,154
Novavax, Inc.* 4,700 29,610
Nurix Therapeutics, Inc.* 2,000 22,780
Nuvalent, Inc., Class A* 1,300 99,190
Nuvation Bio, Inc.* 6,200 12,090
Olema Pharmaceuticals, Inc.* 1,400 5,964
Omeros Corp.* 1,500 4,500
Organogenesis Holdings, Inc.* 2,500 9,150
Oruka Therapeutics, Inc. 900 10,089
Palvella Therapeutics, Inc.* 200 4,508
Perspective Therapeutics, Inc.* 1,600 5,504
Phathom Pharmaceuticals, Inc.* 1,200 11,508
Praxis Precision Medicines, Inc.* 500 21,025
Precigen, Inc.* 3,300 4,686
Prime Medicine, Inc.* 1,500 3,705
Protalix BioTherapeutics, Inc.* 2,600 3,848
Protara Therapeutics, Inc.* 1,200 3,636
Prothena Corp. PLC* 1,400 8,498
PTC Therapeutics, Inc.* 2,300 112,332
Puma Biotechnology, Inc.* 1,600 5,488
Rapport Therapeutics, Inc.* 500 5,685
Recursion Pharmaceuticals, Inc., Class A* 10,300 52,118
REGENXBIO, Inc.* 1,400 11,494
Relay Therapeutics, Inc.* 3,000 10,380
Replimune Group, Inc.* 1,800 16,722
Rezolute, Inc.* 2,200 9,812
Rigel Pharmaceuticals, Inc.* 529 9,908
Rocket Pharmaceuticals, Inc.* 2,200 5,390
Sage Therapeutics, Inc.* 1,800 16,416
Sana Biotechnology, Inc.* 4,500 12,285
Savara, Inc.* 3,000 6,840
Scholar Rock Holding Corp.* 2,400 85,008
Septerna, Inc.* 600 6,342
Soleno Therapeutics, Inc.* 1,200 100,536
Solid Biosciences, Inc.* 2,100 10,227
SpringWorks Therapeutics, Inc.* 2,200 103,378
Stoke Therapeutics, Inc.* 1,200 13,620
Syndax Pharmaceuticals, Inc.* 2,600 24,349
Tango Therapeutics, Inc.* 1,500 7,680
Tarsus Pharmaceuticals, Inc.* 1,100 44,561
Taysha Gene Therapies, Inc.* 5,700 13,167
Tectonic Therapeutic, Inc.* 400 7,948
Terns Pharmaceuticals, Inc.* 1,600 5,968
TG Therapeutics, Inc.* 4,400 158,356
Theravance Biopharma, Inc.* 900 9,927
Third Harmonic Bio, Inc.* 600 3,258
Tobira Therapeutic, Inc.* 400 1,812
Tourmaline Bio, Inc.* 800 12,792
Travere Therapeutics, Inc.* 2,600 38,480
  Number of
Shares 		Value†
 
Biotechnology — (continued)
TriSalus Life Sciences, Inc.* 600 $3,270
Tvardi Therapeutics, Inc.* 100 2,333
Tyra Biosciences, Inc.* 700 6,699
Upstream Bio, Inc.* 1,100 12,078
UroGen Pharma Ltd.* 1,000 13,700
Vera Therapeutics, Inc.* 1,600 37,696
Veracyte, Inc.* 2,300 62,169
Verastem, Inc.* 1,100 4,565
Vericel Corp.* 1,500 63,825
Verve Therapeutics, Inc.* 2,300 25,829
Vir Biotechnology, Inc.* 3,000 15,120
Viridian Therapeutics, Inc.* 2,100 29,358
WaVe Life Sciences Ltd.* 2,900 18,850
Xencor, Inc.* 1,900 14,934
Xenon Pharmaceuticals, Inc.* 2,300 71,990
XOMA Royalty Corp.* 300 7,560
Zenas Biopharma, Inc.* 600 5,814
Zevra Therapeutics, Inc.* 1,400 12,334
Zymeworks, Inc.* 1,600 20,080
    5,103,734
Building Materials — 1.5%
AirJoule Technologies Corp.* 800 3,704
American Woodmark Corp.* 469 25,030
Apogee Enterprises, Inc. 643 26,106
Aspen Aerogels, Inc.* 1,900 11,248
Boise Cascade Co. 1,100 95,502
Gibraltar Industries, Inc.* 901 53,159
Griffon Corp. 1,156 83,660
JELD-WEN Holding, Inc.* 2,700 10,584
Knife River Corp.* 1,700 138,788
LSI Industries, Inc. 700 11,907
Masterbrand, Inc.* 3,700 40,441
Modine Manufacturing Co.* 1,577 155,334
NWPX Infrastructure, Inc.* 300 12,303
Smith-Midland Corp.* 100 3,356
SPX Technologies, Inc.* 1,329 222,847
Tecnoglass, Inc. 700 54,152
Titan America S.A.* 800 9,984
UFP Industries, Inc. 1,849 183,717
    1,141,822
Chemicals — 1.7%
AdvanSix, Inc. 800 19,000
American Vanguard Corp. 778 3,050
Avient Corp. 2,655 85,783
Balchem Corp. 1,030 163,976
Cabot Corp. 1,600 120,000
Calumet, Inc.* 2,100 33,086
Codexis, Inc.* 2,000 4,880
Ecovyst, Inc.* 3,400 27,982
H.B. Fuller Co. 1,580 95,037
Hawkins, Inc. 598 84,976
Ingevity Corp.* 1,100 47,399
Innospec, Inc. 746 62,731
Intrepid Potash, Inc.* 370 13,220
Koppers Holdings, Inc. 620 19,933
 
67
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
Kronos Worldwide, Inc. 500 $3,100
Mativ Holdings, Inc. 1,655 11,287
Minerals Technologies, Inc. 928 51,105
Oil-Dri Corp of America 300 17,697
Orion S.A. 1,700 17,833
Perimeter Solutions, Inc.* 4,200 58,464
Quaker Chemical Corp. 377 42,201
Rayonier Advanced Materials, Inc.* 1,900 7,315
Rogers Corp.* 577 39,513
Sensient Technologies Corp. 1,258 123,938
Stepan Co. 576 31,438
The Chemours Co. 4,600 52,670
Trinseo PLC 1,300 4,056
Tronox Holdings PLC 3,300 16,731
Valhi, Inc. 100 1,616
    1,260,017
Coal — 0.4%
Alpha Metallurgical Resources, Inc.* 369 41,505
Core Natural Resources, Inc. 1,575 109,841
Hallador Energy Co.* 700 11,081
NACCO Industries, Inc., Class A 100 4,431
Peabody Energy Corp. 3,700 49,654
Ramaco Resources, Inc., Class A 700 9,198
SunCoke Energy, Inc. 2,641 22,686
Warrior Met Coal, Inc. 1,500 68,745
    317,141
Commercial Services — 4.7%
ABM Industries, Inc. 1,839 86,819
Acacia Research Corp.* 1,500 5,370
Acuren Corp.* 3,200 35,328
Adtalem Global Education, Inc.* 1,100 139,953
AirSculpt Technologies, Inc.* 300 1,449
Alarm.com Holdings, Inc.* 1,400 79,198
Alight, Inc., Class A 12,400 70,184
Alta Equipment Group, Inc. 700 4,424
American Public Education, Inc.* 400 12,184
AMN Healthcare Services, Inc.* 1,209 24,990
Arlo Technologies, Inc.* 2,833 48,048
Barrett Business Services, Inc. 720 30,017
BrightView Holdings, Inc.* 1,815 30,220
Cadiz, Inc.* 1,600 4,784
Carriage Services, Inc. 400 18,296
Cass Information Systems, Inc. 398 17,293
CBIZ, Inc.* 1,540 110,433
Cimpress PLC* 460 21,620
CompoSecure, Inc., Class A* 1,400 19,726
CoreCivic, Inc.* 3,200 67,424
Coursera, Inc.* 4,300 37,668
CPI Card Group, Inc.* 200 4,744
CRA International, Inc. 174 32,602
Cross Country Healthcare, Inc.* 1,084 14,146
Custom Truck One Source, Inc.* 1,500 7,410
Deluxe Corp. 1,307 20,794
Distribution Solutions Group, Inc.* 342 9,395
Driven Brands Holdings, Inc.* 1,700 29,852
  Number of
Shares 		Value†
 
Commercial Services — (continued)
Emerald Holding, Inc. 600 $2,910
Ennis, Inc. 858 15,564
European Wax Center, Inc., Class A* 1,000 5,630
EVERTEC, Inc. 1,939 69,901
First Advantage Corp.* 2,378 39,499
Flywire Corp.* 3,700 43,290
Forrester Research, Inc.* 375 3,713
Franklin Covey Co.* 397 9,060
Graham Holdings Co., Class B 102 96,509
Green Dot Corp., Class A* 1,640 17,679
Healthcare Services Group, Inc.* 2,180 32,765
Heidrick & Struggles International, Inc. 569 26,037
Herc Holdings, Inc. 1,015 133,665
Hertz Global Holdings, Inc.* 3,100 21,173
HireQuest, Inc. 200 2,002
Huron Consulting Group, Inc.* 528 72,621
ICF International, Inc. 535 45,320
Information Services Group, Inc. 1,200 5,760
Insperity, Inc. 1,013 60,902
John Wiley & Sons, Inc., Class A 1,200 53,556
Kelly Services, Inc., Class A 914 10,703
Kforce, Inc. 586 24,102
KinderCare Learning Cos., Inc.* 900 9,090
Korn Ferry 1,490 109,262
Laureate Education, Inc.* 3,800 88,844
Legalzoom.com, Inc.* 3,700 32,967
Lifecore Biomedical, Inc.* 900 7,308
Lincoln Educational Services Corp.* 700 16,135
MarketWise, Inc. 75 1,484
Marqeta, Inc., Class A* 11,600 67,628
Matthews International Corp., Class A 805 19,248
Medifast, Inc.* 376 5,283
Mercurity Fintech Holding, Inc.* 1,100 4,235
Mister Car Wash, Inc.* 2,700 16,227
Monro, Inc. 737 10,989
National Research Corp. 487 8,182
Payoneer Global, Inc.* 7,900 54,115
Paysafe Ltd.* 917 11,573
Perdoceo Education Corp. 2,000 65,380
Performant Healthcare, Inc.* 2,600 10,400
Priority Technology Holdings, Inc.* 600 4,668
PROG Holdings, Inc. 1,267 37,186
Progyny, Inc.* 2,100 46,200
Quad/Graphics, Inc. 1,100 6,215
RCM Technologies, Inc.* 200 4,714
Remitly Global, Inc.* 4,400 82,588
Repay Holdings Corp.* 2,700 13,014
Resources Connection, Inc. 1,222 6,562
Sezzle, Inc.* 414 74,209
SoundThinking, Inc.* 300 3,917
Spire Global, Inc.* 800 9,520
StoneCo Ltd., Class A* 7,300 117,092
Strategic Education, Inc. 699 59,506
Stride, Inc.* 1,252 181,778
Target Hospitality Corp.* 1,100 7,832
The Brink's Co. 1,310 116,970
 
68
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Commercial Services — (continued)
The GEO Group, Inc.* 4,152 $99,440
The Hackett Group, Inc. 816 20,743
Transcat, Inc.* 300 25,788
TriNet Group, Inc. 922 67,435
TrueBlue, Inc.* 1,076 6,972
Udemy, Inc.* 2,900 20,387
Universal Technical Institute, Inc.* 1,400 47,446
Upbound Group, Inc. 1,553 38,980
Verra Mobility Corp.* 4,900 124,411
Vestis Corp. 3,600 20,628
Willdan Group, Inc.* 400 25,004
ZipRecruiter, Inc., Class A* 2,300 11,523
    3,595,810
Computers — 2.1%
3D Systems Corp.* 4,000 6,160
ASGN, Inc.* 1,252 62,512
Cantaloupe, Inc.* 1,600 17,584
Conduent, Inc.* 4,700 12,408
Corsair Gaming, Inc.* 1,500 14,145
Cricut, Inc., Class A 1,700 11,509
CSP, Inc. 300 3,882
Diebold Nixdorf, Inc.* 700 38,780
D-Wave Quantum, Inc.* 8,700 127,368
Grid Dynamics Holdings, Inc.* 1,700 19,635
Insight Enterprises, Inc.* 787 108,673
Integral Ad Science Holding Corp.* 2,400 19,944
Maximus, Inc. 1,714 120,323
Mitek Systems, Inc.* 1,500 14,850
NCR Atleos Corp.* 2,200 62,766
NCR Voyix Corp.* 4,500 52,785
NetScout Systems, Inc.* 2,065 51,233
NextNav, Inc.* 2,700 41,040
OneSpan, Inc. 1,005 16,773
PAR Technology Corp.* 1,200 83,244
PlayAGS, Inc.* 1,000 12,490
Qualys, Inc.* 1,076 153,728
Rapid7, Inc.* 1,800 41,634
Rigetti Computing, Inc.* 8,524 101,095
Rimini Street, Inc.* 1,800 6,786
Telos Corp.* 2,100 6,657
Tenable Holdings, Inc.* 3,500 118,230
TTEC Holdings, Inc.* 607 2,920
Unisys Corp.* 2,324 10,528
V2X, Inc.* 500 24,275
Varonis Systems, Inc.* 3,214 163,110
Vuzix Corp.* 2,200 6,424
WNS Holdings Ltd.* 1,300 82,212
    1,615,703
Cosmetics & Personal Care — 0.3%
Edgewell Personal Care Co. 1,500 35,115
Interparfums, Inc. 570 74,847
Olaplex Holdings, Inc.* 5,100 7,140
Prestige Consumer Healthcare, Inc.* 1,472 117,539
Solesence, Inc.* 700 3,052
The Beauty Health Co.* 2,900 5,539
  Number of
Shares 		Value†
 
Cosmetics & Personal Care — (continued)
The Honest Co., Inc.* 2,400 $12,216
Waldencast PLC, Class A* 1,000 2,450
    257,898
Distribution & Wholesale — 0.7%
A-Mark Precious Metals, Inc. 600 13,308
EVI Industries, Inc. 200 4,366
G-III Apparel Group Ltd.* 1,108 24,819
Global Industrial Co. 462 12,479
Hudson Technologies, Inc.* 1,400 11,368
MRC Global, Inc.* 2,400 32,904
OPENLANE, Inc.* 3,100 75,795
Resideo Technologies, Inc.* 4,300 94,858
Rush Enterprises, Inc., Class A 1,803 92,872
Rush Enterprises, Inc., Class B 225 11,808
ScanSource, Inc.* 681 28,472
ThredUp, Inc., Class A* 2,800 20,972
Titan Machinery, Inc.* 723 14,323
VSE Corp. 608 79,636
    517,980
Diversified Financial Services — 3.2%
Acadian Asset Management, Inc. 826 29,108
AlTi Global, Inc.* 900 3,735
Artisan Partners Asset Management, Inc., Class A 1,900 84,227
Atlanticus Holdings Corp.* 200 10,950
Bakkt Holdings, Inc.* 200 2,790
Better Home & Finance Holding Co.* 200 2,478
BGC Group, Inc., Class A 10,400 106,392
Bread Financial Holdings, Inc. 1,500 85,680
Brookfield Business Corp., Class A 800 24,960
Burford Capital Ltd. 5,900 84,134
Cohen & Steers, Inc. 817 61,561
Columbia Financial, Inc.* 800 11,608
Consumer Portfolio Services, Inc.* 200 1,966
Dave, Inc.* 300 80,523
Diamond Hill Investment Group, Inc. 107 15,548
Enact Holdings, Inc. 900 33,435
Encore Capital Group, Inc.* 697 26,981
Enova International, Inc.* 713 79,514
Federal Agricultural Mortgage Corp., Class C 300 58,284
Finance Of America Cos., Inc., Class A* 200 4,664
First Western Financial, Inc.* 300 6,768
Forge Global Holdings, Inc.* 286 5,445
GBank Financial Holdings, Inc.* 300 10,623
GCM Grosvenor, Inc., Class A 1,200 13,872
International Money Express, Inc.* 700 7,063
LendingClub Corp.* 3,160 38,015
LendingTree, Inc.* 277 10,268
loanDepot, Inc., Class A* 3,000 3,810
Marex Group PLC 1,000 39,470
Medallion Financial Corp. 700 6,671
Moelis & Co., Class A 2,200 137,104
Navient Corp. 2,100 29,610
Nelnet, Inc., Class A 399 48,327
 
69
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Diversified Financial Services — (continued)
NerdWallet, Inc., Class A* 800 $8,776
Onity Group, Inc.* 200 7,634
Oportun Financial Corp.* 1,100 7,876
OppFi, Inc. 700 9,793
Pagseguro Digital Ltd., Class A 5,400 52,056
Paysign, Inc.* 1,000 7,200
PennyMac Financial Services, Inc. 900 89,676
Perella Weinberg Partners 1,600 31,072
Piper Sandler Cos. 520 144,529
PJT Partners, Inc., Class A 724 119,467
PRA Group, Inc.* 1,248 18,408
Radian Group, Inc. 4,403 158,596
Regional Management Corp. 300 8,763
Resolute Holdings Management, Inc.* 58 1,849
Security National Financial Corp., Class A* 500 4,925
Siebert Financial Corp.* 600 2,652
Silvercrest Asset Management Group, Inc., Class A 300 4,758
StepStone Group, Inc., Class A 1,900 105,450
StoneX Group, Inc.* 1,383 126,047
SWK Holdings Corp. 100 1,474
Upstart Holdings, Inc.* 2,500 161,700
Velocity Financial, Inc.* 200 3,708
Victory Capital Holdings, Inc., Class A 1,300 82,771
Virtus Investment Partners, Inc. 214 38,820
Westwood Holdings Group, Inc. 300 4,680
WisdomTree, Inc. 3,900 44,889
World Acceptance Corp.* 112 18,493
    2,431,646
Electric — 1.8%
ALLETE, Inc. 1,751 112,187
Ameresco, Inc., Class A* 1,000 15,190
Avista Corp. 2,339 88,765
Black Hills Corp. 2,148 120,503
Genie Energy Ltd., Class B 700 18,816
Hawaiian Electric Industries, Inc.* 5,100 54,213
MGE Energy, Inc. 1,142 100,999
Northwestern Energy Group, Inc. 1,780 91,314
Oklo, Inc.* 3,100 173,569
Ormat Technologies, Inc. 1,800 150,768
Otter Tail Corp. 1,192 91,891
Portland General Electric Co. 3,356 136,354
TXNM Energy, Inc. 2,810 158,259
Unitil Corp. 463 24,145
    1,336,973
Electrical Components & Equipment — 0.8%
American Superconductor Corp.* 1,000 36,690
Belden, Inc. 1,155 133,749
Energizer Holdings, Inc. 2,100 42,336
EnerSys 1,123 96,320
Graham Corp.* 300 14,853
Insteel Industries, Inc. 591 21,991
nLight, Inc.* 1,400 27,552
Novanta, Inc.* 1,130 145,691
  Number of
Shares 		Value†
 
Electrical Components & Equipment — (continued)
Powell Industries, Inc. 311 $65,450
    584,632
Electronics — 3.0%
Advanced Energy Industries, Inc. 1,093 144,823
Allient, Inc. 500 18,155
Applied Optoelectronics, Inc.* 1,600 41,104
Atkore, Inc. 1,038 73,231
Atmus Filtration Technologies, Inc. 2,500 91,050
Badger Meter, Inc. 894 218,985
Bel Fuse, Inc., Class A 100 8,985
Bel Fuse, Inc., Class B 300 29,307
Benchmark Electronics, Inc. 1,113 43,218
CTS Corp. 863 36,772
Enovix Corp.* 5,000 51,700
ESCO Technologies, Inc. 805 154,455
Evolv Technologies Holdings, Inc.* 4,100 25,584
FARO Technologies, Inc.* 520 22,838
Itron, Inc.* 1,350 177,700
Kimball Electronics, Inc.* 733 14,096
Knowles Corp.* 2,552 44,966
Kopin Corp.* 4,900 7,497
KULR Technology Group, Inc.* 1,100 7,843
Mesa Laboratories, Inc. 186 17,525
MicroVision, Inc.* 6,300 7,182
Mirion Technologies, Inc.* 6,100 131,333
M-Tron Industries, Inc.* 100 4,200
Napco Security Technologies, Inc. 1,100 32,659
Neonode, Inc.* 300 7,650
NEXTracker, Inc., Class A* 4,300 233,791
NVE Corp. 100 7,361
OSI Systems, Inc.* 498 111,980
Plexus Corp.* 803 108,654
Sanmina Corp.* 1,526 149,289
SKYX Platforms Corp.* 2,400 2,508
Standard BioTools, Inc.* 10,400 12,480
TTM Technologies, Inc.* 3,029 123,644
Turtle Beach Corp.* 500 6,915
Vicor Corp.* 722 32,750
Vishay Intertechnology, Inc. 3,700 58,756
    2,260,986
Energy-Alternate Sources — 0.3%
Array Technologies, Inc.* 4,300 25,370
ASP Isotopes, Inc.* 1,600 11,776
Complete Solaria, Inc.* 2,300 4,232
Eos Energy Enterprises, Inc.* 6,800 34,816
Fluence Energy, Inc.* 1,900 12,749
FutureFuel Corp. 800 3,104
Gevo, Inc.* 7,500 9,900
Green Plains, Inc.* 1,967 11,861
Montauk Renewables, Inc.* 2,100 4,662
OPAL Fuels, Inc., Class A* 900 2,178
Plug Power, Inc.* 25,100 37,399
REX American Resources Corp.* 476 23,186
Shoals Technologies Group, Inc., Class A* 4,400 18,700
 
70
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Energy-Alternate Sources — (continued)
Sunrun, Inc.* 6,600 $53,988
T1 Energy, Inc.* 4,200 5,166
    259,087
Engineering & Construction — 2.4%
908 Devices, Inc.* 800 5,704
Arcosa, Inc. 1,400 121,394
Bowman Consulting Group Ltd.* 400 11,500
Centuri Holdings, Inc.* 500 11,220
Concrete Pumping Holdings, Inc. 500 3,075
Construction Partners, Inc., Class A* 1,400 148,792
Dycom Industries, Inc.* 880 215,063
Energy Services of America Corp. 400 3,976
Exponent, Inc. 1,480 110,571
Fluor Corp.* 5,000 256,350
Frontdoor, Inc.* 2,300 135,562
Granite Construction, Inc. 1,333 124,649
Great Lakes Dredge & Dock Corp.* 1,951 23,783
IES Holdings, Inc.* 256 75,835
Latham Group, Inc.* 1,500 9,570
Limbach Holdings, Inc.* 300 42,030
Mistras Group, Inc.* 800 6,408
MYR Group, Inc.* 510 92,539
NV5 Global, Inc.* 1,616 37,313
Orion Group Holdings, Inc.* 1,100 9,977
Primoris Services Corp. 1,590 123,925
Southland Holdings, Inc.* 500 2,090
Sterling Infrastructure, Inc.* 900 207,657
TSS, Inc.* 600 17,298
Tutor Perini Corp.* 1,297 60,674
    1,856,955
Entertainment — 1.3%
Accel Entertainment, Inc.* 1,600 18,832
AMC Entertainment Holdings, Inc., Class A* 13,300 41,230
Atlanta Braves Holdings, Inc., Class A* 300 14,763
Atlanta Braves Holdings, Inc., Class C* 1,500 70,155
Bally's Corp.* 300 2,874
Cinemark Holdings, Inc. 3,300 99,594
Everi Holdings, Inc.* 2,300 32,752
Genius Sports Ltd.* 6,700 69,680
Golden Entertainment, Inc. 600 17,658
IMAX Corp.* 1,300 36,348
International Game Technology PLC 3,300 52,173
Lionsgate Studios Corp.* 5,628 32,699
Madison Square Garden Entertainment Corp.* 1,137 45,446
Marriott Vacations Worldwide Corp. 1,000 72,310
Monarch Casino & Resort, Inc. 385 33,279
Pursuit Attractions and Hospitality, Inc.* 671 19,345
RCI Hospitality Holdings, Inc. 200 7,624
Red Rock Resorts, Inc., Class A 1,500 78,045
Reservoir Media, Inc.* 700 5,369
Rush Street Interactive, Inc.* 2,400 35,760
Six Flags Entertainment Corp. 2,792 84,961
Starz Entertainment Corp.* 374 6,010
  Number of
Shares 		Value†
 
Entertainment — (continued)
Super Group SGHC Ltd. 4,600 $50,462
United Parks & Resorts, Inc.* 900 42,435
Webtoon Entertainment, Inc.* 600 5,448
    975,252
Environmental Control — 0.5%
Arq, Inc.* 1,000 5,370
Casella Waste Systems, Inc., Class A* 1,900 219,222
CECO Environmental Corp.* 800 22,648
Energy Recovery, Inc.* 1,800 23,004
Enviri Corp.* 2,500 21,700
Montrose Environmental Group, Inc.* 800 17,512
Perma-Fix Environmental Services, Inc.* 500 5,260
Pure Cycle Corp.* 800 8,576
PureCycle Technologies, Inc.* 3,700 50,690
    373,982
Food — 1.1%
B&G Foods, Inc. 2,272 9,611
Beyond Meat, Inc.* 1,800 6,282
Calavo Growers, Inc. 551 14,651
Cal-Maine Foods, Inc. 1,346 134,102
Grocery Outlet Holding Corp.* 2,900 36,018
HF Foods Group, Inc.* 1,300 4,134
Ingles Markets, Inc., Class A 404 25,606
J & J Snack Foods Corp. 464 52,622
John B Sanfilippo & Son, Inc. 300 18,972
Lifeway Foods, Inc.* 200 4,930
Mama's Creations, Inc.* 1,200 9,960
Mission Produce, Inc.* 1,400 16,408
Nathan's Famous, Inc. 100 11,058
Natural Grocers by Vitamin Cottage, Inc. 300 11,775
Seneca Foods Corp., Class A* 111 11,259
SpartanNash Co. 930 24,636
SunOpta, Inc.* 2,700 15,660
The Chefs' Warehouse, Inc.* 1,050 67,000
The Hain Celestial Group, Inc.* 2,700 4,104
The Marzetti Company 617 106,599
The Simply Good Foods Co.* 2,700 85,293
Tootsie Roll Industries, Inc. 500 16,725
TreeHouse Foods, Inc.* 1,300 25,246
United Natural Foods, Inc.* 1,800 41,958
Utz Brands, Inc. 2,100 26,355
Village Super Market, Inc., Class A 268 10,318
Weis Markets, Inc. 466 33,780
WK Kellogg Co. 2,000 31,880
    856,942
Forest Products & Paper — 0.1%
Magnera Corp.* 1,100 13,288
Sylvamo Corp. 1,000 50,100
    63,388
Gas — 1.1%
Brookfield Infrastructure Corp., Class A 3,587 149,219
Chesapeake Utilities Corp. 674 81,028
 
71
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Gas — (continued)
New Jersey Resources Corp. 2,964 $132,847
Northwest Natural Holding Co. 1,150 45,678
ONE Gas, Inc. 1,800 129,348
RGC Resources, Inc. 300 6,714
Southwest Gas Holdings, Inc. 1,975 146,920
Spire, Inc. 1,756 128,171
    819,925
Hand & Machine Tools — 0.3%
Cadre Holdings, Inc. 800 25,480
Enerpac Tool Group Corp. 1,606 65,139
Franklin Electric Co., Inc. 1,170 104,996
Kennametal, Inc. 2,300 52,808
Luxfer Holdings PLC 600 7,308
    255,731
Healthcare Products — 3.4%
10X Genomics, Inc., Class A* 3,200 37,056
Accuray, Inc.* 3,500 4,795
Adaptive Biotechnologies Corp.* 4,500 52,425
Alphatec Holdings, Inc.* 3,200 35,520
AngioDynamics, Inc.* 1,158 11,487
Anteris Technologies Global Corp.* 800 3,032
Artivion, Inc.* 1,199 37,289
AtriCure, Inc.* 1,400 45,878
Avanos Medical, Inc.* 1,500 18,360
Avita Medical, Inc.* 900 4,761
Axogen, Inc.* 1,200 13,020
Azenta, Inc.* 1,200 36,936
Beta Bionics, Inc.* 500 7,280
BioLife Solutions, Inc.* 1,100 23,694
Bioventus, Inc., Class A* 900 5,958
Butterfly Network, Inc.* 6,100 12,200
CareDx, Inc.* 1,500 29,310
Castle Biosciences, Inc.* 700 14,294
Ceribell, Inc.* 800 14,984
Cerus Corp.* 6,200 8,742
ClearPoint Neuro, Inc.* 800 9,552
CONMED Corp. 861 44,841
CVRx, Inc.* 400 2,352
Delcath Systems, Inc.* 1,000 13,600
Electromed, Inc.* 200 4,398
Embecta Corp. 1,800 17,442
Enovis Corp.* 1,700 53,312
Glaukos Corp.* 1,715 177,142
Haemonetics Corp.* 1,505 112,288
ICU Medical, Inc.* 700 92,505
Inogen, Inc.* 900 6,327
Integer Holdings Corp.* 1,057 129,979
Integra LifeSciences Holdings Corp.* 2,100 25,767
iRadimed Corp. 200 11,958
iRhythm Technologies, Inc.* 980 150,881
Kestra Medical Technologies Ltd.* 400 6,632
KORU Medical Systems, Inc.* 1,500 5,370
Lantheus Holdings, Inc.* 2,006 164,211
LeMaitre Vascular, Inc. 600 49,830
LENSAR, Inc.* 300 3,951
  Number of
Shares 		Value†
 
Healthcare Products — (continued)
LivaNova PLC* 1,600 $72,032
Lucid Diagnostics, Inc.* 2,700 3,105
MaxCyte, Inc.* 3,100 6,758
Merit Medical Systems, Inc.* 1,775 165,927
MiMedx Group, Inc.* 3,700 22,607
Myomo, Inc.* 1,300 2,808
Neogen Corp.* 6,338 30,296
NeuroPace, Inc.* 400 4,456
Novocure Ltd.* 3,100 55,180
OmniAb, Inc.* 2,479 4,313
Omnicell, Inc.* 1,400 41,160
OraSure Technologies, Inc.* 2,201 6,603
Orthofix Medical, Inc.* 987 11,005
OrthoPediatrics Corp.* 500 10,740
Pacific Biosciences of California, Inc.* 8,100 10,044
PROCEPT BioRobotics Corp.* 1,600 92,160
Pulmonx Corp.* 1,300 3,367
Pulse Biosciences, Inc.* 514 7,756
Quanterix Corp.* 1,200 7,980
Quantum-Si, Inc.* 3,000 5,880
QuidelOrtho Corp.* 2,100 60,522
RxSight, Inc.* 1,100 14,300
Sanara Medtech, Inc.* 100 2,839
SANUWAVE Health, Inc.* 200 6,572
Semler Scientific, Inc.* 300 11,622
SI-BONE, Inc.* 1,100 20,702
STAAR Surgical Co.* 1,417 23,777
Stereotaxis, Inc.* 2,300 4,876
Surmodics, Inc.* 473 14,053
Tactile Systems Technology, Inc.* 500 5,070
Tandem Diabetes Care, Inc.* 1,900 35,416
TransMedics Group, Inc.* 1,000 134,010
Treace Medical Concepts, Inc.* 1,600 9,408
Twist Bioscience Corp.* 1,788 65,781
UFP Technologies, Inc.* 248 60,552
Utah Medical Products, Inc. 100 5,692
Varex Imaging Corp.* 1,300 11,271
Zimvie, Inc.* 900 8,415
    2,558,414
Healthcare Services — 2.4%
Addus HomeCare Corp.* 600 69,114
agilon health, Inc.* 9,300 21,390
Ardent Health, Inc.* 800 10,928
Astrana Health, Inc.* 1,200 29,856
Aveanna Healthcare Holdings, Inc.* 1,400 7,322
Blade Air Mobility, Inc.* 1,800 7,254
BrightSpring Health Services, Inc.* 2,600 61,334
Brookdale Senior Living, Inc.* 7,000 48,720
Clover Health Investments Corp.* 12,400 34,596
Community Health Systems, Inc.* 4,100 13,940
Concentra Group Holdings Parent, Inc. 3,543 72,880
CorVel Corp.* 837 86,027
DocGo, Inc.* 3,700 5,809
Enhabit, Inc.* 1,200 11,568
Fortrea Holdings, Inc.* 2,900 14,326
Fulgent Genetics, Inc.* 700 13,916
 
72
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Healthcare Services — (continued)
GeneDx Holdings Corp.* 600 $55,386
Ginkgo Bioworks Holdings, Inc.* 1,200 13,500
HealthEquity, Inc.* 2,600 272,376
Innovage Holding Corp.* 700 2,583
LifeStance Health Group, Inc.* 4,100 21,197
Nano-X Imaging Ltd.* 1,700 8,789
National HealthCare Corp. 406 43,446
Neuronetics, Inc.* 1,300 4,537
OPKO Health, Inc.* 8,301 10,957
Oscar Health, Inc., Class A* 5,500 117,920
PACS Group, Inc.* 1,300 16,796
Pediatrix Medical Group, Inc.* 2,600 37,310
Personalis, Inc.* 1,600 10,496
Privia Health Group, Inc.* 3,500 80,500
RadNet, Inc.* 2,000 113,820
Select Medical Holdings Corp. 3,200 48,576
Sonida Senior Living, Inc.* 100 2,495
Surgery Partners, Inc.* 2,300 51,129
Teladoc Health, Inc.* 5,200 45,292
The Ensign Group, Inc. 1,663 256,534
The Joint Corp.* 200 2,308
The Oncology Institute, Inc.* 2,100 4,305
The Pennant Group, Inc.* 1,040 31,044
U.S. Physical Therapy, Inc. 462 36,129
Viemed Healthcare, Inc.* 1,300 8,983
    1,805,388
Home Builders — 1.6%
Beazer Homes USA, Inc.* 924 20,670
Cavco Industries, Inc.* 244 106,001
Century Communities, Inc. 800 45,056
Champion Homes, Inc.* 1,600 100,176
Dream Finders Homes, Inc., Class A* 900 22,617
Forestar Group, Inc.* 560 11,200
Green Brick Partners, Inc.* 900 56,592
Hovnanian Enterprises, Inc., Class A* 146 15,264
Installed Building Products, Inc. 738 133,076
KB Home 2,100 111,237
LCI Industries 691 63,012
LGI Homes, Inc.* 566 29,160
M/I Homes, Inc.* 836 93,733
Meritage Homes Corp. 2,078 139,164
Taylor Morrison Home Corp.* 3,000 184,260
Tri Pointe Homes, Inc.* 2,700 86,265
Winnebago Industries, Inc. 822 23,838
    1,241,321
Home Furnishings — 0.3%
Arhaus, Inc.* 1,700 14,739
Daktronics, Inc.* 1,054 15,936
Ethan Allen Interiors, Inc. 728 20,275
Flexsteel Industries, Inc. 100 3,603
Hamilton Beach Brands Holding Co., Class A 300 5,367
Leggett & Platt, Inc. 4,100 36,572
MillerKnoll, Inc. 1,928 37,442
Sleep Number Corp.* 772 5,215
  Number of
Shares 		Value†
 
Home Furnishings — (continued)
Sonos, Inc.* 3,400 $36,754
The Lovesac Co.* 400 7,280
Traeger, Inc.* 700 1,197
Xperi, Inc.* 1,501 11,873
    196,253
Household Products & Wares — 0.3%
ACCO Brands Corp. 2,893 10,357
Acme United Corp. 100 4,145
Central Garden & Pet Co.* 300 10,554
Central Garden & Pet Co., Class A* 1,502 46,998
Helen of Troy Ltd.* 666 18,901
Quanex Building Products Corp. 1,325 25,042
Spectrum Brands Holdings, Inc. 800 42,400
WD-40 Co. 429 97,851
    256,248
Insurance — 2.8%
Ambac Financial Group, Inc.* 1,500 10,650
American Coastal Insurance Corp. 700 7,784
AMERISAFE, Inc. 608 26,588
Baldwin Insurance Group, Inc.* 2,000 85,620
Bowhead Specialty Holdings, Inc.* 500 18,765
Citizens, Inc.* 1,600 5,584
CNO Financial Group, Inc. 2,993 115,470
Crawford & Co., Class A 300 3,174
Donegal Group, Inc., Class A 383 7,669
eHealth, Inc.* 1,000 4,350
Employers Holdings, Inc. 682 32,177
Enstar Group Ltd.* 350 117,726
Essent Group Ltd. 3,000 182,190
F&G Annuities & Life, Inc. 600 19,188
Fidelis Insurance Holdings Ltd. 1,500 24,870
Genworth Financial, Inc.* 12,400 96,472
GoHealth, Inc., Class A* 200 1,110
Goosehead Insurance, Inc., Class A 700 73,857
Greenlight Capital Re Ltd., Class A* 728 10,461
Hamilton Insurance Group Ltd., Class B* 1,300 28,106
HCI Group, Inc. 300 45,660
Heritage Insurance Holdings, Inc.* 500 12,470
Hippo Holdings, Inc.* 532 14,859
Horace Mann Educators Corp. 1,180 50,704
Investors Title Co. 39 8,241
Jackson Financial, Inc., Class A 2,100 186,459
James River Group Holdings Ltd. 1,300 7,618
Kestrel Group Ltd.* 180 4,774
Kingstone Cos., Inc.* 400 6,164
Kingsway Financial Services, Inc.* 500 6,770
Lemonade, Inc.* 1,700 74,477
MBIA, Inc.* 1,700 7,378
Mercury General Corp. 800 53,872
NI Holdings, Inc.* 200 2,548
NMI Holdings, Inc.* 2,300 97,037
Palomar Holdings, Inc.* 800 123,400
ProAssurance Corp.* 1,500 34,245
Root, Inc., Class A* 280 35,832
 
73
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
Safety Insurance Group, Inc. 382 $30,327
Selective Insurance Group, Inc. 1,775 153,804
Selectquote, Inc.* 4,300 10,234
SiriusPoint Ltd.* 3,100 63,209
Skyward Specialty Insurance Group, Inc.* 1,100 63,569
Stewart Information Services Corp. 808 52,601
Tiptree, Inc. 700 16,506
Trupanion, Inc.* 1,129 62,490
United Fire Group, Inc. 680 19,516
Universal Insurance Holdings, Inc. 651 18,052
    2,134,627
Internet — 2.0%
1-800-Flowers.com, Inc., Class A* 937 4,610
Angi, Inc.* 1,300 19,838
AudioEye, Inc.* 300 3,495
Backblaze, Inc., Class A* 1,500 8,250
BARK, Inc.* 3,200 2,814
Beyond, Inc.* 1,500 10,320
Bumble, Inc., Class A* 2,000 13,180
Cargurus, Inc.* 2,600 87,022
Cars.com, Inc.* 1,800 21,330
Cogent Communications Holdings, Inc. 1,319 63,589
Couchbase, Inc.* 1,100 26,818
Crexendo, Inc.* 600 3,642
Entravision Communications Corp., Class A 2,500 5,800
ePlus, Inc.* 756 54,508
Eventbrite, Inc., Class A* 2,800 7,364
EverQuote, Inc., Class A* 700 16,926
Figs, Inc., Class A* 2,800 15,792
fuboTV, Inc.* 9,500 36,670
Gaia, Inc.* 700 3,073
Gambling.com Group Ltd.* 300 3,567
Getty Images Holdings, Inc.* 3,600 5,976
Grindr, Inc.* 1,000 22,700
Groupon, Inc.* 700 23,415
HealthStream, Inc. 700 19,369
Hims & Hers Health, Inc.* 5,700 284,145
Lands' End, Inc.* 500 5,355
LifeMD, Inc.* 1,000 13,620
Liquidity Services, Inc.* 635 14,980
Magnite, Inc.* 4,206 101,449
MediaAlpha, Inc., Class A* 847 9,275
Nerdy, Inc.* 1,800 2,934
Newsmax, Inc.* 300 4,539
Nextdoor Holdings, Inc.* 5,400 8,964
Open Lending Corp.* 3,100 6,014
OptimizeRx Corp.* 600 8,100
Q2 Holdings, Inc.* 1,900 177,821
QuinStreet, Inc.* 1,715 27,611
Revolve Group, Inc.* 1,200 24,060
Rumble, Inc.* 2,400 21,552
Serve Robotics, Inc.* 1,500 17,160
Shutterstock, Inc. 800 15,168
Sprinklr, Inc., Class A* 3,700 31,302
  Number of
Shares 		Value†
 
Internet — (continued)
Stitch Fix, Inc., Class A* 2,600 $9,620
The Arena Group Holdings, Inc.* 500 3,100
The RealReal, Inc.* 2,900 13,891
Travelzoo* 200 2,546
Triller Group, Inc.* 4,300 4,001
TripAdvisor, Inc.* 3,500 45,675
TrueCar, Inc.* 2,300 4,370
Tucows, Inc., Class A* 300 5,913
Upwork, Inc.* 3,700 49,728
Vivid Seats, Inc., Class A* 2,400 4,056
Yelp, Inc.* 1,900 65,113
Ziff Davis, Inc.* 1,190 36,021
    1,498,151
Investment Companies — 1.1%
Bit Digital, Inc.* 4,100 8,979
Bitdeer Technologies Group, Class A* 2,800 32,144
Cannae Holdings, Inc. 1,600 33,360
Cipher Mining, Inc.* 8,100 38,718
Cleanspark, Inc.* 8,100 89,343
Compass Diversified Holdings 2,100 13,188
Core Scientific, Inc.* 8,300 141,681
FTAI Infrastructure, Inc. 2,700 16,659
HA Sustainable Infrastructure Capital, Inc. 3,500 94,010
Hut 8 Corp.* 2,900 53,940
MARA Holdings, Inc.* 10,400 163,072
NewtekOne, Inc. 900 10,152
Riot Platforms, Inc.* 10,000 113,000
Terawulf, Inc.* 7,800 34,164
    842,410
Iron & Steel — 0.2%
Commercial Metals Co. 3,400 166,294
Friedman Industries, Inc. 200 3,312
Radius Recycling, Inc. 700 20,783
    190,389
Leisure Time — 0.7%
Acushnet Holdings Corp. 800 58,256
American Outdoor Brands, Inc.* 400 4,180
Clarus Corp. 902 3,130
Escalade, Inc. 400 5,592
Global Business Travel Group I* 3,000 18,900
Johnson Outdoors, Inc., Class A 168 5,086
Life Time Group Holdings, Inc.* 4,128 125,202
Lindblad Expeditions Holdings, Inc.* 1,100 12,837
Livewire Group, Inc.* 500 2,300
Malibu Boats, Inc., Class A* 600 18,804
Marine Products Corp. 188 1,600
MasterCraft Boat Holdings, Inc.* 500 9,290
OneSpaWorld Holdings Ltd. 3,000 61,170
Peloton Interactive, Inc., Class A* 11,200 77,728
Polaris, Inc. 1,600 65,040
Sabre Corp.* 11,900 37,604
Topgolf Callaway Brands Corp.* 4,046 32,570
 
74
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Leisure Time — (continued)
Xponential Fitness, Inc., Class A* 800 $5,992
    545,281
Lodging — 0.1%
Hilton Grand Vacations, Inc.* 1,900 78,907
The Marcus Corp. 733 12,358
    91,265
Machinery — Construction & Mining — 0.7%
Argan, Inc. 356 78,491
Astec Industries, Inc. 698 29,100
Bloom Energy Corp., Class A* 6,000 143,520
Hyster-Yale, Inc. 344 13,684
Lightbridge Corp.* 600 8,022
NANO Nuclear Energy, Inc.* 700 24,143
Net Power, Inc.* 800 1,976
NuScale Power Corp.* 3,800 150,328
Terex Corp. 2,000 93,380
The Manitowoc Co., Inc.* 1,025 12,320
    554,964
Machinery — Diversified — 1.9%
Alamo Group, Inc. 335 73,157
Albany International Corp., Class A 932 65,361
Cactus, Inc., Class A 2,000 87,440
Chart Industries, Inc.* 1,366 224,912
Columbus McKinnon Corp. 885 13,514
CSW Industrials, Inc. 523 150,012
DXP Enterprises, Inc.* 422 36,988
Eastman Kodak Co.* 1,600 9,040
Gencor Industries, Inc.* 400 5,600
Ichor Holdings Ltd.* 1,100 21,604
Kadant, Inc. 370 117,456
Lindsay Corp. 346 49,911
Mueller Water Products, Inc., Class A 4,592 110,392
Palladyne AI Corp.* 900 7,794
Power Solutions International, Inc.* 200 12,936
Pro-Dex, Inc.* 100 4,364
Richtech Robotics, Inc., Class B* 2,500 4,875
Tennant Co. 536 41,529
The Gorman-Rupp Co. 651 23,905
Thermon Group Holdings, Inc.* 1,000 28,080
Watts Water Technologies, Inc., Class A 828 203,597
Zurn Elkay Water Solutions Corp. 4,500 164,565
    1,457,032
Media — 0.4%
Altice USA, Inc., Class A* 8,200 17,548
AMC Networks, Inc., Class A* 1,000 6,270
Cable One, Inc. 176 23,902
CuriosityStream, Inc. 1,100 6,193
Gannett Co., Inc.* 4,253 15,226
Gray Media, Inc. 3,000 13,590
iHeartMedia, Inc., Class A* 2,900 5,104
Liberty Latin America Ltd., Class A* 1,100 6,710
Liberty Latin America Ltd., Class C* 4,252 26,447
Scholastic Corp. 756 15,861
Sinclair, Inc. 1,000 13,820
  Number of
Shares 		Value†
 
Media — (continued)
Sphere Entertainment Co.* 837 $34,987
TEGNA, Inc. 4,900 82,124
The E.W. Scripps Co., Class A* 2,229 6,553
Thryv Holdings, Inc.* 1,000 12,160
WideOpenWest, Inc.* 1,800 7,308
    293,803
Metal Fabricate/Hardware — 0.6%
AZZ, Inc. 876 82,764
Helios Technologies, Inc. 959 32,002
Hillman Solutions Corp.* 5,700 40,698
Janus International Group, Inc.* 4,200 34,188
L.B. Foster Co., Class A* 300 6,561
Mayville Engineering Co., Inc.* 400 6,384
Metallus, Inc.* 1,100 16,951
Olympic Steel, Inc. 331 10,787
Omega Flex, Inc. 124 4,015
Park-Ohio Holdings Corp. 300 5,358
Proto Labs, Inc.* 699 27,988
Ryerson Holding Corp. 900 19,413
Standex International Corp. 380 59,462
The Eastern Co. 200 4,564
Tredegar Corp.* 761 6,697
Worthington Enterprises, Inc. 884 56,258
Worthington Steel, Inc. 984 29,353
Xometry, Inc., Class A* 1,200 40,548
    483,991
Mining — 1.2%
American Battery Technology Co.* 3,000 4,860
Caledonia Mining Corp. PLC 600 11,592
Centrus Energy Corp., Class A* 400 73,272
Century Aluminum Co.* 1,454 26,201
Coeur Mining, Inc.* 18,628 165,044
Compass Minerals International, Inc.* 1,000 20,090
Constellium S.E.* 4,000 53,200
Contango ORE, Inc.* 200 3,896
Critical Metals Corp.* 300 1,074
Dakota Gold Corp.* 1,700 6,273
Encore Energy Corp.* 5,300 15,158
Energy Fuels, Inc.* 5,400 31,050
Ferroglobe PLC 3,800 13,946
Hecla Mining Co. 17,491 104,771
Idaho Strategic Resources, Inc.* 400 5,232
Ivanhoe Electric, Inc.* 2,300 20,861
Kaiser Aluminum Corp. 516 41,229
Lifezone Metals Ltd.* 1,300 5,356
MAC Copper Ltd.* 2,200 26,598
NioCorp Developments Ltd.* 1,800 4,194
Novagold Resources, Inc.* 7,500 30,675
Perpetua Resources Corp.* 1,100 13,354
Piedmont Lithium, Inc.* 600 3,492
SSR Mining, Inc.* 6,000 76,440
U.S. Antimony Corp.* 3,000 6,540
United States Lime & Minerals, Inc. 325 32,435
Uranium Energy Corp.* 12,500 85,000
US Gold Corp.* 400 4,880
 
75
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Mining — (continued)
Vox Royalty Corp. 1,400 $4,424
    891,137
Miscellaneous Manufacturing — 1.4%
Byrna Technologies, Inc.* 500 15,440
Core Molding Technologies, Inc.* 300 4,977
Enpro, Inc. 661 126,615
Fabrinet* 1,082 318,844
Federal Signal Corp. 1,843 196,132
Hillenbrand, Inc. 2,144 43,030
JBT Marel Corp. 1,541 185,321
LSB Industries, Inc.* 1,500 11,700
Materion Corp. 657 52,146
Myers Industries, Inc. 925 13,403
NL Industries, Inc. 90 576
Outdoor Holding Co.* 3,600 4,608
Park Aerospace Corp. 533 7,872
Sight Sciences, Inc.* 900 3,717
Smith & Wesson Brands, Inc. 1,079 9,366
Sturm Ruger & Co., Inc. 519 18,632
Trinity Industries, Inc. 2,400 64,824
    1,077,203
Multi-National — 0.0%
Banco Latinoamericano de Comercio Exterior S.A., Class E 810 32,643
Office & Business Equipment — 0.1%
Pitney Bowes, Inc. 5,600 61,096
Xerox Holdings Corp. 3,800 20,026
    81,122
Office Furnishings — 0.2%
CompX International, Inc. 100 2,657
HNI Corp. 1,404 69,049
Interface, Inc. 1,795 37,569
Steelcase, Inc., Class A 2,831 29,527
Virco Mfg. Corp. 400 3,192
    141,994
Oil & Gas — 2.2%
Berry Corp. 2,500 6,925
BKV Corp.* 500 12,060
Borr Drilling Ltd. 8,000 14,640
California Resources Corp. 2,000 91,340
CNX Resources Corp.* 4,300 144,824
Cobalt International Energy, Inc.(1),* 1 0
Comstock Resources, Inc.* 2,200 60,874
Crescent Energy Co., Class A 5,107 43,920
CVR Energy, Inc. 1,000 26,850
Delek US Holdings, Inc. 1,783 37,764
Diversified Energy Co. PLC 1,700 24,939
Empire Petroleum Corp.* 200 1,056
Epsilon Energy Ltd. 700 5,166
Evolution Petroleum Corp. 1,200 5,640
Granite Ridge Resources, Inc. 1,900 12,103
Gulfport Energy Corp.* 504 101,390
Helmerich & Payne, Inc. 2,900 43,964
  Number of
Shares 		Value†
 
Oil & Gas — (continued)
HighPeak Energy, Inc. 500 $4,900
Infinity Natural Resources, Inc., Class A* 300 5,493
Kolibri Global Energy, Inc.* 1,200 8,220
Kosmos Energy Ltd.* 14,200 24,424
Magnolia Oil & Gas Corp., Class A 5,600 125,888
Murphy Oil Corp. 4,100 92,250
Nabors Industries Ltd.* 315 8,826
NextNRG, Inc.* 800 2,216
Noble Corp. PLC 3,887 103,200
Northern Oil & Gas, Inc. 2,900 82,215
Par Pacific Holdings, Inc.* 1,518 40,273
Patterson-UTI Energy, Inc. 11,581 68,675
PBF Energy, Inc., Class A 2,500 54,175
Prairie Operating Co.* 900 2,696
Riley Exploration Permian, Inc. 400 10,492
Sable Offshore Corp.* 2,100 46,158
SandRidge Energy, Inc. 1,000 10,820
Seadrill Ltd.* 1,900 49,875
Sitio Royalties Corp., Class A 2,314 42,531
SM Energy Co. 3,400 84,014
Talos Energy, Inc.* 3,700 31,376
Transocean Ltd.* 21,400 55,426
VAALCO Energy, Inc. 3,600 12,996
Valaris Ltd.* 1,800 75,798
Vital Energy, Inc.* 900 14,481
Vitesse Energy, Inc. 800 17,672
W&T Offshore, Inc. 3,543 5,846
    1,714,391
Oil & Gas Services — 1.2%
Archrock, Inc. 5,000 124,150
Aris Water Solutions, Inc., Class A 1,000 23,650
Atlas Energy Solutions, Inc. 2,100 28,077
Bristow Group, Inc.* 766 25,255
ChampionX Corp. 5,700 141,588
Core Laboratories, Inc. 1,500 17,280
DMC Global, Inc.* 600 4,836
DNOW, Inc.* 3,100 45,973
Expro Group Holdings N.V.* 2,716 23,331
Flotek Industries, Inc.* 500 7,380
Flowco Holdings, Inc., Class A 600 10,686
Forum Energy Technologies, Inc.* 400 7,788
Helix Energy Solutions Group, Inc.* 4,101 25,590
Innovex International, Inc.* 900 14,058
Kodiak Gas Services, Inc. 1,600 54,832
Liberty Energy, Inc. 4,700 53,956
Mammoth Energy Services, Inc.* 1,000 2,800
Matrix Service Co.* 600 8,106
National Energy Services Reunited Corp.* 2,000 12,040
Natural Gas Services Group, Inc.* 400 10,324
NPK International, Inc.* 2,412 20,526
Oceaneering International, Inc.* 3,000 62,160
Oil States International, Inc.* 2,000 10,720
ProFrac Holding Corp., Class A* 900 6,984
ProPetro Holding Corp.* 2,900 17,313
 
76
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Oil & Gas Services — (continued)
Ranger Energy Services, Inc., Class A 600 $7,164
RPC, Inc. 2,800 13,244
SEACOR Marine Holdings, Inc.* 900 4,590
Select Water Solutions, Inc. 2,900 25,056
Solaris Energy Infrastructure, Inc. 1,100 31,119
TETRA Technologies, Inc.* 3,200 10,752
Tidewater, Inc.* 1,500 69,195
    920,523
Packaging and Containers — 0.3%
Ardagh Metal Packaging S.A. 4,100 17,548
Clearwater Paper Corp.* 478 13,021
Greif, Inc., Class A 700 45,493
Greif, Inc., Class B 100 6,901
Karat Packaging, Inc. 200 5,632
O-I Glass, Inc.* 4,500 66,330
Ranpak Holdings Corp.* 1,200 4,284
TriMas Corp. 1,195 34,189
    193,398
Pharmaceuticals — 2.5%
Aclaris Therapeutics, Inc.* 3,200 4,544
Actuate Therapeutics, Inc.* 300 1,833
AdaptHealth Corp.* 2,900 27,347
Agios Pharmaceuticals, Inc.* 1,600 53,216
Akebia Therapeutics, Inc.* 7,700 28,028
Alector, Inc.* 2,900 4,060
Alimera Sciences, Inc.* 900 36
Alkermes PLC* 4,800 137,328
Amneal Pharmaceuticals, Inc.* 4,937 39,940
Amphastar Pharmaceuticals, Inc.* 1,200 27,552
Amylyx Pharmaceuticals, Inc.* 2,200 14,102
Anika Therapeutics, Inc.* 400 4,232
Aquestive Therapeutics, Inc.* 2,800 9,268
Arvinas, Inc.* 2,000 14,720
aTyr Pharma, Inc.* 2,800 14,196
Avadel Pharmaceuticals PLC* 2,700 23,895
Biote Corp., Class A* 600 2,412
Catalyst Pharmaceuticals, Inc.* 3,300 71,610
Cidara Therapeutics, Inc.* 500 24,355
Coherus Oncology, Inc.* 2,700 1,974
Collegium Pharmaceutical, Inc.* 1,000 29,570
CorMedix, Inc.* 1,700 20,944
Corvus Pharmaceuticals, Inc.* 1,700 6,800
Enanta Pharmaceuticals, Inc.* 700 5,292
Enliven Therapeutics, Inc.* 1,000 20,060
Eton Pharmaceuticals, Inc.* 800 11,400
Fennec Pharmaceuticals, Inc.* 700 5,810
FitLife Brands, Inc.* 200 2,604
Foghorn Therapeutics, Inc.* 800 3,760
Fulcrum Therapeutics, Inc.* 1,400 9,632
Guardian Pharmacy Services, Inc., Class A* 300 6,393
Gyre Therapeutics, Inc.* 500 3,675
Harmony Biosciences Holdings, Inc.* 1,300 41,080
Harrow, Inc.* 900 27,486
Herbalife Ltd.* 2,800 24,136
  Number of
Shares 		Value†
 
Pharmaceuticals — (continued)
Heron Therapeutics, Inc.* 3,800 $7,866
Indivior PLC* 3,700 54,538
Inhibikase Therapeutics, Inc.* 2,300 4,485
Ironwood Pharmaceuticals, Inc.* 4,361 3,128
Journey Medical Corp.* 500 3,590
KalVista Pharmaceuticals, Inc.* 900 10,174
Lifevantage Corp. 400 5,232
Madrigal Pharmaceuticals, Inc.* 505 152,833
MannKind Corp.* 9,301 34,786
Maze Therapeutics, Inc.* 300 3,681
MediWound Ltd.* 200 3,874
Mirum Pharmaceuticals, Inc.* 1,300 66,157
Nature's Sunshine Products, Inc.* 500 7,395
Neurogene, Inc.* 300 4,485
Nuvectis Pharma, Inc.* 500 3,735
Ocular Therapeutix, Inc.* 4,800 44,544
Option Care Health, Inc.* 5,102 165,713
ORIC Pharmaceuticals, Inc.* 1,500 15,225
Owens & Minor, Inc.* 2,276 20,712
Pacira BioSciences, Inc.* 1,300 31,070
Phibro Animal Health Corp., Class A 700 17,878
Premier, Inc., Class A 2,800 61,404
Protagonist Therapeutics, Inc.* 1,800 99,486
Rhythm Pharmaceuticals, Inc.* 1,600 101,104
scPharmaceuticals, Inc.* 1,100 4,191
SELLAS Life Sciences Group, Inc.* 3,300 7,227
SIGA Technologies, Inc. 1,700 11,084
Sionna Therapeutics, Inc.* 400 6,940
Spyre Therapeutics, Inc.* 1,500 22,455
Supernus Pharmaceuticals, Inc.* 1,500 47,280
Tonix Pharmaceuticals Holding Corp.* 200 7,196
Trevi Therapeutics, Inc.* 1,800 9,846
TuHURA Biosciences, Inc.* 1,100 2,453
USANA Health Sciences, Inc.* 348 10,624
Vanda Pharmaceuticals, Inc.* 1,941 9,162
Vaxcyte, Inc.* 3,700 120,287
Voyager Therapeutics, Inc.* 1,200 3,732
Xeris Biopharma Holdings, Inc.* 4,300 20,081
Y-mAbs Therapeutics, Inc.* 1,200 5,412
    1,934,355
Pipelines — 0.3%
Excelerate Energy, Inc., Class A 700 20,524
Golar LNG Ltd. 2,900 119,451
Kinetik Holdings, Inc. 1,300 57,265
New Fortress Energy, Inc. 5,400 17,928
NextDecade Corp.* 4,100 36,531
Summit Midstream Corp.* 300 7,359
    259,058
Private Equity — 0.0%
P10, Inc., Class A 1,300 13,286
Patria Investments Ltd., Class A 1,600 22,496
    35,782
Real Estate — 0.7%
Anywhere Real Estate, Inc.* 2,800 10,136
 
77
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Real Estate — (continued)
Compass, Inc., Class A* 13,800 $86,664
Cushman & Wakefield PLC* 6,700 74,169
Douglas Elliman, Inc.* 2,500 5,800
eXp World Holdings, Inc. 2,400 21,840
FRP Holdings, Inc.* 338 9,089
Kennedy-Wilson Holdings, Inc. 3,581 24,351
Legacy Housing Corp.* 300 6,798
Marcus & Millichap, Inc. 600 18,426
Maui Land & Pineapple Co., Inc.* 300 5,457
McGrath RentCorp 770 89,289
Mobile Infrastructure Corp.* 600 2,718
Newmark Group, Inc., Class A 4,100 49,815
RE/MAX Holdings, Inc., Class A* 600 4,908
Seaport Entertainment Group, Inc.* 300 5,595
Sky Harbour Group Corp.* 500 4,885
Stratus Properties, Inc.* 200 3,776
The Real Brokerage, Inc.* 3,400 15,334
The RMR Group, Inc., Class A 467 7,635
The St. Joe Co. 1,100 52,470
Transcontinental Realty Investors, Inc.* 100 4,261
    503,416
Real Estate Investment Trusts — 0.0%
Smartstop Self Storage REIT, Inc. 900 32,607
Retail — 4.0%
Abercrombie & Fitch Co., Class A* 1,488 123,281
Academy Sports & Outdoors, Inc. 2,000 89,620
Advance Auto Parts, Inc. 1,800 83,682
American Eagle Outfitters, Inc. 5,200 50,024
America's Car-Mart, Inc.* 190 10,648
Arko Corp. 2,400 10,152
Asbury Automotive Group, Inc.* 620 147,895
Barnes & Noble Education, Inc.* 500 5,885
Bassett Furniture Industries, Inc. 300 4,560
Biglari Holdings, Inc., Class B* 10 2,922
BJ's Restaurants, Inc.* 620 27,652
Bloomin' Brands, Inc. 2,400 20,664
BlueLinx Holdings, Inc.* 251 18,669
Boot Barn Holdings, Inc.* 900 136,800
Brinker International, Inc.* 1,300 234,429
Build-A-Bear Workshop, Inc. 400 20,624
Caleres, Inc. 1,054 12,880
Camping World Holdings, Inc., Class A 1,700 29,223
Citi Trends, Inc.* 200 6,678
Clean Energy Fuels Corp.* 6,000 11,700
Cracker Barrel Old Country Store, Inc. 634 38,725
Dave & Buster's Entertainment, Inc.* 900 27,072
Denny's Corp.* 1,452 5,953
Designer Brands, Inc., Class A 1,300 3,094
Dine Brands Global, Inc. 471 11,459
El Pollo Loco Holdings, Inc.* 600 6,606
Envela Corp.* 300 1,836
EVgo, Inc.* 2,700 9,855
First Watch Restaurant Group, Inc.* 1,000 16,040
FirstCash Holdings, Inc. 1,186 160,276
Foot Locker, Inc.* 2,500 61,250
  Number of
Shares 		Value†
 
Retail — (continued)
Genesco, Inc.* 295 $5,809
GMS, Inc.* 1,200 130,500
Group 1 Automotive, Inc. 399 174,247
Haverty Furniture Cos., Inc. 450 9,157
J Jill, Inc. 200 2,928
Jack in the Box, Inc. 614 10,720
Kohl's Corp. 3,400 28,832
Krispy Kreme, Inc. 2,900 8,439
Kura Sushi USA, Inc., Class A* 200 17,216
La-Z-Boy, Inc. 1,262 46,909
MarineMax, Inc.* 700 17,598
Movado Group, Inc. 460 7,015
National Vision Holdings, Inc.* 2,400 55,224
Nu Skin Enterprises, Inc., Class A 1,700 13,583
OneWater Marine, Inc., Class A* 400 5,356
Papa John's International, Inc. 1,010 49,429
Patrick Industries, Inc. 1,012 93,377
PC Connection, Inc. 365 24,010
Petco Health & Wellness Co., Inc.* 3,000 8,490
Portillo's, Inc., Class A* 1,500 17,505
Potbelly Corp.* 1,000 12,250
PriceSmart, Inc. 731 76,784
Sally Beauty Holdings, Inc.* 2,900 26,854
Savers Value Village, Inc.* 800 8,160
Shake Shack, Inc., Class A* 1,200 168,720
Shoe Carnival, Inc. 516 9,654
Signet Jewelers Ltd. 1,200 95,460
Sonic Automotive, Inc., Class A 434 34,690
Sweetgreen, Inc., Class A* 3,100 46,128
The Buckle, Inc. 949 43,037
The Cheesecake Factory, Inc. 1,416 88,727
The ODP Corp.* 770 13,960
Tile Shop Holdings, Inc.* 500 3,180
Urban Outfitters, Inc.* 1,900 137,826
Victoria's Secret & Co.* 2,300 42,596
Warby Parker, Inc., Class A* 3,000 65,790
Winmark Corp. 91 34,363
Zumiez, Inc.* 503 6,670
    3,031,347
Savings & Loans — 1.2%
Axos Financial, Inc.* 1,600 121,664
Banc of California, Inc. 4,124 57,942
BankFinancial Corp. 400 4,628
Berkshire Hills Bancorp, Inc. 1,342 33,604
Brookline Bancorp, Inc. 2,687 28,348
BV Financial, Inc.* 300 4,569
Capitol Federal Financial, Inc. 3,700 22,570
CF Bankshares, Inc. 100 2,397
Citizens Community Bancorp, Inc. 300 4,140
Eagle Bancorp Montana, Inc. 300 5,001
ESSA Bancorp, Inc. 200 3,880
Finward Bancorp 100 2,762
First Capital, Inc. 100 4,129
First Savings Financial Group, Inc. 200 5,008
Flagstar Financial, Inc. 9,166 97,160
Flushing Financial Corp. 838 9,955
 
78
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Savings & Loans — (continued)
FS Bancorp, Inc. 200 $7,876
Greene County Bancorp, Inc. 200 4,444
Home Bancorp, Inc. 200 10,356
HomeTrust Bancshares, Inc. 500 18,705
Northfield Bancorp, Inc. 1,093 12,548
Northwest Bancshares, Inc. 3,655 46,711
OceanFirst Financial Corp. 1,810 31,874
Pacific Premier Bancorp, Inc. 2,846 60,022
Provident Financial Services, Inc. 3,730 65,387
Riverview Bancorp, Inc. 700 3,850
Sound Financial Bancorp, Inc. 100 4,600
Southern Missouri Bancorp, Inc. 300 16,434
The Hingham Institution For Savings 61 15,149
Timberland Bancorp, Inc. 200 6,240
WaFd, Inc. 2,434 71,267
Waterstone Financial, Inc. 400 5,524
WSFS Financial Corp. 1,774 97,570
    886,314
Semiconductors — 2.1%
ACM Research, Inc., Class A* 1,600 41,440
Aehr Test Systems* 900 11,637
Aeluma, Inc.* 300 4,911
Alpha & Omega Semiconductor Ltd.* 700 17,962
Ambarella, Inc.* 1,229 81,194
Arteris, Inc.* 1,000 9,530
Atomera, Inc.* 1,000 5,040
Axcelis Technologies, Inc.* 999 69,620
CEVA, Inc.* 671 14,749
Cohu, Inc.* 1,324 25,474
Diodes, Inc.* 1,299 68,704
FormFactor, Inc.* 2,229 76,700
Impinj, Inc.* 800 88,856
Kulicke & Soffa Industries, Inc. 1,600 55,360
MaxLinear, Inc.* 2,443 34,715
Navitas Semiconductor Corp.* 3,700 24,235
Ouster, Inc.* 1,500 36,375
Penguin Solutions, Inc.* 1,600 31,696
Photronics, Inc.* 1,892 35,626
Power Integrations, Inc. 1,647 92,067
Rambus, Inc.* 3,223 206,337
Richardson Electronics Ltd. 500 4,825
Semtech Corp.* 2,609 117,770
Silicon Laboratories, Inc.* 1,016 149,718
SiTime Corp.* 571 121,669
SkyWater Technology, Inc.* 1,000 9,840
Synaptics, Inc.* 1,165 75,515
Ultra Clean Holdings, Inc.* 1,400 31,598
Veeco Instruments, Inc.* 1,754 35,641
Vishay Precision Group, Inc.* 400 11,240
Wolfspeed, Inc.* 6,000 2,393
    1,592,437
Software — 5.8%
8X8, Inc.* 3,700 7,252
ACI Worldwide, Inc.* 3,127 143,561
ACV Auctions, Inc., Class A* 5,100 82,722
  Number of
Shares 		Value†
 
Software — (continued)
Adeia, Inc. 3,153 $44,583
Agilysys, Inc.* 776 88,961
Airship AI Holdings, Inc.* 700 4,123
Alignment Healthcare, Inc.* 3,900 54,600
Alkami Technology, Inc.* 2,100 63,294
Amplitude, Inc., Class A* 2,700 33,480
Appian Corp., Class A* 1,175 35,086
Asana, Inc., Class A* 2,900 39,150
Asure Software, Inc.* 700 6,832
AvePoint, Inc.* 3,900 75,309
AvidXchange Holdings, Inc.* 5,000 48,950
Bandwidth, Inc., Class A* 739 11,750
BigBear.ai Holdings, Inc.* 8,800 59,752
BigCommerce Holdings, Inc.* 2,100 10,500
Blackbaud, Inc.* 1,150 73,841
BlackLine, Inc.* 1,640 92,857
Blend Labs, Inc., Class A* 7,000 23,100
Box, Inc., Class A* 4,200 143,514
Braze, Inc., Class A* 2,300 64,630
C3.ai, Inc., Class A* 3,700 90,909
Cerence, Inc.* 1,400 14,294
Claritev Corp.* 200 9,026
Clear Secure, Inc., Class A 2,600 72,176
Clearwater Analytics Holdings, Inc., Class A* 7,467 163,751
Climb Global Solutions, Inc. 100 10,691
Commvault Systems, Inc.* 1,286 224,188
Consensus Cloud Solutions, Inc.* 467 10,769
CoreCard Corp.* 200 5,794
CS Disco, Inc.* 900 3,933
CSG Systems International, Inc. 881 57,538
Daily Journal Corp.* 41 17,312
Definitive Healthcare Corp.* 1,700 6,630
Digi International, Inc.* 1,057 36,847
Digimarc Corp.* 500 6,605
Digital Turbine, Inc* 3,200 18,880
DigitalOcean Holdings, Inc.* 2,000 57,120
Domo, Inc., Class B* 1,100 15,367
Donnelley Financial Solutions, Inc.* 800 49,320
E2open Parent Holdings, Inc.* 5,800 18,734
eGain Corp.* 500 3,125
EverCommerce, Inc.* 600 6,300
Evolent Health, Inc., Class A* 3,300 37,158
Expensify, Inc., Class A* 2,100 5,439
Faraday Future Intelligent Electric, Inc.* 3,200 5,376
Fastly, Inc., Class A* 4,000 28,240
Five9, Inc.* 2,300 60,904
Freshworks, Inc., Class A* 6,100 90,951
GigaCloud Technology, Inc., Class A* 800 15,824
Health Catalyst, Inc.* 1,800 6,786
I3 Verticals, Inc., Class A* 600 16,488
IBEX Holdings Ltd.* 300 8,730
Ibotta, Inc., Class A* 500 18,300
Immersion Corp. 600 4,728
Innodata, Inc.* 900 46,098
Inspired Entertainment, Inc.* 700 5,719
 
79
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Software — (continued)
Intapp, Inc.* 1,600 $82,592
IonQ, Inc.* 7,100 305,087
Jamf Holding Corp.* 2,500 23,775
Kaltura, Inc.* 3,300 6,633
Life360, Inc.* 500 32,625
LiveRamp Holdings, Inc.* 1,867 61,686
MeridianLink, Inc.* 800 12,984
N-able, Inc.* 2,400 19,440
Nutex Health, Inc.* 100 12,449
Olo, Inc., Class A* 3,200 28,480
ON24, Inc.* 800 4,344
Outset Medical, Inc.* 600 11,526
Pagaya Technologies Ltd., Class A* 1,300 27,716
PagerDuty, Inc.* 2,500 38,200
PDF Solutions, Inc.* 1,000 21,380
Phreesia, Inc.* 1,600 45,536
Planet Labs PBC* 6,500 39,650
Playstudios, Inc.* 2,600 3,406
Playtika Holding Corp. 1,800 8,514
Porch Group, Inc.* 2,100 24,759
Progress Software Corp. 1,226 78,268
PROS Holdings, Inc.* 1,317 20,624
PubMatic, Inc., Class A* 1,100 13,684
Quantum Computing, Inc.* 3,500 67,095
Rackspace Technology, Inc.* 1,800 2,304
Red Violet, Inc. 300 14,760
ReposiTrak, Inc. 400 7,860
Rezolve AI PLC* 3,000 9,225
Sapiens International Corp. N.V. 900 26,325
Schrodinger, Inc.* 1,600 32,192
SEMrush Holdings, Inc., Class A* 1,300 11,765
Silvaco Group, Inc.* 400 1,888
Simulations Plus, Inc. 500 8,725
Skillsoft Corp.* 200 3,194
SoundHound AI, Inc., Class A* 11,000 118,030
Sprout Social, Inc., Class A* 1,418 29,650
SPS Commerce, Inc.* 1,162 158,137
Synchronoss Technologies, Inc.* 400 2,740
Talkspace, Inc.* 3,200 8,896
Teads Holding Co.* 1,000 2,480
TruBridge, Inc.* 300 7,026
Verint Systems, Inc.* 1,895 37,275
Vertex, Inc., Class A* 2,000 70,670
Viant Technology, Inc., Class A* 400 5,292
Vimeo, Inc.* 4,700 18,988
VTEX, Class A* 1,800 11,880
Waystar Holding Corp.* 2,700 110,349
Weave Communications, Inc.* 1,800 14,976
WM Technology, Inc.* 3,500 3,136
Workiva, Inc.* 1,500 102,675
Yext, Inc.* 3,400 28,900
Zeta Global Holdings Corp., Class A* 5,700 88,293
    4,385,981
Telecommunications — 2.3%
A10 Networks, Inc. 2,100 40,635
ADTRAN Holdings, Inc.* 2,405 21,573
  Number of
Shares 		Value†
 
Telecommunications — (continued)
Anterix, Inc.* 300 $7,695
Applied Digital Corp.* 5,400 54,378
ATN International, Inc. 398 6,467
Aviat Networks, Inc.* 400 9,620
BK Technologies Corp.* 100 4,713
BlackSky Technology, Inc.* 575 11,833
Calix, Inc.* 1,793 95,370
Clearfield, Inc.* 400 17,364
CommScope Holding Co., Inc.* 6,500 53,820
Credo Technology Group Holding Ltd.* 4,400 407,396
DigitalBridge Group, Inc. 4,675 48,386
EchoStar Corp., Class A* 4,100 113,570
Extreme Networks, Inc.* 3,947 70,849
Frequency Electronics, Inc.* 200 4,542
Globalstar, Inc.* 1,393 32,805
Gogo, Inc.* 1,900 27,892
Harmonic, Inc.* 3,470 32,861
IDT Corp., Class B 500 34,160
Inseego Corp.* 500 4,120
InterDigital, Inc. 764 171,312
Lumen Technologies, Inc.* 28,800 126,144
NETGEAR, Inc.* 829 24,099
Ooma, Inc.* 700 9,030
Powerfleet, Inc.* 3,200 13,792
Preformed Line Products Co. 71 11,347
Ribbon Communications, Inc.* 3,143 12,603
Satellogic, Inc., Class A* 2,300 8,326
Shenandoah Telecommunications Co. 1,518 20,736
Spok Holdings, Inc. 400 7,072
Telephone and Data Systems, Inc. 2,900 103,182
Viasat, Inc.* 3,500 51,100
Viavi Solutions, Inc.* 6,500 65,455
    1,724,247
Textiles — 0.1%
UniFirst Corp. 432 81,311
Toys, Games & Hobbies — 0.0%
Funko, Inc., Class A* 900 4,284
JAKKS Pacific, Inc. 300 6,234
    10,518
Transportation — 1.1%
ArcBest Corp. 644 49,594
Ardmore Shipping Corp. 1,300 12,480
Costamare Bulkers Holdings Ltd.* 300 2,601
Costamare, Inc. 1,500 13,665
Covenant Logistics Group, Inc. 400 9,644
CryoPort, Inc.* 1,500 11,190
DHT Holdings, Inc. 3,900 42,159
Dorian LPG Ltd. 1,132 27,598
FLEX LNG Ltd. 1,000 21,980
Forward Air Corp.* 796 19,534
Genco Shipping & Trading Ltd. 1,400 18,298
Golden Ocean Group Ltd. 3,900 28,548
Heartland Express, Inc. 1,567 13,539
Himalaya Shipping Ltd.* 1,200 6,924
 
80
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Transportation — (continued)
Hub Group, Inc., Class A 1,786 $59,706
International Seaways, Inc. 1,131 41,259
Marten Transport Ltd. 1,626 21,122
Matson, Inc. 948 105,560
Navigator Holdings Ltd. 1,000 14,150
Nordic American Tankers Ltd. 5,267 13,852
PAMT CORP* 200 2,574
Pangaea Logistics Solutions Ltd. 1,400 6,580
Proficient Auto Logistics, Inc.* 500 3,630
Radiant Logistics, Inc.* 1,000 6,080
RXO, Inc.* 4,700 73,884
Safe Bulkers, Inc. 1,700 6,137
Scorpio Tankers, Inc. 1,340 52,434
SFL Corp. Ltd. 3,784 31,521
Teekay Corp., Ltd. 1,300 10,725
Teekay Tankers Ltd., Class A 700 29,204
Universal Logistics Holdings, Inc. 200 5,076
Werner Enterprises, Inc. 1,852 50,671
World Kinect Corp. 1,700 48,195
    860,114
Trucking and Leasing — 0.3%
GATX Corp. 1,044 160,317
The Greenbrier Cos., Inc. 947 43,609
Willis Lease Finance Corp. 100 14,278
    218,204
Water — 0.4%
American States Water Co. 1,177 90,229
California Water Service Group 1,766 80,318
Consolidated Water Co., Ltd. 400 12,008
Global Water Resources, Inc. 500 5,095
H2O America 1,032 53,633
Middlesex Water Co. 531 28,769
The York Water Co. 397 12,545
    282,597
TOTAL COMMON STOCKS
(Cost $69,612,969) 		71,378,165
REAL ESTATE INVESTMENT TRUSTS — 6.3%
Apartments — 0.3%
Apartment Investment and Management Co., Class A 4,100 35,465
BRT Apartments Corp. 300 4,692
Centerspace 461 27,748
Elme Communities 2,706 43,025
Independence Realty Trust, Inc. 6,792 120,150
NexPoint Residential Trust, Inc. 700 23,324
    254,404
Diversified — 0.9%
Alexander & Baldwin, Inc. 2,256 40,224
American Assets Trust, Inc. 1,600 31,600
Armada Hoffler Properties, Inc. 2,100 14,427
Broadstone Net Lease, Inc. 5,600 89,880
Claros Mortgage Trust, Inc. 2,900 8,265
  Number of
Shares 		Value†
 
Diversified — (continued)
Clipper Realty, Inc. 600 $2,202
Farmland Partners, Inc. 1,400 16,114
FrontView REIT, Inc. 500 6,000
Gladstone Commercial Corp. 1,252 17,941
Gladstone Land Corp. 1,100 11,187
Global Net Lease, Inc. 5,882 44,409
InvenTrust Properties Corp. 2,300 63,020
NexPoint Diversified Real Estate Trust 1,382 5,790
One Liberty Properties, Inc. 510 12,169
Outfront Media, Inc. 4,285 69,931
Postal Realty Trust, Inc., Class A 700 10,311
PotlatchDeltic Corp. 2,374 91,090
Safehold, Inc. 1,435 22,329
UMH Properties, Inc. 2,168 36,401
Uniti Group, Inc. 7,300 31,536
Veris Residential, Inc. 2,400 35,736
    660,562
Healthcare — 0.9%
American Healthcare REIT, Inc. 4,800 176,352
CareTrust REIT, Inc. 5,595 171,207
Community Healthcare Trust, Inc. 700 11,641
Diversified Healthcare Trust 6,700 23,986
Global Medical REIT, Inc. 1,800 12,474
LTC Properties, Inc. 1,317 45,581
National Health Investors, Inc. 1,357 95,153
Sabra Health Care REIT, Inc. 7,093 130,795
Sila Realty Trust, Inc. 1,700 40,239
Strawberry Fields REIT, Inc. 300 3,162
Universal Health Realty Income Trust 420 16,788
    727,378
Hotels & Resorts — 0.7%
Apple Hospitality REIT, Inc. 6,800 79,356
Braemar Hotels & Resorts, Inc. 1,100 2,695
Chatham Lodging Trust 1,300 9,061
DiamondRock Hospitality Co. 6,023 46,136
Pebblebrook Hotel Trust 3,493 34,895
RLJ Lodging Trust 4,280 31,159
Ryman Hospitality Properties, Inc. 1,812 178,790
Service Properties Trust 5,500 13,145
Summit Hotel Properties, Inc. 3,400 17,306
Sunstone Hotel Investors, Inc. 5,947 51,620
Xenia Hotels & Resorts, Inc. 3,200 40,224
    504,387
Industrial — 0.4%
Industrial Logistics Properties Trust 2,400 10,920
Innovative Industrial Properties, Inc. 856 47,268
LXP Industrial Trust 8,615 71,160
Plymouth Industrial REIT, Inc. 1,100 17,666
Terreno Realty Corp. 3,075 172,415
    319,429
Mortgage Banks — 0.9%
ACRES Commercial Realty Corp.* 200 3,588
Advanced Flower Capital, Inc. 600 2,688
AG Mortgage Investment Trust, Inc. 1,100 8,305
 
81
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Mortgage Banks — (continued)
Angel Oak Mortgage REIT, Inc. 200 $1,884
Apollo Commercial Real Estate Finance, Inc. 4,056 39,262
Arbor Realty Trust, Inc. 5,400 57,780
Ares Commercial Real Estate Corp. 1,600 7,632
ARMOUR Residential REIT, Inc. 2,515 42,277
Blackstone Mortgage Trust, Inc., Class A 4,900 94,325
BrightSpire Capital, Inc. 3,900 19,695
Chimera Investment Corp. 2,300 31,901
Dynex Capital, Inc. 3,269 39,947
Ellington Financial, Inc. 2,500 32,475
Franklin BSP Realty Trust, Inc. 2,312 24,715
Invesco Mortgage Capital, Inc. 1,612 12,638
KKR Real Estate Finance Trust, Inc. 1,800 15,786
Ladder Capital Corp. 3,476 37,367
Lument Finance Trust, Inc. 1,700 3,757
MFA Financial, Inc. 3,175 30,036
New York Mortgage Trust, Inc. 2,975 19,933
Nexpoint Real Estate Finance, Inc. 300 4,137
Orchid Island Capital, Inc. 2,640 18,506
PennyMac Mortgage Investment Trust 2,592 33,333
Ready Capital Corp. 4,654 20,338
Redwood Trust, Inc. 3,677 21,731
Rithm Property Trust, Inc. 1,500 4,050
Seven Hills Realty Trust 500 6,035
Sunrise Realty Trust, Inc. 200 2,120
TPG RE Finance Trust, Inc. 2,000 15,440
Two Harbors Investment Corp. 3,100 33,387
    685,068
Office Property — 0.7%
Brandywine Realty Trust 5,500 23,595
City Office REIT, Inc. 1,400 7,476
COPT Defense Properties 3,300 91,014
Douglas Emmett, Inc. 4,800 72,192
Easterly Government Properties, Inc. 1,080 23,976
Empire State Realty Trust, Inc., Class A 3,900 31,551
Franklin Street Properties Corp. 3,700 6,068
Hudson Pacific Properties, Inc. 9,500 26,030
JBG SMITH Properties 2,300 39,790
NET Lease Office Properties* 500 16,275
Paramount Group, Inc. 5,800 35,380
Peakstone Realty Trust 1,100 14,531
Piedmont Realty Trust, Inc. 3,400 24,786
SL Green Realty Corp. 2,100 129,990
    542,654
Private Equity — 0.0%
Chicago Atlantic Real Estate Finance, Inc. 600 8,376
Regional Malls — 0.3%
CBL & Associates Properties, Inc. 600 15,234
Tanger, Inc. 3,200 97,856
The Macerich Co. 7,400 119,732
    232,822
  Number of
Shares 		Value†
 
Single Tenant — 0.4%
Alpine Income Property Trust, Inc. 500 $7,355
Essential Properties Realty Trust, Inc. 6,000 191,460
Four Corners Property Trust, Inc. 3,000 80,730
Getty Realty Corp. 1,469 40,603
Modiv Industrial, Inc. 300 4,224
    324,372
Strip Centers — 0.8%
Acadia Realty Trust 4,020 74,651
Alexander's, Inc. 69 15,547
CTO Realty Growth, Inc. 759 13,100
Curbline Properties Corp. 2,750 62,783
Kite Realty Group Trust 6,449 146,070
NETSTREIT Corp. 2,500 42,325
Phillips Edison & Co., Inc. 3,700 129,611
Saul Centers, Inc. 351 11,983
SITE Centers Corp. 1,525 17,248
Urban Edge Properties 3,700 69,042
Whitestone REIT 1,400 17,472
    599,832
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,777,853) 		  4,859,284
RIGHTS — 0.0%
Aduro Biotech CVR* 560 0
CinCor Pharma, Inc.* 800 2,448
OmniAb, Inc.* 191 132
OmniAb, Inc.* 191 113
Resolute Forest Products, Inc.* 1,500 2,130
TOTAL RIGHTS
(Cost $699) 		  4,823
WARRANTS — 0.0%
Nabors Industries Ltd. Expiration Date 06/11/26* 87 57
Chord Energy Corp. Expiration Date 09/01/25* 102 66
Danimer Scientific, Inc. * 1,066 1
Pulse Biosciences, Inc. * 76 311
TOTAL WARRANTS
(Cost $733) 		  435
     
SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $143,757) 		143,757 143,757
TOTAL INVESTMENTS — 100.1%
(Cost $75,536,011) 		  $76,386,464
Other Assets & Liabilities — (0.1)% (112,893)
TOTAL NET ASSETS — 100.0%   $76,273,571
 
82
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
† See Security Valuation Note.
* Non-income producing security.
(1) The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Valuation Hierarchy table located at the end of the Schedule of Investments.
AG— Aktiengesellschaft.
CVR— Contingent Valued Rights.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
REIT— Real Estate Investment Trust.
S.A.— Societe Anonyme.
S.E.— Societas Europaea.
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		Value†
Advertising 0.1% $53,131
Aerospace & Defense 1.9% 1,324,613
Agriculture 0.3% 244,799
Airlines 0.3% 207,387
Apparel 0.6% 397,012
Auto Manufacturers 0.2% 134,230
Auto Parts & Equipment 1.1% 783,598
Banks 10.1% 7,210,146
Beverages 0.1% 97,409
Biotechnology 7.2% 5,103,734
Building Materials 1.6% 1,141,822
Chemicals 1.8% 1,260,017
Coal 0.4% 317,141
Commercial Services 5.0% 3,595,810
Computers 2.3% 1,615,703
Cosmetics & Personal Care 0.4% 257,898
Distribution & Wholesale 0.7% 517,980
Diversified Financial Services 3.4% 2,431,646
Electric 1.9% 1,336,973
Electrical Components & Equipment 0.8% 584,632
Electronics 3.2% 2,260,986
Energy-Alternate Sources 0.4% 259,087
Engineering & Construction 2.6% 1,856,955
Entertainment 1.4% 975,252
Environmental Control 0.5% 373,982
Food 1.2% 856,942
Forest Products & Paper 0.1% 63,388
Gas 1.1% 819,925
Hand & Machine Tools 0.4% 255,731
Healthcare Products 3.6% 2,558,414
Healthcare Services 2.5% 1,805,388
Home Builders 1.7% 1,241,321
Home Furnishings 0.3% 196,253
Household Products & Wares 0.4% 256,248
Insurance 3.0% 2,134,627
Internet 2.1% 1,498,151
Investment Companies 1.2% 842,410
Iron & Steel 0.3% 190,389
Leisure Time 0.8% 545,281
Lodging 0.1% 91,265
Machinery — Construction & Mining 0.8% 554,964
Machinery — Diversified 2.0% 1,457,032
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Media 0.4%   $293,803
Metal Fabricate/Hardware 0.7%   483,991
Mining 1.2%   891,137
Miscellaneous Manufacturing 1.5%   1,077,203
Multi-National 0.0%   32,643
Office & Business Equipment 0.1%   81,122
Office Furnishings 0.2%   141,994
Oil & Gas 2.4%   1,714,391
Oil & Gas Services 1.3%   920,523
Packaging and Containers 0.3%   193,398
Pharmaceuticals 2.7%   1,934,355
Pipelines 0.4%   259,058
Private Equity 0.1%   35,782
Real Estate 0.7%   503,416
Real Estate Investment Trusts 0.0%   32,607
Retail 4.2%   3,031,347
Savings & Loans 1.2%   886,314
Semiconductors 2.2%   1,592,437
Software 6.1%   4,385,981
Telecommunications 2.4%   1,724,247
Textiles 0.1%   81,311
Toys, Games & Hobbies 0.0%   10,518
Transportation 1.2%   860,114
Trucking and Leasing 0.3%   218,204
Water 0.4%   282,597
  100.0%   $71,378,165
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Advertising $53,131 $53,131 $— $—
Aerospace & Defense 1,324,613 1,324,613 — —
Agriculture 244,799 244,799 — —
Airlines 207,387 207,387 — —
Apparel 397,012 397,012 — —
Auto Manufacturers 134,230 134,230 — —
Auto Parts & Equipment 783,598 783,598 — —
Banks 7,210,146 7,210,146 — —
Beverages 97,409 97,409 — —
Biotechnology 5,103,734 5,101,922 1,812 —
Building Materials 1,141,822 1,141,822 — —
Chemicals 1,260,017 1,260,017 — —
Coal 317,141 317,141 — —
Commercial Services 3,595,810 3,595,810 — —
Computers 1,615,703 1,615,703 — —
Cosmetics & Personal Care 257,898 257,898 — —
Distribution & Wholesale 517,980 517,980 — —
Diversified Financial Services 2,431,646 2,431,646 — —
Electric 1,336,973 1,336,973 — —
 
83
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Small Cap Index Fund
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Electrical Components & Equipment $584,632 $584,632 $— $—
Electronics 2,260,986 2,260,986 — —
Energy-Alternate Sources 259,087 259,087 — —
Engineering & Construction 1,856,955 1,856,955 — —
Entertainment 975,252 975,252 — —
Environmental Control 373,982 373,982 — —
Food 856,942 856,942 — —
Forest Products & Paper 63,388 63,388 — —
Gas 819,925 819,925 — —
Hand & Machine Tools 255,731 255,731 — —
Healthcare Products 2,558,414 2,558,414 — —
Healthcare Services 1,805,388 1,805,388 — —
Home Builders 1,241,321 1,241,321 — —
Home Furnishings 196,253 196,253 — —
Household Products & Wares 256,248 256,248 — —
Insurance 2,134,627 2,134,627 — —
Internet 1,498,151 1,498,151 — —
Investment Companies 842,410 842,410 — —
Iron & Steel 190,389 190,389 — —
Leisure Time 545,281 545,281 — —
Lodging 91,265 91,265 — —
Machinery — Construction & Mining 554,964 554,964 — —
Machinery — Diversified 1,457,032 1,457,032 — —
Media 293,803 293,803 — —
Metal Fabricate/Hardware 483,991 483,991 — —
Mining 891,137 891,137 — —
Miscellaneous Manufacturing 1,077,203 1,077,203 — —
Multi-National 32,643 32,643 — —
Office & Business Equipment 81,122 81,122 — —
Office Furnishings 141,994 141,994 — —
Oil & Gas 1,714,391 1,714,391 — —(1)
Oil & Gas Services 920,523 920,523 — —
Packaging and Containers 193,398 193,398 — —
Pharmaceuticals 1,934,355 1,934,319 36 —
Pipelines 259,058 259,058 — —
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Private Equity $35,782 $35,782 $— $—
Real Estate 503,416 503,416 — —
Real Estate Investment Trusts 32,607 32,607 — —
Retail 3,031,347 3,031,347 — —
Savings & Loans 886,314 886,314 — —
Semiconductors 1,592,437 1,560,741 31,696 —
Software 4,385,981 4,385,981 — —
Telecommunications 1,724,247 1,724,247 — —
Textiles 81,311 81,311 — —
Toys, Games & Hobbies 10,518 10,518 — —
Transportation 860,114 860,114 — —
Trucking and Leasing 218,204 218,204 — —
Water 282,597 282,597 — —
Total Common Stocks 71,378,165 71,344,621 33,544 —
Real Estate Investment Trusts 4,859,284 4,859,284 — —
Rights 4,823 — 4,823 —
Warrants 435 124 311 —
Short-Term Investments 143,757 143,757 — —
Total Investments $76,386,464 $76,347,786 $38,678 $—
Other Financial Instruments(2)        
Futures Contracts $5,054 $5,054 $— $—
Total Assets—Other Financial Instruments $5,054 $5,054 $— $—
(1) Includes internally fair valued securities currently priced at zero ($0).
(2) Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
 
Futures contracts held by the Fund at June 30, 2025 are as follows:
Futures Contracts:
Exchange Traded
Type   Futures Contract   Expiration
Date 		  Numbers
of
Contracts 		  Units per
Contract 		  Closing
Price 		  Notional
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Long   E-Mini Russell 2000 Index   09/19/25   3   50   $2,192   $328,755   $5,054   $—
                            $5,054   $—
The accompanying notes are an integral part of these financial statements.
84
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.6%
Australia — 6.7%
ANZ Group Holdings Ltd. 12,918 $247,726
APA Group 5,466 29,389
Aristocrat Leisure Ltd. 2,479 106,212
ASX Ltd. 903 41,462
BHP Group Ltd. 22,274 535,859
BlueScope Steel Ltd. 2,047 31,193
Brambles Ltd. 6,164 95,196
CAR Group Ltd. 1,639 40,364
Cochlear Ltd. 282 55,773
Coles Group Ltd. 5,851 80,230
Commonwealth Bank of Australia 7,318 890,661
Computershare Ltd. 2,288 60,024
CSL Ltd. 2,109 333,139
Evolution Mining Ltd. 8,834 45,992
Fortescue Ltd. 7,213 72,507
Goodman Group 8,890 200,422
Insurance Australia Group Ltd. 10,138 60,271
Macquarie Group Ltd. 1,589 238,995
Medibank Pvt. Ltd. 11,857 39,376
National Australia Bank Ltd. 13,397 347,221
Northern Star Resources Ltd. 5,992 74,014
Origin Energy Ltd. 7,283 51,767
Pro Medicus Ltd. 255 47,719
Qantas Airways Ltd. 3,289 23,235
QBE Insurance Group Ltd. 6,600 101,634
REA Group Ltd. 225 35,631
Reece Ltd. 1,201 11,348
Rio Tinto Ltd. 1,634 115,671
Santos Ltd. 14,114 71,161
Scentre Group 22,263 52,290
SGH Ltd. 875 31,162
Sigma Healthcare Ltd. 20,372 40,098
Sonic Healthcare Ltd. 2,111 37,262
South32 Ltd. 15,452 29,527
South32 Ltd. 5,653 10,793
Stockland 11,251 39,762
Suncorp Group Ltd. 4,660 66,413
Telstra Group Ltd. 17,018 54,264
The Lottery Corp. Ltd. 9,935 34,852
Transurban Group 13,656 125,648
Vicinity Ltd. 15,773 25,749
Washington H. Soul Pattinson & Co., Ltd. 1,031 28,503
Wesfarmers Ltd. 5,025 280,432
Westpac Banking Corp. 14,962 333,451
WiseTech Global Ltd. 777 55,723
Woodside Energy Group Ltd. 8,360 129,136
Woolworths Group Ltd. 5,315 108,871
    5,568,128
Austria — 0.2%
Erste Group Bank AG 1,380 117,473
OMV AG 627 34,097
Verbund AG 306 23,509
    175,079
  Number of
Shares 		Value†
 
Belgium — 0.8%
Ageas S.A./N.V. 620 $41,942
Anheuser-Busch InBev S.A./N.V. 4,361 300,039
D'ieteren Group 83 17,874
Elia Group S.A. 217 25,062
Groupe Bruxelles Lambert N.V. 362 30,901
KBC Group N.V. 1,007 103,932
Lotus Bakeries N.V. 2 19,272
Sofina S.A. 66 21,829
Syensqo S.A. 306 23,704
UCB S.A. 568 111,758
    696,313
Chile — 0.1%
Antofagasta PLC 1,852 46,046
China — 0.0%
Yangzijiang Shipbuilding Holdings Ltd. 11,200 19,545
Denmark — 2.3%
A.P. Moller - Maersk A/S, Class A 12 22,140
A.P. Moller - Maersk A/S, Class B 19 35,334
Carlsberg A/S, Class B 414 58,657
Coloplast A/S, Class B 548 52,171
Danske Bank A/S 3,095 126,412
Demant A/S* 328 13,704
DSV A/S 903 216,588
Genmab A/S* 291 60,431
Novo Nordisk A/S, Class B 14,139 979,749
Novonesis Novozymes, Class B 1,545 110,926
Orsted A/S@,* 758 32,654
Pandora A/S 349 61,492
ROCKWOOL A/S, Class B 400 18,749
Tryg A/S 1,594 41,207
Vestas Wind Systems A/S 4,488 67,414
    1,897,628
Finland — 1.1%
Elisa OYJ 610 33,905
Fortum OYJ 1,907 35,760
Kesko OYJ, Class B 1,229 30,312
Kone OYJ, Class B 1,488 98,030
Metso OYJ 2,585 33,501
Neste OYJ 2,000 27,104
Nokia OYJ 23,452 121,684
Nordea Bank Abp 13,866 205,994
Orion OYJ, Class B 462 34,758
Sampo OYJ, Class A 10,845 116,719
Stora Enso OYJ, Class R 2,435 26,472
UPM-Kymmene OYJ 2,323 63,437
Wartsila OYJ Abp 2,189 51,736
    879,412
France — 10.7%
Accor S.A. 883 46,277
Aeroports de Paris S.A. 143 17,928
Air Liquide S.A. 2,538 523,339
Airbus S.E. 2,606 545,177
Alstom S.A.* 1,401 32,701
 
85
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
France — (continued)
Amundi S.A.@ 290 $23,506
Arkema S.A. 274 20,233
AXA S.A. 7,750 380,564
BioMerieux 172 23,791
BNP Paribas S.A. 4,453 399,442
Bollore S.E. 3,186 20,025
Bouygues S.A. 887 40,114
Bureau Veritas S.A. 1,338 45,669
Capgemini S.E. 677 115,927
Carrefour S.A. 2,312 32,614
Cie de Saint-Gobain S.A. 1,987 233,423
Cie Generale des Etablissements Michelin SCA 2,946 109,574
Covivio SA 233 14,773
Credit Agricole S.A. 4,661 88,178
Danone S.A. 2,858 233,851
Dassault Aviation S.A. 89 31,468
Dassault Systemes S.E. 2,943 106,659
Edenred SE 1,032 32,055
Eiffage S.A. 293 41,170
Engie S.A. 8,065 189,550
EssilorLuxottica S.A. 1,302 357,378
Eurazeo S.E. 181 12,940
FDJ UNITED@ 465 18,247
Gecina S.A. 205 22,567
Getlink S.E. 1,352 26,099
Hermes International SCA 139 376,810
Ipsen S.A. 156 18,582
Kering S.A. 339 73,853
Klepierre S.A. 914 36,139
Legrand S.A. 1,155 154,803
L'Oreal S.A. 1,054 451,485
LVMH Moet Hennessy Louis Vuitton S.E. 1,208 632,243
Orange S.A. 8,355 127,232
Pernod Ricard S.A. 884 88,180
Publicis Groupe S.A. 994 112,267
Renault S.A. 899 41,484
Rexel S.A. 1,004 30,966
Safran S.A. 1,579 514,950
Sanofi SA 4,845 469,063
Sartorius Stedim Biotech 129 30,865
Schneider Electric S.E. 2,401 644,632
Societe Generale S.A. 3,130 179,049
Sodexo S.A. 410 25,234
Teleperformance SE 259 25,156
Thales S.A. 416 122,834
TotalEnergies S.E. 8,923 545,398
Unibail-Rodamco-Westfield* 1,213 5,716
Unibail-Rodamco-Westfield 477 45,853
Veolia Environnement S.A. 2,778 99,180
Vinci S.A. 2,156 317,946
    8,955,159
Germany — 10.0%
adidas AG 748 174,606
Allianz S.E. 1,696 688,294
  Number of
Shares 		Value†
 
Germany — (continued)
BASF S.E. 3,948 $195,266
Bayer AG 4,292 129,306
Bayerische Motoren Werke AG 1,273 113,373
Beiersdorf AG 431 54,176
Brenntag S.E. 533 35,311
Commerzbank AG 3,920 123,531
Continental AG 505 44,075
Covestro AG* 777 55,282
CTS Eventim AG & Co., KGaA 278 34,569
Daimler Truck Holding AG 2,125 100,818
Delivery Hero S.E.@,* 873 23,695
Deutsche Bank AG 8,130 241,017
Deutsche Boerse AG 834 272,459
Deutsche Lufthansa AG 2,966 25,180
Deutsche Post AG 4,220 195,470
Deutsche Telekom AG 15,321 560,804
E.ON S.E. 9,908 182,561
Evonik Industries AG 1,156 23,881
Fresenius Medical Care AG 920 52,859
Fresenius S.E. & Co., KGaA 1,848 92,997
GEA Group AG 609 42,691
Hannover Rueck S.E. 264 83,190
Heidelberg Materials AG 582 137,059
Henkel AG & Co., KGaA 470 34,087
Infineon Technologies AG 5,730 244,511
Knorr-Bremse AG 307 29,778
LEG Immobilien S.E. 303 26,970
Mercedes-Benz Group AG 3,170 184,685
Merck KGaA 577 74,813
MTU Aero Engines AG 236 104,844
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 585 379,861
Nemetschek S.E. 240 34,798
Rational AG 23 19,327
Rheinmetall AG 197 417,187
RWE AG 2,833 118,386
SAP S.E. 4,586 1,402,305
Scout24 S.E.@ 329 45,418
Siemens AG 3,323 853,540
Siemens Energy AG* 2,998 350,409
Siemens Healthineers AG@ 1,493 82,883
Symrise AG 577 60,507
Talanx AG 287 37,207
Vonovia S.E. 3,459 122,623
Zalando S.E.@,* 991 32,700
    8,339,309
Hong Kong — 2.1%
AIA Group Ltd. 47,000 425,747
BOC Hong Kong Holdings Ltd. 16,000 69,652
CK Asset Holdings Ltd. 9,034 39,920
CK Hutchison Holdings Ltd. 11,628 71,602
CK Infrastructure Holdings Ltd. 2,500 16,556
CLP Holdings Ltd. 7,500 63,343
Futu Holdings Ltd., ADR 300 37,077
Galaxy Entertainment Group Ltd. 10,000 44,576
Hang Seng Bank Ltd. 3,200 48,020
 
86
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Hong Kong — (continued)
Henderson Land Development Co., Ltd. 5,891 $20,689
HKT Trust & HKT Ltd. 16,240 24,280
Hong Kong & China Gas Co., Ltd. 50,112 42,134
Hong Kong Exchanges & Clearing Ltd. 5,284 284,208
Hongkong Land Holdings Ltd. 4,800 27,696
Jardine Matheson Holdings Ltd. 700 33,644
Link REIT 11,762 63,003
MTR Corp. Ltd. 6,396 22,999
Power Assets Holdings Ltd. 6,000 38,577
Prudential PLC 11,669 146,052
Sino Land Co., Ltd. 17,633 18,782
SITC International Holdings Co., Ltd. 6,000 19,223
Sun Hung Kai Properties Ltd. 6,161 70,993
Swire Pacific Ltd., Class A 1,500 12,858
Techtronic Industries Co., Ltd. 6,000 66,204
The Wharf Holdings Ltd. 4,000 12,178
WH Group Ltd.@ 36,872 35,537
Wharf Real Estate Investment Co., Ltd. 7,000 19,870
    1,775,420
Ireland — 0.9%
AerCap Holdings N.V. 800 93,600
AIB Group PLC 9,304 76,785
Bank of Ireland Group PLC 4,429 63,114
DCC PLC 418 27,128
Experian PLC 4,039 208,276
James Hardie Industries PLC* 1,964 52,740
Kerry Group PLC, Class A 728 80,434
Kingspan Group PLC 670 57,090
Ryanair Holdings PLC 3,751 106,400
    765,567
Israel — 1.0%
Azrieli Group Ltd. 175 16,116
Bank Hapoalim BM 5,499 105,625
Bank Leumi Le-Israel BM 6,726 125,141
Check Point Software Technologies Ltd.* 372 82,305
CyberArk Software Ltd.* 200 81,376
Elbit Systems Ltd. 117 52,116
ICL Group Ltd. 3,227 22,154
Israel Discount Bank Ltd., Class A 5,639 56,247
Mizrahi Tefahot Bank Ltd. 681 44,423
Monday.com Ltd.* 200 62,896
Nice Ltd.* 267 45,260
Teva Pharmaceutical Industries Ltd.* 4,764 80,150
Wix.com Ltd.* 219 34,703
    808,512
Italy — 2.9%
Banca Mediolanum SpA 987 17,009
Banco BPM SpA 5,014 58,526
BPER Banca SpA 4,393 39,872
Davide Campari-Milano N.V. 2,775 18,682
DiaSorin SpA 89 9,526
Enel SpA 35,431 336,265
Eni SpA 9,623 155,451
  Number of
Shares 		Value†
 
Italy — (continued)
Ferrari N.V. 558 $273,370
FinecoBank Banca Fineco SpA 2,745 60,894
Generali 3,808 135,456
Infrastrutture Wireless Italiane SpA@ 1,061 12,974
Intesa Sanpaolo SpA 66,190 381,282
Leonardo SpA 1,773 100,045
Mediobanca Banca di Credito Finanziario SpA 2,099 48,846
Moncler SpA 988 56,357
Nexi SpA@ 2,092 12,494
Poste Italiane SpA@ 2,082 44,734
Prysmian SpA 1,250 88,499
Recordati Industria Chimica e Farmaceutica SpA 515 32,370
Snam SpA 8,477 51,317
Telecom Italia SpA* 39,057 19,299
Terna - Rete Elettrica Nazionale 5,972 61,398
UniCredit SpA 6,113 410,081
Unipol Assicurazioni SpA 1,704 33,747
    2,458,494
Japan — 21.4%
Advantest Corp. 3,400 252,046
Aeon Co., Ltd. 2,900 88,893
AGC, Inc. 900 26,402
Aisin Corp. 2,100 26,864
Ajinomoto Co., Inc. 4,000 108,493
ANA Holdings, Inc. 800 15,664
Asahi Group Holdings Ltd. 6,400 85,550
Asahi Kasei Corp. 5,100 36,306
Asics Corp. 2,900 73,951
Astellas Pharma, Inc. 8,100 79,307
Bandai Namco Holdings, Inc. 2,600 93,182
Bridgestone Corp. 2,500 102,230
Canon, Inc. 4,100 118,915
Capcom Co., Ltd. 1,600 54,642
Central Japan Railway Co. 3,400 76,006
Chubu Electric Power Co., Inc. 3,000 37,123
Chugai Pharmaceutical Co., Ltd. 3,000 156,653
Concordia Financial Group Ltd. 4,500 29,204
Dai Nippon Printing Co., Ltd. 1,800 27,324
Daifuku Co., Ltd. 1,500 38,589
Dai-ichi Life Holdings, Inc. 15,300 116,320
Daiichi Sankyo Co., Ltd. 7,600 176,078
Daikin Industries Ltd. 1,100 129,122
Daito Trust Construction Co., Ltd. 200 21,784
Daiwa House Industry Co., Ltd. 2,500 85,907
Daiwa Securities Group, Inc. 6,200 44,033
Denso Corp. 8,300 112,011
Dentsu Group, Inc. 900 19,942
Disco Corp. 400 118,497
East Japan Railway Co. 4,000 86,044
Eisai Co., Ltd. 1,200 34,465
ENEOS Holdings, Inc. 12,490 61,911
FANUC Corp. 4,200 114,019
Fast Retailing Co., Ltd. 800 274,291
Fuji Electric Co., Ltd. 600 27,631
 
87
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Japan — (continued)
FUJIFILM Holdings Corp. 4,800 $103,947
Fujikura Ltd. 1,100 57,866
Fujitsu Ltd. 7,700 186,797
Hankyu Hanshin Holdings, Inc. 1,000 27,184
Hikari Tsushin, Inc. 100 29,527
Hitachi Ltd. 20,000 581,287
Honda Motor Co., Ltd. 18,600 179,357
Hoshizaki Corp. 500 17,229
Hoya Corp. 1,500 178,143
Hulic Co., Ltd. 1,700 17,148
Idemitsu Kosan Co., Ltd. 3,280 19,891
IHI Corp. 600 64,898
Inpex Corp. 4,000 56,149
Isuzu Motors Ltd. 2,500 31,670
ITOCHU Corp. 5,200 272,298
Japan Airlines Co., Ltd. 500 10,198
Japan Exchange Group, Inc. 4,600 46,598
Japan Post Bank Co., Ltd. 7,900 85,166
Japan Post Holdings Co., Ltd. 7,700 71,319
Japan Post Insurance Co., Ltd. 800 18,112
Japan Tobacco, Inc. 5,300 156,135
JFE Holdings, Inc. 2,700 31,408
Kajima Corp. 1,800 46,947
Kao Corp. 2,000 89,611
Kawasaki Kisen Kaisha Ltd. 1,400 19,827
KDDI Corp. 13,600 233,520
Keyence Corp. 851 340,254
Kikkoman Corp. 3,000 27,828
Kirin Holdings Co., Ltd. 3,600 50,449
Kobe Bussan Co., Ltd. 600 18,633
Komatsu Ltd. 3,900 128,675
Konami Group Corp. 400 63,241
Kubota Corp. 4,300 48,491
Kyocera Corp. 5,700 68,459
Kyowa Kirin Co., Ltd. 1,000 17,117
Lasertec Corp. 300 40,218
LY Corp. 12,300 45,296
M3, Inc. 1,900 26,100
Makita Corp. 1,000 30,798
Marubeni Corp. 6,200 124,981
MatsukiyoCocokara & Co. 1,400 28,799
MEIJI Holdings Co., Ltd. 1,000 22,114
MINEBEA MITSUMI, Inc. 1,600 23,398
Mitsubishi Chemical Group Corp. 5,600 29,434
Mitsubishi Corp. 14,900 297,730
Mitsubishi Electric Corp. 8,300 178,524
Mitsubishi Estate Co., Ltd. 4,600 86,237
Mitsubishi HC Capital, Inc. 3,900 28,715
Mitsubishi Heavy Industries Ltd. 14,000 350,341
Mitsubishi UFJ Financial Group, Inc. 50,300 685,770
Mitsui & Co., Ltd. 10,800 220,104
Mitsui Fudosan Co., Ltd. 11,600 112,301
Mitsui OSK Lines Ltd. 1,500 50,100
Mizuho Financial Group, Inc. 10,408 288,925
MonotaRO Co., Ltd. 1,100 21,654
MS&AD Insurance Group Holdings, Inc. 5,770 128,992
  Number of
Shares 		Value†
 
Japan — (continued)
Murata Manufacturing Co., Ltd. 7,500 $110,855
NEC Corp. 5,300 154,628
Nexon Co., Ltd. 1,300 26,184
NIDEC Corp. 3,600 69,959
Nintendo Co., Ltd. 4,831 463,920
Nippon Building Fund, Inc. 34 31,395
Nippon Paint Holdings Co., Ltd. 4,200 33,778
Nippon Sanso Holdings Corp. 800 30,273
Nippon Steel Corp. 4,317 81,643
Nippon Yusen K.K. 2,000 71,950
Nissan Motor Co., Ltd.* 10,800 26,131
Nissin Foods Holdings Co., Ltd. 900 18,698
Nitori Holdings Co., Ltd. 300 28,875
Nitto Denko Corp. 3,200 61,797
Nomura Holdings, Inc. 13,400 88,302
Nomura Research Institute Ltd. 1,630 65,196
NTT, Inc. 131,600 140,695
Obayashi Corp. 2,800 42,425
Obic Co., Ltd. 1,366 53,117
Olympus Corp. 5,000 59,392
Omron Corp. 800 21,565
Ono Pharmaceutical Co., Ltd. 1,600 17,340
Oracle Corp. Japan 100 11,919
Oriental Land Co., Ltd. 4,700 108,249
ORIX Corp. 5,200 117,347
Osaka Gas Co., Ltd. 1,700 43,605
Otsuka Corp. 1,000 20,371
Otsuka Holdings Co., Ltd. 1,900 94,201
Pan Pacific International Holdings Corp. 1,600 55,032
Panasonic Holdings Corp. 10,100 108,063
Rakuten Group, Inc.* 7,000 38,571
Recruit Holdings Co., Ltd. 6,200 364,601
Renesas Electronics Corp. 7,400 91,549
Resona Holdings, Inc. 9,300 85,893
Ricoh Co., Ltd. 2,300 21,706
Sanrio Co., Ltd. 800 38,684
SBI Holdings, Inc. 1,210 42,163
SCREEN Holdings Co., Ltd. 300 24,393
SCSK Corp. 700 21,089
Secom Co., Ltd. 1,800 64,665
Sekisui Chemical Co., Ltd. 1,600 28,977
Sekisui House Ltd. 2,600 57,224
Seven & i Holdings Co., Ltd. 9,600 154,515
SG Holdings Co., Ltd. 1,200 13,366
Shimadzu Corp. 1,000 24,723
Shimano, Inc. 300 43,494
Shin-Etsu Chemical Co., Ltd. 7,900 260,874
Shionogi & Co., Ltd. 3,300 59,408
Shiseido Co., Ltd. 1,900 33,935
SMC Corp. 248 88,874
SoftBank Corp. 126,500 195,942
SoftBank Group Corp. 4,200 305,365
Sompo Holdings, Inc. 3,875 116,772
Sony Group Corp. 26,900 699,409
Subaru Corp. 2,600 45,075
Sumitomo Corp. 4,800 123,872
 
88
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Sumitomo Electric Industries Ltd. 3,100 $66,475
Sumitomo Metal Mining Co., Ltd. 1,100 27,109
Sumitomo Mitsui Financial Group, Inc. 16,100 405,413
Sumitomo Mitsui Trust Group, Inc. 2,786 74,100
Sumitomo Realty & Development Co., Ltd. 1,300 50,205
Suntory Beverage & Food Ltd. 600 19,188
Suzuki Motor Corp. 7,000 84,394
Sysmex Corp. 2,300 40,037
T&D Holdings, Inc. 2,100 46,095
Taisei Corp. 700 40,768
Takeda Pharmaceutical Co., Ltd. 6,995 215,957
TDK Corp. 8,500 99,217
Terumo Corp. 6,000 110,111
The Chiba Bank Ltd. 2,500 23,104
The Kansai Electric Power Co., Inc. 4,100 48,625
TIS, Inc. 900 30,159
Toho Co., Ltd. 500 29,498
Tokio Marine Holdings, Inc. 8,100 343,287
Tokyo Electron Ltd. 2,000 383,019
Tokyo Gas Co., Ltd. 1,500 49,893
Tokyo Metro Co., Ltd. 1,500 17,455
Tokyu Corp. 2,300 27,361
TOPPAN Holdings, Inc. 1,000 27,167
Toray Industries, Inc. 6,300 43,125
Toyota Industries Corp. 700 79,004
Toyota Motor Corp. 41,640 717,165
Toyota Tsusho Corp. 2,700 61,158
Trend Micro, Inc. 500 34,583
Unicharm Corp. 5,100 36,826
West Japan Railway Co. 2,000 45,722
Yakult Honsha Co., Ltd. 1,100 20,716
Yamaha Motor Co., Ltd. 4,100 30,681
Yokogawa Electric Corp. 1,100 29,385
Zensho Holdings Co., Ltd. 400 24,211
ZOZO, Inc. 1,800 19,448
    17,868,014
Luxembourg — 0.2%
ArcelorMittal S.A. 2,020 64,144
CVC Capital Partners PLC@ 917 18,855
Eurofins Scientific S.E. 492 35,062
Tenaris S.A. 1,817 34,059
    152,120
Macao — 0.0%
Sands China Ltd.* 11,200 23,407
Netherlands — 4.9%
ABN AMRO Bank N.V.@ 1,924 52,537
Adyen N.V.@,* 111 203,856
Aegon Ltd. 5,731 41,531
Akzo Nobel N.V. 717 50,307
Argenx S.E.* 267 147,807
ASM International N.V. 206 132,144
ASML Holding N.V. 1,730 1,386,313
ASR Nederland N.V. 623 41,396
  Number of
Shares 		Value†
 
Netherlands — (continued)
BE Semiconductor Industries N.V. 365 $54,587
Euronext N.V.@ 347 59,456
EXOR N.V. 372 37,552
Ferrovial S.E. 2,253 120,181
Heineken Holding N.V. 604 45,070
Heineken N.V. 1,253 109,315
IMCD N.V. 268 36,045
ING Groep N.V. 13,697 300,207
JDE Peet's N.V. 692 19,767
Koninklijke Ahold Delhaize N.V. 3,992 166,732
Koninklijke KPN N.V. 16,626 81,105
Koninklijke Philips N.V. 3,727 89,494
NN Group N.V. 1,172 77,984
Prosus N.V.* 5,773 323,903
QIAGEN N.V. 1,009 48,613
Randstad N.V. 473 21,862
Stellantis N.V. 4,149 41,659
Stellantis N.V. 4,980 49,880
Universal Music Group N.V. 4,854 157,466
Wolters Kluwer N.V. 1,054 176,269
    4,073,038
New Zealand — 0.3%
Auckland International Airport Ltd. 6,878 32,472
Contact Energy Ltd. 3,181 17,457
Fisher & Paykel Healthcare Corp. Ltd. 2,472 54,297
Infratil Ltd. 4,067 26,243
Meridian Energy Ltd. 6,517 23,437
Xero Ltd.* 632 74,784
    228,690
Norway — 0.6%
Aker BP ASA 1,469 37,540
DNB Bank ASA 4,010 110,895
Equinor ASA 3,678 92,884
Gjensidige Forsikring ASA 851 21,573
Kongsberg Gruppen ASA 2,000 77,554
Mowi ASA 2,135 41,234
Norsk Hydro ASA 6,136 35,137
Orkla ASA 3,112 33,894
Salmar ASA 343 14,864
Telenor ASA 2,569 40,005
Yara International ASA 710 26,201
    531,781
Poland — 0.0%
InPost S.A.* 851 14,162
Portugal — 0.2%
EDP S.A. 13,321 57,870
Galp Energia SGPS S.A. 1,785 32,676
Jeronimo Martins SGPS S.A. 1,244 31,496
    122,042
Singapore — 1.7%
CapitaLand Ascendas REIT 17,290 36,484
CapitaLand Integrated Commercial Trust 26,406 45,091
 
89
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Singapore — (continued)
CapitaLand Investment Ltd. 10,407 $21,695
DBS Group Holdings Ltd. 9,232 325,909
Genting Singapore Ltd. 26,600 14,961
Grab Holdings Ltd., Class A* 9,900 49,797
Keppel Ltd. 6,500 37,957
Oversea-Chinese Banking Corp. Ltd. 14,791 189,670
Sea Ltd., ADR* 1,700 271,898
Sembcorp Industries Ltd. 3,700 19,932
Singapore Airlines Ltd. 6,900 37,845
Singapore Exchange Ltd. 3,700 43,324
Singapore Technologies Engineering Ltd. 6,700 41,082
Singapore Telecommunications Ltd. 32,500 97,981
United Overseas Bank Ltd. 5,537 156,718
Wilmar International Ltd. 8,000 18,058
    1,408,402
South Africa — 0.0%
Valterra Platinum Ltd.* 1 37
Spain — 3.2%
Acciona S.A. 104 18,758
ACS Actividades de Construccion y Servicios S.A. 761 52,895
Aena SME S.A.@ 3,280 87,556
Amadeus IT Group S.A. 1,988 167,952
Banco Bilbao Vizcaya Argentaria S.A. 25,212 388,221
Banco de Sabadell S.A. 22,979 73,155
Banco Santander S.A. 66,479 550,504
Bankinter S.A. 2,974 38,824
CaixaBank S.A. 17,114 148,290
Cellnex Telecom S.A.@ 2,182 84,963
EDP Renovaveis S.A. 1,399 15,659
Endesa S.A. 1,359 43,046
Grifols S.A.* 1,529 18,657
Iberdrola S.A. 25,535 491,243
Industria de Diseno Textil S.A. 4,832 252,070
Redeia Corp. S.A. 1,818 38,901
Repsol S.A. 4,919 71,947
Telefonica S.A. 16,261 85,583
    2,628,224
Sweden — 3.6%
AddTech AB, Class B 1,083 36,921
Alfa Laval AB 1,254 52,817
Assa Abloy AB, Class B 4,418 138,123
Atlas Copco AB, Class A 11,879 192,036
Atlas Copco AB, Class B 6,710 95,501
Beijer Ref AB 1,581 24,950
Boliden AB* 1,270 39,687
Epiroc AB, Class A 2,862 62,277
Epiroc AB, Class B 1,799 34,492
EQT AB 1,610 54,009
Essity AB, Class B 2,667 73,846
Evolution AB@ 623 49,481
Fastighets AB Balder, Class B* 2,900 21,617
H & M Hennes & Mauritz AB, Class B 2,667 37,562
  Number of
Shares 		Value†
 
Sweden — (continued)
Hexagon AB, Class B 8,911 $89,819
Holmen AB, Class B 347 13,745
Industrivarden AB, Class A 513 18,649
Industrivarden AB, Class C 681 24,660
Indutrade AB 1,163 31,756
Investment AB Latour, Class B 649 17,118
Investor AB, Class B 7,665 227,140
L E Lundbergforetagen AB, Class B 336 16,772
Lifco AB, Class B 1,067 43,242
Nibe Industrier AB, Class B 6,781 28,953
Saab AB, Class B 1,365 76,322
Sagax AB, Class B 919 21,058
Sandvik AB 4,587 105,328
Securitas AB, Class B 2,142 32,071
Skandinaviska Enskilda Banken AB, Class A 6,927 120,741
Skanska AB, Class B 1,493 34,779
SKF AB, Class B 1,500 34,456
Spotify Technology S.A.* 680 521,791
Svenska Cellulosa AB SCA, Class B 2,833 36,837
Svenska Handelsbanken AB, Class A 6,368 85,250
Swedbank AB, Class A 3,718 98,476
Swedish Orphan Biovitrum AB* 878 26,722
Tele2 AB, Class B 2,325 33,939
Telefonaktiebolaget LM Ericsson, Class B 12,188 104,150
Telia Co., AB 10,628 38,227
Trelleborg AB, Class B 941 35,053
Volvo AB, Class A 470 13,248
Volvo AB, Class B 6,560 184,583
    3,028,204
Switzerland — 9.8%
ABB Ltd. 6,920 414,708
Alcon AG 2,212 196,167
Avolta AG* 393 21,407
Baloise Holding AG 177 41,746
Banque Cantonale Vaudoise 130 14,993
Barry Callebaut AG 18 19,675
BKW AG 82 17,978
Chocoladefabriken Lindt & Spruengli AG 1 166,726
Cie Financiere Richemont S.A., Class A 2,357 446,022
Coca-Cola HBC AG* 917 47,906
DSM-Firmenich AG 831 88,406
EMS-Chemie Holding AG 29 21,924
Galderma Group AG 472 68,608
Geberit AG 150 118,132
Givaudan S.A. 41 198,831
Glencore PLC* 44,419 173,085
Helvetia Holding AG 168 39,442
Holcim AG* 2,309 171,464
Julius Baer Group Ltd. 896 60,780
Kuehne + Nagel International AG 225 48,722
Logitech International S.A. 660 59,852
Lonza Group AG 320 228,852
Nestle S.A. 11,504 1,143,801
 
90
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Switzerland — (continued)
Novartis AG 8,316 $1,009,372
Partners Group Holding AG 100 130,833
Roche Holding AG 3,073 1,003,088
Roche Holding AG 147 51,087
Sandoz Group AG 1,827 100,126
Schindler Holding AG 105 38,145
Schindler Holding AG, Participation Certificates 173 64,420
SGS S.A. 654 66,404
SIG Group AG* 1,356 25,082
Sika AG 663 180,392
Sonova Holding AG 221 65,908
STMicroelectronics N.V. 2,909 89,196
Straumann Holding AG 485 63,482
Swiss Life Holding AG 126 127,558
Swiss Prime Site AG 343 51,493
Swiss Re AG 1,336 231,111
Swisscom AG 113 80,240
Temenos AG 233 16,738
The Swatch Group AG 128 20,897
UBS Group AG 14,420 489,584
VAT Group AG@ 114 48,305
Zurich Insurance Group AG 642 449,222
    8,211,910
United Arab Emirates — 0.0%
NMC Health PLC* 538 0
United Kingdom — 13.8%
3i Group PLC 4,307 243,743
Admiral Group PLC 1,200 53,888
Anglo American PLC 4,861 143,292
Ashtead Group PLC 1,916 122,866
Associated British Foods PLC 1,401 39,584
AstraZeneca PLC 6,783 943,985
Auto Trader Group PLC@ 3,774 42,747
Aviva PLC 11,512 97,872
BAE Systems PLC 13,127 340,684
Barclays PLC 62,482 288,715
Barratt Redrow PLC 5,811 36,388
BP PLC 70,092 349,219
British American Tobacco PLC 8,676 412,512
BT Group PLC 26,357 70,181
Bunzl PLC 1,435 45,728
Centrica PLC 22,139 49,121
Coca-Cola Europacific Partners PLC 934 86,064
Compass Group PLC 7,521 254,751
Croda International PLC 617 24,771
Diageo PLC 9,862 248,681
Entain PLC 2,847 35,262
GSK PLC 18,017 343,521
Haleon PLC 39,168 201,309
Halma PLC 1,647 72,392
Hikma Pharmaceuticals PLC 665 18,147
HSBC Holdings PLC 77,293 934,951
Imperial Brands PLC 3,494 138,049
Informa PLC 6,041 66,881
  Number of
Shares 		Value†
 
United Kingdom — (continued)
InterContinental Hotels Group PLC 639 $73,060
International Consolidated Airlines Group S.A. 5,483 25,832
Intertek Group PLC 668 43,513
J. Sainsbury PLC 8,379 33,347
JD Sports Fashion PLC 12,768 15,570
Kingfisher PLC 8,065 32,208
Land Securities Group PLC 2,863 24,868
Legal & General Group PLC 25,239 88,310
Lloyds Banking Group PLC 262,791 276,330
London Stock Exchange Group PLC 2,085 304,925
M&G PLC 9,590 33,898
Marks & Spencer Group PLC 9,274 45,137
Melrose Industries PLC 5,485 39,948
Mondi PLC 2,044 33,400
National Grid PLC 21,323 312,993
NatWest Group PLC 35,640 250,298
Next PLC 521 88,984
Pearson PLC 2,792 41,129
Phoenix Group Holdings PLC 2,925 26,463
Reckitt Benckiser Group PLC 2,960 201,656
RELX PLC 4,901 265,623
RELX PLC 3,236 174,869
Rentokil Initial PLC 10,917 52,672
Rio Tinto PLC 4,911 285,840
Rolls-Royce Holdings PLC 37,153 492,376
Schroders PLC 2,774 13,795
Segro PLC 5,560 52,048
Severn Trent PLC 1,138 42,757
Shell PLC 26,183 913,513
Smith & Nephew PLC 3,655 55,974
Smiths Group PLC 1,404 43,306
Spirax Group PLC 347 28,375
SSE PLC 4,846 122,023
Standard Chartered PLC 8,801 145,644
Tesco PLC 29,698 163,741
The Sage Group PLC 4,372 75,080
Unilever PLC 5,113 312,027
Unilever PLC 5,819 355,176
United Utilities Group PLC 3,136 49,244
Vodafone Group PLC 85,473 91,495
Whitbread PLC 715 27,746
Wise PLC, Class A* 2,843 40,613
WPP PLC 4,993 35,156
    11,536,266
United States — 0.1%
Amrize Ltd.* 2,309 115,181
TOTAL COMMON STOCKS
(Cost $48,872,565) 		  82,326,090
PREFERRED STOCKS — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG 270 22,422
Dr. Ing. h.c. F. Porsche AG@ 537 26,540
Henkel AG & Co., KGaA 735 57,759
 
91
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
PREFERRED STOCKS — (continued)
Germany — (continued)
Porsche Automobil Holding S.E. 711 $28,226
Sartorius AG 123 31,328
Volkswagen AG 925 97,785
TOTAL PREFERRED STOCKS
(Cost $338,293) 		  264,060
SHORT-TERM INVESTMENTS — 0.9%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $795,516) 		795,516 795,516
TOTAL INVESTMENTS — 99.8%
(Cost $50,006,374) 		  $83,385,666
Other Assets & Liabilities — 0.2% 126,593
TOTAL NET ASSETS — 100.0%   $83,512,259
† See Security Valuation Note.
* Non-income producing security.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $1,039,138, which represents 1.2% of the Fund’s net assets.
A/S— Aktieselskab.
AB— Aktiebolag.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
ASA— Allmennaksjeselskap.
K.K.— Kabushiki Kaisha
KGaA— Kommanditgesellschaft auf Aktien.
MSCI— Morgan Stanley Capital International.
N.V.— Naamloze Vennootschap.
OYJ— Julkinen Osakeyhtiö.
PLC— Public Limited Company.
REIT— Real Estate Investment Trust.
S.A.— Societe Anonyme.
S.E.— Societas Europaea.
SpA— Società per Azioni.
Country Weightings as of 6/30/2025††
Japan 21%
United Kingdom 14
France 11
Germany 10
Switzerland 10
Australia 7
Netherlands 5
Other 22
Total 100%
†† % of total investments as of June 30, 2025.
    
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		Value†
Advertising 0.2% $167,365
Aerospace & Defense 3.6% 2,943,931
Agriculture 0.9% 724,754
Airlines 0.3% 244,354
Apparel 1.6% 1,331,463
Auto Manufacturers 2.5% 2,086,892
Auto Parts & Equipment 0.7% 540,233
Banks 14.6% 12,026,110
Beverages 1.4% 1,177,548
Biotechnology 0.7% 568,099
Building Materials 1.6% 1,305,544
Chemicals 2.4% 1,976,630
Commercial Services 2.7% 2,203,713
Computers 1.1% 865,814
Cosmetics & Personal Care 2.0% 1,608,391
Distribution & Wholesale 1.6% 1,298,839
Diversified Financial Services 1.9% 1,601,750
Electric 2.9% 2,405,119
Electrical Components & Equipment 1.2% 945,800
Electronics 1.5% 1,253,755
Energy-Alternate Sources 0.1% 67,414
Engineering & Construction 1.3% 1,046,389
Entertainment 0.7% 588,797
Food 3.6% 2,941,658
Food Service 0.3% 279,985
Forest Products & Paper 0.1% 110,582
Gas 0.2% 186,177
Hand & Machine Tools 0.3% 227,198
Healthcare Products 1.9% 1,532,964
Healthcare Services 0.6% 470,823
Holding Companies 0.0% 33,644
Home Builders 0.3% 208,496
Home Furnishings 1.0% 844,028
Household Products & Wares 0.3% 235,743
Insurance 6.1% 4,990,571
Internet 1.9% 1,539,968
Investment Companies 0.5% 449,367
Iron & Steel 0.3% 280,895
Leisure Time 0.3% 242,127
Lodging 0.3% 215,066
Machinery — Construction & Mining 2.2% 1,824,834
Machinery — Diversified 1.5% 1,274,930
Media 0.2% 128,035
Metal Fabricate/Hardware 0.1% 116,820
Mining 1.9% 1,562,089
Miscellaneous Manufacturing 1.3% 1,078,951
Office & Business Equipment 0.2% 140,621
Oil & Gas 3.2% 2,625,205
Packaging and Containers 0.1% 51,554
Pharmaceuticals 7.7% 6,377,764
Pipelines 0.0% 29,389
Private Equity 0.6% 482,075
Real Estate 1.0% 806,169
Real Estate Investment Trusts 0.8% 696,160
Retail 2.3% 1,929,336
Semiconductors 3.4% 2,792,080
Shipbuilding 0.1% 97,099
 
92
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Software 2.6%   $2,108,107
Telecommunications 3.1%   2,569,423
Toys, Games & Hobbies 0.7%   595,786
Transportation 1.3%   1,080,486
Water 0.2%   191,181
  100.0%   $82,326,090
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Australia $5,568,128 $— $5,568,128 $—
Austria 175,079 — 175,079 —
Belgium 696,313 — 696,313 —
Chile 46,046 — 46,046 —
China 19,545 — 19,545 —
Denmark 1,897,628 — 1,897,628 —
Finland 879,412 — 879,412 —
France 8,955,159 — 8,955,159 —
Germany 8,339,309 55,282 8,284,027 —
Hong Kong 1,775,420 96,174 1,679,246 —
Ireland 765,567 93,600 671,967 —
Israel 808,512 261,280 547,232 —
Italy 2,458,494 — 2,458,494 —
Japan 17,868,014 — 17,868,014 —
Luxembourg 152,120 — 152,120 —
Macao 23,407 — 23,407 —
Netherlands 4,073,038 — 4,073,038 —
New Zealand 228,690 55,909 172,781 —
Norway 531,781 92,418 439,363 —
Poland 14,162 — 14,162 —
Portugal 122,042 — 122,042 —
Singapore 1,408,402 321,695 1,086,707 —
South Africa 37 37 — —
Spain 2,628,224 43,046 2,585,178 —
Sweden 3,028,204 521,791 2,506,413 —
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Switzerland $8,211,910 $— $8,211,910 $—
United Arab Emirates — — —(1) —
United Kingdom 11,536,266 — 11,536,266 —
United States 115,181 115,181 — —
Total Common Stocks $82,326,090 $1,656,413 $80,669,677 $—
Preferred Stocks        
Germany 264,060 — 264,060 —
Total Preferred Stocks $264,060 $— $264,060 $—
Short-Term Investments 795,516 795,516 — —
Total Investments $83,385,666 $2,451,929 $80,933,737 $—
Other Financial Instruments(2)        
Futures Contracts $25,394 $25,394 $— $—
Total Assets—Other Financial Instruments $25,394 $25,394 $— $—
LIABILITIES TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Other Financial Instruments(2)        
Forward Foreign Currency Contracts $(10,494) $— $(10,494) $—
Total Liabilities—Other Financial Instruments $(10,494) $— $(10,494) $—
(1) Value is less than $1.
(2) Other financial instruments are derivative instruments not reflected in the value of total investments in securities in the Schedule of Investments such as future contracts and forward foreign currency contracts which are valued at the unrealized appreciation (depreciation) on the instrument.
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
 
Open forward foreign currency contracts held at June 30, 2025 are as follows:
Open forward foreign currency contracts
  Currency   Counterparty   Settlement
Date 		  Foreign
Currency
Contract 		  Forward
Rate 		  U.S.
Contract
Amount 		  U.S.
Contract
Value 		  Unrealized
Foreign
Exchange
Gain 		  Unrealized
Foreign
Exchange
Loss
Sell Swiss Franc   Hong Kong & Shanghai Bank   09/17/25   (195,000)   0.78568   $(243,004)   $(248,193)   $—   $(5,190)
Sell Euro   RBC Capital Markets Corp.   09/17/25   (250,000)   0.84453   (290,719)   (296,024)   —   (5,304)
  Total                           $—   $(10,494)
93
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Developed International Index Fund
Futures contracts held by the Fund at June 30, 2025 are as follows:
Futures Contracts:
Exchange Traded
Type   Futures Contract   Expiration
Date 		  Numbers
of
Contracts 		  Units per
Contract 		  Closing
Price 		  Notional
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Long   MSCI EAFE Index   09/19/25   12   50   $2,682   $1,609,020   $25,394   $—
                            $25,394   $—
The accompanying notes are an integral part of these financial statements.
94
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
International Equity Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.8%
Canada — 3.9%
Constellation Software, Inc. 891 $3,267,076
Intact Financial Corp. 26,815 6,235,337
    9,502,413
China — 3.7%
Tencent Holdings Ltd. 138,728 8,939,024
France — 4.9%
Air Liquide S.A. 22,529 4,645,505
Hermes International SCA 772 2,092,788
L'Oreal S.A. 8,005 3,428,970
Schneider Electric S.E. 6,085 1,633,731
    11,800,994
Germany — 12.7%
CTS Eventim AG & Co., KGaA 48,999 6,093,059
Deutsche Boerse AG 22,597 7,382,204
Rheinmetall AG 4,496 9,521,173
SAP S.E. 25,761 7,877,185
    30,873,621
India — 1.5%
ICICI Bank Ltd. 210,437 3,556,331
Ireland — 2.0%
Experian PLC 94,355 4,865,534
Italy — 4.2%
Ferrari N.V. 11,191 5,482,593
Terna - Rete Elettrica Nazionale 468,874 4,820,478
    10,303,071
Japan — 12.2%
Asahi Group Holdings Ltd. 149,717 2,001,288
Capcom Co., Ltd. 286,175 9,773,304
Keyence Corp. 1,529 611,337
MonotaRO Co., Ltd. 161,223 3,173,813
Nomura Research Institute Ltd. 175,700 7,027,546
Obic Co., Ltd. 184,810 7,186,350
    29,773,638
Netherlands — 6.2%
Universal Music Group N.V. 261,120 8,470,880
Wolters Kluwer N.V. 38,803 6,489,340
    14,960,220
Sweden — 8.9%
Atlas Copco AB, Class A 44,799 724,221
Beijer Ref AB 144,144 2,274,739
Epiroc AB, Class A 167,656 3,648,170
Lifco AB, Class B 138,354 5,607,047
Svenska Handelsbanken AB, Class A 701,139 9,386,349
    21,640,526
Switzerland — 10.4%
Alcon AG 9,197 815,617
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates 478 8,056,022
Galderma Group AG 62,934 9,147,816
  Number of
Shares 		Value†
 
Switzerland — (continued)
Schindler Holding AG, Participation Certificates 19,639 $7,312,978
    25,332,433
Taiwan — 2.8%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 30,307 6,864,232
United Kingdom — 15.6%
Aon PLC, Class A 2,763 985,728
Coca-Cola Europacific Partners PLC 77,384 7,175,044
Games Workshop Group PLC 38,614 8,594,815
Halma PLC 163,923 7,205,092
London Stock Exchange Group PLC 11,589 1,694,859
National Grid PLC 505,497 7,420,020
RELX PLC 89,734 4,863,375
    37,938,933
United States — 7.2%
Flutter Entertainment PLC* 10,467 2,975,675
Mastercard, Inc., Class A 3,242 1,821,809
Philip Morris International, Inc. 66,120 12,042,436
RB Global, Inc. 7,358 781,346
    17,621,266
Uruguay — 2.6%
MercadoLibre, Inc.* 2,404 6,283,166
TOTAL COMMON STOCKS
(Cost $213,441,507) 		  240,255,402
SHORT-TERM INVESTMENTS — 1.6%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $3,858,697) 		3,858,697 3,858,697
TOTAL INVESTMENTS — 100.4%
(Cost $217,300,204) 		  $244,114,099
Other Assets & Liabilities — (0.4)% (887,990)
TOTAL NET ASSETS — 100.0%   $243,226,109
† See Security Valuation Note.
* Non-income producing security.
AB— Aktiebolag.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
KGaA— Kommanditgesellschaft auf Aktien.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
S.E.— Societas Europaea.
    
 
95
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
International Equity Fund
Country Weightings as of 6/30/2025††
United Kingdom 15%
Germany 13
Japan 12
Switzerland 10
Sweden 9
United States 9
Netherlands 6
Other 26
Total 100%
†† % of total investments as of June 30, 2025.
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Aerospace & Defense 4.0%   $9,521,173
Agriculture 5.0%   12,042,436
Apparel 0.9%   2,092,788
Auto Manufacturers 2.3%   5,482,593
Banks 5.4%   12,942,680
Beverages 3.8%   9,176,332
Chemicals 1.9%   4,645,505
Commercial Services 7.1%   16,999,595
Computers 5.9%   14,213,896
Cosmetics & Personal Care 1.4%   3,428,970
Diversified Financial Services 4.5%   10,898,872
Electric 5.1%   12,240,498
Electrical Components & Equipment 0.7%   1,633,731
Electronics 3.0%   7,205,092
Entertainment 7.3%   17,539,614
Food 3.3%   8,056,022
Hand & Machine Tools 3.0%   7,312,978
Healthcare Products 2.7%   6,422,664
Insurance 3.0%   7,221,065
Internet 7.7%   18,396,003
Machinery — Construction & Mining 1.5%   3,648,170
Machinery — Diversified 1.5%   3,610,297
Pharmaceuticals 3.8%   9,147,816
Semiconductors 2.9%   6,864,232
Software 8.7%   20,917,565
Toys, Games & Hobbies 3.6%   8,594,815
  100.0%   $240,255,402
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Canada $9,502,413 $9,502,413 $— $—
China 8,939,024 — 8,939,024 —
France 11,800,994 — 11,800,994 —
Germany 30,873,621 — 30,873,621 —
India 3,556,331 — 3,556,331 —
Ireland 4,865,534 — 4,865,534 —
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Italy $10,303,071 $— $10,303,071 $—
Japan 29,773,638 — 29,773,638 —
Netherlands 14,960,220 — 14,960,220 —
Sweden 21,640,526 — 21,640,526 —
Switzerland 25,332,433 — 25,332,433 —
Taiwan 6,864,232 6,864,232 — —
United Kingdom 37,938,933 8,160,772 29,778,161 —
United States 17,621,266 14,645,591 2,975,675 —
Uruguay 6,283,166 6,283,166 — —
Total Common Stocks $240,255,402 $45,456,174 $194,799,228 $—
Short-Term Investments 3,858,697 3,858,697 — —
Total Investments $244,114,099 $49,314,871 $194,799,228 $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
96
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Emerging Markets Equity Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.7%
Brazil — 2.7%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP 15,965 $351,471
TOTVS S.A. 191,357 1,490,183
    1,841,654
China — 16.9%
Alibaba Group Holding Ltd. 130,737 1,850,706
Contemporary Amperex Technology Co., Ltd., Class A 19,775 697,115
KE Holdings, Inc., ADR 51,097 906,461
Kweichow Moutai Co., Ltd., Class A 1,668 328,342
Midea Group Co., Ltd., Class A 71,922 724,972
NetEase, Inc. 76,138 2,051,871
Shenzhen Inovance Technology Co., Ltd., Class A 22,945 206,874
Tencent Holdings Ltd. 71,984 4,638,333
    11,404,674
Greece — 3.1%
Eurobank Ergasias Services and Holdings S.A. 613,820 2,114,169
Hong Kong — 7.0%
AIA Group Ltd. 295,297 2,674,931
Hong Kong Exchanges & Clearing Ltd. 38,969 2,096,009
    4,770,940
India — 17.3%
Bajaj Finance Ltd. 187,694 2,049,873
Bharat Electronics Ltd. 340,303 1,673,590
Bharti Airtel Ltd. 88,767 2,081,060
Cipla Ltd. 19,098 335,503
Eicher Motors Ltd. 15,470 1,020,619
ICICI Bank Ltd. 121,001 2,044,886
Max Healthcare Institute Ltd. 65,861 979,928
Power Grid Corp. of India Ltd. 197,281 689,526
Tata Consultancy Services Ltd. 3,374 136,244
Titan Co., Ltd. 16,334 702,982
    11,714,211
Indonesia — 1.5%
Avia Avian Tbk PT 13,534,902 350,185
Bank Central Asia Tbk PT 1,262,477 674,854
    1,025,039
Mexico — 1.0%
Arca Continental S.A.B. de C.V. 63,630 674,126
Poland — 2.1%
Dino Polska S.A.@,* 9,685 1,415,294
Saudi Arabia — 2.1%
Elm Co. 2,461 657,108
Riyad Bank 99,913 765,391
    1,422,499
Singapore — 1.3%
Trip.com Group Ltd. 15,119 885,437
  Number of
Shares 		Value†
 
South Africa — 4.6%
Capitec Bank Holdings Ltd. 6,878 $1,375,228
Clicks Group Ltd. 32,860 688,615
Naspers Ltd., Class N 3,264 1,018,412
    3,082,255
South Korea — 11.1%
Cosmax, Inc. 8,445 1,743,260
KB Financial Group, Inc. 16,953 1,393,134
Samsung Fire & Marine Insurance Co., Ltd. 5,359 1,718,297
SK Hynix, Inc. 12,301 2,650,639
    7,505,330
Switzerland — 1.5%
Coca-Cola HBC AG* 19,077 996,633
Taiwan — 19.2%
Accton Technology Corp. 60,506 1,512,273
ASPEED Technology, Inc. 6,649 1,081,288
Elite Material Co., Ltd. 42,237 1,277,191
MediaTek, Inc. 15,052 644,958
President Chain Store Corp. 152,798 1,340,041
Taiwan Semiconductor Manufacturing Co., Ltd. 189,482 6,929,234
Voltronic Power Technology Corp. 4,583 197,690
    12,982,675
United Arab Emirates — 2.2%
Abu Dhabi Commercial Bank PJSC 205,424 754,014
Emaar Properties PJSC 190,132 705,321
    1,459,335
United States — 2.0%
PriceSmart, Inc. 12,922 1,357,327
Uruguay — 3.1%
MercadoLibre, Inc.* 808 2,111,813
TOTAL COMMON STOCKS
(Cost $56,217,333) 		  66,763,411
PREFERRED STOCKS — 1.4%
Brazil — 1.4%
Itau Unibanco Holding S.A.
(Cost $724,483) 		145,962 990,525
SHORT-TERM INVESTMENTS — 1.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $789,549) 		789,549 789,549
TOTAL INVESTMENTS — 101.3%
(Cost $57,731,365) 		  $68,543,485
Other Assets & Liabilities — (1.3)% (887,625)
TOTAL NET ASSETS — 100.0%   $67,655,860
 
97
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Emerging Markets Equity Fund
† See Security Valuation Note.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2025, the aggregate value of Rule 144A securities was $1,415,294, which represents 2.1% of the Fund’s net assets.
* Non-income producing security.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
PJSC— Private Joint Stock Company.
S.A.— Societe Anonyme.
S.A.B. de C.V.— Sociedad Anonima de Capital Variable.
Tbk PT— Terbuka Perseroan Terbatas.
Country Weightings as of 6/30/2025††
Taiwan 19%
India 17
China 17
South Korea 11
Hong Kong 7
South Africa 5
Brazil 4
Other 20
Total 100%
†† % of total investments as of June 30, 2025.
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Aerospace & Defense 2.5%   $1,673,590
Auto Parts & Equipment 1.1%   697,115
Banks 9.5%   6,353,314
Beverages 3.0%   1,999,101
Chemicals 0.5%   350,185
Computers 1.2%   793,352
Cosmetics & Personal Care 2.6%   1,743,260
Diversified Financial Services 10.4%   6,914,244
Electric 1.0%   689,526
Electronics 0.6%   404,564
Food 2.1%   1,415,294
Healthcare Services 1.5%   979,928
Home Furnishings 1.1%   724,972
Insurance 6.6%   4,393,228
Internet 15.7%   10,504,701
Leisure Time 1.5%   1,020,619
Miscellaneous Manufacturing 1.9%   1,277,191
Pharmaceuticals 0.5%   335,503
Real Estate 2.4%   1,611,782
Retail 6.1%   4,088,965
Semiconductors 17.0%   11,306,119
Software 5.3%   3,542,054
Telecommunications 5.4%   3,593,333
Water 0.5%   351,471
  100.0%   $66,763,411
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Brazil $1,841,654 $1,841,654 $— $—
China 11,404,674 906,461 10,498,213 —
Greece 2,114,169 — 2,114,169 —
Hong Kong 4,770,940 — 4,770,940 —
India 11,714,211 979,928 10,734,283 —
Indonesia 1,025,039 — 1,025,039 —
Mexico 674,126 674,126 — —
Poland 1,415,294 — 1,415,294 —
Saudi Arabia 1,422,499 — 1,422,499 —
Singapore 885,437 — 885,437 —
South Africa 3,082,255 688,615 2,393,640 —
South Korea 7,505,330 — 7,505,330 —
Switzerland 996,633 — 996,633 —
Taiwan 12,982,675 — 12,982,675 —
United Arab Emirates 1,459,335 — 1,459,335 —
United States 1,357,327 1,357,327 — —
Uruguay 2,111,813 2,111,813 — —
Total Common Stocks $66,763,411 $8,559,924 $58,203,487 $—
Preferred Stocks        
Brazil 990,525 990,525 — —
Total Preferred Stocks $990,525 $990,525 $— $—
Short-Term Investments 789,549 789,549 — —
Total Investments $68,543,485 $10,339,998 $58,203,487 $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
98
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Real Estate Securities Fund
  Number of
Shares 		Value†
COMMON STOCKS — 2.4%
Entertainment — 1.1%
Caesars Entertainment, Inc.* 37,964 $1,077,798
Healthcare Services — 0.3%
PACS Group, Inc.* 19,587 253,064
Lodging — 1.0%
Boyd Gaming Corp. 13,061 1,021,762
TOTAL COMMON STOCKS
(Cost $2,940,492) 		2,352,624
REAL ESTATE INVESTMENT TRUSTS — 94.7%
Apartments — 10.7%
American Homes 4 Rent, Class A 39,330 1,418,633
Essex Property Trust, Inc. 10,845 3,073,473
Invitation Homes, Inc. 122,227 4,009,046
UDR, Inc. 53,133 2,169,420
    10,670,572
Diversified — 33.6%
American Tower Corp. 26,596 5,878,248
Crown Castle, Inc. 55,544 5,706,035
Digital Realty Trust, Inc. 41,691 7,267,992
Equinix, Inc. 4,733 3,764,960
Lamar Advertising Co., Class A 5,793 703,038
SBA Communications Corp. 23,597 5,541,520
VICI Properties, Inc. 42,325 1,379,795
Weyerhaeuser Co. 127,770 3,282,411
    33,523,999
Healthcare — 13.6%
CareTrust REIT, Inc. 20,264 620,078
Healthcare Realty Trust, Inc. 144,102 2,285,458
Omega Healthcare Investors, Inc. 18,914 693,198
Welltower, Inc. 64,580 9,927,883
    13,526,617
Hotels & Resorts — 2.2%
Host Hotels & Resorts, Inc. 140,655 2,160,461
Industrial — 7.5%
Americold Realty Trust, Inc. 52,328 870,215
EastGroup Properties, Inc. 5,567 930,357
Lineage, Inc. 8,602 374,359
Prologis, Inc. 50,638 5,323,066
    7,497,997
Manufactured Homes — 4.4%
Sun Communities, Inc. 34,574 4,373,265
Office Property — 3.6%
BXP, Inc. 13,029 879,067
Highwoods Properties, Inc. 51,612 1,604,617
Hudson Pacific Properties, Inc. 96,617 264,731
Kilroy Realty Corp. 25,369 870,410
    3,618,825
Regional Malls — 3.5%
Simon Property Group, Inc. 21,546 3,463,735
  Number of
Shares 		Value†
 
Single Tenant — 3.3%
Agree Realty Corp. 21,312 $1,557,055
Realty Income Corp. 30,617 1,763,845
    3,320,900
Storage & Warehousing — 9.3%
Extra Space Storage, Inc. 26,079 3,845,088
Iron Mountain, Inc. 27,052 2,774,724
Public Storage 8,872 2,603,222
    9,223,034
Strip Centers — 3.0%
Kimco Realty Corp. 94,037 1,976,658
Kite Realty Group Trust 44,020 997,053
    2,973,711
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $90,218,504) 		  94,353,116
WARRANTS — 0.5%
Hudson Pacific Properties, Inc. Expiration Date 06/13/27*
(Cost $376,985) 		169,813 463,589
     
SHORT-TERM INVESTMENTS — 0.9%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $915,326) 		915,326 915,326
TOTAL INVESTMENTS — 98.5%
(Cost $94,451,307) 		  $98,084,655
Other Assets & Liabilities — 1.5% 1,525,202
TOTAL NET ASSETS — 100.0%   $99,609,857
† See Security Valuation Note.
* Non-income producing security.
REIT— Real Estate Investment Trust.
 
99
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Real Estate Securities Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $2,352,624 $2,352,624 $— $—
Real Estate Investment Trusts 94,353,116 94,353,116 — —
Warrants 463,589 — 463,589 —
Short-Term Investments 915,326 915,326 — —
Total Investments $98,084,655 $97,621,066 $463,589 $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
100
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Aggressive Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 76.4%
Penn Series Flexibly Managed Fund* 44,586 $5,059,602
Penn Series Index 500 Fund* 274,019 15,435,523
Penn Series Large Cap Growth Fund* 12,381 569,797
Penn Series Large Cap Value Fund* 63,535 3,378,182
Penn Series Large Core Growth Fund* 59,225 2,280,739
Penn Series Large Core Value Fund* 64,238 2,254,745
Penn Series Large Growth Stock Fund* 28,432 2,887,816
Penn Series Mid Cap Growth Fund* 29,060 1,148,458
Penn Series Mid Cap Value Fund* 33,755 1,127,405
Penn Series Mid Core Value Fund* 71,563 2,796,677
Penn Series Real Estate Securities Fund* 79,895 2,765,960
Penn Series Small Cap Index Fund* 49,944 1,710,589
Penn Series SMID Cap Growth Fund* 23,151 1,143,411
Penn Series SMID Cap Value Fund* 27,643 1,133,655
TOTAL AFFILIATED EQUITY FUNDS
(Cost $32,597,803) 		  43,692,559
AFFILIATED FIXED INCOME FUNDS — 6.8%
Penn Series Limited Maturity Bond Fund* 37,158 553,655
Penn Series Quality Bond Fund* 197,726 3,349,482
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $3,562,890) 		  3,903,137
AFFILIATED INTERNATIONAL EQUITY FUNDS — 15.7%
Penn Series Developed International Index Fund* 130,394 2,808,688
Penn Series Emerging Markets Equity Fund* 94,801 1,133,820
Penn Series International Equity Fund* 103,369 5,045,412
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $7,117,502) 		  8,987,920
SHORT-TERM INVESTMENTS — 0.4%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $201,753) 		201,753 201,753
TOTAL INVESTMENTS — 99.3%
(Cost $43,479,948) 		  $56,785,369
Other Assets & Liabilities — 0.7% 403,604
TOTAL NET ASSETS — 100.0%   $57,188,973
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $43,692,559 $43,692,559 $— $—
Affiliated Fixed Income Funds 3,903,137 3,903,137 — —
Affiliated International Equity Funds 8,987,920 8,987,920 — —
Short-Term Investments 201,753 201,753 — —
Total Investments $56,785,369 $56,785,369 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
101
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Moderately Aggressive Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 68.9%
Penn Series Flexibly Managed Fund* 152,930 $17,354,443
Penn Series Index 500 Fund* 835,462 47,061,600
Penn Series Large Cap Growth Fund* 42,469 1,954,445
Penn Series Large Cap Value Fund* 217,931 11,587,373
Penn Series Large Core Growth Fund* 152,361 5,867,416
Penn Series Large Core Value Fund* 220,331 7,733,652
Penn Series Large Growth Stock Fund* 58,515 5,943,345
Penn Series Mid Cap Growth Fund* 99,675 3,939,135
Penn Series Mid Cap Value Fund* 57,887 1,933,438
Penn Series Mid Core Value Fund* 245,462 9,592,651
Penn Series Real Estate Securities Fund* 274,027 9,486,821
Penn Series Small Cap Index Fund* 171,308 5,867,299
Penn Series SMID Cap Growth Fund* 39,702 1,960,905
Penn Series SMID Cap Value Fund* 94,815 3,888,372
TOTAL AFFILIATED EQUITY FUNDS
(Cost $94,787,847) 		  134,170,895
AFFILIATED FIXED INCOME FUNDS — 16.7%
Penn Series Limited Maturity Bond Fund* 254,899 3,797,989
Penn Series Quality Bond Fund* 1,695,443 28,720,802
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $30,126,475) 		  32,518,791
AFFILIATED INTERNATIONAL EQUITY FUNDS — 13.9%
Penn Series Developed International Index Fund* 447,296 9,634,762
Penn Series Emerging Markets Equity Fund* 325,191 3,889,278
Penn Series International Equity Fund* 275,787 13,461,172
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $20,532,429) 		  26,985,212
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $573,761) 		573,761 573,761
TOTAL INVESTMENTS — 99.8%
(Cost $146,020,512) 		  $194,248,659
Other Assets & Liabilities — 0.2% 335,592
TOTAL NET ASSETS — 100.0%   $194,584,251
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $134,170,895 $134,170,895 $— $—
Affiliated Fixed Income Funds 32,518,791 32,518,791 — —
Affiliated International Equity Funds 26,985,212 26,985,212 — —
Short-Term Investments 573,761 573,761 — —
Total Investments $194,248,659 $194,248,659 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
102
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Moderate Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 53.1%
Penn Series Flexibly Managed Fund* 152,464 $17,301,606
Penn Series Index 500 Fund* 694,062 39,096,487
Penn Series Large Cap Growth Fund* 42,339 1,948,418
Penn Series Large Cap Value Fund* 108,633 5,776,014
Penn Series Large Core Growth Fund* 50,630 1,949,760
Penn Series Large Core Value Fund* 109,830 3,855,042
Penn Series Large Growth Stock Fund* 38,888 3,949,806
Penn Series Mid Cap Growth Fund* 99,365 3,926,917
Penn Series Mid Core Value Fund* 244,719 9,563,633
Penn Series Real Estate Securities Fund* 218,575 7,567,082
Penn Series Small Cap Index Fund* 113,853 3,899,464
Penn Series SMID Cap Growth Fund* 39,580 1,954,851
Penn Series SMID Cap Value Fund* 47,262 1,938,227
TOTAL AFFILIATED EQUITY FUNDS
(Cost $71,937,030) 		  102,727,307
AFFILIATED FIXED INCOME FUNDS — 36.5%
Penn Series High Yield Bond Fund* 384,059 7,612,039
Penn Series Limited Maturity Bond Fund* 381,205 5,679,958
Penn Series Quality Bond Fund* 3,380,678 57,268,694
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $65,917,972) 		  70,560,691
AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.9%
Penn Series Developed International Index Fund* 356,741 7,684,194
Penn Series Emerging Markets Equity Fund* 324,187 3,877,274
Penn Series International Equity Fund* 157,110 7,668,564
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $14,535,819) 		  19,230,032
SHORT-TERM INVESTMENTS — 0.6%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $1,174,035) 		1,174,035 1,174,035
TOTAL INVESTMENTS — 100.1%
(Cost $153,564,856) 		  $193,692,065
Other Assets & Liabilities — (0.1)% (220,531)
TOTAL NET ASSETS — 100.0%   $193,471,534
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $102,727,307 $102,727,307 $— $—
Affiliated Fixed Income Funds 70,560,691 70,560,691 — —
Affiliated International Equity Funds 19,230,032 19,230,032 — —
Short-Term Investments 1,174,035 1,174,035 — —
Total Investments $193,692,065 $193,692,065 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
103
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Moderately Conservative Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 35.9%
Penn Series Flexibly Managed Fund* 50,478 $5,728,302
Penn Series Index 500 Fund* 168,036 9,465,487
Penn Series Large Cap Growth Fund* 15,770 725,732
Penn Series Large Cap Value Fund* 40,462 2,151,359
Penn Series Large Core Value Fund* 40,908 1,435,864
Penn Series Mid Core Value Fund* 54,689 2,137,229
Penn Series Real Estate Securities Fund* 81,409 2,818,380
Penn Series Small Cap Index Fund* 21,203 726,200
Penn Series SMID Cap Value Fund* 17,603 721,915
TOTAL AFFILIATED EQUITY FUNDS
(Cost $19,509,767) 		  25,910,468
AFFILIATED FIXED INCOME FUNDS — 56.1%
Penn Series High Yield Bond Fund* 178,811 3,544,037
Penn Series Limited Maturity Bond Fund* 331,302 4,936,396
Penn Series Quality Bond Fund* 1,888,788 31,996,069
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $38,029,467) 		  40,476,502
AFFILIATED INTERNATIONAL EQUITY FUNDS — 6.9%
Penn Series Developed International Index Fund* 99,654 2,146,545
Penn Series International Equity Fund* 58,517 2,856,217
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $3,874,104) 		  5,002,762
SHORT-TERM INVESTMENTS — 1.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $827,638) 		827,638 827,638
TOTAL INVESTMENTS — 100.1%
(Cost $62,240,976) 		  $72,217,370
Other Assets & Liabilities — (0.1)% (67,066)
TOTAL NET ASSETS — 100.0%   $72,150,304
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $25,910,468 $25,910,468 $— $—
Affiliated Fixed Income Funds 40,476,502 40,476,502 — —
Affiliated International Equity Funds 5,002,762 5,002,762 — —
Short-Term Investments 827,638 827,638 — —
Total Investments $72,217,370 $72,217,370 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
104
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2025 (Unaudited)
Conservative Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 20.7%
Penn Series Flexibly Managed Fund* 29,223 $3,316,222
Penn Series Index 500 Fund* 59,864 3,372,148
Penn Series Large Core Value Fund* 11,841 415,629
Penn Series Mid Core Value Fund* 21,107 824,839
Penn Series Real Estate Securities Fund* 23,566 815,847
TOTAL AFFILIATED EQUITY FUNDS
(Cost $6,939,292) 		  8,744,685
AFFILIATED FIXED INCOME FUNDS — 74.9%
Penn Series High Yield Bond Fund* 103,518 2,051,726
Penn Series Limited Maturity Bond Fund* 328,799 4,899,109
Penn Series Quality Bond Fund* 1,457,972 24,698,045
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $29,965,294) 		  31,648,880
AFFILIATED INTERNATIONAL EQUITY FUNDS — 2.0%
Penn Series Developed International Index Fund*
(Cost $652,368) 		38,458 828,387
SHORT-TERM INVESTMENTS — 2.4%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)
(Cost $1,018,699) 		1,018,699 1,018,699
TOTAL INVESTMENTS — 100.0%
(Cost $38,575,653) 		  $42,240,651
Other Assets & Liabilities — (0.0)% (2,227)
TOTAL NET ASSETS — 100.0%   $42,238,424
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2025 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2025 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $8,744,685 $8,744,685 $— $—
Affiliated Fixed Income Funds 31,648,880 31,648,880 — —
Affiliated International Equity Funds 828,387 828,387 — —
Short-Term Investments 1,018,699 1,018,699 — —
Total Investments $42,240,651 $42,240,651 $— $—
It is the Fund's practice to recognize transfers into and transfers out of Level 3 fair value hierarchy as of the beginning of period. The Fund did not have any transfers into and transfers out of Level 3 fair value hierarchy during the reporting period.
The accompanying notes are an integral part of these financial statements.
 
105
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2025
  Money
Market
Fund 		  Limited
Maturity Bond
Fund 		  Quality
Bond
Fund 		  High Yield
Bond
Fund
ASSETS:              
Investments at value
 $126,967,579   $69,558,202   $343,704,158   $119,260,777
Cash
 —   697   2,685,563   4,400
Initial margin held by broker for open futures
 —   —   133,125   9
Interest and dividends receivable
 79,823   411,905   2,044,506   1,885,170
Receivable for investment securities sold
 —   —   —   4,658,788
Receivable for capital stock sold
 —   711,992   2,170,064   835,493
Futures variation margin receivable
 —   —   22,188   —
Other assets
 1,404   919   2,709   1,137
Total Assets
 127,048,806   70,683,715   350,762,313   126,645,774
LIABILITIES:              
Payable for investment securities purchased
 —   —   —   3,382,901
Payable for capital stock redeemed
 —   14,975   111,509   1,446
Payable to investment adviser (See Note 3)
 35,059   24,285   127,341   45,871
Payable to the administrator (See Note 3)
 11,080   5,282   25,759   9,030
Other liabilities
 77,072   66,585   187,510   81,028
Total Liabilities
 123,211   111,127   452,119   3,520,276
NET ASSETS
 $126,925,595   $70,572,588   $350,310,194   $123,125,498
Investments at cost
 $126,967,579   $71,646,778   $357,931,123   $116,188,226
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $126,926,554   $78,772,064   $400,364,009   $123,128,120
Total distributable earnings (loss)
 (959)   (8,199,476)   (50,053,815)   (2,622)
NET ASSETS
 $126,925,595   $70,572,588   $350,310,194   $123,125,498
 
Shares outstanding, $0.10 par value, 500 million shares authorized
 126,905,286            
Shares outstanding, $0.10 par value, 250 million shares authorized
         20,681,727   6,212,869
Shares outstanding, $0.0001 par value, 250 million shares authorized
     4,736,419        
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $1.00   $14.90   $16.94   $19.82
    
The accompanying notes are an integral part of these financial statements.
106
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2025
  Flexibly
Managed
Fund 		  Balanced
Fund 		  Large
Growth Stock
Fund 		  Large Cap
Growth
Fund
ASSETS:              
Investments of affiliated issuers at value
 $—   $78,931,123   $—   $—
Investments of unaffiliated issuers at value
 5,152,586,414   357,475   374,348,448   71,371,720
Cash
 —   —   —   500
Foreign currency at value
 2,275,237   —   48   3,947
Interest and dividends receivable
 15,662,679   55   36,215   32,753
Tax reclaims receivable
 43,947   —   1,584   12,458
Receivable for investment securities sold
 173,204   5,268   1,216,096   —
Receivable for capital stock sold
 —   14,169   —   —
Other assets
 45,713   674   2,692   609
Total Assets
 5,170,787,194   79,308,764   375,605,083   71,421,987
LIABILITIES:              
Cash overdraft
 553,310   —   3,825   —
Written options at value
 11,477,194   —   —   —
Payable for investment securities purchased
 22,385,597   —   1,929,290   —
Payable for capital stock redeemed
 3,709,759   402   3,962,704   144,155
Payable to investment adviser (See Note 3)
 2,854,408   —   199,826   30,313
Payable to the administrator (See Note 3)
 371,772   5,655   25,196   5,002
Other liabilities
 2,073,040   35,176   207,525   63,544
Total Liabilities
 43,425,080   41,233   6,328,366   243,014
NET ASSETS
 $5,127,362,114   $79,267,531   $369,276,717   $71,178,973
Investments of affiliated issuers at cost
 $—   $53,012,361   $—   $—
Investments of unaffiliated issuers at cost
 $4,656,946,985   $357,475   $195,614,354   $50,859,193
Written options, premiums received
 $(8,420,787)   $—   $—   $—
Foreign currency at cost
 $2,092,995   $—   $48   $3,847
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $4,391,286,715   $50,207,777   $168,624,312   $48,983,018
Total distributable earnings (loss)
 736,075,399   29,059,754   200,652,405   22,195,955
NET ASSETS
 $5,127,362,114   $79,267,531   $369,276,717   $71,178,973
 
Shares outstanding, $0.10 par value, 250 million shares authorized
 45,182,267       3,635,820    
Shares outstanding, $0.0001 par value, 250 million shares authorized
     2,105,748       1,546,726
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $113.48   $37.64   $101.57   $46.02
    
The accompanying notes are an integral part of these financial statements.
107
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2025
  Large Core
Growth
Fund 		  Large Cap
Value
Fund 		  Large Core
Value
Fund 		  Index 500
Fund
ASSETS:              
Investments at value
 $136,672,295   $161,491,207   $124,794,384   $877,951,960
Initial margin held by broker for open futures
 —   —   —   172,292
Interest and dividends receivable
 50,793   144,717   64,745   445,147
Tax reclaims receivable
 11,835   123,840   26,130   —
Receivable for investment securities sold
 —   —   —   92,175
Receivable for capital stock sold
 —   1,216,152   879,034   —
Futures variation margin receivable
 —   —   —   12,000
Other assets
 1,050   1,488   1,123   7,170
Total Assets
 136,735,973   162,977,404   125,765,416   878,680,744
LIABILITIES:              
Payable for investment securities purchased
 —   727,171   —   —
Payable for capital stock redeemed
 689,819   48,404   32,285   2,700,309
Payable to investment adviser (See Note 3)
 63,525   86,748   64,515   87,933
Payable to the administrator (See Note 3)
 9,589   11,550   8,953   61,166
Other liabilities
 80,267   99,867   78,696   385,019
Total Liabilities
 843,200   973,740   184,449   3,234,427
NET ASSETS
 $135,892,773   $162,003,664   $125,580,967   $875,446,317
Investments at cost
 $94,106,924   $136,905,445   $111,443,004   $385,979,452
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $153,275,770   $131,358,460   $110,901,900   $358,848,194
Total distributable earnings (loss)
 (17,382,997)   30,645,204   14,679,067   516,598,123
NET ASSETS
 $135,892,773   $162,003,664   $125,580,967   $875,446,317
 
Shares outstanding, $0.10 par value, 250 million shares authorized
     3,046,682        
Shares outstanding, $0.0001 par value, 250 million shares authorized
 3,528,761       3,577,993   15,542,731
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $38.51   $53.17   $35.10   $56.33
    
The accompanying notes are an integral part of these financial statements.
108
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2025
  Mid Cap
Growth
Fund 		  Mid Cap
Value
Fund 		  Mid Core
Value
Fund 		  SMID Cap
Growth
Fund
ASSETS:              
Investments at value
 $128,520,800   $84,744,300   $72,724,026   $70,107,194
Cash
 —   —   500   —
Foreign currency at value
 —   —   16   —
Interest and dividends receivable
 23,420   55,758   181,826   15,912
Tax reclaims receivable
 —   —   28,767   —
Receivable for investment securities sold
 1,491,852   —   283,748   —
Receivable for capital stock sold
 —   756,289   487,432   —
Other assets
 1,156   810   710   592
Total Assets
 130,037,228   85,557,157   73,707,025   70,123,698
LIABILITIES:              
Cash overdraft
 —   745   —   —
Payable for investment securities purchased
 801,604   —   135,638   —
Payable for capital stock redeemed
 745,680   10,197   40,866   384,042
Payable to investment adviser (See Note 3)
 70,674   36,889   40,257   41,144
Payable to the administrator (See Note 3)
 9,076   6,103   5,323   4,951
Unrealized depreciation of forward foreign currency contracts
 —   —   116,577   —
Other liabilities
 81,674   57,084   72,508   49,842
Total Liabilities
 1,708,708   111,018   411,169   479,979
NET ASSETS
 $128,328,520   $85,446,139   $73,295,856   $69,643,719
Investments at cost
 $105,679,007   $68,112,573   $72,515,187   $61,396,551
Foreign currency at cost
 $—   $—   $15   $—
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $109,356,519   $66,976,675   $71,812,867   $64,623,004
Total distributable earnings (loss)
 18,972,001   18,469,464   1,482,989   5,020,715
NET ASSETS
 $128,328,520   $85,446,139   $73,295,856   $69,643,719
 
Shares outstanding, $0.0001 par value, 250 million shares authorized
 3,247,331   2,558,254   1,875,726   1,410,078
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $39.52   $33.40   $39.08   $49.39
    
The accompanying notes are an integral part of these financial statements.
109
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2025
  SMID Cap
Value
Fund 		  Small Cap
Growth
Fund 		  Small Cap
Value
Fund 		  Small Cap
Index
Fund
ASSETS:              
Investments at value
 $47,112,513   $94,424,669   $138,085,721   $76,386,464
Cash
 —   —   —   216,381
Initial margin held by broker for open futures
 —   —   —   27,773
Foreign currency at value
 —   1   —   —
Interest and dividends receivable
 70,841   21,642   173,502   73,782
Tax reclaims receivable
 —   7,330   10,673   410
Receivable for investment securities sold
 316,998   —   546,443   42,513
Receivable for capital stock sold
 374,774   —   547,582   454
Futures variation margin receivable
 —   —   —   435
Other assets
 411   862   1,279   757
Total Assets
 47,875,537   94,454,504   139,365,200   76,748,969
LIABILITIES:              
Cash overdraft
 —   —   7   —
Payable for investment securities purchased
 103,087   —   582,686   229,657
Payable for capital stock redeemed
 16,111   347,502   15   130,848
Payable to investment adviser (See Note 3)
 30,652   52,634   76,645   18,450
Payable to the administrator (See Note 3)
 3,394   6,684   9,899   5,419
Other liabilities
 48,266   66,796   102,436   91,024
Total Liabilities
 201,510   473,616   771,688   475,398
NET ASSETS
 $47,674,027   $93,980,888   $138,593,512   $76,273,571
Investments at cost
 $44,865,865   $66,610,965   $133,869,271   $75,536,011
Foreign currency at cost
 $—   $1   $—   $—
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $46,126,605   $62,328,799   $128,682,440   $73,304,374
Total distributable earnings (loss)
 1,547,422   31,652,089   9,911,072   2,969,197
NET ASSETS
 $47,674,027   $93,980,888   $138,593,512   $76,273,571
 
Shares outstanding, $0.10 par value, 500 million shares authorized
 1,162,580       2,691,808    
Shares outstanding, $0.0001 par value, 250 million shares authorized
     1,350,620       2,227,006
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $41.01   $69.58   $51.49   $34.25
    
The accompanying notes are an integral part of these financial statements.
110
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2025
  Developed
International
Index Fund 		  International
Equity Fund 		  Emerging
Markets
Equity Fund 		  Real Estate
Securities
Fund
ASSETS:              
Investments at value
 $83,385,666   $244,114,099   $68,543,485   $98,084,655
Cash
 —   —   3,191   —
Initial margin held by broker for open futures
 63,841   —   —   —
Foreign currency at value
 236,993   17,019   —   —
Interest and dividends receivable
 109,490   427,104   92,715   280,369
Tax reclaims receivable
 563,852   759,317   16,751   —
Receivable for investment securities sold
 —   5,326,024   140,567   9,995
Receivable for capital stock sold
 —   —   —   1,427,156
Futures variation margin receivable
 840   —   —   —
Other assets
 695   2,222   655   957
Total Assets
 84,361,377   250,645,785   68,797,364   99,803,132
LIABILITIES:              
Cash overdraft
 —   —   1,816   —
Payable for investment securities purchased
 —   3,937,777   —   20,003
Payable for capital stock redeemed
 660,979   3,157,419   815,541   40,771
Payable to investment adviser (See Note 3)
 20,067   154,835   47,556   56,479
Payable to the administrator (See Note 3)
 6,044   17,758   5,152   7,284
Deferred capital gains tax (See Note 2)
 —   —   173,538   —
Unrealized depreciation of forward foreign currency contracts
 10,494   —   —   —
Other liabilities
 151,534   151,887   97,901   68,738
Total Liabilities
 849,118   7,419,676   1,141,504   193,275
NET ASSETS
 $83,512,259   $243,226,109   $67,655,860   $99,609,857
Investments at cost
 $50,006,374   $217,300,204   $57,731,365   $94,451,307
Foreign currency at cost
 $235,135   $22,236   $—   $—
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $47,570,458   $198,314,203   $80,908,124   $92,943,399
Total distributable earnings (loss)
 35,941,801   44,911,906   (13,252,264)   6,666,458
NET ASSETS
 $83,512,259   $243,226,109   $67,655,860   $99,609,857
 
Shares outstanding, $0.10 par value, 250 million shares authorized
     4,983,581        
Shares outstanding, $0.0001 par value, 250 million shares authorized
 3,877,103       5,658,315   2,877,199
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $21.54   $48.81   $11.96   $34.62
    
The accompanying notes are an integral part of these financial statements.
111
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2025
  Aggressive
Allocation
Fund 		  Moderately
Aggressive
Allocation
Fund 		  Moderate
Allocation
Fund 		  Moderately
Conservative
Allocation
Fund
ASSETS:              
Investments of affiliated issuers at value
 $56,583,616   $193,674,898   $192,518,030   $71,389,732
Investments of unaffiliated issuers at value
 201,753   573,761   1,174,035   827,638
Interest and dividends receivable
 103   —   184   229
Receivable for investment securities sold
 230,320   559,070   20,903   11,338
Receivable for capital stock sold
 216,136   —   1,752   —
Other assets
 496   1,768   1,830   699
Total Assets
 57,232,424   194,809,497   193,716,734   72,229,636
LIABILITIES:              
Payable for capital stock redeemed
 3,890   114,009   134,670   32,119
Payable to investment adviser (See Note 3)
 5,577   18,963   18,834   7,049
Payable to the administrator (See Note 3)
 4,145   14,088   14,088   5,299
Other liabilities
 29,839   78,186   77,608   34,865
Total Liabilities
 43,451   225,246   245,200   79,332
NET ASSETS
 $57,188,973   $194,584,251   $193,471,534   $72,150,304
Investments of affiliated issuers at cost
 $43,278,195   $145,446,751   $152,390,821   $61,413,338
Investments of unaffiliated issuers at cost
 $201,753   $573,761   $1,174,035   $827,638
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $41,788,029   $140,127,644   $147,811,719   $60,641,605
Total distributable earnings (loss)
 15,400,944   54,456,607   45,659,815   11,508,699
NET ASSETS
 $57,188,973   $194,584,251   $193,471,534   $72,150,304
 
Shares outstanding, $0.0001 par value, 250 million shares authorized
 1,806,865   6,065,057   7,231,228   3,157,571
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $31.65   $32.08   $26.76   $22.85
    
The accompanying notes are an integral part of these financial statements.
112
Table of Contents
Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2025
  Conservative
Allocation
Fund
ASSETS:  
Investments of affiliated issuers at value
 $41,221,952
Investments of unaffiliated issuers at value
 1,018,699
Interest and dividends receivable
 413
Receivable for investment securities sold
 581
Receivable for capital stock sold
 27,751
Other assets
 416
Total Assets
 42,269,812
LIABILITIES:  
Payable to investment adviser (See Note 3)
 4,149
Payable to the administrator (See Note 3)
 3,218
Other liabilities
 24,021
Total Liabilities
 31,388
NET ASSETS
 $42,238,424
Investments of affiliated issuers at cost
 $37,556,954
Investments of unaffiliated issuers at cost
 $1,018,699
COMPONENTS OF NET ASSETS:  
Paid-in capital
 $38,104,721
Total distributable earnings (loss)
 4,133,703
NET ASSETS
 $42,238,424
 
Shares outstanding, $0.0001 par value, 250 million shares authorized
 2,244,615
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $18.82
The accompanying notes are an integral part of these financial statements.
113
Table of Contents
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2025
  Money
Market
Fund 		  Limited
Maturity Bond
Fund 		  Quality
Bond
Fund 		  High Yield
Bond
Fund
INVESTMENT INCOME:              
Dividends
 $435,243   $14,594   $28,678   $144,414
Interest
 2,342,072   1,644,074   8,327,875   3,954,023
Total Investment Income
 2,777,315   1,658,668   8,356,553   4,098,437
EXPENSES:              
Investment advisory fees (See Note 3)
 213,096   164,031   787,888   280,000
Shareholder servicing fees (See Note 3)
 58,117   32,093   157,207   54,783
Administration fees (See Note 3)
 19,372   10,698   52,402   18,261
Accounting fees (See Note 3)
 42,205   25,133   92,074   40,405
Directors’ fees and expenses
 2,923   1,827   7,476   2,676
Custodian fees and expenses
 5,222   5,228   12,609   4,633
Pricing fees
 3,904   9,885   11,757   9,564
Professional fees
 6,691   5,677   19,276   6,645
Printing fees
 4,296   3,018   9,982   3,980
Other expenses
 19,237   22,581   38,639   25,108
Total Expenses
 375,063   280,171   1,189,310   446,055
Less: Waivers and reimbursement from advisor (See Note 3)
 —   (16,296)   —   —
Net Expenses
 375,063   263,875   1,189,310   446,055
Net Investment Income (Loss)
 2,402,252   1,394,793   7,167,243   3,652,382
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 —   228,973   (335,144)   (412,597)
Futures contracts
 —   136,956   210,436   —
Net realized gain (loss)
 —   365,929   (124,708)   (412,597)
Net change in unrealized appreciation (depreciation) of:              
Investments
 —   549,133   6,411,292   2,357,012
Futures contracts
 —   (81,368)   461,087   —
Foreign currencies
 —   —   —   (402)
Net change in unrealized appreciation (depreciation)
 —   467,765   6,872,379   2,356,610
Net Realized and Unrealized Gain (Loss)
 —   833,694   6,747,671   1,944,013
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $2,402,252   $2,228,487   $13,914,914   $5,596,395
    
The accompanying notes are an integral part of these financial statements.
114
Table of Contents
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2025
  Flexibly
Managed
Fund 		  Balanced
Fund 		  Large
Growth Stock
Fund 		  Large Cap
Growth
Fund
INVESTMENT INCOME:              
Dividends
 $21,337,634   $6,892   $778,653   $393,236
Interest
 46,268,722   —   —   —
Foreign taxes withheld
 (318,656)   —   (12,694)   (9,151)
Total Investment Income
 67,287,700   6,892   765,959   384,085
EXPENSES:              
Investment advisory fees (See Note 3)
 17,206,136   —   1,167,898   180,359
Shareholder servicing fees (See Note 3)
 2,260,768   34,419   154,843   30,627
Administration fees (See Note 3)
 753,589   11,473   51,614   10,209
Accounting fees (See Note 3)
 571,818   5,951   91,259   23,821
Directors’ fees and expenses
 109,688   1,680   7,382   1,492
Custodian fees and expenses
 184,212   2,792   12,441   2,749
Pricing fees
 12,539   1,574   3,953   2,702
Professional fees
 271,413   3,975   22,068   3,979
Printing fees
 136,840   2,724   9,730   2,492
Other expenses
 367,064   11,920   67,904   34,484
Total Expenses
 21,874,067   76,508   1,589,092   292,914
Net Investment Income (Loss)
 45,413,633   (69,616)   (823,133)   91,171
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Affiliated Investments
 —   3,210,611   —   —
Unaffiliated investments
 226,123,179   —   23,916,116   1,746,542
Written options
 5,690,340   —   —   —
Foreign currencies
 (5,069)   —   (3,028)   1,162
Forward foreign currency contracts
 —   —   5,728   —
Net realized gain (loss)
 231,808,450   3,210,611   23,918,816   1,747,704
Net change in unrealized appreciation (depreciation) of:              
Affiliated Investments
 —   817,296   —   —
Unaffiliated Investments
 29,848,758   —   (1,839,795)   168,584
Written options
 (5,181,203)   —   —   —
Foreign currencies
 273,900   —   172   1,536
Net change in unrealized appreciation (depreciation)
 24,941,455   817,296   (1,839,623)   170,120
Net Realized and Unrealized Gain (Loss)
 256,749,905   4,027,907   22,079,193   1,917,824
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $302,163,538   $3,958,291   $21,256,060   $2,008,995
    
The accompanying notes are an integral part of these financial statements.
115
Table of Contents
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2025
  Large Core
Growth
Fund 		  Large Cap
Value
Fund 		  Large Core
Value
Fund 		  Index 500
Fund
INVESTMENT INCOME:              
Dividends
 $487,821   $1,526,930   $1,280,973   $5,597,613
Foreign taxes withheld
 (12,375)   (13,440)   —   (1,300)
Total Investment Income
 475,446   1,513,490   1,280,973   5,596,313
EXPENSES:              
Investment advisory fees (See Note 3)
 374,767   533,446   392,318   518,924
Shareholder servicing fees (See Note 3)
 58,154   71,806   55,170   372,457
Administration fees (See Note 3)
 19,385   23,935   18,390   124,152
Accounting fees (See Note 3)
 42,225   49,829   40,613   152,193
Directors’ fees and expenses
 2,776   3,574   2,751   17,929
Custodian fees and expenses
 4,658   6,009   4,734   28,763
Pricing fees
 1,911   3,694   2,092   5,829
Professional fees
 6,885   9,186   7,138   44,015
Printing fees
 4,070   5,088   4,077   22,763
Other expenses
 34,845   38,764   32,084   106,724
Total Expenses
 549,676   745,331   559,367   1,393,749
Net Investment Income (Loss)
 (74,230)   768,159   721,606   4,202,564
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 2,029,000   5,411,879   1,361,236   26,196,467
Futures contracts
 —   —   —   16,856
Net realized gain (loss)
 2,029,000   5,411,879   1,361,236   26,213,323
Net change in unrealized appreciation (depreciation) of:              
Investments
 2,681,904   484,167   2,826,522   19,426,934
Futures contracts
 —   —   —   173,270
Foreign currencies
 624   —   443   —
Net change in unrealized appreciation (depreciation)
 2,682,528   484,167   2,826,965   19,600,204
Net Realized and Unrealized Gain (Loss)
 4,711,528   5,896,046   4,188,201   45,813,527
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $4,637,298   $6,664,205   $4,909,807   $50,016,091
    
The accompanying notes are an integral part of these financial statements.
116
Table of Contents
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2025
  Mid Cap
Growth
Fund 		  Mid Cap
Value
Fund 		  Mid Core
Value
Fund 		  SMID Cap
Growth
Fund
INVESTMENT INCOME:              
Dividends
 $277,299   $812,381   $1,067,021   $148,175
Foreign taxes withheld
 —   (1,566)   (19,083)   —
Total Investment Income
 277,299   810,815   1,047,938   148,175
EXPENSES:              
Investment advisory fees (See Note 3)
 427,194   227,124   248,410   250,441
Shareholder servicing fees (See Note 3)
 56,540   37,854   32,878   30,876
Administration fees (See Note 3)
 18,847   12,618   10,959   10,292
Accounting fees (See Note 3)
 41,329   29,442   25,577   24,015
Directors’ fees and expenses
 2,804   1,895   1,655   1,523
Custodian fees and expenses
 4,921   3,234   3,740   2,514
Pricing fees
 2,712   2,773   3,513   2,389
Professional fees
 7,332   4,957   4,692   4,329
Printing fees
 4,112   2,992   2,704   2,515
Recaptured advisory fee (See Note 3)
 —   257   —   —
Other expenses
 42,684   27,154   48,334   30,688
Total Expenses
 608,475   350,300   382,462   359,582
Less: Waivers and reimbursement from advisor (See Note 3)
 —   (1,202)   —   —
Net Expenses
 608,475   349,098   382,462   359,582
Net Investment Income (Loss)
 (331,176)   461,717   665,476   (211,407)
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 (3,435,053)   1,395,993   1,822,558   (2,546,511)
Foreign currencies
 —   54   (1,329)   —
Forward foreign currency contracts
 —   —   (412,887)   —
Net realized gain (loss)
 (3,435,053)   1,396,047   1,408,342   (2,546,511)
Net change in unrealized appreciation (depreciation) of:              
Investments
 5,823,468   (790,868)   (75,510)   (371,218)
Foreign currencies
 —   —   4,446   —
Forward foreign currency contracts
 —   —   (185,859)   —
Net change in unrealized appreciation (depreciation)
 5,823,468   (790,868)   (256,923)   (371,218)
Net Realized and Unrealized Gain (Loss)
 2,388,415   605,179   1,151,419   (2,917,729)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $2,057,239   $1,066,896   $1,816,895   $(3,129,136)
    
The accompanying notes are an integral part of these financial statements.
117
Table of Contents
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2025
  SMID Cap
Value
Fund 		  Small Cap
Growth
Fund 		  Small Cap
Value
Fund 		  Small Cap
Index
Fund
INVESTMENT INCOME:              
Dividends
 $446,934   $282,072   $1,259,866   $627,423
Foreign taxes withheld
 (1,436)   (4,714)   —   (1,208)
Total Investment Income
 445,498   277,358   1,259,866   626,215
EXPENSES:              
Investment advisory fees (See Note 3)
 188,598   321,828   468,647   115,078
Shareholder servicing fees (See Note 3)
 21,217   41,986   61,969   34,523
Administration fees (See Note 3)
 7,072   13,995   20,657   11,508
Accounting fees (See Note 3)
 16,547   32,567   44,345   26,852
Directors’ fees and expenses
 1,063   2,111   3,109   1,768
Custodian fees and expenses
 1,746   3,967   5,342   2,986
Pricing fees
 2,372   3,661   4,018   16,127
Professional fees
 3,125   6,007   8,592   7,801
Printing fees
 1,957   3,253   4,493   2,822
Recaptured advisory fee (See Note 3)
 —   —   3,151   —
Other expenses
 32,449   35,617   58,235   58,037
Total Expenses
 276,146   464,992   682,558   277,502
Net Investment Income (Loss)
 169,352   (187,634)   577,308   348,713
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 (469,098)   4,094,097   6,250,615   2,543,705
Futures contracts
 —   —   —   (77,645)
Foreign currencies
 —   (164)   —   —
Net realized gain (loss)
 (469,098)   4,093,933   6,250,615   2,466,060
Net change in unrealized appreciation (depreciation) of:              
Investments
 (806,227)   (3,551,000)   (8,947,002)   (4,914,781)
Futures contracts
 —   —   —   46,066
Foreign currencies
 —   462   —   —
Net change in unrealized appreciation (depreciation)
 (806,227)   (3,550,538)   (8,947,002)   (4,868,715)
Net Realized and Unrealized Gain (Loss)
 (1,275,325)   543,395   (2,696,387)   (2,402,655)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $(1,105,973)   $355,761   $(2,119,079)   $(2,053,942)
    
The accompanying notes are an integral part of these financial statements.
118
Table of Contents
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2025
  Developed
International
Index Fund 		  International
Equity Fund 		  Emerging
Markets
Equity Fund 		  Real Estate
Securities
Fund
INVESTMENT INCOME:              
Dividends
 $1,792,922   $3,985,448   $999,425   $2,373,644
Foreign taxes withheld
 (203,352)   (583,399)   (91,778)   —
Total Investment Income
 1,589,570   3,402,049   907,647   2,373,644
EXPENSES:              
Investment advisory fees (See Note 3)
 121,141   918,017   288,379   347,359
Shareholder servicing fees (See Note 3)
 36,342   106,180   31,270   44,661
Administration fees (See Note 3)
 12,114   35,393   10,423   14,887
Accounting fees (See Note 3)
 32,349   80,763   28,061   34,635
Directors’ fees and expenses
 1,739   5,025   1,508   2,222
Custodian fees and expenses
 10,092   26,455   21,308   3,835
Pricing fees
 44,308   4,857   7,048   2,291
Professional fees
 22,307   16,765   18,118   5,317
Printing fees
 2,821   6,935   2,539   3,413
Other expenses
 105,191   58,052   63,181   25,446
Total Expenses
 388,404   1,258,442   471,835   484,066
Less: Waivers and reimbursement from advisor (See Note 3)
 (8,832)   —   —   —
Net Expenses
 379,572   1,258,442   471,835   484,066
Net Investment Income (Loss)
 1,209,998   2,143,607   435,812   1,889,578
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 2,316,243   19,200,245   (1,947,816)   1,968,317
Futures contracts
 348,640   —   —   —
Foreign currencies
 21,754   (974,374)   (113,837)   —
Forward foreign currency contracts
 (41,966)   —   (38)   —
Net realized gain (loss)
 2,644,671   18,225,871   (2,061,691)   1,968,317
Net change in unrealized appreciation (depreciation) of:              
Investments
 10,884,501   16,654,233   10,275,655   (313,991)
Futures contracts
 122,187   —   —   —
Foreign currencies
 76,560   71,258   3,687   —
Forward foreign currency contracts
 (20,786)   —   —   —
Net change in unrealized appreciation (depreciation)
 11,062,462   16,725,491   10,279,342   (313,991)
Net Realized and Unrealized Gain (Loss)
 13,707,133   34,951,362   8,217,651   1,654,326
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $14,917,131   $37,094,969   $8,653,463   $3,543,904
    
The accompanying notes are an integral part of these financial statements.
119
Table of Contents
Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2025
  Aggressive
Allocation
Fund 		  Moderately
Aggressive
Allocation
Fund 		  Moderate
Allocation
Fund 		  Moderately
Conservative
Allocation
Fund
INVESTMENT INCOME:              
Dividends
 $8,782   $21,161   $22,332   $16,469
Total Investment Income
 8,782   21,161   22,332   16,469
EXPENSES:              
Investment advisory fees (See Note 3)
 33,692   114,792   114,800   43,348
Shareholder servicing fees (See Note 3)
 25,269   86,103   86,104   32,511
Administration fees (See Note 3)
 8,423   28,701   28,701   10,837
Accounting fees (See Note 3)
 5,951   9,567   9,567   5,951
Directors’ fees and expenses
 1,229   4,215   4,236   1,604
Custodian fees and expenses
 2,090   7,147   7,305   2,760
Pricing fees
 1,574   1,573   1,574   1,574
Professional fees
 2,959   10,094   10,274   3,868
Printing fees
 2,170   5,881   5,923   2,638
Other expenses
 10,653   19,156   19,272   11,749
Total Expenses
 94,010   287,229   287,756   116,840
Net Investment Income (Loss)
 (85,228)   (266,068)   (265,424)   (100,371)
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on affiliated investments
 2,395,865   6,778,472   5,923,727   1,702,617
Net change in unrealized appreciation (depreciation) of affiliated investments
 1,179,327   4,677,083   4,712,261   1,965,385
Net Realized and Unrealized Gain (Loss)
 3,575,192   11,455,555   10,635,988   3,668,002
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $3,489,964   $11,189,487   $10,370,564   $3,567,631
  Conservative
Allocation
Fund
INVESTMENT INCOME:  
Dividends
 $21,319
Total Investment Income
 21,319
EXPENSES:  
Investment advisory fees (See Note 3)
 25,677
Shareholder servicing fees (See Note 3)
 19,257
Administration fees (See Note 3)
 6,419
Accounting fees (See Note 3)
 5,951
Directors’ fees and expenses
 953
Custodian fees and expenses
 1,604
Pricing fees
 1,574
Professional fees
 2,230
Printing fees
 1,832
Other expenses
 9,887
Total Expenses
 75,384
Net Investment Income (Loss)
 (54,065)
NET REALIZED AND UNREALIZED GAIN (LOSS):  
Net realized gain (loss) on affiliated investments
 568,010
Net change in unrealized appreciation (depreciation) of affiliated investments
 1,290,587
Net Realized and Unrealized Gain (Loss)
 1,858,597
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $1,804,532
The accompanying notes are an integral part of these financial statements.
120
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Money Market Fund   Limited Maturity Bond Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $2,402,252   $6,724,591   $1,394,793   $6,235,901
Net realized gain (loss)
 —   —   365,929   (1,581,389)
Net change in unrealized appreciation (depreciation)
 —   —   467,765   3,521,062
Net Increase (Decrease) in Net Assets Resulting from Operations
 2,402,252   6,724,591   2,228,487   8,175,574
Distributions from:              
Distributable earnings
 (2,402,239)   (6,724,518)   —   —
Total Distributions
 (2,402,239)   (6,724,518)   —   —
Capital Share Transactions (1):              
Shares issued
 29,434,236   235,216,815   3,607,403   18,787,945
Shares issued in lieu of cash distributions
 2,402,239   6,724,518   —   —
Shares redeemed
 (45,180,093)   (251,644,442)   (9,147,905)   (138,986,038)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (13,343,618)   (9,703,109)   (5,540,502)   (120,198,093)
Total Increase (Decrease)
 (13,343,605)   (9,703,036)   (3,312,015)   (112,022,519)
Net Assets:              
Beginning of period
 140,269,200   149,972,236   73,884,603   185,907,122
End of period
 $126,925,595   $140,269,200   $70,572,588   $73,884,603
(1) Shares Issued and Redeemed:              
Shares issued
 29,434,236   235,216,815   245,581   1,346,488
Shares issued in lieu of cash distributions
 2,402,239   6,724,518   —   —
Shares redeemed
 (45,180,093)   (251,644,442)   (624,212)   (9,828,679)
  (13,343,618)   (9,703,109)   (378,631)   (8,482,191)
  Quality Bond Fund   High Yield Bond Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $7,167,243   $14,477,736   $3,652,382   $7,983,641
Net realized gain (loss)
 (124,708)   (1,287,348)   (412,597)   1,905,084
Net change in unrealized appreciation (depreciation)
 6,872,379   (4,545,816)   2,356,610   (42,982)
Net Increase (Decrease) in Net Assets Resulting from Operations
 13,914,914   8,644,572   5,596,395   9,845,743
Capital Share Transactions (1):              
Shares issued
 12,720,142   72,004,918   3,154,222   7,331,575
Shares redeemed
 (39,440,596)   (110,790,973)   (11,496,810)   (21,310,719)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (26,720,454)   (38,786,055)   (8,342,588)   (13,979,144)
Total Increase (Decrease)
 (12,805,540)   (30,141,483)   (2,746,193)   (4,133,401)
Net Assets:              
Beginning of period
 363,115,734   393,257,217   125,871,691   130,005,092
End of period
 $350,310,194   $363,115,734   $123,125,498   $125,871,691
(1) Shares Issued and Redeemed:              
Shares issued
 761,950   4,440,256   162,443   404,454
Shares redeemed
 (2,379,305)   (6,879,777)   (599,505)   (1,161,485)
  (1,617,355)   (2,439,521)   (437,062)   (757,031)
    
The accompanying notes are an integral part of these financial statements.
121
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Flexibly Managed Fund   Balanced Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $45,413,633   $108,304,058   $(69,616)   $(143,062)
Net realized gain (loss)
 231,808,450   573,288,684   3,210,611   8,627,520
Net change in unrealized appreciation (depreciation)
 24,941,455   (66,651,048)   817,296   2,677,465
Net Increase (Decrease) in Net Assets Resulting from Operations
 302,163,538   614,941,694   3,958,291   11,161,923
Capital Share Transactions (1):              
Shares issued
 6,898,463   48,985,729   1,144,645   3,274,530
Shares redeemed
 (337,179,903)   (634,127,489)   (5,040,171)   (11,641,754)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (330,281,440)   (585,141,760)   (3,895,526)   (8,367,224)
Total Increase (Decrease)
 (28,117,902)   29,799,934   62,765   2,794,699
Net Assets:              
Beginning of period
 5,155,480,016   5,125,680,082   79,204,766   76,410,067
End of period
 $5,127,362,114   $5,155,480,016   $79,267,531   $79,204,766
(1) Shares Issued and Redeemed:              
Shares issued
 63,211   468,553   31,764   97,110
Shares redeemed
 (3,114,856)   (6,167,485)   (140,884)   (343,937)
  (3,051,645)   (5,698,932)   (109,120)   (246,827)
  Large Growth Stock Fund   Large Cap Growth Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(823,133)   $(1,566,517)   $91,171   $85,716
Net realized gain (loss)
 23,918,816   27,085,031   1,747,704   9,157,440
Net change in unrealized appreciation (depreciation)
 (1,839,623)   61,980,948   170,120   1,182,748
Net Increase (Decrease) in Net Assets Resulting from Operations
 21,256,060   87,499,462   2,008,995   10,425,904
Capital Share Transactions (1):              
Shares issued
 13,632,117   16,103,806   2,397,404   6,264,549
Shares redeemed
 (28,649,978)   (52,736,135)   (3,773,833)   (13,769,167)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (15,017,861)   (36,632,329)   (1,376,429)   (7,504,618)
Total Increase (Decrease)
 6,238,199   50,867,133   632,566   2,921,286
Net Assets:              
Beginning of period
 363,038,518   312,171,385   70,546,407   67,625,121
End of period
 $369,276,717   $363,038,518   $71,178,973   $70,546,407
(1) Shares Issued and Redeemed:              
Shares issued
 148,174   186,657   54,826   150,597
Shares redeemed
 (308,408)   (606,116)   (86,902)   (328,640)
  (160,234)   (419,459)   (32,076)   (178,043)
    
The accompanying notes are an integral part of these financial statements.
122
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Large Core Growth Fund   Large Cap Value Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(74,230)   $(274,870)   $768,159   $1,638,881
Net realized gain (loss)
 2,029,000   4,890,319   5,411,879   17,451,854
Net change in unrealized appreciation (depreciation)
 2,682,528   21,857,040   484,167   1,297,059
Net Increase (Decrease) in Net Assets Resulting from Operations
 4,637,298   26,472,489   6,664,205   20,387,794
Capital Share Transactions (1):              
Shares issued
 5,614,505   8,060,539   3,764,268   3,619,839
Shares redeemed
 (9,095,825)   (16,622,061)   (13,056,709)   (25,709,332)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (3,481,320)   (8,561,522)   (9,292,441)   (22,089,493)
Total Increase (Decrease)
 1,155,978   17,910,967   (2,628,236)   (1,701,699)
Net Assets:              
Beginning of period
 134,736,795   116,825,828   164,631,900   166,333,599
End of period
 $135,892,773   $134,736,795   $162,003,664   $164,631,900
(1) Shares Issued and Redeemed:              
Shares issued
 159,991   244,286   72,280   73,375
Shares redeemed
 (251,717)   (483,037)   (253,301)   (516,148)
  (91,726)   (238,751)   (181,021)   (442,773)
  Large Core Value Fund   Index 500 Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $721,606   $1,338,521   $4,202,564   $8,358,617
Net realized gain (loss)
 1,361,236   14,845,133   26,213,323   58,330,539
Net change in unrealized appreciation (depreciation)
 2,826,965   (1,121,819)   19,600,204   108,486,223
Net Increase (Decrease) in Net Assets Resulting from Operations
 4,909,807   15,061,835   50,016,091   175,175,379
Capital Share Transactions (1):              
Shares issued
 3,232,218   2,775,187   22,902,725   57,962,112
Shares redeemed
 (8,958,587)   (27,322,974)   (49,914,925)   (109,368,113)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (5,726,369)   (24,547,787)   (27,012,200)   (51,406,001)
Total Increase (Decrease)
 (816,562)   (9,485,952)   23,003,891   123,769,378
Net Assets:              
Beginning of period
 126,397,529   135,883,481   852,442,426   728,673,048
End of period
 $125,580,967   $126,397,529   $875,446,317   $852,442,426
(1) Shares Issued and Redeemed:              
Shares issued
 94,646   86,838   442,135   1,178,499
Shares redeemed
 (263,825)   (833,317)   (946,021)   (2,223,546)
  (169,179)   (746,479)   (503,886)   (1,045,047)
    
The accompanying notes are an integral part of these financial statements.
123
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Mid Cap Growth Fund   Mid Cap Value Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(331,176)   $(650,979)   $461,717   $857,805
Net realized gain (loss)
 (3,435,053)   19,573,439   1,396,047   10,603,831
Net change in unrealized appreciation (depreciation)
 5,823,468   (15,483,153)   (790,868)   176,923
Net Increase (Decrease) in Net Assets Resulting from Operations
 2,057,239   3,439,307   1,066,896   11,638,559
Capital Share Transactions (1):              
Shares issued
 2,967,628   6,027,629   1,990,391   2,560,339
Shares redeemed
 (11,182,649)   (23,153,599)   (6,079,333)   (16,641,734)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (8,215,021)   (17,125,970)   (4,088,942)   (14,081,395)
Total Increase (Decrease)
 (6,157,782)   (13,686,663)   (3,022,046)   (2,442,836)
Net Assets:              
Beginning of period
 134,486,302   148,172,965   88,468,185   90,911,021
End of period
 $128,328,520   $134,486,302   $85,446,139   $88,468,185
(1) Shares Issued and Redeemed:              
Shares issued
 82,315   154,135   60,884   81,134
Shares redeemed
 (295,816)   (590,297)   (187,897)   (522,036)
  (213,501)   (436,162)   (127,013)   (440,902)
  Mid Core Value Fund   SMID Cap Growth Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $665,476   $1,203,888   $(211,407)   $(422,665)
Net realized gain (loss)
 1,408,342   5,396,372   (2,546,511)   10,259,951
Net change in unrealized appreciation (depreciation)
 (256,923)   (7,949)   (371,218)   (1,399,949)
Net Increase (Decrease) in Net Assets Resulting from Operations
 1,816,895   6,592,311   (3,129,136)   8,437,337
Capital Share Transactions (1):              
Shares issued
 2,177,400   3,569,042   3,737,019   8,561,339
Shares redeemed
 (6,874,022)   (15,178,495)   (5,023,371)   (15,132,393)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (4,696,622)   (11,609,453)   (1,286,352)   (6,571,054)
Total Increase (Decrease)
 (2,879,727)   (5,017,142)   (4,415,488)   1,866,283
Net Assets:              
Beginning of period
 76,175,583   81,192,725   74,059,207   72,192,924
End of period
 $73,295,856   $76,175,583   $69,643,719   $74,059,207
(1) Shares Issued and Redeemed:              
Shares issued
 56,771   98,716   79,318   165,729
Shares redeemed
 (178,770)   (408,984)   (104,266)   (299,991)
  (121,999)   (310,268)   (24,948)   (134,262)
    
The accompanying notes are an integral part of these financial statements.
124
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
  SMID Cap Value Fund   Small Cap Growth Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $169,352   $199,892   $(187,634)   $(459,259)
Net realized gain (loss)
 (469,098)   4,520,716   4,093,933   12,120,075
Net change in unrealized appreciation (depreciation)
 (806,227)   (156,257)   (3,550,538)   782,105
Net Increase (Decrease) in Net Assets Resulting from Operations
 (1,105,973)   4,564,351   355,761   12,442,921
Capital Share Transactions (1):              
Shares issued
 2,061,308   4,791,411   2,048,493   2,991,923
Shares redeemed
 (3,761,339)   (10,033,440)   (9,429,250)   (17,360,043)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (1,700,031)   (5,242,029)   (7,380,757)   (14,368,120)
Total Increase (Decrease)
 (2,806,004)   (677,678)   (7,024,996)   (1,925,199)
Net Assets:              
Beginning of period
 50,480,031   51,157,709   101,005,884   102,931,083
End of period
 $47,674,027   $50,480,031   $93,980,888   $101,005,884
(1) Shares Issued and Redeemed:              
Shares issued
 51,501   116,669   31,696   44,967
Shares redeemed
 (93,642)   (249,232)   (142,897)   (264,610)
  (42,141)   (132,563)   (111,201)   (219,643)
  Small Cap Value Fund   Small Cap Index Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $577,308   $958,930   $348,713   $459,594
Net realized gain (loss)
 6,250,615   11,741,536   2,466,060   6,132,288
Net change in unrealized appreciation (depreciation)
 (8,947,002)   (1,174,654)   (4,868,715)   2,116,242
Net Increase (Decrease) in Net Assets Resulting from Operations
 (2,119,079)   11,525,812   (2,053,942)   8,708,124
Capital Share Transactions (1):              
Shares issued
 3,077,404   4,687,957   3,091,135   6,241,047
Shares redeemed
 (10,169,572)   (26,348,434)   (9,617,067)   (14,817,387)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (7,092,168)   (21,660,477)   (6,525,932)   (8,576,340)
Total Increase (Decrease)
 (9,211,247)   (10,134,665)   (8,579,874)   131,784
Net Assets:              
Beginning of period
 147,804,759   157,939,424   84,853,445   84,721,661
End of period
 $138,593,512   $147,804,759   $76,273,571   $84,853,445
(1) Shares Issued and Redeemed:              
Shares issued
 61,642   94,709   94,333   189,576
Shares redeemed
 (200,882)   (525,435)   (293,414)   (446,437)
  (139,240)   (430,726)   (199,081)   (256,861)
    
The accompanying notes are an integral part of these financial statements.
125
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Developed International Index Fund   International Equity Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $1,209,998   $1,610,372   $2,143,607   $734,287
Net realized gain (loss)
 2,644,671   4,522,623   18,225,871   32,665,705
Net change in unrealized appreciation (depreciation)
 11,062,462   (3,554,546)   16,725,491   (18,600,897)
Net Increase (Decrease) in Net Assets Resulting from Operations
 14,917,131   2,578,449   37,094,969   14,799,095
Capital Share Transactions (1):              
Shares issued
 1,298,218   7,198,810   1,092,861   8,982,110
Shares redeemed
 (11,419,869)   (19,347,768)   (26,460,635)   (43,347,989)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (10,121,651)   (12,148,958)   (25,367,774)   (34,365,879)
Total Increase (Decrease)
 4,795,480   (9,570,509)   11,727,195   (19,566,784)
Net Assets:              
Beginning of period
 78,716,779   88,287,288   231,498,914   251,065,698
End of period
 $83,512,259   $78,716,779   $243,226,109   $231,498,914
(1) Shares Issued and Redeemed:              
Shares issued
 65,968   393,576   24,217   216,983
Shares redeemed
 (576,620)   (1,053,466)   (586,332)   (1,033,328)
  (510,652)   (659,890)   (562,115)   (816,345)
  Emerging Markets Equity Fund   Real Estate Securities Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $435,812   $443,569   $1,889,578   $2,116,993
Net realized gain (loss)
 (2,061,691)   (1,859,318)   1,968,317   5,106,926
Net change in unrealized appreciation (depreciation)
 10,279,342   (1,295,348)   (313,991)   120,434
Net Increase (Decrease) in Net Assets Resulting from Operations
 8,653,463   (2,711,097)   3,543,904   7,344,353
Capital Share Transactions (1):              
Shares issued
 674,595   7,301,430   2,943,007   8,757,583
Shares redeemed
 (13,022,973)   (18,341,850)   (9,890,189)   (26,533,622)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (12,348,378)   (11,040,420)   (6,947,182)   (17,776,039)
Total Increase (Decrease)
 (3,694,915)   (13,751,517)   (3,403,278)   (10,431,686)
Net Assets:              
Beginning of period
 71,350,775   85,102,292   103,013,135   113,444,821
End of period
 $67,655,860   $71,350,775   $99,609,857   $103,013,135
(1) Shares Issued and Redeemed:              
Shares issued
 60,925   675,899   85,968   271,287
Shares redeemed
 (1,159,829)   (1,678,318)   (292,113)   (800,348)
  (1,098,904)   (1,002,419)   (206,145)   (529,061)
    
The accompanying notes are an integral part of these financial statements.
126
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Aggressive Allocation Fund   Moderately Aggressive Allocation Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(85,228)   $(183,207)   $(266,068)   $(561,743)
Net realized gain (loss)
 2,395,865   5,437,600   6,778,472   17,290,075
Net change in unrealized appreciation (depreciation)
 1,179,327   1,642,125   4,677,083   4,683,803
Net Increase (Decrease) in Net Assets Resulting from Operations
 3,489,964   6,896,518   11,189,487   21,412,135
Capital Share Transactions (1):              
Shares issued
 2,036,760   930,281   1,542,894   3,379,200
Shares redeemed
 (5,520,328)   (11,012,452)   (16,167,052)   (31,524,083)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (3,483,568)   (10,082,171)   (14,624,158)   (28,144,883)
Total Increase (Decrease)
 6,396   (3,185,653)   (3,434,671)   (6,732,748)
Net Assets:              
Beginning of period
 57,182,577   60,368,230   198,018,922   204,751,670
End of period
 $57,188,973   $57,182,577   $194,584,251   $198,018,922
(1) Shares Issued and Redeemed:              
Shares issued
 68,173   33,050   50,069   116,910
Shares redeemed
 (182,977)   (384,912)   (528,176)   (1,086,789)
  (114,804)   (351,862)   (478,107)   (969,879)
  Moderate Allocation Fund   Moderately Conservative Allocation Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24 		  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(265,424)   $(575,577)   $(100,371)   $(216,511)
Net realized gain (loss)
 5,923,727   17,480,336   1,702,617   5,285,209
Net change in unrealized appreciation (depreciation)
 4,712,261   1,637,466   1,965,385   597,626
Net Increase (Decrease) in Net Assets Resulting from Operations
 10,370,564   18,542,225   3,567,631   5,666,324
Capital Share Transactions (1):              
Shares issued
 908,265   2,763,065   1,276,539   5,091,076
Shares redeemed
 (16,931,363)   (35,997,116)   (8,456,642)   (13,947,375)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (16,023,098)   (33,234,051)   (7,180,103)   (8,856,299)
Total Increase (Decrease)
 (5,652,534)   (14,691,826)   (3,612,472)   (3,189,975)
Net Assets:              
Beginning of period
 199,124,068   213,815,894   75,762,776   78,952,751
End of period
 $193,471,534   $199,124,068   $72,150,304   $75,762,776
(1) Shares Issued and Redeemed:              
Shares issued
 35,302   112,877   57,998   245,654
Shares redeemed
 (660,847)   (1,464,279)   (384,522)   (659,371)
  (625,545)   (1,351,402)   (326,524)   (413,717)
    
The accompanying notes are an integral part of these financial statements.
127
Table of Contents
Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Conservative Allocation Fund
  Six Months Ended
6/30/25
(Unaudited) 		  Year
Ended
12/31/24
Increase (Decrease) in Net Assets Operations:      
Net investment income (loss)
 $(54,065)   $(114,212)
Net realized gain (loss)
 568,010   2,417,382
Net change in unrealized appreciation (depreciation)
 1,290,587   284,888
Net Increase (Decrease) in Net Assets Resulting from Operations
 1,804,532   2,588,058
Capital Share Transactions (1):      
Shares issued
 3,720,956   5,059,585
Shares redeemed
 (6,139,973)   (11,303,265)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (2,419,017)   (6,243,680)
Total Increase (Decrease)
 (614,485)   (3,655,622)
Net Assets:      
Beginning of period
 42,852,909   46,508,531
End of period
 $42,238,424   $42,852,909
(1) Shares Issued and Redeemed:      
Shares issued
 203,511   285,876
Shares redeemed
 (335,858)   (636,845)
  (132,347)   (350,969)
The accompanying notes are an integral part of these financial statements.
128
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MONEY MARKET FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $1.00   $     1.00   $     1.00   $     1.00   $     1.00   $     1.00
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.02         0.05         0.04           —(a)           —(a)           —(a)
Net realized and unrealized gain (loss) on investment transactions
 —          —       (0.00)          —          —          —
Total from investment operations
 0.02        0.05        0.04          —          —          —
Less distributions:                      
Net investment income
 (0.02)       (0.05)       (0.04)          —(a)          —(a)          —(a)
Total distributions
 (0.02)       (0.05)       (0.04)          —          —          —
Net asset value, end of period
 $1.00        $1.00        $1.00        $1.00        $1.00        $1.00
Total return2
 1.86%#       4.67%       4.50%       0.25%       0.01%       0.24%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $126,926     $140,269     $149,972     $165,323     $162,202     $160,467
Ratio of net expenses to average net assets3
 0.58%*       0.58%       0.57%       1.34%       0.03%       0.28%
Ratio of total expenses to average net assets4
 0.58%*       0.58%       0.57%       0.57%       0.57%       0.58%
Ratio of net investment income (loss) to average net assets
 3.72%*       4.56%       4.40%       0.25%       0.01%       0.21%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.
4 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
(a) Less than one penny per share.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
129
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LIMITED MATURITY BOND FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $14.44   $    13.67   $    12.78   $    13.38   $    13.33   $    12.86
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.28         0.57         0.51         0.13         0.20         0.24
Net realized and unrealized gain (loss) on investment transactions
 0.18        0.20        0.38       (0.73)       (0.15)        0.23
Total from investment operations
 0.46        0.77        0.89       (0.60)        0.05        0.47
Net asset value, end of period
 $14.90       $14.44       $13.67       $12.78       $13.38       $13.33
Total return2
 3.19%#       5.63%       6.96%      (4.49%)       0.38%       3.65%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $70,573      $73,885     $185,907     $223,724     $259,984     $254,878
Ratio of net expenses to average net assets3
 0.74%*       0.72%       0.71%       0.70%       0.69%       0.70%
Ratio of total expenses to average net assets4
 0.79%*       0.72%       0.71%       0.70%       0.69%       0.70%
Ratio of net investment income (loss) to average net assets
 3.91%*       4.07%       3.84%       1.03%       1.46%       1.86%
Portfolio turnover rate
 8%#         49%         27%         38%         73%         99%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.
4 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
130
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $16.28   $    15.90   $    14.89   $    17.24   $    17.36   $    16.01
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.34         0.64         0.61         0.41         0.34         0.35
Net realized and unrealized gain (loss) on investment transactions
 0.32       (0.26)        0.40       (2.76)       (0.46)        1.00
Total from investment operations
 0.66        0.38        1.01       (2.35)       (0.12)        1.35
Net asset value, end of period
 $16.94       $16.28       $15.90       $14.89       $17.24       $17.36
Total return2
 4.05%#       2.39%       6.78%     (13.63%)      (0.69%)       8.43%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $350,310     $363,116     $393,257     $354,590     $472,066     $484,474
Ratio of total expenses to average net assets
 0.68%*       0.68%       0.68%       0.68%       0.66%       0.67%
Ratio of net investment income (loss) to average net assets
 4.10%*       3.97%       3.99%       2.64%       2.00%       2.11%
Portfolio turnover rate
 16%#         41%         52%         38%         59%         75%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
131
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
HIGH YIELD BOND FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $18.93   $    17.55   $    15.78   $    16.84   $    16.02   $    14.90
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.57         1.12         0.96         0.76         0.68         0.71
Net realized and unrealized gain (loss) on investment transactions
 0.32        0.26        0.81       (1.82)        0.14        0.41
Total from investment operations
 0.89        1.38        1.77       (1.06)        0.82        1.12
Net asset value, end of period
 $19.82       $18.93       $17.55       $15.78       $16.84       $16.02
Total return2
 4.70%#       7.86%      11.22%      (6.30%)       5.12%       7.52%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $123,125     $125,872     $130,005     $140,603     $169,431     $167,391
Ratio of total expenses to average net assets
 0.73%*       0.73%       0.73%       0.73%       0.71%       0.72%
Ratio of net investment income (loss) to average net assets
 6.00%*       6.14%       5.82%       4.75%       4.15%       4.73%
Portfolio turnover rate
 81%#         91%         78%         84%         94%        128%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
132
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $106.88   $    95.04   $    80.16   $    91.22   $    77.12   $    65.45
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.97         2.11         1.90         1.08         0.68         0.72
Net realized and unrealized gain (loss) on investment transactions
 5.63        9.73       12.98      (12.14)       13.42       10.95
Total from investment operations
 6.60       11.84       14.88      (11.06)       14.10       11.67
Net asset value, end of period
 $113.48      $106.88       $95.04       $80.16       $91.22       $77.12
Total return2
 6.17%#      12.46%      18.56%     (12.12%)      18.29%      17.83%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $5,127,362   $5,155,480   $5,125,680   $4,596,816   $5,487,665   $4,886,355
Ratio of total expenses to average net assets
 0.87%*       0.87%       0.88%       0.88%       0.87%       0.88%
Ratio of net investment income (loss) to average net assets
 1.81%*       2.07%       2.17%       1.30%       0.80%       1.07%
Portfolio turnover rate
 59%#         85%         69%         87%         51%         88%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
133
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
BALANCED FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $35.76   $    31.04   $    26.34   $    31.57   $    27.27   $    23.76
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.03)        (0.06)        (0.05)        (0.06)        (0.06)        (0.05)
Net realized and unrealized gain (loss) on investment transactions
 1.91        4.78        4.75       (5.17)        4.36        3.56
Total from investment operations
 1.88        4.72        4.70       (5.23)        4.30        3.51
Net asset value, end of period
 $37.64       $35.76       $31.04       $26.34       $31.57       $27.27
Total return2
 5.26%#      15.20%      17.84%     (16.57%)      15.77%      14.77%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $79,268      $79,205      $76,410      $70,323      $92,753      $84,348
Ratio of total expenses to average net assets3
 0.20%*       0.20%       0.20%       0.22%       0.19%       0.20%
Ratio of net investment income (loss) to average net assets
 (0.18%)*      (0.18%)      (0.18%)      (0.21%)      (0.19%)      (0.20%)
Portfolio turnover rate
 4%#          9%          6%          5%         11%         15%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
134
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $95.64   $    74.05   $    50.27   $    83.11   $    71.38   $    52.10
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.22)        (0.39)        (0.25)        (0.33)        (0.48)        (0.29)
Net realized and unrealized gain (loss) on investment transactions
 6.15       21.98       24.03      (32.51)       12.21       19.57
Total from investment operations
 5.93       21.59       23.78      (32.84)       11.73       19.28
Net asset value, end of period
 $101.57       $95.64       $74.05       $50.27       $83.11       $71.38
Total return2
 6.20%#      29.15%      47.31%     (39.52%)      16.44%      37.01%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $369,277     $363,039     $312,171     $235,846     $428,687     $405,787
Ratio of total expenses to average net assets
 0.92%*       0.93%       0.95%       0.97%       0.93%       0.95%
Ratio of net investment income (loss) to average net assets
 (0.48%)*      (0.45%)      (0.40%)      (0.55%)      (0.61%)      (0.50%)
Portfolio turnover rate
 17%#         34%         35%         29%         24%         35%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
135
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE CAP GROWTH FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $44.68   $    38.49   $    31.08   $    38.46   $    30.56   $    25.02
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.06         0.05         0.08         0.05         0.02         0.05
Net realized and unrealized gain (loss) on investment transactions
 1.28        6.14        7.33       (7.43)        7.88        5.49
Total from investment operations
 1.34        6.19        7.41       (7.38)        7.90        5.54
Net asset value, end of period
 $46.02       $44.68       $38.49       $31.08       $38.46       $30.56
Total return2
 3.00%#      16.08%      23.84%     (19.19%)      25.85%      22.14%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $71,179      $70,546      $67,625      $62,655      $79,016      $68,536
Ratio of net expenses to average net assets3
 0.86%*       0.87%       0.88%       0.89%       0.85%       0.88%
Ratio of total expenses to average net assets4
 0.86%*       0.87%       0.89%       0.89%       0.85%       0.88%
Ratio of net investment income (loss) to average net assets
 0.27%*       0.12%       0.22%       0.17%       0.05%       0.19%
Portfolio turnover rate
 7%#         21%         21%         32%         16%         34%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.
4 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
136
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $37.22   $    30.27   $    22.36   $    48.08   $    50.05   $    28.52
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.02)        (0.07)        (0.08)        (0.19)        (0.37)        (0.22)
Net realized and unrealized gain (loss) on investment transactions
 1.31        7.02        7.99      (25.53)       (1.60)       21.75
Total from investment operations
 1.29        6.95        7.91      (25.72)       (1.97)       21.53
Net asset value, end of period
 $38.51       $37.22       $30.27       $22.36       $48.08       $50.05
Total return2
 3.47%#      22.96%      35.38%     (53.49%)      (3.94%)      75.49%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $135,893     $134,737     $116,826      $93,465     $205,479     $222,028
Ratio of total expenses to average net assets
 0.85%*       0.85%       0.87%       0.88%       0.84%       0.85%
Ratio of net investment income (loss) to average net assets
 (0.11%)*      (0.21%)      (0.29%)      (0.67%)      (0.72%)      (0.60%)
Portfolio turnover rate
 11%#         13%        109%         50%         68%         74%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
137
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE CAP VALUE FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $51.01   $    45.32   $    40.58   $    42.38   $    33.14   $    32.39
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.25         0.48         0.54         0.49         0.31         0.35
Net realized and unrealized gain (loss) on investment transactions
 1.91        5.21        4.20       (2.29)        8.93        0.40
Total from investment operations
 2.16        5.69        4.74       (1.80)        9.24        0.75
Net asset value, end of period
 $53.17       $51.01       $45.32       $40.58       $42.38       $33.14
Total return2
 4.23%#      12.55%      11.68%      (4.25%)      27.88%       2.32%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $162,004     $164,632     $166,334     $165,481     $202,596     $177,811
Ratio of total expenses to average net assets
 0.93%*       0.93%       0.94%       0.93%       0.91%       0.92%
Ratio of net investment income (loss) to average net assets
 0.96%*       0.96%       1.29%       1.21%       0.80%       1.20%
Portfolio turnover rate
 30%#         53%         68%         64%         49%         56%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
138
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
LARGE CORE VALUE FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $33.73   $    30.24   $    27.92   $    28.85   $    23.18   $    22.58
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.20         0.32         0.32         0.28         0.32         0.31
Net realized and unrealized gain (loss) on investment transactions
 1.17        3.17        2.00       (1.21)        5.35        0.29
Total from investment operations
 1.37        3.49        2.32       (0.93)        5.67        0.60
Net asset value, end of period
 $35.10       $33.73       $30.24       $27.92       $28.85       $23.18
Total return2
 4.06%#      11.54%       8.31%      (3.22%)      24.46%       2.66%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $125,581     $126,398     $135,883     $161,065     $189,136     $178,959
Ratio of total expenses to average net assets
 0.91%*       0.92%       0.94%       0.93%       0.92%       0.91%
Ratio of net investment income (loss) to average net assets
 1.18%*       0.99%       1.12%       1.02%       1.22%       1.52%
Portfolio turnover rate
 34%#         50%         50%         50%         57%         80%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
139
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
INDEX 500 FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $53.12   $    42.63   $    33.87   $    41.45   $    32.31   $    27.30
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.27         0.50         0.49         0.45         0.38         0.39
Net realized and unrealized gain (loss) on investment transactions
 2.94        9.99        8.27       (8.03)        8.76        4.62
Total from investment operations
 3.21       10.49        8.76       (7.58)        9.14        5.01
Net asset value, end of period
 $56.33       $53.12       $42.63       $33.87       $41.45       $32.31
Total return2
 6.04%#      24.61%      25.87%     (18.29%)      28.29%      18.35%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $875,446     $852,442     $728,673     $622,068     $698,722     $595,933
Ratio of total expenses to average net assets
 0.34%*       0.34%       0.35%       0.35%       0.34%       0.36%
Ratio of net investment income (loss) to average net assets
 1.02%*       1.03%       1.30%       1.26%       1.03%       1.44%
Portfolio turnover rate
 2%#          5%          4%          4%          3%         19%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
140
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MID CAP GROWTH FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $38.86   $    38.02   $    31.71   $    45.74   $    39.21   $    26.23
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.10)        (0.18)        (0.15)        (0.17)        (0.28)        (0.11)
Net realized and unrealized gain (loss) on investment transactions
 0.76        1.02        6.46      (13.86)        6.81       13.09
Total from investment operations
 0.66        0.84        6.31      (14.03)        6.53       12.98
Net asset value, end of period
 $39.52       $38.86       $38.02       $31.71       $45.74       $39.21
Total return2
 1.70%#       2.21%      19.90%     (30.67%)      16.66%      49.48%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $128,329     $134,486     $148,173     $134,832     $210,047     $196,992
Ratio of total expenses to average net assets
 0.97%*       0.97%       0.98%       0.98%       0.98%       0.95%
Ratio of net investment income (loss) to average net assets
 (0.53%)*      (0.46%)      (0.42%)      (0.50%)      (0.64%)      (0.38%)
Portfolio turnover rate
 28%#         39%         30%         29%         25%         26%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
141
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MID CAP VALUE FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $32.95   $    29.08   $    26.11   $    27.67   $    23.20   $    26.45
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.18         0.30         0.28         0.25         0.14         0.23
Net realized and unrealized gain (loss) on investment transactions
 0.27        3.57        2.69       (1.81)        4.33       (3.48)
Total from investment operations
 0.45        3.87        2.97       (1.56)        4.47       (3.25)
Net asset value, end of period
 $33.40       $32.95       $29.08       $26.11       $27.67       $23.20
Total return2
 1.37%#      13.31%      11.38%      (5.64%)      19.27%     (12.29%)
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $85,446      $88,468      $90,911      $88,708     $104,076      $94,762
Ratio of net expenses to average net assets3
 0.83%*       0.83%       0.83%       0.83%       0.82%       0.82%
Ratio of total expenses to average net assets4
 0.83%*       0.83%       0.84%       0.84%       0.82%       0.82%
Ratio of net investment income (loss) to average net assets
 1.10%*       0.93%       1.04%       0.96%       0.54%       1.13%
Portfolio turnover rate
 23%#         34%         46%         46%         59%        122%(a)
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.
4 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
(a) The Fund’s portfolio turnover rate increased substantially during the year ended December 31, 2020 due to a change in the Fund’s
sub-adviser and associated repositioning.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
142
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $38.13   $    35.18   $    33.21   $    33.70   $    27.37   $    26.94
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.35         0.56         0.57         0.53         0.39         0.35
Net realized and unrealized gain (loss) on investment transactions
 0.60        2.39        1.40       (1.02)        5.94        0.08
Total from investment operations
 0.95        2.95        1.97       (0.49)        6.33        0.43
Net asset value, end of period
 $39.08       $38.13       $35.18       $33.21       $33.70       $27.37
Total return2
 2.49%#       8.39%       5.93%      (1.45%)      23.13%       1.60%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $73,296      $76,176      $81,193      $86,950      $94,537      $94,077
Ratio of total expenses to average net assets
 1.05%*       1.04%       1.05%       1.04%       1.00%       1.04%
Ratio of net investment income (loss) to average net assets
 1.82%*       1.51%       1.71%       1.61%       1.25%       1.46%
Portfolio turnover rate
 39%#         54%         44%         74%         51%         75%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
143
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
SMID CAP GROWTH FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $51.61   $    46.00   $    40.36   $    56.43   $    52.38   $    34.39
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.15)        (0.29)        (0.19)        (0.24)        (0.43)        (0.25)
Net realized and unrealized gain (loss) on investment transactions
 (2.07)        5.90        5.83      (15.83)        4.48       18.24
Total from investment operations
 (2.22)        5.61        5.64      (16.07)        4.05       17.99
Net asset value, end of period
 $49.39       $51.61       $46.00       $40.36       $56.43       $52.38
Total return2
 (4.30%)#      12.20%      13.97%     (28.48%)       7.73%      52.31%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $69,644      $74,059      $72,193      $70,381     $103,780      $96,010
Ratio of total expenses to average net assets
 1.05%*       1.05%       1.05%       1.05%       1.02%       1.05%
Ratio of net investment income (loss) to average net assets
 (0.62%)*      (0.57%)      (0.45%)      (0.56%)      (0.77%)      (0.65%)
Portfolio turnover rate
 66%#         84%         70%         70%         65%         97%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
144
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
SMID CAP VALUE FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $41.90   $    38.25   $    32.79   $    39.02   $    28.78   $    28.37
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.14         0.16         0.18         0.20         0.22         0.18
Net realized and unrealized gain (loss) on investment transactions
 (1.03)        3.49        5.28       (6.43)       10.02        0.23
Total from investment operations
 (0.89)        3.65        5.46       (6.23)       10.24        0.41
Net asset value, end of period
 $41.01       $41.90       $38.25       $32.79       $39.02       $28.78
Total return2
 (2.13%)#       9.54%      16.65%     (15.97%)      35.58%       1.45%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $47,674      $50,480      $51,158      $54,653      $71,810      $57,672
Ratio of total expenses to average net assets
 1.17%*       1.18%       1.19%       1.18%       1.15%       1.17%
Ratio of net investment income (loss) to average net assets
 0.72%*       0.40%       0.52%       0.58%       0.61%       0.77%
Portfolio turnover rate
 37%#         55%         49%         42%         53%         55%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
145
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP GROWTH FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $69.10   $    61.22   $    51.60   $    68.11   $    62.66   $    47.45
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.13)        (0.29)        (0.23)        (0.23)        (0.41)        (0.28)
Net realized and unrealized gain (loss) on investment transactions
 0.61        8.17        9.85      (16.28)        5.86       15.49
Total from investment operations
 0.48        7.88        9.62      (16.51)        5.45       15.21
Net asset value, end of period
 $69.58       $69.10       $61.22       $51.60       $68.11       $62.66
Total return2
 0.70%#      12.88%      18.64%     (24.24%)       8.70%      32.06%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $93,981     $101,006     $102,931      $96,426     $140,210     $142,595
Ratio of total expenses to average net assets
 1.00%*       1.01%       1.03%       1.02%       0.99%       1.01%
Ratio of net investment income (loss) to average net assets
 (0.40%)*      (0.45%)      (0.41%)      (0.42%)      (0.61%)      (0.60%)
Portfolio turnover rate
 13%#         18%         22%         13%         19%         28%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
146
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $52.21   $    48.42   $    43.46   $    50.97   $    40.24   $    39.32
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.21         0.31         0.32         0.29         0.10         0.19
Net realized and unrealized gain (loss) on investment transactions
 (0.93)        3.48        4.64       (7.80)       10.63        0.73
Total from investment operations
 (0.72)        3.79        4.96       (7.51)       10.73        0.92
Net asset value, end of period
 $51.49       $52.21       $48.42       $43.46       $50.97       $40.24
Total return2
 (1.38%)#       7.83%      11.41%     (14.74%)      26.67%       2.34%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $138,594     $147,805     $157,939     $154,683     $199,173     $179,912
Ratio of net expenses to average net assets3
 0.99%*       1.00%       1.02%       1.01%       0.98%       1.02%
Ratio of total expenses to average net assets4
 0.99%*       1.01%       1.03%       1.01%       0.98%       1.02%
Ratio of net investment income (loss) to average net assets
 0.84%*       0.63%       0.74%       0.64%       0.21%       0.58%
Portfolio turnover rate
 45%#         84%         56%         57%         67%         84%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.
4 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
147
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
SMALL CAP INDEX FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $34.98   $    31.58   $    27.17   $    34.42   $    30.10   $    25.22
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.15         0.18         0.23         0.18         0.10         0.10
Net realized and unrealized gain (loss) on investment transactions
 (0.88)        3.22        4.18       (7.43)        4.22        4.78
Total from investment operations
 (0.73)        3.40        4.41       (7.25)        4.32        4.88
Net asset value, end of period
 $34.25       $34.98       $31.58       $27.17       $34.42       $30.10
Total return2
 (2.09%)#      10.77%      16.23%     (21.06%)      14.35%      19.35%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $76,274      $84,853      $84,722      $80,151      $98,827      $75,852
Ratio of net expenses to average net assets3
 0.72%*       0.71%       0.71%       0.70%       0.70%       0.74%
Ratio of total expenses to average net assets4
 0.72%*       0.71%       0.71%       0.70%       0.70%       0.75%
Ratio of net investment income (loss) to average net assets
 0.91%*       0.54%       0.81%       0.62%       0.30%       0.43%
Portfolio turnover rate
 10%#         17%         14%         18%         31%         27%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.
4 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
148
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $17.94   $    17.49   $    14.92   $    17.62   $    15.94   $    14.79
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.29         0.35         0.33         0.34         0.28         0.19
Net realized and unrealized gain (loss) on investment transactions
 3.31        0.10        2.24       (3.04)        1.40        0.96
Total from investment operations
 3.60        0.45        2.57       (2.70)        1.68        1.15
Net asset value, end of period
 $21.54       $17.94       $17.49       $14.92       $17.62       $15.94
Total return2
 20.07%#       2.57%      17.23%     (15.32%)      10.54%       7.78%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $83,512      $78,717      $88,287      $85,483     $114,158     $109,296
Ratio of net expenses to average net assets3
 0.94%*       0.94%       0.93%       0.90%       0.85%       0.89%
Ratio of total expenses to average net assets4
 0.96%*       0.94%       0.93%       0.90%       0.85%       0.89%
Ratio of net investment income (loss) to average net assets
 3.00%*       1.93%       2.05%       2.25%       1.66%       1.39%
Portfolio turnover rate
 2%#          2%          3%          3%          3%          5%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The ratio includes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were excluded, the ratio would have been higher (lower), respectively, than the ratio shown.
4 The ratio excludes expenses waived/reimbursed net of amount recaptured and fees paid indirectly, where applicable; if expenses waived/ reimbursed net of amount recaptured and fees paid indirectly were included, the ratio would have been lower than the ratio shown.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
149
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
INTERNATIONAL EQUITY FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $41.74   $    39.46   $    34.24   $    43.79   $    39.02   $    33.95
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.41         0.12         0.07        (0.01)        (0.04)        (0.05)
Net realized and unrealized gain (loss) on investment transactions
 6.66        2.16        5.15       (9.54)        4.81        5.12
Total from investment operations
 7.07        2.28        5.22       (9.55)        4.77        5.07
Net asset value, end of period
 $48.81       $41.74       $39.46       $34.24       $43.79       $39.02
Total return2
 16.94%#       5.78%      15.25%     (21.81%)      12.23%      14.93%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $243,226     $231,499     $251,066     $258,905     $353,005     $336,274
Ratio of total expenses to average net assets
 1.07%*       1.07%       1.08%       1.07%       1.03%       1.06%
Ratio of net investment income (loss) to average net assets
 1.82%*       0.30%       0.19%      (0.02%)      (0.10%)      (0.14%)
Portfolio turnover rate
 118%#        152%         95%         52%         76%         75%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
150
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $10.56   $    10.97   $    10.79   $    14.08   $    14.93   $    13.52
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.07         0.06         0.05         0.07         0.01        (0.02)
Net realized and unrealized gain (loss) on investment transactions
 1.33       (0.47)        0.13       (3.36)       (0.86)        1.43
Total from investment operations
 1.40       (0.41)        0.18       (3.29)       (0.85)        1.41
Net asset value, end of period
 $11.96       $10.56       $10.97       $10.79       $14.08       $14.93
Total return2
 13.26%#      (3.74%)       1.67%     (23.37%)      (5.69%)      10.43%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $67,656      $71,351      $85,102      $94,075     $130,637     $145,335
Ratio of total expenses to average net assets
 1.36%*       1.34%       1.33%       1.33%       1.25%       1.32%
Ratio of net investment income (loss) to average net assets
 1.25%*       0.55%       0.50%       0.55%       0.07%      (0.19%)
Portfolio turnover rate
 58%#         72%         47%         64%         68%        121%(a)
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
(a) The Fund’s portfolio turnover rate increased substantially during the year ended December 31, 2020 due to a change in the Fund’s
sub-adviser and associated repositioning.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
151
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
REAL ESTATE SECURITIES FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $33.41   $    31.40   $    28.09   $    37.63   $    26.37   $    27.25
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.64         0.64         0.66         0.52         0.28         0.39
Net realized and unrealized gain (loss) on investment transactions
 0.57        1.37        2.65      (10.06)       10.98       (1.27)
Total from investment operations
 1.21        2.01        3.31       (9.54)       11.26       (0.88)
Net asset value, end of period
 $34.62       $33.41       $31.40       $28.09       $37.63       $26.37
Total return2
 3.62%#       6.40%      11.78%     (25.35%)      42.70%      (3.23%)
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $99,610     $103,013     $113,445      $99,505     $140,061     $121,063
Ratio of total expenses to average net assets
 0.98%*       0.97%       0.97%       0.97%       0.95%       0.97%
Ratio of net investment income (loss) to average net assets
 3.81%*       1.96%       2.30%       1.63%       0.89%       1.59%
Portfolio turnover rate
 12%#         29%         34%         27%         34%         64%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
152
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $29.76   $    26.55   $    23.01   $    27.23   $    23.39   $    21.41
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.05)        (0.09)        (0.07)        (0.08)        (0.08)        (0.07)
Net realized and unrealized gain (loss) on investment transactions
 1.94        3.30        3.61       (4.14)        3.92        2.05
Total from investment operations
 1.89        3.21        3.54       (4.22)        3.84        1.98
Net asset value, end of period
 $31.65       $29.76       $26.55       $23.01       $27.23       $23.39
Total return2
 6.35%#      12.09%      15.38%     (15.50%)      16.42%       9.25%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $57,189      $57,183      $60,368      $55,617      $70,657      $70,074
Ratio of total expenses to average net assets3
 0.33%*       0.34%       0.34%       0.34%       0.33%       0.33%
Ratio of net investment income (loss) to average net assets
 (0.30%)*      (0.31%)      (0.30%)      (0.33%)      (0.33%)      (0.33%)
Portfolio turnover rate
 10%#         12%         18%         17%         18%         17%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
153
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MODERATELY AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $30.26   $    27.25   $    23.81   $    27.84   $    24.14   $    22.06
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.04)        (0.08)        (0.07)        (0.07)        (0.08)        (0.06)
Net realized and unrealized gain (loss) on investment transactions
 1.86        3.09        3.51       (3.96)        3.78        2.14
Total from investment operations
 1.82        3.01        3.44       (4.03)        3.70        2.08
Net asset value, end of period
 $32.08       $30.26       $27.25       $23.81       $27.84       $24.14
Total return2
 6.02%#      11.05%      14.45%     (14.47%)      15.33%       9.43%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $194,584     $198,019     $204,752     $192,855     $246,473     $227,084
Ratio of total expenses to average net assets3
 0.30%*       0.30%       0.30%       0.30%       0.29%       0.30%
Ratio of net investment income (loss) to average net assets
 (0.28%)*      (0.28%)      (0.28%)      (0.30%)      (0.29%)      (0.30%)
Portfolio turnover rate
 6%#         14%         18%         15%         12%         17%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
154
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $25.34   $    23.22   $    20.59   $    23.89   $    21.46   $    19.55
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.04)        (0.07)        (0.06)        (0.06)        (0.07)        (0.06)
Net realized and unrealized gain (loss) on investment transactions
 1.46        2.19        2.69       (3.24)        2.50        1.97
Total from investment operations
 1.42        2.12        2.63       (3.30)        2.43        1.91
Net asset value, end of period
 $26.76       $25.34       $23.22       $20.59       $23.89       $21.46
Total return2
 5.56%#       9.13%      12.77%     (13.81%)      11.32%       9.77%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $193,472     $199,124     $213,816     $220,593     $288,061     $285,910
Ratio of total expenses to average net assets3
 0.30%*       0.30%       0.30%       0.30%       0.29%       0.30%
Ratio of net investment income (loss) to average net assets
 (0.28%)*      (0.27%)      (0.28%)      (0.30%)      (0.29%)      (0.30%)
Portfolio turnover rate
 5%#         14%         15%         11%         12%         17%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
155
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MODERATELY CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $21.75   $    20.26   $    18.30   $    20.62   $    18.99   $    17.58
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.03)        (0.06)        (0.05)        (0.06)        (0.06)        (0.05)
Net realized and unrealized gain (loss) on investment transactions
 1.13        1.55        2.01       (2.26)        1.69        1.46
Total from investment operations
 1.10        1.49        1.96       (2.32)        1.63        1.41
Net asset value, end of period
 $22.85       $21.75       $20.26       $18.30       $20.62       $18.99
Total return2
 5.06%#       7.35%      10.71%     (11.25%)       8.58%       8.02%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $72,150      $75,763      $78,953      $81,079      $99,775      $94,485
Ratio of total expenses to average net assets3
 0.32%*       0.32%       0.32%       0.32%       0.31%       0.32%
Ratio of net investment income (loss) to average net assets
 (0.28%)*      (0.27%)      (0.28%)      (0.31%)      (0.31%)      (0.31%)
Portfolio turnover rate
 4%#         25%         16%         16%         20%         23%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
156
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/25
(Unaudited) 		  Year Ended December 31,
  2024   2023   2022   2021   2020
Net asset value, beginning of period
 $18.03   $    17.05   $    15.64   $    17.35   $    16.60   $    15.51
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.02)        (0.04)        (0.04)        (0.05)        (0.06)        (0.05)
Net realized and unrealized gain (loss) on investment transactions
 0.81        1.02        1.45       (1.66)        0.81        1.14
Total from investment operations
 0.79        0.98        1.41       (1.71)        0.75        1.09
Net asset value, end of period
 $18.82       $18.03       $17.05       $15.64       $17.35       $16.60
Total return2
 4.38%#       5.75%       9.02%      (9.86%)       4.52%       7.03%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $42,238      $42,853      $46,509      $47,950      $59,188      $61,854
Ratio of total expenses to average net assets3
 0.35%*       0.35%       0.35%       0.35%       0.33%       0.33%
Ratio of net investment income (loss) to average net assets
 (0.25%)*      (0.25%)      (0.26%)      (0.33%)      (0.33%)      (0.33%)
Portfolio turnover rate
 10%#         34%         15%         12%         23%         30%
1 The net investment income (loss) per share was calculated using the average shares outstanding method.
2 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total returns do not reflect expenses associated with variable contracts such as administrative fees, account charges and surrender charges, which if reflected would reduce the total returns for all periods presented. Total returns may reflect adjustments to conform with generally accepted accounting principles.
3 The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
157
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
1 —  Organization
Penn Series Funds, Inc. (“Penn Series”) was incorporated in Maryland on April 22, 1982. Penn Series is registered under the Investment Company Act of 1940 ("1940 Act"), as amended, as an open-end, diversified management investment company. Penn Series is open only to purchasers of The Penn Mutual Life Insurance Company (“Penn Mutual”) and The Penn Insurance and Annuity Company insurance contracts and certain of Penn Mutual’s employee benefit plans.
Penn Series is presently offering shares in its Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Balanced, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds (each a “Fund” and collectively, the “Funds”). Penn Series also has the authority to issue shares in three additional funds, each of which would have their own investment objective and policies.
Fund of Funds (“FOFs”) – Each Penn Series FOF seeks to achieve its investment objective by investing in other Penn Series Funds (“Underlying Funds”) and uses asset allocation strategies to determine how much to invest in the Underlying Funds. Each of the following is a Penn Series FOFs: Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds.
2 —  Significant Accounting Policies
The following significant accounting policies are followed by Penn Series in the preparation of its financial statements. The preparation of financial statements in accordance with the accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be material. The Funds are investment companies and follow the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 946.
Security Valuation:
Effective September 8, 2022, in conjunction with and pursuant to the requirements of the 1940 Act and Rule 2a-5 (the “Rule”), the Board of the Penn Series Funds, Inc. (“Board”) has designated Penn Mutual Asset Management LLC (“PMAM” or the “Adviser”) as the Valuation Designee for the Funds. As Valuation Designee, PMAM has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable.  PMAM has adopted policies and procedures related to the Rule, and established a Valuation Committee for Registered Investment Companies to oversee valuation practices including fair valuation of all Fund investments.
Money Market Fund — Investments in securities are valued using the amortized cost method as permitted by Rule 2a-7 under the Investment Company Act of 1940, which involves initially valuing investments at cost and thereafter assuming a constant amortization to maturity of any premium or discount. This method approximates market value.
Limited Maturity Bond, Quality Bond, High Yield Bond, Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Growth, Small Cap Value, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, Real Estate Securities Funds — Portfolio securities listed on a securities exchange or an automated quotation system for which quotations are readily available, including securities traded over the counter, are valued at the last quoted sale price on the principal exchange or market on which they are traded on the valuation date or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. Securities valued according to these valuation methods are categorized as Level 1 in the fair value hierarchy described below. Debt and fixed income securities are valued by recognized independent third-party valuation services, employing valuation methodologies that utilize actual market transactions, broker-dealer supplied valuations, and matrix pricing. Matrix pricing for corporate bonds, floating rate notes, municipal securities and
158
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
U.S. government and government agency obligations considers yield or price of bonds of comparable quality, coupon, maturity and type and, for asset backed securities, commercial mortgage securities and U.S. government agency mortgage securities, also considers prepayment speed assumptions and attributes and performance of the underlying collateral. Securities valued according to these valuation methods are generally categorized as Level 2 in the fair value hierarchy described below. To the extent that bid prices are provided by the pricing service, the Funds will use the bid price. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates as of the valuation date.
Options are valued at the last traded price on the market where such options are principally traded or, if there was no trade on such day, at the last bid quote. Futures contracts are valued at the last settlement price on the market where such futures contracts are principally traded. Although derivatives may be subject to netting provisions, as discussed further in Note 7, derivatives held are valued at their gross amounts.
Certain events may occur between the time that foreign markets close, on which securities held by the Fund principally trade, and the time at which the Fund’s NAV is calculated. These securities are valued at a fair value utilizing an independent third party valuation service in accordance with procedures adopted by the Fund’s Board of Directors. The methodology and procedures followed by the valuation service consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes as well as prices for similar securities. Securities valued using such valuation service are classified as Level 2 of the fair value hierarchy as these adjustment factors are considered other observable inputs to the valuation. Values from the valuation service are applied in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Valuation Committee. The Valuation Committee has also established a “confidence interval”, which is used to determine the level of historical correlation between the value of a specific foreign security and movements in the U.S. market before a particular security will be fair valued when the threshold is exceeded. In the event that the threshold established by the Valuation Committee is exceeded on a specific day, the Funds shall value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the adjusted prices provided by the fair valuation service.
The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available.
Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds — The valuation of each Fund’s investment in its Underlying Funds is based on the net asset values of the Underlying Funds each business day.
Fair value measurements are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Funds’ investments. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. These inputs are summarized into three broad levels as follows:
• Level 1 — quoted prices in active markets for identical securities
• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
Level 3 items at June 30, 2025 consist of equities in the High Yield Bond Fund, Flexibly Managed Fund, Large Growth Stock Fund and Small Cap Index Fund, respectively which were not publicly trading. The unobservable inputs used in valuing these securities include new rounds of financing, negotiated transactions of significant size between
159
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
other investors in the company, relevant market valuations of peer companies and strategic events affecting the company. Significant increases (decreases) in the valuation indicated by the new rounds of financing, valuations observed through negotiated transactions between other investors in the company or changes in the market valuation of relevant peer companies would result in directionally similar changes to the fair value. Fair value determinations are reviewed and updated on a regular basis and as information becomes available, including actual purchase and sale transactions of the issue. For certain loan agreements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: market value of investment securities, assets and liabilities at the current rate of exchange; purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.
The Funds do not isolate the portion of realized and unrealized gains and losses on investments which is due to changes in the foreign exchange rate from that which is due to changes in market prices of all securities. Such fluctuations are included with net realized and unrealized gain or loss from investments.
Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.
Loan Agreements — Certain Funds may invest in loan agreements, also known as bank loans, which represent an interest in amounts owed by a borrower to a syndication of lenders. Bank loans may involve multiple loans with the same borrower under a single credit agreement (each loan, a tranche), and each tranche may have different terms and associated risks. A bank or other financial institution typically acts as the agent and administers a bank loan in accordance with the associated credit agreement. Bank loans are generally noninvestment grade and often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged. The Funds may buy and sell bank loans in the form of either loan assignments or loan participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer. Although loan assignments continue to be administered by the agent, the buyer acquires direct rights against the borrower. In many cases, a loan assignment requires the consent of both the borrower and the agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments that the seller is entitled to receive from the borrower; however, the seller continues to hold legal title to the loan. As a result, with loan participations, the buyer generally has no right to enforce compliance with terms of the credit agreement against the borrower, and the buyer is subject to the credit risk of both the borrower and the seller. Bank loans often have extended settlement periods, during which the Fund is subject to nonperformance by the counterparty.
Security Transactions, Investment Income and Expenses — Security transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and interest income is accrued as earned. Discounts and premiums on debt and fixed income securities are accreted and amortized using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. The cost of investment securities sold is determined by using the specific identification method for both financial reporting and income tax purposes. Expenses directly attributable to a Fund are directly charged. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds of the FOFs. Other expenses attributable to the Funds are allocated in accordance with methodologies, which are reviewed with the Board of Directors no less than annually.
Dividends to Shareholders — Except for the Money Market Fund, all or a portion of each Fund’s undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at June 30, 2025 were deemed distributed as consent dividends to each respective Fund’s shareholders in place of regular distributions. As consent dividends, shareholders of each Fund agree to treat their share of undistributed net investment income and accumulated net realized gain on investment and foreign exchange transactions, if any, at June 30, 2025, respectively, as dividend income and net capital gains for tax purposes. In the case of the Money Market Fund, dividends paid from undistributed net investment income and accumulated net realized gain on investments are declared daily and paid monthly.
160
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations which may differ from net investment income and net realized capital gains recorded in accordance with accounting principles generally accepted in the United States. To the extent that these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification. Distributions from net realized gains may involve short-term capital gains, which are included as ordinary income for tax purposes.
The character of distributions received from Real Estate Investment Trusts (“REITs”) held by a Fund is generally comprised of net investment income, capital gains, and return of capital. It is the policy of the Funds to estimate the character of distributions received from the underlying REITs based on historical data provided by the REITs.
Foreign Capital Gains Taxes— The International Equity Fund and Emerging Markets Equity Fund accrue capital gains tax on unrealized and realized gains for certain securities of issuers domiciled in India. At June 30, 2025, Emerging Markets Equity Fund had accrued capital gains taxes of $173,538, which is reflected in the Statement of Assets and Liabilities. For the six months ended June 30, 2025, the International Equity Fund and Emerging Markets Equity Fund had realized capital gains tax expense of $6 and $1,615, respectively, which is reflected in the Net realized gain (loss) on Investments line item in the Statement of Operations.
3 — Investment Advisory and Other Corporate Services
Investment Advisory Services
PMAM serves as investment adviser to each series of Penn Series. With the exception of the Money Market, Limited Maturity, Quality Bond, High Yield Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation and Conservative Allocation Funds, PMAM has entered into sub-advisory agreements to provide investment management services to each of the Funds.
Each of the Funds pay PMAM, on a monthly basis, an advisory fee accrued daily based on the average daily net assets of the Fund, at the following rates pursuant to the investment advisory agreements:
Fund   Sub-Adviser   Investment Advisory Fees
(As a Percentage of the
Average Daily
Net Assets of the Fund)
Money Market Fund
   None   0.33% of the first $200,000,000;
0.31% of the next $150,000,000;
0.29% of the next $150,000,000;
0.27% over $500,000,000.
Limited Maturity Bond Fund   None   0.46% of the first $200,000,000;
0.44% of the next $150,000,000;
0.42% of the next $150,000,000;
0.40% over $500,000,000.
Quality Bond Fund   None   0.46% of the first $200,000,000;
0.44% of the next $150,000,000;
0.42% of the next $150,000,000;
0.40% over $500,000,000.
High Yield Bond Fund   None   0.46% of the first $200,000,000;
0.44% of the next $150,000,000;
0.42% of the next $150,000,000;
0.40% over $500,000,000.
161
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Fund   Sub-Adviser   Investment Advisory Fees
(As a Percentage of the
Average Daily
Net Assets of the Fund)
Flexibly Managed Fund   T. Rowe Price Associates, Inc.   0.72% of the first $500,000,000;
0.70% of the next $2,000,000,000;
0.68% of the next $1,500,000,000;
0.65% of the next $1,000,000,000;
0.62% over $5,000,000,000.
Balanced Fund   None   None
Large Growth Stock Fund   T. Rowe Price Associates, Inc.   0.69% of the first $250,000,000;
0.65% of the next $250,000,000;
0.62% over $500,000,000.
Large Cap Growth Fund   Massachusetts Financial Services
Company 		  0.53%
Large Core Growth Fund   Delaware Investments Fund
Advisers 		  0.58%
Large Cap Value Fund   AllianceBernstein, LP   0.67% of the first $150,000,000;
0.65% over $150,000,000.
Large Core Value Fund   Eaton Vance Management   0.64% of the first $150,000,000;
0.62% of the next $250,000,000;
0.60% over $400,000,000.
Index 500 Fund   SSgA Fund Management, Inc.   0.14% of the first $150,000,000;
0.13% of the next $150,000,000;
0.12% over $300,000,000.
Mid Cap Growth Fund   Delaware Investments Fund
Advisers 		  0.68%
Mid Cap Value Fund   Janus Henderson Investors
US LLC 		  0.54% of the first $250,000,000;
0.525% of the next $250,000,000;
0.50% of the next $250,000,000;
0.475% of the next $250,000,000;
0.45% of the next $500,000,000;
0.425% over $1,500,000,000.
Mid Core Value Fund   American Century Investment
Management, Inc. 		  0.68%
SMID Cap Growth Fund   Goldman Sachs Asset Management, LP   0.73%
SMID Cap Value Fund   AllianceBernstein, LP   0.80%
Small Cap Growth Fund   Janus Henderson Investors US LLC   0.75% of the first $25,000,000;
0.70% of the next $25,000,000;
0.65% over $50,000,000.
162
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Fund   Sub-Adviser   Investment Advisory Fees
(As a Percentage of the
Average Daily
Net Assets of the Fund)
Small Cap Value Fund   Goldman Sachs Asset Management, LP   0.71% of the first $50,000,000;
0.68% of the next $50,000,000;
0.66% over $100,000,000.
Small Cap Index Fund   SSgA Fund Management, Inc.   0.30%
Developed International Index Fund   SSgA Fund Management, Inc.   0.30%
International Equity Fund   Vontobel Asset Management, Inc.   0.81% of the first $200,000,000;
0.61% over $200,000,000.
Emerging Markets Equity Fund   Vontobel Asset Management, Inc.   0.83%
Real Estate Securities Fund   Cohen & Steers Capital Management,
Inc. 		  0.70%
Aggressive Allocation Fund   None   0.12% of the first $200,000,000;
0.11% of the next $150,000,000;
0.10% of the next $150,000,000;
0.09% over $500,000,000.
Moderately Aggressive Allocation Fund   None   0.12% of the first $200,000,000;
0.11% of the next $150,000,000;
0.10% of the next $150,000,000;
0.09% over $500,000,000.
Moderate Allocation Fund   None   0.12% of the first $200,000,000;
0.11% of the next $150,000,000;
0.10% of the next $150,000,000;
0.09% over $500,000,000.
Moderately Conservative Allocation Fund   None   0.12% of the first $200,000,000;
0.11% of the next $150,000,000;
0.10% of the next $150,000,000;
0.09% over $500,000,000.
Conservative Allocation Fund   None   0.12% of the first $200,000,000;
0.11% of the next $150,000,000;
0.10% of the next $150,000,000;
0.09% over $500,000,000.
For providing investment management services to the Funds, PMAM pays each sub-adviser, on a monthly basis, a subadvisory fee.
Administrative and Corporate, Co-Administrative and Shareholder Services
Each of the Funds pays Penn Mutual, on a quarterly basis, 0.01% of the Fund’s average daily net assets under a revised administrative and corporate services agreement and 0.09% under a shareholder servicing agreement. Each of the Funds pays PMAM, on a quarterly basis, 0.02% of the Fund’s average daily assets under a co-administrative agreement. These fees are accrued daily.
163
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Fund Administration and Accounting Services
Under a fund administration and accounting agreement, BNY Mellon Investment Servicing (US), Inc. (“BNY Mellon”) serves as accounting agent for Penn Series. Each of the Funds, except the FOFs, International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund, pays BNY Mellon, on a monthly basis, an annual fee accrued daily based on the average daily net assets of the Fund equal to 0.070% for the first $100 million, 0.050% for the next $200 million, 0.030% for the next $300 million and 0.020% thereafter. With the exception of the FOFs, International Equity Fund, Emerging Markets Equity Fund, Developed International Index Fund and Money Market Fund, the minimum annual fee each Fund must pay is $27,500. The annual accounting fee for each of the FOFs is an asset-based fee of 0.010% of FOF’s average daily net assets, exclusive of out-of-pocket expenses. Each FOF’s minimum annual fee is $12,000. The minimum annual fee is $48,000 for each of the International Equity Fund, Emerging Markets Equity Fund and Developed International Index Fund. The Money Market Fund pays no minimum annual fee. Each of the International Equity, Emerging Markets Equity and Developed International Index Funds pays BNY Mellon, on a monthly basis, an annual 0.080% for the first $100 million, 0.060% for the next $300 million, 0.040% for the next $200 million, and 0.030% thereafter. In addition, each of the Funds pays BNY Mellon approximately 0.010% of the Fund’s average daily net assets for tax and regulatory administration services.
Transfer Agent Services
Under a transfer agency agreement, BNY Mellon serves as transfer agent for Penn Series.
Custodial Services
The Bank of New York Mellon, Inc., serves as custodian for Penn Series. In addition to transaction charges and out-of-pocket expenses, each of the Funds pay The Bank of New York Mellon, Inc., on a monthly basis, an annual custody fee of 0.007% for U.S. securities. The Bank of New York Mellon, Inc. serves as foreign custodian for Penn Series. There is a separate custody fee schedule for foreign securities.
Expenses and Limitations Thereon
Each Fund bears all expenses of its operations other than those incurred by PMAM and, if applicable its sub-adviser under its respective investment advisory agreement and those incurred by Penn Mutual under its administrative and corporate services agreement. PMAM and Penn Mutual have agreed to waive fees or reimburse expenses to the extent the Fund’s total expense ratio (excluding nonrecurring account fees, fees on portfolio transactions, such as exchange fees, dividends and interest on securities sold short, acquired fund fees and expenses, service fees, interest, taxes, brokerage commissions, other capitalized expenses and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of a Fund’s business, but including investment advisory and administrative and corporate services fees) exceeds the applicable expense limitation for the Fund. The expense limitations for the Funds are as follows:
Fund   Expense Limitation
Money Market Fund   0.64%
Limited Maturity Bond Fund   0.74%
Quality Bond Fund   0.73%
High Yield Bond Fund   0.92%
Flexibly Managed Fund   0.94%
Balanced Fund   0.79%
Large Growth Stock Fund   1.02%
Large Cap Growth Fund   0.89%
Large Core Growth Fund   0.90%
Large Cap Value Fund   0.96%
Large Core Value Fund   0.96%
Index 500 Fund   0.42%
Mid Cap Growth Fund   1.00%
Mid Cap Value Fund   0.83%
Fund   Expense Limitation
Mid Core Value Fund   1.11%
SMID Cap Growth Fund   1.07%
SMID Cap Value Fund   1.26%
Small Cap Growth Fund   1.13%
Small Cap Value Fund   1.02%
Small Cap Index Fund   0.74%
Developed International Index Fund   0.94%
International Equity Fund   1.20%
Emerging Markets Equity Fund   1.78%
Real Estate Securities Fund   1.02%
Aggressive Allocation Fund*   0.40%
Moderately Aggressive Allocation Fund*   0.34%
Moderate Allocation Fund*   0.34%
 
164
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Fund   Expense Limitation
Moderately Conservative Allocation Fund*   0.35%
Fund   Expense Limitation
Conservative Allocation Fund*   0.38%
 
* For FOFs, with the exception of the Balanced Fund, the operating expense limit applies only at the Fund level and does not limit the fees indirectly incurred by the FOFs through their investments in the Underlying Funds.
Effective September 10, 2009, Penn Series, on behalf of its Money Market Fund, PMAM, and Penn Mutual, entered into an agreement whereby PMAM and Penn Mutual may temporarily and voluntarily waive fees and/or reimburse expenses in excess of their current fee waiver and expense reimbursement commitments in an effort to maintain a minimum net distribution yield for the Money Market Fund. Under the agreement, PMAM and Penn Mutual may, subject to certain minimum yield criteria, as well as a prospective three-year reimbursement period, recapture from the Money Market Fund any fees or expenses waived and/or reimbursed under this arrangement. These reimbursement payments by the Fund to PMAM and/or Penn Mutual are not subject to any net operating expense limitations in effect at the time of such payment. This recapture could negatively affect the Fund’s future yield.
If, at the end of each month, there is no liability of PMAM and Penn Mutual to pay the Funds such excess amount, and if payments of the advisory fee or administrative and corporate services fee at the end of prior months during the preceding three fiscal years have been reduced in excess of that required to maintain expenses within the expense limitation, such excess reduction is eligible to be recaptured by PMAM and Penn Mutual and, if recaptured, would become payable by the Funds to PMAM and Penn Mutual along with the advisory fee or administrative and corporate services fee for that month, as applicable. Penn Mutual and/or PMAM’s election not to recapture the amount of any reduction and reimbursement to which it is entitled in no way impairs the rights of Penn Mutual and/or PMAM to subsequently recapture such amount, provided that such amount remains eligible for recapture and would not cause the Fund to exceed its expense limit for that fee payment period.
As of June 30, 2025, the Mid Cap Value Fund and Developed International Index Fund had waived and/or reimbursed advisory fees that are subject to potential recapture by PMAM through the periods stated below. If not recaptured, the waived and/or reimbursed advisory fees will expire according to the table below:
  December 31,
2026 		  December 31,
2027 		  December 31,
2028 		  Total
Limited Maturity Bond Fund $—   $—   $ 16,296   $ 16,296
Mid Cap Value Fund 6,541   2,564   1,202   10,307
Developed International Index Fund —   2,559   8,832   11,391
During the six months ended June 30, 2025, previously waived advisory fees were recaptured by PMAM. The recaptured fees are shown as recaptured advisory fees on the statement of operations and are as follows:
   
Mid Cap Value Fund $ 257
Small Cap Value Fund 3,151
Total fees of $202,500 were paid to Directors of Penn Series, who are not interested persons of Penn Series, for the six months ended June 30, 2025. Directors who are also employees of PMAM or its affiliates and officers of the Company receive no compensation from the Company for their services. 
4 — Related Party Transactions
Certain Funds affect trades for security purchase and sale transactions through brokers that are affiliates of the Adviser or the sub-advisers. Commissions paid on those trades from the Funds for the six months ended June 30, 2025 were as follows:
   
SMID Cap Growth Fund $ 1,790
Small Cap Value Fund 2,567
165
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Cross trades for the six months ended June 30, 2025, were executed by the Funds pursuant to procedures adopted by the Board of Directors designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board of Directors review such transactions for compliance with the procedures adopted by the Board of Directors. Pursuant to these procedures, for the six months ended June 30, 2025, the following Funds engaged in Rule 17a-7 securities purchases and securities sales, which resulted in net realized gain (loss) as follows:
  Purchases   Sales   Net Realized Gain (Loss)
Large Growth Stock Fund $ —   $662,510   $122,563
Large Cap Growth Fund 43,663   —   —
A Summary of the FOF’s total long-term and short-term purchases and sales of the shares of the underlying Funds during the six months ended June 30, 2025 were as follows: 
Balanced Fund   Total
Value at
12/31/24 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/25 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 60.3%                        
Penn Series Index 500 Fund*   $47,031,032   $2,017,636   $4,027,107   $2,779,043   $6,817   $47,807,421   848,703   $—
Affiliated Fixed Income Funds — 39.3%                        
Penn Series Quality Bond Fund*   32,030,177   1,370,517   3,519,039   431,568   810,479   31,123,702   1,837,290   —
    $79,061,209   $3,388,153   $7,546,146   $3,210,611   $817,296   $78,931,123       $—
* Non-income producing security.
Aggressive Allocation Fund   Total
Value at
12/31/24 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/25 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 76.4%                        
Penn Series Flexibly Managed Fund*   $5,168,560   $178,917   $590,558   $132,674   $170,009   $5,059,602   44,586   $—
Penn Series Index 500 Fund*   15,361,804   887,761   1,723,086   779,856   129,188   15,435,523   274,019   —
Penn Series Large Cap Growth Fund*   568,707   38,374   54,275   23,393   (6,402)   569,797   12,381   —
Penn Series Large Cap Value Fund*   3,398,013   193,160   352,433   146,773   (7,331)   3,378,182   63,535   —
Penn Series Large Core Growth Fund*   2,278,688   175,370   254,662   27,889   53,454   2,280,739   59,225   —
Penn Series Large Core Value Fund*   2,262,574   137,403   234,389   97,125   (7,968)   2,254,745   64,238   —
Penn Series Large Growth Stock Fund*   567,633   2,222,586   148,698   46,200   200,095   2,887,816   28,432   —
Penn Series Mid Cap Growth Fund*   1,103,947   139,085   120,403   54,613   (28,784)   1,148,458   29,060   —
Penn Series Mid Cap Value Fund*   1,121,144   98,725   108,548   25,232   (9,148)   1,127,405   33,755   —
Penn Series Mid Core Value Fund*   2,845,635   207,969   327,298   101,874   (31,503)   2,796,677   71,563   —
Penn Series Real Estate Securities Fund*   2,812,516   160,619   307,999   83,658   17,166   2,765,960   79,895   —
Penn Series Small Cap Growth Fund*   1,121,804   24,746   1,069,207   228,344   (305,687)   —   —   —
Penn Series Small Cap Index Fund*   1,668,841   232,218   162,823   (12,505)   (15,142)   1,710,589   49,944   —
Penn Series SMID Cap Growth Fund*   1,111,990   178,498   108,548   50,885   (89,414)   1,143,411   23,151   —
Penn Series SMID Cap Value Fund*   1,113,252   149,805   108,548   37,562   (58,416)   1,133,655   27,643   —
Affiliated Fixed Income Funds — 6.8%                        
Penn Series Limited Maturity Bond Fund*   586,389   34,357   84,927   7,458   10,378   553,655   37,158   —
Penn Series Quality Bond Fund*   3,487,334   235,008   509,323   40,653   95,810   3,349,482   197,726   —
Affiliated International Equity Funds — 15.7%                        
Penn Series Developed International Index Fund*   2,838,500   82,957   643,345   282,772   247,804   2,808,688   130,394   —
Penn Series Emerging Markets Equity Fund*   2,248,836   63,695   1,425,943   (133,486)   380,718   1,133,820   94,801   —
Penn Series International Equity Fund*   5,110,558   149,322   1,023,863   374,895   434,500   5,045,412   103,369   —
    $56,776,725   $5,590,575   $9,358,876   $2,395,865   $1,179,327   $56,583,616       $—
* Non-income producing security.
    
166
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Moderately Aggressive Allocation Fund   Total
Value at
12/31/24 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/25 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 68.9%                        
Penn Series Flexibly Managed Fund*   $17,884,778   $101,727   $1,660,544   $1,042,830   $(14,348)   $17,354,443   152,930   $—
Penn Series Index 500 Fund*   47,249,700   1,914,820   4,836,930   2,177,446   556,564   47,061,600   835,462   —
Penn Series Large Cap Growth Fund*   1,967,886   88,752   158,772   92,017   (35,438)   1,954,445   42,469   —
Penn Series Large Cap Value Fund*   11,758,019   320,740   966,731   457,457   17,888   11,587,373   217,931   —
Penn Series Large Core Growth Fund*   3,942,458   2,143,986   537,538   55,344   263,166   5,867,416   152,361   —
Penn Series Large Core Value Fund*   7,829,144   244,069   640,552   290,745   10,246   7,733,652   220,331   —
Penn Series Large Growth Stock Fund*   1,964,157   3,770,850   271,690   140,730   339,298   5,943,345   58,515   —
Penn Series Mid Cap Growth Fund*   3,819,942   410,104   377,546   224,847   (138,212)   3,939,135   99,675   —
Penn Series Mid Cap Value Fund*   1,939,725   125,730   158,771   36,567   (9,813)   1,933,438   57,887   —
Penn Series Mid Core Value Fund*   9,846,703   427,961   916,593   282,674   (48,094)   9,592,651   245,462   —
Penn Series Real Estate Securities Fund*   9,732,119   264,998   846,131   228,614   107,221   9,486,821   274,027   —
Penn Series Small Cap Growth Fund*   1,940,867   9,253   1,819,098   440,726   (571,748)   —   —   —
Penn Series Small Cap Index Fund*   7,699,489   101,538   1,684,817   (173,433)   (75,478)   5,867,299   171,308   —
Penn Series SMID Cap Growth Fund*   1,923,882   265,741   162,974   76,741   (142,485)   1,960,905   39,702   —
Penn Series SMID Cap Value Fund*   3,852,124   426,184   317,543   123,370   (195,763)   3,888,372   94,815   —
Affiliated Fixed Income Funds — 16.7%                        
Penn Series Limited Maturity Bond Fund*   4,058,206   119,577   501,495   42,111   79,590   3,797,989   254,899   —
Penn Series Quality Bond Fund*   30,168,461   1,143,395   3,753,523   44,435   1,118,034   28,720,802   1,695,443   —
Affiliated International Equity Funds — 13.9%                        
Penn Series Developed International Index Fund*   9,821,875   55,333   2,048,811   656,902   1,149,463   9,634,762   447,296   —
Penn Series Emerging Markets Equity Fund*   5,836,188   33,200   2,637,550   (353,443)   1,010,883   3,889,278   325,191   —
Penn Series International Equity Fund*   13,754,160   77,466   2,518,355   891,792   1,256,109   13,461,172   275,787   —
    $196,989,883   $12,045,424   $26,815,964   $6,778,472   $4,677,083   $193,674,898       $—
* Non-income producing security.
Moderate Allocation Fund   Total
Value at
12/31/24 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/25 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 53.1%                        
Penn Series Flexibly Managed Fund*   $17,882,666   $63,093   $1,675,298   $1,053,827   $(22,682)   $17,301,606   152,464   $—
Penn Series Index 500 Fund*   39,370,411   1,951,468   4,520,514   2,037,214   257,908   39,096,487   694,062   —
Penn Series Large Cap Growth Fund*   1,967,647   98,323   174,944   111,291   (53,899)   1,948,418   42,339   —
Penn Series Large Cap Value Fund*   5,878,230   165,473   506,876   208,102   31,085   5,776,014   108,633   —
Penn Series Large Core Growth Fund*   —   1,919,397   152,215   4,895   177,683   1,949,760   50,630   —
Penn Series Large Core Value Fund*   3,914,035   127,521   337,917   163,193   (11,790)   3,855,042   109,830   —
Penn Series Large Growth Stock Fund*   1,963,965   1,947,870   179,839   94,075   123,735   3,949,806   38,888   —
Penn Series Mid Cap Growth Fund*   3,819,412   445,450   426,573   201,368   (112,740)   3,926,917   99,365   —
Penn Series Mid Core Value Fund*   9,845,349   337,467   855,546   264,769   (28,406)   9,563,633   244,719   —
Penn Series Real Estate Securities Fund*   7,784,620   187,153   675,835   179,363   91,781   7,567,082   218,575   —
Penn Series Small Cap Index Fund*   5,773,886   30,227   1,690,422   (185,847)   (28,380)   3,899,464   113,853   —
Penn Series SMID Cap Growth Fund*   1,923,636   283,126   187,448   87,703   (152,166)   1,954,851   39,580   —
Penn Series SMID Cap Value Fund*   1,925,787   216,844   168,959   65,813   (101,258)   1,938,227   47,262   —
Affiliated Fixed Income Funds — 36.5%                        
Penn Series High Yield Bond Fund*   8,060,059   69,992   869,723   277,149   74,562   7,612,039   384,059   —
Penn Series Limited Maturity Bond Fund*   6,086,665   126,224   715,173   60,574   121,668   5,679,958   381,205   —
Penn Series Quality Bond Fund*   60,330,018   1,753,883   7,131,581   750,937   1,565,437   57,268,694   3,380,678   —
Affiliated International Equity Funds — 9.9%                        
Penn Series Developed International Index Fund*   7,856,584   28,042   1,644,664   553,484   890,748   7,684,194   356,741   —
167
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Moderate Allocation Fund   Total
Value at
12/31/24 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/25 		  Number of
Shares 		  Dividend
Income
Penn Series Emerging Markets Equity Fund*   $5,835,336   $20,379   $2,635,098   $(557,071)   $1,213,728   $3,877,274   324,187   $—
Penn Series International Equity Fund*   7,858,561   28,042   1,446,174   552,888   675,247   7,668,564   157,110   —
    $198,076,867   $9,799,974   $25,994,799   $5,923,727   $4,712,261   $192,518,030       $—
* Non-income producing security.
Moderately Conservative Allocation Fund   Total
Value at
12/31/24 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/25 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 35.9%                        
Penn Series Flexibly Managed Fund*   $5,979,826   $176,398   $768,551   $381,208   $(40,579)   $5,728,302   50,478   $—
Penn Series Index 500 Fund*   9,626,941   743,868   1,456,149   501,770   49,057   9,465,487   168,036   —
Penn Series Large Cap Growth Fund*   740,200   57,550   92,868   26,676   (5,826)   725,732   15,770   —
Penn Series Large Cap Value Fund*   2,211,283   105,530   254,103   117,404   (28,755)   2,151,359   40,462   —
Penn Series Large Core Value Fund*   1,472,391   77,234   169,402   32,585   23,056   1,435,864   40,908   —
Penn Series Mid Core Value Fund*   2,222,208   117,271   254,103   118,159   (66,306)   2,137,229   54,689   —
Penn Series Real Estate Securities Fund*   2,928,355   128,130   338,805   11,197   89,503   2,818,380   81,409   —
Penn Series Small Cap Index Fund*   723,981   103,134   88,343   (9,020)   (3,552)   726,200   21,203   —
Penn Series SMID Cap Value Fund*   724,424   96,162   84,701   27,679   (41,649)   721,915   17,603   —
Affiliated Fixed Income Funds — 56.1%                        
Penn Series High Yield Bond Fund*   3,790,198   60,623   470,716   79,545   84,387   3,544,037   178,811   —
Penn Series Limited Maturity Bond Fund*   5,342,889   131,640   697,342   72,100   87,109   4,936,396   331,302   —
Penn Series Quality Bond Fund*   34,043,749   1,123,986   4,472,903   48,441   1,252,796   31,996,069   1,888,788   —
Affiliated International Equity Funds — 6.9%                        
Penn Series Developed International Index Fund*   2,216,647   36,374   509,382   219,173   183,733   2,146,545   99,654   —
Penn Series International Equity Fund*   2,956,267   48,499   606,660   75,700   382,411   2,856,217   58,517   —
    $74,979,359   $3,006,399   $10,264,028   $1,702,617   $1,965,385   $71,389,732       $—
* Non-income producing security.
Conservative Allocation Fund   Total
Value at
12/31/24 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/25 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 20.7%                        
Penn Series Flexibly Managed Fund*   $3,366,309   $366,796   $618,614   $229,849   $(28,118)   $3,316,222   29,223   $—
Penn Series Index 500 Fund*   3,335,252   525,155   696,833   236,913   (28,339)   3,372,148   59,864   —
Penn Series Large Core Value Fund*   414,323   52,570   67,265   10,235   5,766   415,629   11,841   —
Penn Series Mid Core Value Fund*   833,675   106,655   134,530   49,910   (30,871)   824,839   21,107   —
Penn Series Real Estate Securities Fund*   823,962   98,976   135,830   12,235   16,504   815,847   23,566   —
Affiliated Fixed Income Funds — 74.9%                        
Penn Series High Yield Bond Fund*   2,133,515   182,197   359,722   61,784   33,952   2,051,726   103,518   —
Penn Series Limited Maturity Bond Fund*   5,156,316   447,057   862,002   89,502   68,236   4,899,109   328,799   —
Penn Series Quality Bond Fund*   25,550,904   2,467,267   4,295,514   (173,570)   1,148,958   24,698,045   1,457,972   —
Affiliated International Equity Funds — 2.0%                        
Penn Series Developed International Index Fund*   831,686   72,879   231,829   51,152   104,499   828,387   38,458   —
    $42,445,942   $4,319,552   $7,402,139   $568,010   $1,290,587   $41,221,952       $—
* Non-income producing security.
168
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
5 — Purchases and Sales of Securities
During the six months ended June 30, 2025, the Funds made the following purchases and sales of portfolio securities, other than short-term securities:
  U.S. Government Securities   Other Investment Securities
  Purchases   Sales   Purchases   Sales
Limited Maturity Bond Fund $ —   $ 2,901,810   $ 5,434,965   $ 9,877,332
Quality Bond Fund 25,137,634   48,554,124   29,055,004   30,865,477
High Yield Bond Fund —   —   95,461,505   104,062,164
Flexibly Managed Fund 1,083,932,127   1,135,136,348   1,738,154,596   2,189,272,995
Balanced Fund —   —   3,388,153   7,546,146
Large Growth Stock Fund —   —   61,159,713   76,602,093
Large Cap Growth Fund —   —   4,489,570   5,154,910
Large Core Growth Fund —   —   14,668,501   18,156,016
Large Cap Value Fund —   —   47,239,596   57,564,907
Large Core Value Fund —   —   42,527,208   49,394,976
Index 500 Fund —   —   13,218,696   35,397,884
Mid Cap Growth Fund —   —   35,505,395   43,936,583
Mid Cap Value Fund —   —   19,467,725   24,824,138
Mid Core Value Fund —   —   28,676,901   32,710,645
SMID Cap Growth Fund —   —   45,284,894   46,638,359
SMID Cap Value Fund —   —   17,760,016   20,044,176
Small Cap Growth Fund —   —   12,405,283   20,119,940
Small Cap Value Fund —   —   62,121,115   71,145,184
Small Cap Index Fund —   —   8,005,436   13,966,832
Developed International Index Fund —   —   1,194,470   6,606,791
International Equity Fund —   —   271,914,151   289,522,200
Emerging Markets Equity Fund —   —   40,293,991   49,568,118
Real Estate Securities Fund —   —   12,090,691   17,197,567
Aggressive Allocation Fund —   —   5,590,575   9,358,876
Moderately Aggressive Allocation Fund —   —   12,045,424   26,815,964
Moderate Allocation Fund —   —   9,799,974   25,994,799
Moderately Conservative Allocation Fund —   —   3,006,399   10,264,028
Conservative Allocation Fund —   —   4,319,552   7,402,139
6 — Federal Income Taxes
Each Fund has qualified and intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code for federal income tax purposes. As such, each Fund is required to distribute all investment company taxable income and net capital gains, if any, to its shareholders in order to avoid the imposition of entity-level federal, state, and local income taxes as well as an entity-level excise tax. Except for the Money Market Fund, to the extent any Fund had undistributed investment company taxable income and net capital gains at December 31, 2024, such undistributed investment company taxable income and net capital gains were deemed distributed as consent dividends in place of regular distributions. Accordingly, no provision has been made for federal, state, or local income and excise taxes.
On December 22, 2010, The Regulated Investment Company Modernization Act of 2010 (the “Act”) was signed into law. The Act amended several tax rules impacting the Funds. Some highlights of the enacted provisions are as follows:
The Act allows for capital losses occurring in the taxable years beginning after December 22, 2010 (“post-enactment losses”) to be carried forward indefinitely. However, the Act requires any future gains to be first offset by post-enactment losses before using capital losses incurred in the taxable years beginning prior to the effective date of
169
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
the Act (“pre-enactment losses”). As a result of this ordering rule, pre-enactment loss carryforwards have an increased likelihood to expire unused. Furthermore, post-enactment losses will retain their character as either long-term capital losses or short-term capital losses rather than being considered all short-term capital losses as under previous law.
The Act provides that a RIC may elect for any taxable year to treat any portion of any qualified late-year loss for such taxable year as arising on the first day of the following taxable year. The term “qualified late-year loss” means any post-October capital loss and any late-year ordinary loss.
The Act also contains simplification provisions, which are aimed at preventing disqualification of a RIC for “inadvertent” failures of the asset diversification and/or qualifying income tests.
Reclassification of Capital Accounts:
Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/ tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or accumulated net realized gain or net investment income, as appropriate, in the period that the differences arise. Accordingly, the following permanent differences as of December 31, 2024, primarily attributable to consent dividends, were reclassed between the following accounts:
  Total
distributable
earnings
(loss) 		  Increase
(Decrease)
Paid-in Capital
Money Market Fund $199   $(199)
Limited Maturity Bond Fund (6,597,587)   6,597,587
Quality Bond Fund (14,945,851)   14,945,851
High Yield Bond Fund (7,978,769)   7,978,769
Flexibly Managed Fund (658,567,203)   658,567,203
Balanced Fund (8,480,990)   8,480,990
Large Growth Stock Fund (25,335,199)   25,335,199
Large Cap Growth Fund (9,274,742)   9,274,742
Large Core Growth Fund 275,137   (275,137)
Large Cap Value Fund (18,748,632)   18,748,632
Large Core Value Fund (15,469,118)   15,469,118
Index 500 Fund (65,944,151)   65,944,151
Mid Cap Growth Fund (18,966,229)   18,966,229
Mid Cap Value Fund (11,462,786)   11,462,786
Mid Core Value Fund (6,753,177)   6,753,177
SMID Cap Growth Fund 422,665   (422,665)
SMID Cap Value Fund (4,475,335)   4,475,335
Small Cap Growth Fund (11,668,985)   11,668,985
Small Cap Value Fund (11,883,456)   11,883,456
Small Cap Index Fund (6,872,829)   6,872,829
Developed International Index Fund (5,735,728)   5,735,728
International Equity Fund (23,134,841)   23,134,841
Emerging Markets Equity Fund (289,683)   289,683
Real Estate Securities Fund (5,937,689)   5,937,689
Aggressive Allocation Fund (5,287,244)   5,287,244
Moderately Aggressive Allocation Fund (16,860,978)   16,860,978
Moderate Allocation Fund (16,975,145)   16,975,145
Moderately Conservative Allocation Fund (5,035,695)   5,035,695
Conservative Allocation Fund (2,347,306)   2,347,306
These reclassifications had no effect on net assets or net asset value per share.
170
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2024 and 2023 were as follows:
  Ordinary Income and
Short-Term Capital Gains 		  Long-Term Capital Gains   Total
  2024   2023   2024   2023   2024   2023
Money Market Fund $6,724,790   $6,906,555   $—   $—   $6,724,790   $6,906,555
Limited Maturity Bond Fund 6,597,587   7,727,577   —   —   6,597,587   7,727,577
Quality Bond Fund 14,945,851   15,249,551   —   —   14,945,851   15,249,551
High Yield Bond Fund 7,978,769   7,683,443   —   —   7,978,769   7,683,443
Flexibly Managed Fund 209,082,081   111,462,107   449,485,122   47,015,625   658,567,203   158,477,732
Balanced Fund 1,653,368   1,599,283   11,784,773   8,600,945   13,438,141   10,200,228
Large Growth Stock Fund —   193,960   26,901,322   19,940,588   26,901,322   20,134,548
Large Cap Growth Fund 665,152   167,187   8,609,590   7,561,186   9,274,742   7,728,373
Large Core Growth Fund —   —   —   —   —   —
Large Cap Value Fund 2,615,589   2,680,859   16,133,043   6,150,162   18,748,632   8,831,021
Large Core Value Fund 4,489,564   5,243,914   10,979,554   5,960,444   15,469,118   11,204,358
Index 500 Fund 8,658,844   8,829,727   57,285,307   40,086,962   65,944,151   48,916,689
Mid Cap Growth Fund —   —   19,617,208   7,147,405   19,617,208   7,147,405
Mid Cap Value Fund 2,124,165   909,898   9,338,621   486,516   11,462,786   1,396,414
Mid Core Value Fund 2,879,820   2,120,964   3,873,582   1,804,833   6,753,402   3,925,797
SMID Cap Growth Fund —   —   —   —   —   —
SMID Cap Value Fund 1,491,329   814,940   2,984,006   2,923,967   4,475,335   3,738,907
Small Cap Growth Fund 656,903   313,022   11,012,082   4,691,149   11,668,985   5,004,171
Small Cap Value Fund 6,773,749   1,112,227   5,109,707   —   11,883,456   1,112,227
Small Cap Index Fund 1,266,318   733,607   5,606,511   2,825,927   6,872,829   3,559,534
Developed International Index Fund 1,797,307   2,267,177   3,938,421   2,153,181   5,735,728   4,420,358
International Equity Fund —   77,245   23,383,835   —   23,383,835   77,245
Emerging Markets Equity Fund 289,683   325,088   —   —   289,683   325,088
171
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
  Ordinary Income and
Short-Term Capital Gains 		  Long-Term Capital Gains   Total
  2024   2023   2024   2023   2024   2023
Real Estate Securities Fund $3,645,409   $2,700,723   $2,292,280   $3,790,476   $5,937,689   $6,491,199
Aggressive Allocation Fund 935,316   808,946   8,993,629   4,684,668   9,928,945   5,493,614
Moderately Aggressive Allocation Fund 4,042,745   3,415,187   28,624,832   17,020,495   32,667,577   20,435,682
Moderate Allocation Fund 5,332,742   4,705,610   25,970,730   20,169,385   31,303,472   24,874,995
Moderately Conservative Allocation Fund 2,608,911   2,208,864   7,532,675   4,963,231   10,141,586   7,172,095
Conservative Allocation Fund 1,801,568   1,541,746   3,114,252   1,871,344   4,915,820   3,413,090
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
Capital loss carryforwards:
At December 31, 2024, the following Funds had capital loss carryforwards (post-enactment losses) available to offset future realized capital gains:
  Short-Term
Capital Loss 		  Long-Term
Capital Loss
Money Market Fund $ (1,334)   $ —
Limited Maturity Bond Fund (1,124,743)   (6,662,913)
Quality Bond Fund (11,394,108)   (31,781,684)
High Yield Bond Fund (1,687,723)   (4,627,058)
Large Core Growth Fund (13,573,064)   (47,453,380)
SMID Cap Growth Fund (788,694)   —
Emerging Markets Equity Fund (11,463,221)   (9,100,639)
During the year ended December 31, 2024, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
   
High Yield Bond Fund $ 1,909,956
Large Core Growth Fund 4,911,176
SMID Cap Growth Fund 10,283,819
Small Cap Value Fund 85,455
International Equity Fund 7,941,965
172
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
Tax cost of securities:
At June 30, 2025, the total cost of securities and net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. The federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund at June 30, 2025 were as follows:
  Federal
Tax Cost 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Net Unrealized
Appreciation/
Depreciation
Money Market Fund $126,967,579   $—   $—   $—
Limited Maturity Bond Fund 71,646,778   329,546   (2,418,122)   (2,088,576)
Quality Bond Fund 357,977,496   2,631,774   (16,754,366)   (14,122,592)
High Yield Bond Fund 116,188,260   3,236,976   (164,459)   3,072,517
Flexibly Managed Fund 4,691,739,306   616,537,442   (167,167,528)   449,369,914
Balanced Fund 53,369,836   25,918,762   —   25,918,762
Large Growth Stock Fund 196,219,812   182,543,615   (4,414,979)   178,128,636
Large Cap Growth Fund 51,013,262   23,038,206   (2,679,748)   20,358,458
Large Core Growth Fund 94,983,275   45,511,149   (3,822,129)   41,689,020
Large Cap Value Fund 137,199,737   28,608,585   (4,317,115)   24,291,470
Large Core Value Fund 112,035,872   17,696,534   (4,938,022)   12,758,512
Index 500 Fund 391,948,494   505,136,916   (19,064,484)   486,072,432
Mid Cap Growth Fund 105,897,891   27,764,078   (5,141,169)   22,622,909
Mid Cap Value Fund 68,146,096   19,623,515   (3,025,311)   16,598,204
Mid Core Value Fund 73,287,946   5,039,593   (5,720,090)   (680,497)
SMID Cap Growth Fund 61,792,743   10,983,148   (2,668,697)   8,314,451
SMID Cap Value Fund 45,214,053   5,307,420   (3,408,960)   1,898,460
Small Cap Growth Fund 66,657,954   33,947,814   (6,181,099)   27,766,715
Small Cap Value Fund 134,727,487   12,261,737   (8,903,503)   3,358,234
Small Cap Index Fund 75,950,149   17,490,889   (17,049,520)   441,369
Developed International Index Fund 50,435,800   36,167,296   (3,202,530)   32,964,766
International Equity Fund 220,545,236   27,774,494   (4,205,631)   23,568,863
Emerging Markets Equity Fund 58,510,038   11,383,921   (1,350,474)   10,033,447
Real Estate Securities Fund 95,285,811   11,345,615   (8,546,771)   2,798,844
Aggressive Allocation Fund 43,700,353   13,305,421   (220,405)   13,085,016
Moderately Aggressive Allocation Fund 146,294,146   48,228,147   (273,634)   47,954,513
Moderate Allocation Fund 153,693,704   40,127,209   (128,848)   39,998,361
Moderately Conservative Allocation Fund 62,339,959   9,976,394   (98,983)   9,877,411
Conservative Allocation Fund 38,734,391   3,664,998   (158,738)   3,506,260
The differences between book basis and tax basis appreciation are primarily due to wash sales, Passive Foreign Investment Companies, Partnership Investments, Trust Preferred Securities, real estate investment trust adjustments, and the treatment of certain corporate actions.
It is each Fund’s policy to continue to comply with the requirements of the Internal Revenue Code under Subchapter M, applicable to regulated investment companies, and to distribute all of its taxable income, including any net realized gains on investments, to its shareholders. Therefore, no provision is made for federal income taxes.
Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.
173
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
7 — Derivative Financial Instruments
The Funds may trade derivative financial instruments in the normal course of investing activities to assist in managing exposure to market risks such as interest rates and foreign currency exchange rates. These financial instruments include purchase options, written options, forward foreign currency exchange contracts and futures contracts.
The notional or contractual amounts of these instruments represent the investment the Funds have in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.
Futures Contracts—A futures contract is a standardized contract between two parties to buy or sell a specified asset at a specified future date at a price agreed today (the future price). The party agreeing to buy the underlying asset in the future assumes a long position. The price is determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract.
To the extent permitted by the investment objective, restrictions and policies set forth in the Funds’ Prospectus and Statement of Additional Information, the Funds may participate in various derivative-based transactions. The Index 500, Developed International Index and Small Cap Index Funds employ futures to maintain market exposure and otherwise assist in attempting to replicate the performance of their respective indices. These derivatives offer unique characteristics and risks that assist the Funds in meeting their investment objectives. The Funds typically use derivatives in two ways: cash equitization and return enhancement. Cash equitization is a technique that may be used by the Funds through the use of futures contracts to earn “market-like” returns with the Funds’ excess and liquidity reserve cash balances and receivables. Return enhancement can be accomplished through the use of derivatives in the Funds. By purchasing these instruments, the Funds may more effectively achieve the desired fund characteristics that assist in meeting the Funds’ investment objectives.
Futures contracts involve a number of risks, such as possible default by the counterparty to the transaction, credit risk with respect to initial and variation margins held in a brokerage account, market movement and the potential of greater loss than if these techniques had not been used by a Fund. These investments can also increase the Fund’s share price and expose the Fund to significant additional costs.
The Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds have entered into futures contracts during the six months ended June 30, 2025. Open futures contracts held by the Limited Maturity Bond, Quality Bond, Index 500, Small Cap Index and Developed International Index Funds at June 30, 2025 are listed after the Fund’s Schedule of Investments.
Options—An option establishes a contract between two parties concerning the buying or selling of an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfill the transaction if so requested by the buyer. The price of an option derives from the difference between the reference price and the value of the underlying asset plus a premium based on the time remaining until the expiration of the option. The Funds may buy and sell options, or write options.
Options are valued daily based upon the last sale price on the principal exchange on which the option is traded. The difference between the premium received or paid, and market value of the option, is recorded as unrealized appreciation or depreciation. The net change in unrealized appreciation or depreciation is reported in the Statements of Operations. When an option is exercised, the cost of the security purchased or the proceeds of the security sale are adjusted by the amount of premium received or paid. Upon the expiration or closing of the option transaction, a gain or loss is reported in the Statements of Operations.
The Flexibly Managed and Mid Cap Growth Funds received premiums for options written. The risk in writing a call option is that the Funds give up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases
174
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
and the option is exercised. The risk in buying an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk that there may be an illiquid market where the Funds are unable to close the contract.
The total market value of written options held in the Flexibly Managed Fund as of June 30, 2025 can be found on the Schedule of Investments.
Forward Foreign Currency Contracts—A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are traded directly between currency traders and their customers. The contract is marked-to-market daily and the change in market value is recorded by each Fund as an unrealized gain or loss. When the contract is closed or offset with the same counterparty, the Fund records a realized gain or loss equal to the change in the value of the contract when it was opened and the value at the time it was closed or offset.
The Mid Core Value Fund and Developed International Index Fund entered into forward currency contracts in conjunction with the planned purchase or sale of foreign denominated securities in order to hedge the U.S. dollar cost or proceeds. The Fund hedged currencies in times of base currency weakness in order to reduce the volatility of returns for the local securities which the Fund owns.
Foreign forward currency contracts involve a number of risks, including the possibility of default by the counterparty to the transaction and, to the extent the portfolio manager’s judgment as to certain market movements is incorrect, the risk of losses that are greater than if the investment technique had not been used. For example, there may be an imperfect correlation between the Fund’s portfolio holdings of securities denominated in a particular currency and the forward contracts entered into by the Fund. An imperfect correlation of this type may prevent the Fund from achieving the intended hedge or expose the Fund to the risk of currency exchange loss. These investment techniques also tend to limit any potential gain that might result from an increase in the value of the hedged position. These investments can also increase the volatility of the Fund’s share price and expose the Fund to significant additional costs. The forward foreign currency contracts outstanding are listed after the Fund’s Schedule of Investments.
The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of June 30, 2025:
    Location on the Statements of Assets and Liabilities
Derivative Type   Asset Derivatives   Liability Derivatives
Equity contracts   Investments at value
Futures variation margin receivable* 		  Call options written, at value
Futures variation margin payable*
Foreign currency contracts   Net unrealized appreciation of forward
foreign currency contracts 		  Net unrealized depreciation of forward
foreign currency contracts
Interest rate contracts   Futures variation margin receivable*   Futures variation margin payable*
* Includes cumulative appreciation/depreciation of futures contracts as reported in the footnotes. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The following is a summary of the gross amount of each Fund’s derivative instrument holdings categorized by primary risk exposure as of June 30, 2025:
  ASSET DERIVATIVE VALUE   LIABILITY DERIVATIVE VALUE
  Equity
Contracts 		  Foreign Currency
Contracts 		  Interest Rate
Contracts 		  Equity
Contracts 		  Foreign Currency
Contracts 		  Interest Rate
Contracts
Quality Bond Fund $ —   $ —   $ 150,746   $ —   $ —   $ —
Flexibly Managed Fund —   —   —   (11,477,194)   —   —
Index 500 Fund 68,966   —   —   —   —   —
Mid Core Value Fund —   —   —   —   (116,577)   —
Small Cap Index Fund 5,054   —   —   —   —   —
175
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
  ASSET DERIVATIVE VALUE   LIABILITY DERIVATIVE VALUE
  Equity
Contracts 		  Foreign Currency
Contracts 		  Interest Rate
Contracts 		  Equity
Contracts 		  Foreign Currency
Contracts 		  Interest Rate
Contracts
Developed International Index Fund $25,394   $—   $—   $—   $(10,494)   $—
In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may participate in International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement” or “ISDA”) with derivative contract counterparties or enter into similar agreements covering foreign exchange contracts (“Fx Letters”). An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter (“OTC”) traded derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (closeout netting) including the bankruptcy or insolvency of the counterparty. Also, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. An Fx Letter is also a bilateral agreement between a Fund and a counterparty and is limited to cover only foreign exchange contracts. Fx Letters typically contain netting provisions covering events of default and do not require collateral to be posted. ISDAs and Fx Letters containing netting provisions may be referred to as Master Netting Agreements (“MNA”).
Collateral and margin requirements differ by type of derivative. Margin requirements are established by the broker for OTC traded derivatives or by the clearing house for exchange traded derivatives. Brokers can ask for margining in excess of the minimum in certain circumstances. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts and options). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.
The following table presents derivative assets and liabilities net of amounts available for offset under a MNA and, as applicable, the related collateral and potential loss exposure to each Fund as of June 30, 2025:
        Gross Amounts Presented
on Statements of Assets
and Liabilities 		 
Fund and Counterparty   Form of
Master
Netting
Agreement 		  Value of
Assets 		  Value of
Liabilities 		  Net Amount
Due (to)/from
Counterparty 		  Collateral Pledged
(Received by
Fund) 		  Loss Exposure,
After Collateral
Flexibly Managed Fund                        
Bank of America   ISDA   $—   $(1,842,580)   $(1,842,580)   $—   $(1,842,580)
Barclays   ISDA   —   (2,610,330)   (2,610,330)   —   (2,610,330)
Citigroup   ISDA   —   (405,708)   (405,708)   —   (405,708)
Goldman Sachs   ISDA   —   (3,225,081)   (3,225,081)   —   (3,225,081)
JP Morgan   ISDA   —   (746,376)   (746,376)   —   (746,376)
UBS Securities   ISDA   —   (1,840,801)   (1,840,801)   —   (1,840,801)
Wells Fargo   ISDA   —   (806,318)   (806,318)   —   (806,318)
Total       $—   $(11,477,194)   $(11,477,194)   $—   $(11,477,194)
176
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
        Gross Amounts Presented
on Statements of Assets
and Liabilities 		 
Fund and Counterparty   Form of
Master
Netting
Agreement 		  Value of
Assets 		  Value of
Liabilities 		  Net Amount
Due (to)/from
Counterparty 		  Collateral Pledged
(Received by
Fund) 		  Loss Exposure,
After Collateral
Mid Core Value Fund                        
Bank of America   Fx Letter   $—   $(14,406)   $(14,406)   $—   $(14,406)
Citibank N.A.   Fx Letter   —   (14,218)   (14,218)   —   (14,218)
Goldman Sachs & Co.   Fx Letter   —   (32,440)   (32,440)   —   (32,440)
JPMorgan Chase   Fx Letter   —   (18,023)   (18,023)   —   (18,023)
Morgan Stanley   Fx Letter   —   (19,082)   (19,082)   —   (19,082)
UBS AG   Fx Letter   —   (18,408)   (18,408)   —   (18,408)
Total       $—   $(116,577)   $(116,577)   $—   $(116,577)
Developed International Index Fund                        
Hong Kong & Shanghai Bank   Fx Letter   —   (5,190)   (5,190)   —   (5,190)
RBC Capital Markets Corp.   Fx Letter   —   (5,304)   (5,304)   —   (5,304)
Total       $—   $(10,494)   $(10,494)   $—   $(10,494)
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2025:
Derivative Type   Location of Gain (Loss) on Derivatives Recognized in Income
Equity contracts   Net realized gain (loss) on futures contracts
Net realized gain (loss) on purchased options
Net realized gain (loss) on written options
Net change in unrealized appreciation (depreciation) of futures contracts
Net change in unrealized appreciation (depreciation) of purchased options
Net change in unrealized appreciation (depreciation) of written options
Interest rate contracts   Net realized gain (loss) on futures contracts
Net change in unrealized appreciation (depreciation) of futures contracts
Foreign currency contracts   Net realized gain (loss) on forward foreign currency contracts
Net change in unrealized appreciation (depreciation) of forward foreign
currency contracts
    Realized Gain (Loss) on Derivatives Recognized in Income
Fund   Equity Contracts   Foreign Currency
Contracts 		  Interest Rate
Contracts
Limited Maturity Bond Fund   $ —   $ —   $ 136,956
Quality Bond Fund   —   —   210,436
Flexibly Managed Fund   5,690,340   —   —
Large Growth Stock Fund   —   5,728   —
Index 500 Fund   16,856   —   —
Mid Core Value Fund   —   (412,887)   —
Small Cap Index Fund   (77,645)   —   —
Developed International Index Fund   348,640   (41,966)   —
Emerging Markets Equity Fund   —   (38)   —
    
177
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
    Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income
Fund   Equity Contracts   Foreign Currency
Contracts 		  Interest Rate
Contracts
Limited Maturity Bond Fund   $ —   $ —   $ (81,368)
Quality Bond Fund   —   —   461,087
Flexibly Managed Fund   (5,181,203)   —   —
Index 500 Fund   173,270   —   —
Mid Core Value Fund   —   (185,859)   —
Small Cap Index Fund   46,066   —   —
Developed International Index Fund   122,187   (20,786)   —
The table below summarizes the average balance of derivative holdings by Fund during the six months ended June 30, 2025. The average balance of derivatives held is indicative of the trading volume of each Fund.
    Average Derivative Volume
Fund   Forward foreign
currency
contracts
(average cost) 		  Futures
contracts
(average
notional
value)
long 		  Futures
contracts
(average
notional
value)
short 		  Purchased
options
(average
notional
cost) 		  Written
options
(premiums
received)
Limited Maturity Bond Fund   $ —   $ —   $ (758,958)   $ —   $ —
Quality Bond Fund   —   19,872,006   —   —   —
Flexibly Managed Fund   —   —   —   —   (9,262,210)
Index 500 Fund   —   2,765,333   —   —   —
Mid Core Value Fund   (5,316,513)   —   —   —   —
Small Cap Index Fund   —   469,705   —   —   —
Developed International Index Fund   (505,415)   2,364,628   —   —   —
The Large Growth Stock Fund and Emerging Markets Equity Fund had derivative activity during the period but did not have open positions at any quarter-end.
8 — Credit and Market Risk
The Funds may invest a portion of their assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds’ ability to dispose of them in a timely manner and at a fair price when it is necessary or preferable to do so.
The high yield securities in which the High Yield Bond Fund may invest are predominantly speculative as to the issuer’s continuing ability to meet principal and interest payments. The value of the lower quality securities in which the High Yield Bond Fund may invest will be affected by the credit worthiness of individual issuers, general economic and specific industry conditions, and will fluctuate inversely with changes in interest rates. In addition, the secondary trading market for lower quality bonds may be less active and less liquid than the trading market for higher quality bonds.
The High Yield Bond, Flexibly Managed, Large Core Growth, Mid Core Value, Small Cap Growth, Developed International Index, International Equity and the Emerging Markets Equity Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.
Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Funds or less than what may be considered the fair value of such securities. Further, companies
178
Table of Contents
Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2025(Unaudited)
whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.
9 —  Contractual Obligations
In the general course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds and/or its affiliates that have not yet occurred. However, based on experience, management of the Funds expects the risk of loss to be remote.
10 —  Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that no additional subsequent events require recognition or disclosure in the financial statements.
179
Table of Contents
Penn Series Funds, Inc.
June 30, 2025(Unaudited)
Disclosure of Portfolio Holdings
Pursuant to applicable law, the Funds are required to disclose to the SEC their complete portfolio holdings monthly on Form N-PORT, within 60 days of the end of each month and within 5 days after the end of each month for the Money Market Fund on Form N-MFP. Portfolio holdings reported for the last month of each fiscal quarter are made publicly available by the SEC 60 days after the end of the fiscal quarter. Holdings reports filed with the SEC on Forms N-PORT and N-MFP are not distributed to Fund shareholders, but are available, free of charge, on the EDGAR database on the SEC’s website at http://www.sec.gov.
Voting Proxies on Fund Portfolio Securities
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund’s portfolios is available, without charge and upon request, on the Fund’s website at http://www.pennmutual.com or on the SEC’s website at http://www.sec.gov. Information regarding how the Fund voted proxies for the most recent twelve-month period ended June 30, 2025 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
180
Table of Contents
Penn Series Funds, Inc.
June 30, 2025
Board Approval of Amended Sub-Advisory Agreements with SSGA and Vontobel
At a meeting held on February 26, 2025 (the “Meeting”), the Board of Directors (the “Board”), including all of the Directors who are not “interested persons,” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), of Penn Series Funds, Inc. (the “Company”) (collectively, the “Independent Directors”), considered and unanimously approved, (i) an amendment to the Investment Sub-Advisory Agreement (the “Amended SSGA Agreement”) between Penn Mutual Asset Management, LLC (the “Adviser”) and SSGA Funds Management, Inc. (“SSGA” or the “Sub-Adviser”) modifying the sub-advisory fee rates paid by the Adviser to SSGA for the services provided to the Index 500 Fund, Small Cap Index Fund and Developed International Index Fund and (ii) an Amended and Restated Investment Sub-Advisory Agreement (the “Amended Vontobel Agreement” and, collectively with the Amended SSGA Agreement, the “Amended Agreements”) between the Adviser and Vontobel Asset Management, Inc. (“Vontobel” or the “Sub-Adviser”) modifying the sub-advisory fee rates paid by the Adviser to Vontobel for the services provided to the Emerging Markets Equity Fund and International Equity Fund.
In preparation for the Meeting, the Board received and reviewed written materials related to the proposed changes to the sub-advisory fee rates. The materials provided included information pertaining to (i) each Sub-Adviser’s leadership, organizational structure, corporate changes, and financial condition, (ii) the performance of each Fund versus its benchmark and peer funds, as identified by an independent third party (“Peer Funds”), (iii) the level of the investment advisory fees, sub-advisory fees and overall expense ratios of each Fund, as applicable, as well as comparisons of such fees and expenses with those incurred by each Fund’s Peer Funds, (iv) the costs to each Sub-Adviser of providing such services, including a detailed profitability analysis applicable to PMAM and the Sub-Adviser, (v) each Sub-Adviser’s risk management and compliance program, and (vi) various other matters relevant to the operations of and services provided by each Sub-Adviser.
The Directors recognized that the existing sub-advisory agreements (the “Existing Sub-Advisory Agreements”) for the Index 500 Fund, the Small Cap Index Fund, the Developed International Index Fund, the Emerging Markets Equity Fund and the International Equity Fund (each, a “Fund,” and collectively, the “Funds”) have been reviewed by the Board and discussed with the Adviser in prior years and that the Directors’ conclusions may take into account conclusions reached during their consideration of these Existing Sub-Advisory Agreements in prior years.  In this regard, the Board noted that it had most recently considered and approved the renewal of the Existing Sub-Advisory Agreements with SSGA and Vontobel with respect to their respective funds at a meeting held on May 23, 2024 (the “May 2024 Meeting”), in connection with the 2024 annual renewal of the Existing Sub-Advisory Agreement with respect to each Fund.  At the May 2024 Meeting, the Board, including the Independent Directors, on the basis of their business judgment after review of the information provided, concluded that the renewal of each Existing Sub-Advisory Agreement was in the best interests of each Fund and its investors and that the sub-advisory fee rate with respect to each Fund as set forth in the Existing Sub-Advisory Agreement was fair and reasonable.
In considering whether to approve the Amended Agreements, the Board considered and discussed a substantial amount of information and analysis also provided by the Adviser at the Meeting, as well as at the May 2024 Meeting and prior Board meetings. The Board had the opportunity to request additional information in connection with its considerations and to discuss this information with Adviser personnel, including representatives from the compliance and finance departments, and investment personnel. The Board engaged in substantive discussions with them concerning the proposal. The Board also was advised of its legal responsibilities and obligations by Fund counsel.
The Board also recognized that, except for the effective date, the fee schedule, and minor clerical updates, the terms of the Amended Agreements and the terms of the corresponding Existing Sub-Advisory Agreement were substantially identical.  In determining to approve the Amended Agreements with respect to each Fund, the Board considered at the Meeting the same factors it reviewed and conclusions it reached, as applicable, in connection with its 2024 annual renewal of the Existing Sub-Advisory Agreements, including the Board’s general satisfaction with the nature and quality of the services being provided by the applicable Sub-Adviser, and focused its review on the potential impact of the change in sub-advisory fees on these factors and conclusions.  In connection with its evaluation of each Amended Agreement, the Board considered the following factors:
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by each Sub-Adviser to the Funds and the resources of the Sub-Adviser dedicated to the support of the applicable Funds. In this regard, the Directors evaluated, among other things, the Sub-Adviser’s personnel, experience, track record and compliance program. The Directors found the level of each Sub-Adviser’s professional staff and culture of compliance satisfactory. The Board also considered that each Sub-Adviser had provided a certification to the Board that there would be no changes to the type and quality of services provided by the Sub-Adviser in connection with the proposed fee modifications.  Following its evaluation,
181
Table of Contents
Penn Series Funds, Inc.
June 30, 2025
Board Approval of Amended Sub-Advisory Agreements with SSGA and Vontobel (continued)
the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by each Sub-Adviser to each respective Fund and the resources of each Sub-Adviser supported the approval of each Amended Agreement.
Fund Performance. The Board considered each Fund’s performance in determining whether to approve the corresponding Amended Agreement. Specifically, the Directors considered each Fund’s performance relative to its peer groups and appropriate indices/benchmarks, in light of total return, yield and market trends. For purposes of evaluating the performance of each Fund, the Board also considered discussions with the Adviser and each Sub-Adviser about Fund investment performance that occurred at Board meetings since the May 2024 Meeting.  The Board also noted that they had reviewed each Sub-Adviser’s performance through their oversight of its management of the applicable Funds since its appointment as sub-adviser to the Funds.  In evaluating performance, the Directors considered both market risk and shareholder risk expectations for the Funds. The Board also took into account factors including general market conditions, interest rate and inflation levels, and credit conditions.  Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of each Fund supported the approval of the applicable Amended Agreement.
Fund Expenses. With respect to each Fund’s expenses, the Directors considered the effect of the proposed modifications to the Fund’s sub-advisory fee rate schedules. In particular, the Board noted that the modifications to the sub-advisory fee rates would have no impact on the fees and expenses borne by shareholders of any Fund. The Adviser noted that under each Amended Agreement, breakpoints were being eliminated and the Sub-Adviser would be paid a flat percentage rate based on assets under management. The Board considered the Adviser’s explanation for the change, noting that at current asset levels, the fee modifications resulted in a reduction in sub-advisory fees paid for each Fund. Further, with respect to the Developed International Index Fund and the Emerging Markets Equity Fund, it was noted that higher asset level breakpoints were being eliminated because the Fund was not expected to increase in assets in a way that would make such breakpoints attainable, and that the new structure had the benefit of providing a lower current percentage fee across all assets. Following its evaluation, the Board concluded that, within the context of its full deliberations, the proposed sub-advisory fee schedule of each Fund was reasonable and supported the approval of the Amended Agreement.
Profitability. With regard to profitability, the Directors were presented with information about the effect of the proposed new fee schedule, if approved, on each Sub-Adviser and Adviser’s profitability in connection with its management of the Funds. The Directors considered all compensation flowing to each Sub-Adviser, as well as the Adviser and its affiliates, directly and indirectly. The Directors also considered whether these levels of compensation and profitability under the Amended Agreement were reasonable and justified in light of the quality of all services to be rendered to each Fund by the applicable Sub-Adviser and its affiliates. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the expected profitability of the Adviser and each applicable Sub-Adviser is reasonable and supported approval of each applicable Amended Agreement.
Economies of Scale. Management noted that the assets in each Fund were not expected to increase because the variable products in which the Funds are offered are no longer actively marketed and are slowly losing assets. The Directors concluded that the proposed modifications to each Fund’s sub-advisory fee rate schedule were reasonable in the context of Funds that were expected to lose further assets, but agreed to continue to monitor asset levels going forward to determine if breakpoints would be warranted again in the future.
Based on the Directors’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved each Amended Agreement. The Board concluded, in the exercise of its reasonable judgment that each proposed sub-advisory fee rate schedule is fair and reasonable in relation to the services provided to each Fund and that approval of the applicable Amended Agreement would be in the best interests of each Fund and its shareholders. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision and each Director may have attributed different weights to the various factors (and conclusions with respect thereto) and information.
Annual Board Approval of Investment Advisory and Sub-Advisory Agreements
Penn Series Funds, Inc. (the “Company”) and Penn Mutual Asset Management, LLC (“PMAM”) have entered into an investment advisory agreement (the “Advisory Agreement”) pursuant to which PMAM serves as the investment adviser to each
182
Table of Contents
Penn Series Funds, Inc.
June 30, 2025
Annual Board Approval of Investment Advisory and Sub-Advisory Agreements (continued)
series of the Company (each, a “Fund” and collectively, the “Funds”). As the investment adviser to the Funds, PMAM is primarily responsible for (i) providing day-to-day investment management services to certain of the Funds (collectively, the “Directly Managed Funds”) and (ii) selecting and overseeing the investment sub-advisers who perform day-to-day investment management services for the remaining Funds (collectively, the “Sub-Advised Funds”). The Directly Managed Funds consist of the Money Market, Limited Maturity Bond, Quality Bond, High Yield Bond, Balanced, Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation, Moderately Conservative Allocation, and Conservative Allocation Funds. The Sub-Advised Funds consist of the Flexibly Managed, Large Growth Stock, Large Cap Growth, Large Core Growth, Large Cap Value, Large Core Value, Index 500, Mid Cap Growth, Mid Cap Value, Mid Core Value, SMID Cap Growth, SMID Cap Value, Small Cap Value, Small Cap Growth, Small Cap Index, Developed International Index, International Equity, Emerging Markets Equity, and Real Estate Securities Funds.
PMAM has entered into, and the Company’s Board of Directors (the “Board”) has approved, separate sub-advisory agreements (each, a “Sub-Advisory Agreement”, collectively, the “Sub-Advisory Agreements”, and together with the Advisory Agreement, the “Agreements”) with each sub-adviser identified below (each, a “Sub-Adviser”, collectively, the “Sub-Advisers”, and together with PMAM, the “Advisers”). Each Sub-Adviser is primarily responsible for the day-to-day management of its Sub-Advised Funds(s) subject to the oversight of both PMAM and the Board. PMAM serves as “manager of managers” with respect to the Sub-Advisers and the Sub-Advised Funds. As such, PMAM, pursuant to an exemptive order issued by the U.S. Securities and Exchange Commission and subject to certain conditions and the approval of the Board, may hire and terminate unaffiliated investment sub‑advisers without shareholder approval for each of the Sub-Advised Funds. The Sub-Advised Funds’ “manager of managers” structure facilitates PMAM’s regular review of each Sub-Adviser’s overall performance with respect to the Sub-Advised Fund(s) it manages. When selecting a new investment sub-adviser, PMAM quantitatively and qualitatively evaluates, among other factors, each sub-adviser’s (i) investment expertise and resources, (ii) investment results in managing assets for relevant asset classes, investment styles and strategies, and (iii) regulatory compliance infrastructure and culture. PMAM engages in a substantially similar evaluation process when determining whether to retain a Sub-Adviser. PMAM also oversees each Sub-Adviser’s investment activities with respect to each Fund it manages to seek to ensure compliance with the Fund’s investment policies and guidelines and to monitor each Sub-Adviser’s adherence to its investment style and the Fund’s investment strategies.
Sub-Adviser   Fund
AllianceBernstein L.P.   SMID Cap Value Fund
AllianceBernstein L.P.   Large Cap Value Fund
American Century Investment Management, Inc.   Mid Core Value Fund
Cohen & Steers Capital Management, Inc.   Real Estate Securities Fund
Delaware Investments Fund Advisers   Mid Cap Growth Fund
Delaware Investments Fund Advisers   Large Core Growth Fund
Eaton Vance Management   Large Core Value Fund
Goldman Sachs Asset Management, L.P.   Small Cap Value Fund
Goldman Sachs Asset Management, L.P.   SMID Cap Growth Fund
Janus Henderson Investors US LLC   Mid Cap Value Fund
Janus Henderson Investors US LLC   Small Cap Growth Fund
Massachusetts Financial Services Company   Large Cap Growth Fund
SSGA Funds Management, Inc.   Index 500 Fund
SSGA Funds Management, Inc.   Small Cap Index Fund
SSGA Funds Management, Inc.   Developed International Index Fund
T. Rowe Price Associates, Inc.,   Flexibly Managed Fund
T. Rowe Price Investment Management, Inc.    
T. Rowe Price Associates, Inc.   Large Growth Stock Fund
Vontobel Asset Management, Inc.   Emerging Markets Equity Fund
Vontobel Asset Management, Inc.   International Equity Fund
The Investment Company Act of 1940, as amended (the “1940 Act”), requires that each Fund’s initial Advisory Agreement and Sub-Advisory Agreement, as well as the continuation thereof, be specifically approved by: (i) the vote of the Board or by a vote of the shareholders of the Fund; and (ii) the vote of a majority of the Company’s Directors who are not “interested persons,” as defined in the 1940 Act (collectively, the “Independent Directors”), cast in person at a meeting called for the purpose of voting
183
Table of Contents
Penn Series Funds, Inc.
June 30, 2025
Annual Board Approval of Investment Advisory and Sub-Advisory Agreements (continued)
on such approval. In connection with its consideration of such approvals, the Board must request and evaluate, and the Advisers are required to furnish, such information as may be reasonably necessary for the Board to evaluate the terms of the Agreements.
Board Approval of the Continuance of Investment Advisory and Sub-Advisory Agreements
The Board held a special meeting on May 8, 2025 (the “Pre-15(c) Meeting”) via web conference and an in-person meeting on May 15, 2025 (the “May Meeting” and together with the Pre-15(c) Meeting, the “Meetings”) to consider the approval of each Agreement with respect to each Fund. In preparation for the Pre-15(c) Meeting, the Board provided PMAM with a written request for information relating to both PMAM and each Sub-Adviser and received and reviewed, in advance of the Pre-15(c) Meeting, extensive written materials in response to that request. After the Pre-15(c) Meeting, the Independent Directors also requested additional follow-up information from PMAM.  The materials provided included information pertaining to (i) PMAM’s and each Sub-Adviser’s leadership, organizational structure, corporate changes, and financial condition, (ii) the performance of each Fund versus its benchmark and peer funds, as identified by an independent third party (“Peer Funds”), (iii) the level of the investment advisory fees, sub-advisory fees and overall expense ratios of each Fund, as applicable, as well as comparisons of such fees and expenses with those incurred by each Fund’s Peer Funds, (iv) the costs to each Adviser of providing such services, including a detailed profitability analysis applicable to PMAM and its affiliates, (v) each Adviser’s risk management and compliance program, and (vi) various other matters relevant to the operations of and services provided by each Adviser.
In addition to the information provided by the Advisers, the Board also considered the detailed Fund information the Board receives and reviews during the course of the year, including Fund-specific performance and fees and expenses information provided on a quarterly basis. The Board also received and reviewed a memorandum from legal counsel discussing the responsibilities of the Independent Directors in connection with their consideration of the continuation of the Agreements. In the course of their deliberations, the Independent Directors met both with senior representatives of PMAM and in executive session outside the presence of management to discuss the information submitted to the Board in connection with the renewal of the Agreements.
At the May Meeting, following its deliberations, the Board, including all of the Independent Directors voting separately, unanimously determined, in the exercise of the Directors’ business judgment, to approve the continuance and renewal of the applicable Agreements for another year with respect to each Fund.
Board Considerations
With respect to each Adviser, the Board evaluated a number of factors, including among others: (a) the nature, extent and quality of each Adviser’s investment management and other services and, with respect to PMAM, its services as a “manager of managers” of the Sub-Advised Funds; (b) the quantity and quality of each Adviser’s investment management personnel; (c) each Adviser’s operations and financial condition; (d) each Adviser’s brokerage practices (including best execution policies, evaluating execution quality, average commission rates on fund trades, soft dollar arrangements, if any, and affiliated and directed brokerage arrangements) and investment strategies; (e) a comparison of the Funds’ advisory and sub-advisory fees and overall expense ratios to the fees and expenses charged to comparable funds and accounts, including breakpoints; (f) the level of each Adviser’s cost of services provided and estimated profitability from its fund-related operations; (g) other benefits that may accrue to each Adviser and its affiliates as a result of their relationship with the Funds; (h) the extent to which the Funds’ advisory and sub-advisory fees reflect economies of scale and the extent to which any such economies of scale are shared with fund investors; (i) each Adviser’s risk management and compliance programs and, if applicable, a description of the material changes made to, and material compliance violations under, the compliance program; (j) each Adviser’s investment reputation, expertise and resources; and (k) an independently-prepared report of each Fund’s performance compared with that of its Peer Funds. In its deliberations, the Directors did not identify any single piece of information that was all-important or controlling, noting that each Director could attribute different weights to the various factors considered.
During the Meetings, representatives from PMAM commented on the information delivered to the Board and answered questions from the Directors to help the Board evaluate each Adviser’s fees and other aspects of the services provided, including the services provided by PMAM’s affiliates and the fees related to such services. The Board then deliberated on the continuation of the Agreements in light of all of the information provided.
184
Table of Contents
Penn Series Funds, Inc.
June 30, 2025
Board Considerations (continued)
In considering the continuance and renewal of the Agreements, the Board considered the following factors and reached the following conclusions:
Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided by each Adviser to the Funds. In this regard, the Board evaluated, among other things, each Adviser’s: business; personnel; experience; investment decision processes; past performance; brokerage practices; compliance infrastructure and program; and resources to be dedicated to each Fund, as applicable. The Board reviewed the scope of services to be provided by each Adviser under the Agreements and noted that there would be no significant differences between the scope of services provided by the Advisers for the past year and the scope of services to be provided during the upcoming year. The Board also considered each Adviser’s representations to the Board that the Adviser would continue to provide investment and related services that were of materially the same nature and quality as services provided to the Funds in the past, and that these services are appropriate in scope and extent for the Funds’ operations, the competitive landscape of the investment company business, and investor needs. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by each Adviser to the Funds supported renewal of the Agreements.
Fund Performance. The Board considered fund performance in determining whether to continue the Agreements. PMAM engaged an independent third party to prepare a report (the “Comparative Report”) to help the Board evaluate, among other information, each Fund’s performance and the performance of its Peer Funds. Specifically, the Board considered each Fund’s recent and long-term performance relative to the Fund’s applicable benchmark and to its Peer Funds. In evaluating performance, the Board considered the market conditions of the past year, economic and market trends, as well as both market risk and shareholder risk expectations for a given Fund. Where a Fund significantly underperformed or outperformed its Peer Funds, the Board considered the Adviser’s explanation as to the reasons for the underperformance or outperformance.  The Board also considered the Adviser’s explanation as to why certain Peer Funds selected by the independent provider may not have provided a close comparison, due to differences in investment quality or the style of investment strategy followed by the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Funds, both compared to the applicable benchmark and to Peer Funds, supported renewal of the Agreements.
Costs of Advisory and Sub-Advisory Services. The Board considered the cost of the advisory and sub-advisory services provided to the Funds by each Adviser. In its evaluation of advisory and sub-advisory fees, the Board noted recent amendments to the Advisory Agreement and Sub-Advisory Agreements effective June 1, 2024 to reduce the advisory and sub-advisory fees charged pursuant to the respective agreements for the SMID Cap Value Fund, Mid Core Value Fund, Mid Cap Growth Fund, Large Core Value Fund, SMID Cap Growth Fund, Small Cap Value Fund, Mid Cap Value Fund, Small Cap Growth Fund, Large Cap Growth Fund, Emerging Markets Equity Fund, and International Equity Fund. The Board also noted recent amendments to the Sub-Advisory Agreements for the Index 500 Fund, the Small Cap Index Fund, the Developed International Index Fund, the Emerging Markets Equity Fund and the International Equity Fund, effective March 1, 2025, that had the effect of reducing sub-advisory fees at current asset levels.  The Board considered, in particular, the expense information for the Funds and the corresponding Peer Funds included in the Comparative Report. The Board evaluated (a) the advisory and sub-advisory services provided; (b) the advisory and sub-advisory fees paid, as well as the impact of recently reduced advisory and sub-advisory fees to be charged for certain Funds to the extent not yet completely reflected in the Comparative Report; (c) the advisory and sub-advisory fees paid in comparison to the advisory and sub-advisory fees charged to the Peer Funds; and (d) the fact that each Sub-Adviser is compensated by PMAM and not directly by the relevant Sub-Advised Fund, and that such compensation reflects an arms-length negotiation between each Sub-Adviser and PMAM. The Board also considered PMAM and its affiliates’ ongoing agreement to waive the Funds’ management and other fees to prevent total fund expenses from exceeding a specified cap. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the advisory and sub-advisory fees charged to the Funds are fair and reasonable and supported the renewal of the Agreements.
Profitability and Other Benefits. With regard to profitability and fall-out benefits, the Board considered all compensation paid by a Fund, directly or indirectly, to each Adviser and its affiliates, and any benefits derived or to be derived by each Adviser and its affiliates, as well as the cost of Fund services provided by each Adviser. The Board noted that PMAM’s overall profitability had slightly increased during the past year.  The Board also considered the anticipated change in profitability of certain Funds where PMAM had recently reduced the advisory and sub-advisory fee rates to the extent not already reflected in the profitability numbers. In its consideration of the profitability of PMAM and its affiliates, the Board was provided with and considered information pertaining to the profitability of the administrative and servicing arrangements between the Funds and PMAM and The Penn Mutual Life Insurance Company (“Penn Mutual”). The Board also considered the expense allocation
185
Table of Contents
Penn Series Funds, Inc.
June 30, 2025
Board Considerations (continued)
methodology, which was unchanged from that used in the prior year, used to determine the profitability of PMAM and its affiliates and the Peer Fund expense information included in the Comparative Report, which included servicing-related expenses. The Board noted that while such information may not constitute a perfect comparison due to differences in the types and extent of the services provided to the Peer Funds, the information nonetheless provided a useful data point. When considering the profitability of each Sub-Adviser, the Board considered the fact that each Sub-Adviser is compensated by PMAM, and not by the Funds directly, and such compensation reflects an arms-length negotiation between the Sub-Adviser and PMAM.  In evaluating the other or fall-out benefits that may accrue to the Sub-Advisers and their affiliates because of their relationship with the Funds, the Board noted that certain of the Sub-Advisers may receive indirect benefits in the form of soft dollar arrangements for portfolio securities trades placed with the Funds’ assets. In addition, the Board considered that the Sub-Advisers may benefit from the development of additional investment advisory business with PMAM or the Company as a result of their relationships with the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of and any fall-out benefits realized by the Advisers are reasonable in relation to the quality of their respective services and supported renewal of the Agreements.
Economies of Scale. The Board considered the existence of any economies of scale and whether the benefits of any such economies of scale are shared with a Fund and its shareholders, including through breakpoints in the advisory and sub-advisory fee schedules. The Board noted the existing breakpoints provided in certain advisory and sub-advisory fee schedules, as applicable. The Board further noted PMAM’s continued focus on evaluating advisory and sub-advisory fee breakpoints to allow each Fund and its shareholders to benefit from economies of scale, as applicable. The Board also noted PMAM’s expectations for a projected asset decline for the Funds based on the outlook for sales of Penn Mutual’s existing variable products that offer the Funds as investment options.  As a result, the Board concluded that should an Adviser realize economies of scale in connection with its management of one or more Funds, the existing fee structures of the Funds adequately ensure that the benefits derived from any such economies of scale are reasonably shared with the Fund and its shareholders.
                                                                                           *              *              *                         
On the basis of the information provided to it in advance of the Meetings and its evaluation of that information, as well as additional information provided by PMAM in response to the Board’s questions during the Meetings, the Board, including the Independent Directors, concluded that the terms of each Agreement were fair and reasonable, and that approval of each Agreement was in the best interests of each Fund and its shareholders.
186
Table of Contents
About The Penn Mutual Life Insurance Company
For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help instill the confidence and reliability that comes from a stronger financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit www.pennmutual.com.
 
THE PENN MUTUAL
LIFE INSURANCE COMPANY
 
Table of Contents
2025 The Penn Mutual Life Insurance Company, Philadelphia, PA 19172, www.pennmutual.com
PM9188 08/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 16. Controls and Procedures.

 

  (a)

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

  (b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.

 

(a)(1)   Not applicable.
(a)(2)   Not applicable.
(a)(3)   Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(4)   There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
(a)(5)   There was no change in the Registrant’s independent public accountant during the period covered by the report.
(b)   Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)   Penn Series Funds, Inc.
By (Signature and Title)*  

/s/ Keith G. Huckerby

  Keith G. Huckerby, President
  (principal executive officer)    

Date: September 8, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)*  

/s/ Keith G. Huckerby

  Keith G. Huckerby, President
  (principal executive officer)    

Date: September 8, 2025

 

By (Signature and Title)*  

/s/ Steven Viola

  Steven Viola, Treasurer
  (principal financial officer)    

Date: September 8, 2025

 

* 

Print the name and title of each signing officer under his or her signature.

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302

CERTIFICATION PURSUANT TO SECTION 906

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d24548dncsrs_htm.xml