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, 2026
Date of reporting period:
January 1, 2026 to June 30, 2026
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
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semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Aggressive Allocation Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $18 0.34%
Key Fund Statistics
Fund net assets $56,185,538
Total number of portfolio holdings 21
Total advisory fee paid $33,004
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 27.8%
Penn Series Flexibly Managed Fund 9.1%
Penn Series International Equity Fund 7.1%
Penn Series Developed International Index Fund 7.0%
Penn Series Large Cap Value Fund 6.0%
Penn Series Large Growth Stock Fund 6.0%
Penn Series Quality Bond Fund 5.0%
Penn Series Real Estate Securities Fund 5.0%
Penn Series Mid Core Value Fund 4.0%
Penn Series Large Core Value 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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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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
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semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Balanced Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $82,129,509
Total number of portfolio holdings 2
Total advisory fee paid N/A
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 Index 500 Fund 59.8%
Penn Series Quality Bond Fund 40.2%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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Penn Series Funds, Inc.
Conservative Allocation Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Conservative Allocation Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 0.36%
Key Fund Statistics
Fund net assets $39,972,022
Total number of portfolio holdings 10
Total advisory fee paid $24,104
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 Quality Bond Fund 60.9%
Penn Series Limited Maturity Bond Fund 9.0%
Penn Series Index 500 Fund 8.9%
Penn Series Flexibly Managed Fund 8.0%
Penn Series High Yield Bond Fund 6.9%
Penn Series Developed International Index Fund 2.0%
Penn Series Real Estate Securities Fund 2.0%
Penn Series Mid Core Value Fund 1.0%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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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
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semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Developed International Index Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $45 0.87%
Key Fund Statistics
Fund net assets $102,089,930
Total number of portfolio holdings 686
Total advisory fee paid $147,765
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
ASML Holding N.V. 3.5%
HSBC Holdings PLC 1.5%
Roche Holding AG 1.3%
Novartis AG 1.3%
AstraZeneca PLC 1.3%
Nestle S.A. 1.2%
Siemens AG 1.1%
Tokyo Electron Ltd. 1.0%
Shell PLC 1.0%
Mitsubishi UFJ Financial Group, Inc. 1.0%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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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
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semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Emerging Markets Equity Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $77 1.35%
Key Fund Statistics
Fund net assets $74,553,603
Total number of portfolio holdings 54
Total advisory fee paid $297,974
Portfolio turnover rate 41%
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. 9.8%
Samsung Electronics Co., Ltd. 8.0%
SK hynix, Inc. 6.8%
Tencent Holdings Ltd. 4.0%
Elite Material Co., Ltd. 3.7%
Accton Technology Corp. 3.5%
Hon Hai Precision Industry Co., Ltd. 3.1%
PriceSmart, Inc. 3.1%
Contemporary Amperex Technology Co., Ltd., Class A 3.1%
Capitec Bank Holdings Ltd. 2.9%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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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, 2026
This semi-annual shareholder report contains important information about the Penn Series Flexibly Managed Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $4,883,607,624
Total number of portfolio holdings 268
Total advisory fee paid $16,613,144
Portfolio turnover rate 57%
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. 3.5%
Amazon.com, Inc. 3.5%
NVIDIA Corp. 3.0%
Broadcom, Inc. 2.7%
Alphabet, Inc., Class A 2.7%
CenterPoint Energy, Inc. 2.7%
U.S. Treasury Notes
3.500%, 02/28/31		 2.5%
Meta Platforms, Inc., Class A 2.3%
Advanced Micro Devices, Inc. 2.1%
U.S. Treasury Notes
3.625%, 10/31/30		 2.1%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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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, 2026
This semi-annual shareholder report contains important information about the Penn Series High Yield Bond Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $122,969,855
Total number of portfolio holdings 109
Total advisory fee paid $277,332
Portfolio turnover rate 32%
Weighted Average Maturity 2.0 Years
Effective Duration 3.5 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 99.3%
Money Market Funds 0.7%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Index 500 Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 0.33%
Key Fund Statistics
Fund net assets $989,153,536
Total number of portfolio holdings 506
Total advisory fee paid $585,002
Portfolio turnover rate 1%
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. 7.5%
Apple, Inc. 6.6%
Microsoft Corp. 4.3%
Amazon.com, Inc. 3.6%
Alphabet, Inc., Class A 3.1%
Broadcom, Inc. 2.8%
Alphabet, Inc., Class C 2.5%
Micron Technology, Inc. 2.0%
Meta Platforms, Inc., Class A 1.9%
Tesla, 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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series International Equity Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $56 1.09%
Key Fund Statistics
Fund net assets $217,476,049
Total number of portfolio holdings 43
Total advisory fee paid $848,588
Portfolio turnover rate 148%
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., ADR 6.3%
ASML Holding N.V. 5.6%
Galderma Group AG 5.2%
Tokyo Electron Ltd. 5.0%
Infineon Technologies AG 4.4%
The Coca-Cola Co. 4.0%
InterContinental Hotels Group PLC 4.0%
Games Workshop Group PLC 3.6%
Linde PLC 3.5%
TC Energy Corp. 3.5%
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
Effective June 1, 2026, Penn Mutual Asset Management, LLC (the “Adviser”) contractually agreed to waive a portion of its investment advisory fee in the amount of 0.02% of the Fund’s average daily net assets through May 31, 2027. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and the waiver may be cancelled or modified after May 31, 2027. This waiver may not be terminated prior to May 31, 2027 except with the approval of the Fund’s Board of Directors.
Changes in and Disagreements with Accountants
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Large Cap Growth Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $41 0.84%
Key Fund Statistics
Fund net assets $67,220,235
Total number of portfolio holdings 54
Total advisory fee paid $179,279
Portfolio turnover rate 25%
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. 13.3%
Alphabet, Inc., Class A 10.3%
Broadcom, Inc. 4.8%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 4.8%
Amphenol Corp., Class A 4.0%
Visa, Inc., Class A 3.7%
Apple, Inc. 3.1%
Aon PLC, Class A 2.6%
Moody's Corp. 2.5%
Hubbell, Inc. 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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Large Cap Value Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $49 0.93%
Key Fund Statistics
Fund net assets $168,482,268
Total number of portfolio holdings 80
Total advisory fee paid $544,060
Portfolio turnover rate 31%
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
Berkshire Hathaway, Inc., Class B 4.1%
RTX Corp. 3.8%
JPMorgan Chase & Co. 3.6%
Johnson & Johnson 3.5%
Philip Morris International, Inc. 3.2%
Alphabet, Inc., Class C 3.1%
Cisco Systems, Inc. 3.0%
UnitedHealth Group, Inc. 2.6%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2.4%
Amazon.com, Inc. 2.1%
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
Effective June 1, 2026, Penn Mutual Asset Management, LLC (the “Adviser”) contractually agreed to waive a portion of its investment advisory fee in the amount of 0.01% of the Fund’s average daily net assets through May 31, 2027. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and the waiver may be cancelled or modified after May 31, 2027. This waiver may not be terminated prior to May 31, 2027 except with the approval of the Fund’s Board of Directors.
Changes in and Disagreements with Accountants
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Large Core Growth Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $42 0.86%
Key Fund Statistics
Fund net assets $126,646,841
Total number of portfolio holdings 36
Total advisory fee paid $364,367
Portfolio turnover rate 14%
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. 15.4%
Apple, Inc. 8.5%
Microsoft Corp. 7.8%
Alphabet, Inc., Class A 6.7%
Advanced Micro Devices, Inc. 5.1%
Amazon.com, Inc. 5.1%
Visa, Inc., Class A 5.0%
Eli Lilly & Co. 4.8%
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 4.0%
Broadcom, Inc. 3.2%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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Penn Series Funds, Inc.
Large Core Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Large Core Value Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $48 0.90%
Key Fund Statistics
Fund net assets $136,310,368
Total number of portfolio holdings 64
Total advisory fee paid $422,805
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
Amazon.com, Inc. 7.4%
Apple, Inc. 3.3%
Cisco Systems, Inc. 2.9%
AbbVie, Inc. 2.7%
Merck & Co., Inc. 2.6%
Bank of America Corp. 2.5%
Intel Corp. 2.4%
Reinsurance Group of America, Inc. 2.3%
United Parcel Service, Inc., Class B 2.3%
Johnson Controls International PLC 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
Effective June 1, 2026, Penn Mutual Asset Management, LLC (the “Adviser”) contractually agreed to waive a portion of its investment advisory fee in the amount of 0.02% of the Fund’s average daily net assets through May 31, 2027. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and the waiver may be cancelled or modified after May 31, 2027. This waiver may not be terminated prior to May 31, 2027 except with the approval of the Fund’s Board of Directors.
Changes in and Disagreements with Accountants
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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
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Penn Series Funds, Inc.
Large Growth Stock Fund
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semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Large Growth Stock Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $46 0.92%
Key Fund Statistics
Fund net assets $360,538,348
Total number of portfolio holdings 82
Total advisory fee paid $1,198,081
Portfolio turnover rate 29%
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. 14.1%
Alphabet, Inc., Class A 8.0%
Apple, Inc. 6.0%
Broadcom, Inc. 5.6%
Microsoft Corp. 4.2%
Advanced Micro Devices, Inc. 4.2%
Micron Technology, Inc. 4.2%
Eli Lilly & Co. 3.5%
Meta Platforms, Inc., Class A 3.4%
Tesla, Inc. 3.0%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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Penn Series Funds, Inc.
Limited Maturity Bond Fund
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semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Limited Maturity Bond Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $67,140,032
Total number of portfolio holdings 54
Total advisory fee paid (net of waivers) $149,396
Portfolio turnover rate 35%
Weighted Average Maturity 6.2 Years
Effective Duration 1.9 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 29.2%
Asset Backed Securities 28.4%
Corporate Bonds 22.6%
Commercial Mortgage Backed Securities 16.9%
U.S. Treasury Obligations 1.9%
Money Market Funds 1.0%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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
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Penn Series Funds, Inc.
Mid Cap Growth Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Mid Cap Growth Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $50 0.99%
Key Fund Statistics
Fund net assets $114,351,822
Total number of portfolio holdings 62
Total advisory fee paid $384,814
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
Cloudflare, Inc., Class A 3.6%
Monolithic Power Systems, Inc. 3.6%
IDEXX Laboratories, Inc. 3.4%
Sterling Infrastructure, Inc. 3.1%
Snowflake, Inc. 2.8%
Fastenal Co. 2.6%
Datadog, Inc., Class A 2.6%
Edwards Lifesciences Corp. 2.5%
Novanta, Inc. 2.4%
SPX Technologies, 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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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
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Penn Series Funds, Inc.
Mid Cap Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Mid Cap Value Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $44 0.83%
Key Fund Statistics
Fund net assets $90,295,156
Total number of portfolio holdings 74
Total advisory fee paid (net of waivers) $235,716
Portfolio turnover rate 18%
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
Alliant Energy Corp. 2.9%
Littelfuse, Inc. 2.7%
Lamar Advertising Co., Class A 2.4%
Everest Group Ltd. 2.3%
The PNC Financial Services Group, Inc. 2.2%
Agree Realty Corp. 2.2%
Wintrust Financial Corp. 2.1%
PPL Corp. 1.9%
Fox Corp., Class B 1.9%
Freeport-McMoRan, Inc. 1.9%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Mid Core Value Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $56 1.07%
Key Fund Statistics
Fund net assets $67,639,291
Total number of portfolio holdings 131
Total advisory fee paid $225,298
Portfolio turnover rate 36%
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
Kimberly-Clark Corp. 2.2%
Zimmer Biomet Holdings, Inc. 2.0%
Commerce Bancshares, Inc. 2.0%
Henry Schein, Inc. 2.0%
Labcorp Holdings, Inc. 1.8%
Evergy, Inc. 1.6%
Packaging Corp. of America 1.6%
Xcel Energy, Inc. 1.6%
Becton Dickinson & Co. 1.6%
Enterprise Products Partners LP 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
Effective June 1, 2026, Penn Mutual Asset Management, LLC (the “Adviser”) contractually agreed to waive a portion of its investment advisory fee in the amount of 0.01% of the Fund’s average daily net assets through May 31, 2027. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and the waiver may be cancelled or modified after May 31, 2027. This waiver may not be terminated prior to May 31, 2027 except with the approval of the Fund’s Board of Directors.
Changes in and Disagreements with Accountants
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Moderate Allocation Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $182,329,251
Total number of portfolio holdings 19
Total advisory fee paid $108,924
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 30.0%
Penn Series Index 500 Fund 20.8%
Penn Series Flexibly Managed Fund 9.1%
Penn Series Developed International Index Fund 5.0%
Penn Series Mid Core Value Fund 4.0%
Penn Series High Yield Bond Fund 4.0%
Penn Series Real Estate Securities Fund 4.0%
Penn Series International Equity Fund 3.0%
Penn Series Large Cap Value Fund 3.0%
Penn Series Limited Maturity Bond 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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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
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Penn Series Funds, Inc.
Moderately Aggressive Allocation Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Moderately Aggressive Allocation Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $16 0.30%
Key Fund Statistics
Fund net assets $192,728,503
Total number of portfolio holdings 20
Total advisory fee paid $112,849
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 Index 500 Fund 24.8%
Penn Series Quality Bond Fund 14.0%
Penn Series Flexibly Managed Fund 9.1%
Penn Series Developed International Index Fund 7.0%
Penn Series Large Cap Value Fund 6.0%
Penn Series International Equity Fund 5.0%
Penn Series Real Estate Securities Fund 5.0%
Penn Series Mid Core Value Fund 4.0%
Penn Series Large Core Value Fund 4.0%
Penn Series Large Growth Stock 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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Moderately Conservative Allocation Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $17 0.33%
Key Fund Statistics
Fund net assets $69,223,563
Total number of portfolio holdings 15
Total advisory fee paid $41,555
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 45.0%
Penn Series Index 500 Fund 13.9%
Penn Series Flexibly Managed Fund 8.0%
Penn Series Limited Maturity Bond Fund 6.0%
Penn Series High Yield Bond Fund 6.0%
Penn Series Developed International Index Fund 4.0%
Penn Series Real Estate Securities Fund 4.0%
Penn Series International Equity Fund 3.0%
Penn Series Large Cap Value Fund 3.0%
Penn Series Mid Core Value Fund 2.0%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Money Market Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 0.59%
Key Fund Statistics
Fund net assets $101,664,440
Total number of portfolio holdings 20
Total advisory fee paid $174,622
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
Tennessee Valley Authority
3.590%, 07/08/26		 7.9%
U.S. Treasury Bills
3.627%, 08/11/26		 7.4%
U.S. Treasury Bills
3.632%, 08/04/26		 5.9%
Federal National Mortgage
3.623%, 07/15/26		 4.9%
U.S. Treasury Bills
3.646%, 07/16/26		 4.9%
Freddie Mac Discount Notes
3.632%, 07/20/26		 4.9%
Federal Home Loan Banks
3.633%, 07/28/26		 4.9%
Federal National Mortgage
3.615%, 08/17/26		 4.9%
Freddie Mac Discount Notes
3.588%, 08/20/26		 4.9%
Federal National Mortgage
3.643%, 08/26/26		 4.9%
Material Fund Changes
There were no material changes during the reporting period.
Changes in and Disagreements with Accountants
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Quality Bond Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $336,612,651
Total number of portfolio holdings 124
Total advisory fee paid $753,207
Portfolio turnover rate 11%
Weighted Average Maturity 11.6 Years
Effective Duration 6.0 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
Residential Mortgage Backed Securities 38.5%
Corporate Bonds 27.1%
U.S. Treasury Obligations 11.8%
Asset Backed Securities 11.7%
Commercial Mortgage Backed Securities 10.1%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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, 2026
This semi-annual shareholder report contains important information about the Penn Series Real Estate Securities Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $52 0.97%
Key Fund Statistics
Fund net assets $98,055,797
Total number of portfolio holdings 41
Total advisory fee paid $336,950
Portfolio turnover rate 14%
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. 13.8%
Digital Realty Trust, Inc. 9.5%
Prologis, Inc. 4.7%
American Tower Corp. 4.5%
Extra Space Storage, Inc. 4.4%
Crown Castle, Inc. 4.2%
Equinix, Inc. 3.6%
Agree Realty Corp. 3.5%
Sun Communities, Inc. 3.3%
Iron Mountain, Inc. 3.1%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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
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Penn Series Funds, Inc.
Small Cap Growth Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Small Cap Growth Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $54 1.00%
Key Fund Statistics
Fund net assets $98,132,327
Total number of portfolio holdings 131
Total advisory fee paid $322,262
Portfolio turnover rate 21%
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
Glaukos Corp. 2.6%
Ligand Pharmaceuticals, Inc. 2.2%
Tower Semiconductor Ltd. 2.0%
CECO Environmental Corp. 1.8%
Revolution Medicines, Inc. 1.7%
Legence Corp., Class A 1.7%
Mirum Pharmaceuticals, Inc. 1.6%
SPX Technologies, Inc. 1.6%
MACOM Technology Solutions Holdings, Inc. 1.5%
OSI Systems, Inc. 1.5%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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Penn Series Funds, Inc.
Small Cap Index Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Small Cap Index Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $39 0.70%
Key Fund Statistics
Fund net assets $90,359,710
Total number of portfolio holdings 1,954
Total advisory fee paid $127,281
Portfolio turnover rate 22%
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
Moog, Inc., Class A 0.4%
Hut 8 Corp. 0.4%
BrightSpring Health Services, Inc. 0.4%
Viasat, Inc. 0.4%
Cytokinetics, Inc. 0.4%
MaxLinear, Inc. 0.4%
UMB Financial Corp. 0.3%
Argan, Inc. 0.3%
JFrog Ltd. 0.3%
Krystal Biotech, 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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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
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Penn Series Funds, Inc.
Small Cap Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series Small Cap Value Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $53 0.96%
Key Fund Statistics
Fund net assets $161,672,021
Total number of portfolio holdings 163
Total advisory fee paid $515,614
Portfolio turnover rate 63%
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
Terex Corp. 1.9%
Glacier Bancorp, Inc. 1.6%
COPT Defense Properties 1.6%
UMB Financial Corp. 1.6%
Atlantic Union Bankshares Corp. 1.6%
Valley National Bancorp 1.5%
Jackson Financial, Inc., Class A 1.4%
Nicolet Bankshares, Inc. 1.4%
Renasant Corp. 1.4%
Columbia Banking System, Inc. 1.3%
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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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Penn Series Funds, Inc.
SMID Cap Growth Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series SMID Cap Growth Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $58 1.05%
Key Fund Statistics
Fund net assets $76,526,733
Total number of portfolio holdings 105
Total advisory fee paid $254,434
Portfolio turnover rate 49%
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
MACOM Technology Solutions Holdings, Inc. 2.9%
Lattice Semiconductor Corp. 2.3%
Onto Innovation, Inc. 2.2%
BrightSpring Health Services, Inc. 2.0%
SiTime Corp. 1.9%
Moog, Inc., Class A 1.8%
Carpenter Technology Corp. 1.8%
Texas Roadhouse, Inc. 1.7%
Roivant Sciences Ltd. 1.7%
Enpro, 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
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.
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Penn Series Funds, Inc.
SMID Cap Value Fund
TSR - Fund Logo 2
semi-annual Shareholder Report | June 30, 2026
This semi-annual shareholder report contains important information about the Penn Series SMID Cap Value Fund (“Fund”) for the period of January 01, 2026 to June 30, 2026. 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 $64 1.17%
Key Fund Statistics
Fund net assets $47,052,257
Total number of portfolio holdings 102
Total advisory fee paid $179,850
Portfolio turnover rate 35%
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
US Foods Holding Corp. 1.7%
The Hanover Insurance Group, Inc. 1.7%
BorgWarner, Inc. 1.6%
Reliance, Inc. 1.6%
Regal Rexnord Corp. 1.6%
F5, Inc. 1.5%
IDACORP, Inc. 1.5%
UMB Financial Corp. 1.5%
Tenet Healthcare Corp. 1.4%
Everest Group Ltd. 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
Effective June 1, 2026, Penn Mutual Asset Management, LLC (the “Adviser”) contractually agreed to waive a portion of its investment advisory fee in the amount of 0.02% of the Fund’s average daily net assets through May 31, 2027. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and the waiver may be cancelled or modified after May 31, 2027. This waiver may not be terminated prior to May 31, 2027 except with the approval of the Fund’s Board of Directors.
Changes in and Disagreements with Accountants
On May 21, 2026, the Board of Directors of Penn Series Funds, Inc., upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP as the independent registered public accounting firm for the Fund, replacing KPMG LLP (“KPMG”) as the Fund’s independent registered public accounting firm. There were no disagreements with KPMG during the Fund’s two most recent fiscal years or the subsequent interim period through May 21, 2026.
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.

  (b)

Not applicable.

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.
■  2026 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)
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1
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Money Market Fund
  Number of
Shares 		Value†
SHORT-TERM INVESTMENTS — 100.0%
  Par
(000) 		 
AGENCY OBLIGATIONS — 61.8%
Federal Farm Credit Banks    
4.500%, 08/14/26 $4,000 4,003,253
3.684%, 09/02/26 2,000 1,987,190
Federal Home Loan Banks    
3.630%, 07/06/26 3,000 2,998,500
3.606%, 07/09/26 4,000 3,996,809
3.633%, 07/28/26 5,000 4,986,463
3.653%, 08/06/26 4,000 3,985,460
Federal National Mortgage    
3.623%, 07/15/26 5,000 4,992,990
3.595%, 07/17/26 4,000 3,993,645
3.615%, 08/17/26 5,000 4,976,565
3.643%, 08/26/26 5,000 4,971,922
Freddie Mac Discount Notes    
3.632%, 07/20/26 5,000 4,990,500
3.577%, 08/03/26 4,000 3,986,947
Series RB, 3.588%, 08/20/26 5,000 4,975,243
Tennessee Valley Authority
3.590%, 07/08/26 		8,000 7,994,423
TOTAL AGENCY OBLIGATIONS
(Cost $62,839,910) 		  62,839,910
U.S. TREASURY OBLIGATIONS — 26.0%
U.S. Treasury Bills    
3.618%, 07/07/26 4,000 3,997,602
3.646%, 07/16/26 5,000 4,992,473
3.632%, 08/04/26 6,000 5,979,536
3.627%, 08/11/26 7,500 7,469,191
3.665%, 08/18/26 4,000 3,980,558
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $26,419,360) 		26,419,360
MONEY MARKET FUNDS — 12.2%
Goldman Sachs Financial Square Funds - Government Fund Institutional Shares (seven-day effective yield 3.521%)
(Cost $12,384,865) 		12,384,865 12,384,865
TOTAL SHORT-TERM INVESTMENTS
(Cost $101,644,135) 		  101,644,135
TOTAL INVESTMENTS — 100.0%
(Cost $101,644,135) 		  $101,644,135
Other Assets & Liabilities — 0.0% 20,305
TOTAL NET ASSETS — 100.0%   $101,664,440
† See Security Valuation Note.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Agency Obligations $62,839,910 $— $62,839,910 $—
U.S. Treasury Obligations 26,419,360 — 26,419,360 —
Money Market Funds 12,384,865 12,384,865 — —
Total Investments $101,644,135 $12,384,865 $89,259,270 $—
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, 2026 (Unaudited)
Limited Maturity Bond Fund
  Par
(000) 		Value†
ASSET BACKED SECURITIES — 27.8%
Student Loan ABS — 19.5%    
ECMC Group Student Loan Trust,    
Series 2018-2A Class A (30 Day Average SOFR + 0.914%, Floor 0.800%), 144A
4.542%, 09/25/68@,• 		$1,948 $1,941,869
Series 2019-1A Class A1A, 144A
2.720%, 07/25/69@ 		929 821,484
Navient Private Education Refi Loan Trust,    
Series 2019-CA Class B, 144A
3.670%, 02/15/68@ 		800 765,309
Series 2020-EA Class A, 144A
1.690%, 05/15/69@ 		2,101 1,961,597
SLM Student Loan Trust, Series 2014-2 Class A3 (30 Day Average SOFR + 0.704%),
4.332%, 03/25/55• 		2,405 2,378,182
SMB Private Education Loan Trust,    
Series 2017-A Class B, 144A
3.500%, 06/17/41@ 		885 878,965
Series 2018-B Class B, 144A
4.000%, 07/15/42@ 		1,000 980,718
Series 2014-A Class B, 144A
4.000%, 09/15/42@ 		572 567,942
Series 2015-A Class C, 144A
4.500%, 10/15/48@ 		806 801,472
Series 2021-C Class B, 144A
2.300%, 01/15/53@ 		724 704,525
Series 2020-PTB Class A2A, 144A
1.600%, 09/15/54@ 		1,341 1,269,390
    13,071,453
Other ABS — 8.3%    
Domino's Pizza Master Issuer LLC, Series 2021-1A Class A2I, 144A
2.662%, 04/25/51@ 		1,751 1,663,493
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A
7.187%, 01/20/33@,• 		1,500 1,512,468
Halseypoint CLO II Ltd., Series 2020-2A Class BR (3 M SOFR + 1.950%, Floor 1.950%), 144A
5.625%, 07/20/37@,• 		1,000 1,001,749
Wind River CLO Ltd., Series 2021-2A Class A1R (3 M SOFR + 1.110%, Floor 1.110%), 144A
4.785%, 07/20/34@,• 		1,400 1,400,008
    5,577,718
TOTAL ASSET BACKED SECURITIES
(Cost $18,794,030) 		18,649,171
  Par
(000) 		Value†
COMMERCIAL MORTGAGE BACKED SECURITIES — 16.5%
BX Commercial Mortgage Trust, Series 2026-CSMO Class A (1 M SOFR + 1.400%, Floor 1.400%), 144A
5.025%, 02/15/43@,• 		$2,000 $2,004,375
BX Trust, Series 2025-VOLT Class A (1 M SOFR + 1.700%, Floor 1.700%), 144A
5.325%, 12/15/44@,• 		2,000 2,001,875
FREMF Mortgage Trust,    
Series 2018-K82 Class C, 144A
4.270%, 09/25/28@,• 		1,224 1,195,210
Series 2017-K65 Class B, 144A
4.226%, 07/25/50@,• 		2,000 1,984,770
FS Trust, Series 2026-HULA Class A (1 M SOFR + 1.450%, Floor 1.450%), 144A
5.075%, 03/15/41@,• 		1,900 1,904,156
SWCH Commercial Mortgage Trust, Series 2025-DATA Class A (1 M SOFR + 1.443%, Floor 1.443%), 144A
5.068%, 02/15/42@,• 		2,000 1,987,500
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $11,099,209) 		11,077,886
CORPORATE BONDS — 22.1%
Agriculture — 1.5%
Cargill, Inc., 144A
4.125%, 10/23/30@ 		1,000 980,000
Airlines — 1.3%
Delta Air Lines, Inc./SkyMiles IP Ltd., 144A
4.750%, 10/20/28@ 		895 893,983
Auto Manufacturers — 3.0%
Ford Motor Credit Co. LLC
5.125%, 11/05/26 		1,000 1,001,170
General Motors Financial Co., Inc.
5.350%, 01/07/30 		1,000 1,016,368
    2,017,538
Banks — 7.5%
First Maryland Capital II (3 M SOFR + 1.112%)
4.775%, 02/01/27• 		1,500 1,492,123
Morgan Stanley Bank NA (SOFR + 0.974%)
4.788%, 05/10/30• 		1,000 1,001,064
State Street Corp. (3 M SOFR + 0.822%)
4.473%, 05/15/28• 		1,305 1,295,497
Wells Fargo & Co. (3 M SOFR + 1.262%)
4.935%, 04/15/27• 		1,250 1,249,593
    5,038,277
 
3
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Limited Maturity Bond Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Electric — 1.5%
PacifiCorp
5.100%, 04/15/31 		$1,000 $1,009,884
Lodging — 1.1%
Las Vegas Sands Corp.
5.625%, 06/15/28 		750 759,145
Media — 0.7%
CCO Holdings LLC/CCO Holdings Capital Corp., 144A
5.125%, 05/01/27@ 		462 461,059
Oil & Gas — 3.0%
Helmerich & Payne, Inc.
4.650%, 12/01/27 		1,000 998,292
Repsol E&P Capital Markets US LLC, 144A
4.805%, 09/16/28@ 		1,000 1,001,903
    2,000,195
Software — 2.5%
Concentrix Corp.
6.650%, 08/02/26 		250 249,921
Open Text Corp., 144A
3.875%, 02/15/28@ 		1,500 1,461,805
    1,711,726
TOTAL CORPORATE BONDS
(Cost $14,830,848) 		  14,871,807
RESIDENTIAL MORTGAGE BACKED SECURITIES — 28.6%
Collateralized Mortgage Obligations — 26.7%
Angel Oak Mortgage Trust, Series 2020-1 Class A3, 144A
2.774%, 12/25/59@,• 		197 192,909
Citigroup Mortgage Loan Trust, Series 2014-J1 Class A1, 144A
3.500%, 06/25/44@,• 		441 415,745
Ellington Financial Mortgage Trust, Series 2020-1 Class A3, 144A
3.999%, 05/25/65@,• 		2,000 1,953,894
Flagstar Mortgage Trust, Series 2020-2 Class A4, 144A
3.000%, 08/25/50@,• 		1,029 894,199
GS Mortgage-Backed Securities Trust, Series 2021-PJ7 Class A8, 144A
2.500%, 01/25/52@,• 		3,082 2,744,906
JP Morgan Mortgage Trust, Series 2019-9 Class A3, 144A
3.500%, 05/25/50@,• 		919 828,675
MFA Trust, Series 2020-NQM1 Class B1, 144A
4.978%, 08/25/49@,• 		1,000 973,281
OBX Trust, Series 2023-NQM8 Class A1, 144A
7.045%, 09/25/63@,(1) 		1,554 1,555,813
  Par
(000) 		Value†
 
Collateralized Mortgage Obligations — (continued)
PMT Loan Trust, Series 2025-J4 Class A9, 144A
5.000%, 12/01/56@,• 		$1,638 $1,618,665
PRKCM Trust, Series 2023-AFC3 Class A2, 144A
6.987%, 09/25/58@,(1) 		703 702,898
Sequoia Mortgage Trust, Series 2021-5 Class A5, 144A
2.000%, 07/25/51@,• 		1,733 1,516,272
Towd Point Mortgage Trust, Series 2020-4 Class A2, 144A
2.500%, 10/25/60@ 		2,240 1,849,889
Verus Securitization Trust,    
Series 2023-8 Class A2, 144A
6.664%, 12/25/68@,(1) 		707 708,765
Series 2026-3 Class A1, 144A
4.927%, 03/25/71@,• 		1,217 1,206,133
Wells Fargo Mortgage Backed Securities Trust, Series 2020-2 Class A1, 144A
3.000%, 12/25/49@,• 		915 793,892
    17,955,936
Fannie Mae REMICS — 1.9%
Series 2012-152 Class TA
2.500%, 09/25/42 		1,369 1,254,340
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $20,900,613) 		  19,210,276
U.S. TREASURY OBLIGATIONS — 1.9%
U.S. Treasury Notes
3.875%, 03/15/28
(Cost $1,249,910) 		1,250 1,244,336
  Number of
Shares 		 
SHORT-TERM INVESTMENTS — 1.0%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $666,184) 		666,184 666,184
TOTAL INVESTMENTS — 97.9%
(Cost $67,540,794) 		  $65,719,660
Other Assets & Liabilities — 2.1% 1,420,372
TOTAL NET ASSETS — 100.0%   $67,140,032
† See Security Valuation Note.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2026, the aggregate value of Rule 144A securities was $50,103,561, which represents 74.6% of the Fund’s net assets.
 
4
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Limited Maturity 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.
(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, 2026.
ABS— Asset-Backed Security.
CLO— Collateralized Loan Obligation.
FREMF— Freddie Mac Multifamily Securities.
LLC— Limited Liability Company.
M— Month.
NA— National Association.
REMICS— Real Estate Mortgage Investment Conduits.
SOFR— Secured Overnight Financing Rate.
Country Weightings as of 6/30/2026††
United States 92%
Cayman Islands 6
Canada 2
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Asset Backed Securities $18,649,171 $— $18,649,171 $—
Commercial Mortgage Backed Securities 11,077,886 — 11,077,886 —
Corporate Bonds 14,871,807 — 14,871,807 —
Residential Mortgage Backed Securities 19,210,276 — 19,210,276 —
U.S. Treasury Obligations 1,244,336 — 1,244,336 —
Short-Term Investments 666,184 666,184 — —
Total Investments $65,719,660 $666,184 $65,053,476 $—
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, 2026 (Unaudited)
Quality Bond Fund
  Par
(000) 		Value†
ASSET BACKED SECURITIES — 11.5%
Other ABS — 6.7%    
DB Master Finance LLC,    
Series 2025-1A Class A2II, 144A
5.165%, 08/20/55@ 		$1,990 $1,968,251
Series 2026-1A Class A2II, 144A
5.432%, 05/20/56@ 		3,000 3,005,102
First Eagle BSL CLO Ltd., Series 2019-1A Class B (3 M SOFR + 3.512%, Floor 3.250%), 144A
7.187%, 01/20/33@,• 		4,000 4,033,248
Flexential Issuer LLC, Series 2025-1A Class A2, 144A
6.030%, 10/25/60@ 		3,000 2,987,189
ICG US CLO Ltd., Series 2015-2RA Class BR (3 M SOFR + 1.750%, Floor 1.750%), 144A
5.430%, 01/16/33@,• 		2,000 1,994,178
Taco Bell Funding LLC, Series 2025-1A Class A2II, 144A
5.049%, 08/25/55@ 		3,000 2,956,767
Trysail CLO Ltd., Series 2022-1A Class B (3 M SOFR + 1.850%, Floor 1.850%), 144A
5.525%, 10/20/33@,• 		1,500 1,501,196
VINE Trust, Series 2024-SFR1 Class B, 144A
4.500%, 03/17/41@ 		4,000 3,892,624
    22,338,555
Student Loan ABS — 4.8%    
Granite Edvance Corp., Series 2020-1 Class A1A,
1.550%, 09/25/60 		1,510 1,377,080
Navient Private Education Refi Loan Trust,    
Series 2019-EA Class B, 144A
3.390%, 05/15/68@ 		3,000 2,833,478
Series 2019-FA Class B, 144A
3.120%, 08/15/68@ 		855 759,489
Series 2021-EA Class A, 144A
0.970%, 12/16/69@ 		1,285 1,145,355
Navient Student Loan Trust, Series 2023-BA Class A1A, 144A
6.480%, 03/15/72@ 		959 974,605
Nelnet Student Loan Trust, Series 2021-CA Class B, 144A
2.530%, 04/20/62@ 		3,500 3,085,912
SLM Student Loan Trust, Series 2014-2 Class A3 (30 Day Average SOFR + 0.704%),
4.332%, 03/25/55• 		2,104 2,080,909
SMB Private Education Loan Trust,    
Series 2018-B Class B, 144A
4.000%, 07/15/42@ 		3,000 2,942,154
  Par
(000) 		Value†
 
Student Loan ABS — (continued)    
Series 2014-A Class B, 144A
4.000%, 09/15/42@ 		$1,030 $1,022,295
    16,221,277
TOTAL ASSET BACKED SECURITIES
(Cost $38,474,967) 		38,559,832
COMMERCIAL MORTGAGE BACKED SECURITIES — 9.9%
BANK, Series 2021-BN37 Class AS,
2.851%, 11/15/64• 		1,650 1,433,776
BANK5, Series 2024-5YR5 Class C,
7.245%, 02/15/29• 		2,550 2,559,306
Benchmark Mortgage Trust, Series 2019-B9 Class A5,
4.016%, 03/15/52 		5,000 4,878,196
FREMF Mortgage Trust,    
Series 2019-K736 Class B, 144A
3.745%, 07/25/26@,• 		1,500 1,495,626
Series 2018-K82 Class C, 144A
4.270%, 09/25/28@,• 		3,000 2,929,436
Series 2017-K70 Class C, 144A
3.942%, 12/25/49@,• 		3,000 2,943,854
Series 2017-K63 Class B, 144A
4.012%, 02/25/50@,• 		1,500 1,489,954
Series 2018-K85 Class C, 144A
4.464%, 12/25/50@,• 		3,500 3,417,581
Series 2018-K83 Class B, 144A
4.423%, 11/25/51@,• 		2,000 1,965,275
Series 2019-K102 Class B, 144A
3.652%, 12/25/51@,• 		5,320 5,063,590
Series 2019-K95 Class B, 144A
4.049%, 08/25/52@,• 		2,500 2,430,721
Wells Fargo Commercial Mortgage Trust, Series 2019-C51 Class A3,
3.055%, 06/15/52 		2,829 2,700,795
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES
(Cost $34,769,992) 		33,308,110
CORPORATE BONDS — 26.7%
Aerospace & Defense — 0.5%
The Boeing Co.
3.500%, 03/01/39 		2,000 1,634,581
Auto Manufacturers — 0.6%
Ford Motor Credit Co. LLC
5.303%, 09/06/29 		2,000 1,993,449
Banks — 3.7%
Allfirst Preferred Capital Trust (3 M SOFR + 1.762%)
5.435%, 07/15/29• 		3,500 3,430,495
JPMorgan Chase & Co., Series B (3 M SOFR + 0.762%)
4.425%, 02/01/27• 		3,200 3,185,287
 
6
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Quality Bond Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Banks — (continued)
State Street Corp. (3 M SOFR + 0.822%)
4.473%, 05/15/28• 		$3,830 $3,802,109
US Bancorp (UST Yield Curve CMT 5 Yr + 0.950%)
2.491%, 11/03/36• 		2,500 2,178,151
    12,596,042
Beverages — 1.0%
Constellation Brands, Inc.
4.500%, 05/09/47 		2,000 1,674,032
Keurig Dr Pepper, Inc.
2.250%, 03/15/31 		2,000 1,779,160
    3,453,192
Biotechnology — 0.9%
Amgen, Inc.
5.600%, 03/02/43 		3,000 2,992,196
Chemicals — 0.6%
The Sherwin-Williams Co.
4.800%, 09/01/31 		2,000 2,004,636
Electric — 3.7%
CMS Energy Corp. (UST Yield Curve CMT 5 Yr + 2.900%)
3.750%, 12/01/50• 		2,000 1,855,782
Dominion Energy, Inc., Series A (UST Yield Curve CMT 5 Yr + 2.386%)
6.875%, 02/01/55• 		3,000 3,099,783
Northern States Power Co.
3.600%, 09/15/47 		4,000 3,013,349
NRG Energy, Inc., 144A
5.407%, 10/15/35@ 		2,000 1,966,474
Pacific Gas and Electric Co.
5.200%, 05/01/36 		2,500 2,429,892
    12,365,280
Food — 2.3%
Kraft Heinz Foods Co.
4.625%, 10/01/39 		2,440 2,180,539
Mars, Inc., 144A
5.700%, 05/01/55@ 		2,000 1,978,558
The Hershey Co.
1.700%, 06/01/30 		1,000 898,954
The J.M. Smucker Co.
4.250%, 03/15/35 		3,000 2,795,648
    7,853,699
Healthcare Products — 0.5%
Revvity, Inc.
2.250%, 09/15/31 		2,000 1,764,761
Healthcare Services — 0.5%
Health Care Service Corp. A Mutual Legal Reserve Co., 144A
2.200%, 06/01/30@ 		2,000 1,812,988
  Par
(000) 		Value†
 
Household Products & Wares — 0.8%
Church & Dwight Co., Inc.
2.300%, 12/15/31 		$3,000 $2,656,600
Insurance — 1.5%
Arthur J Gallagher & Co.
5.000%, 02/15/32 		2,000 2,006,881
New York Life Global Funding, 144A
4.550%, 01/28/33@ 		3,000 2,946,549
    4,953,430
Internet — 1.6%
Airbnb, Inc.
5.250%, 03/16/36 		3,000 2,992,600
Meta Platforms, Inc.
5.500%, 11/15/45 		2,500 2,328,119
    5,320,719
Investment Companies — 0.6%
Ares Capital Corp.
2.875%, 06/15/28 		2,000 1,913,913
Mining — 1.8%
Anglo American Capital PLC, 144A
5.250%, 03/19/36@ 		3,000 2,973,757
Southern Copper Corp.
5.350%, 06/24/36 		3,000 2,986,500
    5,960,257
Oil & Gas — 1.5%
Aker BP ASA, 144A
5.250%, 10/30/35@ 		2,500 2,446,552
Repsol E&P Capital Markets US LLC, 144A
5.976%, 09/16/35@ 		2,500 2,545,263
    4,991,815
Pharmaceuticals — 0.6%
Merck & Co., Inc.
3.900%, 03/07/39 		2,200 1,943,111
Pipelines — 1.2%
Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%)
6.500%µ,• 		2,185 2,186,665
Western Midstream Operating LP
5.450%, 11/15/34 		2,000 1,992,079
    4,178,744
Retail — 0.4%
AutoNation, Inc.
1.950%, 08/01/28 		1,500 1,414,961
Semiconductors — 0.6%
NXP BV/NXP Funding LLC/NXP USA, Inc.
3.150%, 05/01/27 		2,000 1,979,019
Telecommunications — 0.6%
T-Mobile USA, Inc.
3.000%, 02/15/41 		2,500 1,849,372
 
7
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Quality Bond Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Transportation — 1.2%
BNSF Railway Co. Pass-Through Trust, Series 2015-1, 144A
3.442%, 06/16/28@ 		$1,734 $1,705,018
Fedex Freight Holding Co., Inc., 144A
5.250%, 03/15/36@ 		2,500 2,439,109
    4,144,127
TOTAL CORPORATE BONDS
(Cost $92,820,610) 		  89,776,892
MUNICIPAL BONDS — 0.8%
University of Virginia
5.000%, 09/01/40
(Cost $2,762,631) 		2,800 2,719,230
RESIDENTIAL MORTGAGE BACKED SECURITIES — 37.8%
Collateralized Mortgage Obligations — 19.2%
Agate Bay Mortgage Trust, Series 2015-6 Class B1, 144A
3.550%, 09/25/45@,• 		1,502 1,459,019
CIM Trust,    
Series 2019-INV2 Class B1A, 144A
4.729%, 05/25/49@,• 		4,105 4,003,592
Series 2020-INV1 Class A13, 144A
3.000%, 04/25/50@,• 		1,071 916,817
CSMC Trust, Series 2013-IVR2 Class A2, 144A
3.000%, 04/25/43@,• 		3,065 2,782,372
Ellington Financial Mortgage Trust, Series 2020-1 Class A3, 144A
3.999%, 05/25/65@,• 		1,400 1,367,726
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2021-2 Class MBU,
2.500%, 11/25/60 		3,100 2,167,669
Ginnie Mae, Series 2018-37 Class BY,
3.500%, 03/20/48 		5,125 4,680,727
GS Mortgage-Backed Securities Trust, Series 2020-PJ1 Class B1, 144A
3.601%, 05/25/50@,• 		4,727 4,228,352
JP Morgan Mortgage Trust,    
Series 2020-INV1 Class B1A, 144A
2.917%, 08/25/50@,• 		4,259 3,595,654
Series 2020-INV1 Class A3, 144A
3.500%, 08/25/50@,• 		3,123 2,807,454
Series 2020-4 Class A15, 144A
3.000%, 11/25/50@,• 		3,812 3,296,569
Series 2021-1 Class A3, 144A
2.500%, 06/25/51@,• 		4,070 3,357,424
Series 2021-1 Class A15, 144A
2.500%, 06/25/51@,• 		3,043 2,495,920
Series 2021-7 Class A15, 144A
2.500%, 11/25/51@,• 		4,764 3,912,774
JP Morgan Seasoned Mortgage Trust Series, Series 2024-1 Class A3, 144A
4.358%, 01/25/63@,• 		2,970 2,838,754
  Par
(000) 		Value†
 
Collateralized Mortgage Obligations — (continued)
MFA Trust, Series 2020-NQM1 Class B1, 144A
4.978%, 08/25/49@,• 		$3,000 $2,919,843
Sequoia Mortgage Trust,    
Series 2013-3 Class A2,
2.500%, 03/25/43• 		6,944 6,122,972
Series 2017-5 Class A1, 144A
3.500%, 08/25/47@,• 		1,399 1,272,145
Series 2020-4 Class A20, 144A
2.500%, 11/25/50@,• 		2,403 1,982,651
Series 2021-5 Class A5, 144A
2.000%, 07/25/51@,• 		2,311 2,021,697
Towd Point Mortgage Trust, Series 2021-1 Class A2, 144A
2.750%, 11/25/61@,• 		2,500 2,180,995
Wells Fargo Mortgage Backed Securities Trust, Series 2020-3 Class A1, 144A
3.000%, 06/25/50@,• 		3,609 3,120,161
WinWater Mortgage Loan Trust, Series 2016-1 Class B3, 144A
3.773%, 01/20/46@,• 		1,326 1,261,948
    64,793,235
Fannie Mae Pool — 8.3%
2.000%, 08/01/42 4,176 3,620,775
3.500%, 10/01/45 3,744 3,464,490
1.500%, 06/01/51 3,133 2,407,638
2.000%, 11/01/51 3,763 3,029,246
2.000%, 12/01/51 2,278 1,833,277
3.000%, 03/01/52 8,339 7,305,728
6.000%, 07/01/53 2,897 2,969,139
5.500%, 12/01/54 3,117 3,136,266
    27,766,559
Fannie Mae REMICS — 0.9%
Series 2019-48 Class MA
3.000%, 09/25/49 		3,641 3,174,584
Freddie Mac Pool — 5.0%
5.000%, 12/01/44 3,242 3,245,284
2.500%, 04/01/52 8,725 7,345,807
4.000%, 09/01/52 3,900 3,662,027
5.500%, 08/01/53 2,465 2,492,814
    16,745,932
Freddie Mac REMICS — 3.0%
Series 5105 Class JM, 2.000%, 12/25/46 3,949 2,884,143
Series 5229 Class AL, 4.000%, 06/25/49 8,018 7,273,402
    10,157,545
Ginnie Mae — 1.4%
Series 2015-76 Class QB, 3.000%, 05/20/45 2,731 2,436,307
 
8
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Quality Bond Fund
  Par
(000) 		Value†
RESIDENTIAL MORTGAGE BACKED SECURITIES — (continued)
Ginnie Mae — (continued)
3.500%, 11/20/52 $2,474 $2,197,470
    4,633,777
TOTAL RESIDENTIAL MORTGAGE BACKED SECURITIES
(Cost $133,973,539) 		  127,271,632
U.S. TREASURY OBLIGATIONS — 11.6%
U.S. Treasury Bonds    
3.250%, 05/15/42 1,700 1,404,758
2.500%, 02/15/45 5,500 3,874,063
3.000%, 02/15/48 2,050 1,515,719
3.000%, 08/15/48 12,200 8,976,531
4.125%, 08/15/53 2,150 1,886,625
U.S. Treasury Inflation Indexed Bonds    
0.750%, 02/15/42 3,242 2,487,547
2.125%, 02/15/54 1,085 954,627
2.375%, 02/15/55 2,638 2,446,691
U.S. Treasury Inflation Indexed Notes    
1.750%, 01/15/34 1,300 1,273,152
2.125%, 01/15/35 2,111 2,111,420
U.S. Treasury Notes    
3.875%, 03/15/28 750 746,602
2.875%, 05/15/28 2,700 2,638,406
4.125%, 05/31/31 4,000 3,988,750
3.750%, 11/30/32 5,000 4,855,664
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $40,536,745) 		39,160,555
  Number of
Shares 		 
SHORT-TERM INVESTMENTS — 0.0%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $13,021) 		13,021 13,021
TOTAL INVESTMENTS — 98.3%
(Cost $343,351,505) 		  $330,809,272
Other Assets & Liabilities — 1.7% 5,803,379
TOTAL NET ASSETS — 100.0%   $336,612,651
† See Security Valuation Note.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2026, the aggregate value of Rule 144A securities was $129,474,015, which represents 38.5% 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.
ABS— Asset-Backed Security.
ASA— Allmennaksjeselskap.
CLO— Collateralized Loan Obligation.
CMT— Constant Maturity Treasury.
FREMF— Freddie Mac Multifamily Securities.
LLC— Limited Liability Company.
LP— Limited Partnership.
M— Month.
PLC— Public Limited Company.
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 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Asset Backed Securities $38,559,832 $— $38,559,832 $—
Commercial Mortgage Backed Securities 33,308,110 — 33,308,110 —
Corporate Bonds 89,776,892 — 89,776,892 —
Municipal Bonds 2,719,230 — 2,719,230 —
Residential Mortgage Backed Securities 127,271,632 — 127,271,632 —
U.S. Treasury Obligations 39,160,555 — 39,160,555 —
Short-Term Investments 13,021 13,021 — —
Total Investments $330,809,272 $13,021 $330,796,251 $—
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.
 
9
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
High Yield Bond Fund
  Number of
Shares 		Value†
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 — 97.0%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc.    
144A, 7.125%, 02/15/31@ $500 517,714
144A, 7.500%, 03/15/33@ 500 526,482
    1,044,196
Aerospace & Defense — 1.2%
TransDigm, Inc., 144A
6.000%, 01/15/33@ 		1,500 1,514,776
Airlines — 1.6%
American Airlines Pass Through Trust, Series 2021-1 Class B
3.950%, 01/11/32 		1,027 982,988
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 144A
8.750%, 01/15/32@ 		1,000 991,400
    1,974,388
Apparel — 1.6%
The William Carter Co., 144A
7.375%, 02/15/31@ 		1,000 1,033,166
Wolverine World Wide, Inc., 144A
4.000%, 08/15/29@ 		1,000 942,265
    1,975,431
Auto Parts & Equipment — 4.5%
Adient Global Holdings Ltd., 144A
7.500%, 02/15/33@ 		1,000 1,031,550
Clarios Global LP/Clarios US Finance Co.    
144A, 6.750%, 02/15/30@ 1,500 1,545,645
144A, 6.750%, 09/15/32@ 1,000 1,019,840
Forvia S.E., 144A
6.750%, 09/15/33@ 		1,000 998,237
The Goodyear Tire & Rubber Co.
6.625%, 07/15/30 		1,000 965,905
    5,561,177
Building Materials — 3.6%
Builders FirstSource, Inc., 144A
6.750%, 05/15/35@ 		1,500 1,529,088
CP Atlas Buyer, Inc., 144A
9.750%, 07/15/30@ 		1,000 960,635
  Par
(000) 		Value†
 
Building Materials — (continued)
Standard Building Solutions, Inc.    
144A, 6.250%, 08/01/33@ $1,000 $992,764
144A, 5.875%, 03/15/34@ 1,000 963,629
    4,446,116
Chemicals — 5.7%
Bond US Bidco 1, Inc./Bidco 2/Bidco 3/German Bidco 1 GmbH/German Bidco 2, 144A
7.125%, 06/15/33@ 		1,000 1,010,177
Celanese US Holdings LLC
7.375%, 02/15/34 		1,000 1,033,180
Methanex US Operations, Inc., 144A
6.250%, 03/15/32@ 		1,500 1,518,929
Olin Corp., 144A
6.625%, 04/01/33@ 		1,000 987,457
Solstice Advanced Materials, Inc., 144A
5.625%, 09/30/33@ 		1,000 994,695
WR Grace Holdings LLC, 144A
6.625%, 08/15/32@ 		1,500 1,454,527
    6,998,965
Commercial Services — 7.4%
Albion Financing 1 Sarl/Aggreko Holdings, Inc., 144A
7.000%, 05/21/30@ 		1,000 1,035,403
Block, Inc., 144A
6.000%, 08/15/33@ 		1,000 1,006,894
Herc Holdings, Inc., 144A
7.250%, 06/15/33@ 		1,000 1,042,602
Neptune Bidco US, Inc., 144A
9.290%, 04/15/29@ 		1,500 1,529,642
Service Corp. International    
7.500%, 04/01/27 1,750 1,777,585
4.000%, 05/15/31 1,500 1,415,956
Williams Scotsman, Inc., 144A
4.625%, 08/15/28@ 		1,350 1,337,270
    9,145,352
Distribution & Wholesale — 1.2%
ADI Escrow Issuer LLC, 144A
7.125%, 07/15/34@ 		1,000 1,018,294
Core & Main LP, 144A
6.000%, 07/01/34@ 		500 501,729
    1,520,023
Diversified Financial Services — 3.3%
Freedom Mortgage Holdings LLC, 144A
6.875%, 05/01/31@ 		1,000 970,878
Jefferson Capital Holdings LLC, 144A
8.250%, 05/15/30@ 		1,000 1,051,498
OneMain Finance Corp.
6.750%, 09/15/33 		1,000 989,941
WS Escrow LLC, 144A
7.750%, 06/01/33@ 		1,000 1,027,023
    4,039,340
 
10
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
High Yield Bond Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Electric — 3.3%
NRG Energy, Inc., 144A
6.250%, 11/01/34@ 		$1,500 $1,518,785
Vistra Corp. (UST Yield Curve CMT 5 Yr + 6.930%), 144A
8.000%@,µ,• 		1,000 1,007,778
Vistra Operations Co. LLC, 144A
6.875%, 04/15/32@ 		1,500 1,554,408
    4,080,971
Electrical Components & Equipment — 0.8%
Energizer Holdings, Inc., 144A
6.000%, 09/15/33@ 		1,000 962,225
Entertainment — 4.1%
Brightstar Lottery PLC/Brightstar Global Solutions Corp., , 144A
5.750%, 01/15/33@ 		1,000 980,230
Light & Wonder International, Inc., 144A
6.250%, 10/01/33@ 		1,500 1,491,870
Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 144A
8.250%, 04/15/30@ 		1,500 1,563,043
Pioneer Opco LLC, 144A
7.000%, 05/15/33@ 		1,000 1,017,493
    5,052,636
Environmental Control — 1.2%
Clean Harbors, Inc., 144A
6.375%, 02/01/31@ 		1,500 1,520,943
Food — 3.7%
Albertsons Cos. Inc/Safeway, Inc./New Albertsons LP/Albertsons LLC, 144A
5.750%, 03/31/34@ 		1,000 952,218
Fiesta Purchaser, Inc., 144A
7.875%, 03/01/31@ 		1,500 1,513,076
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 144A
7.125%, 04/30/33@ 		1,000 1,018,647
Viking Baked Goods Acquisition Corp., 144A
8.625%, 11/01/31@ 		1,000 1,008,743
    4,492,684
Healthcare Products — 2.1%
Avantor Funding, Inc., 144A
4.625%, 07/15/28@ 		1,100 1,088,456
Medline Borrower LP, 144A
5.250%, 10/01/29@ 		1,500 1,490,612
    2,579,068
Healthcare Services — 4.6%
CHS/Community Health Systems, Inc., 144A
4.750%, 02/15/31@ 		630 579,547
  Par
(000) 		Value†
 
Healthcare Services — (continued)
Encompass Health Corp.
4.750%, 02/01/30 		$1,000 $984,991
LifePoint Health, Inc., 144A
7.000%, 05/01/34@ 		1,000 958,170
Prime Healthcare Services, Inc., 144A
9.375%, 09/01/29@ 		1,500 1,567,034
Surgery Center Holdings, Inc., 144A
7.250%, 04/15/32@ 		1,500 1,518,457
    5,608,199
Home Builders — 0.8%
K Hovnanian Enterprises, Inc., 144A
8.375%, 10/01/33@ 		1,000 1,027,581
Home Furnishings — 1.7%
FXI Holdings, Inc.    
144A, 14.000%, 11/15/29@ 385 99,120
144A, 11.000%, 11/15/30@ 1,098 921,984
Whirlpool Corp., 144A
7.500%, 07/01/31@ 		1,000 1,012,756
    2,033,860
Household Products & Wares — 0.8%
Prestige Brands, Inc.
6.250%, 07/15/34 		1,000 1,000,000
Insurance — 2.3%
Acrisure LLC/Acrisure Finance, Inc., 144A
6.750%, 07/01/32@ 		1,000 898,713
Asurion LLC/ Asurion Co.-Issuer, Inc.    
144A, 8.000%, 12/31/32@ 1,000 1,008,835
144A, 8.375%, 02/01/34@ 1,000 925,917
    2,833,465
Iron & Steel — 0.8%
Commercial Metals Co., 144A
6.000%, 12/15/35@ 		1,000 997,589
Leisure Time — 0.8%
Carnival Corp., Ltd., 144A
5.750%, 08/01/32@ 		1,000 1,009,385
Lodging — 0.8%
Marriott Ownership Resorts, Inc., 144A
6.500%, 10/01/33@ 		1,000 993,849
Machinery — Diversified — 1.6%
Columbus McKinnon Corp., 144A
7.125%, 02/01/33@ 		1,000 1,002,228
Esab Corp., 144A
5.625%, 04/01/31@ 		1,000 999,347
    2,001,575
Media — 2.6%
CCO Holdings LLC/CCO Holdings Capital Corp.    
144A, 5.125%, 05/01/27@ 515 513,951
 
11
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
High Yield Bond Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Media — (continued)
144A, 4.250%, 01/15/34@ $2,000 $1,693,381
Univision Communications, Inc., 144A
8.875%, 04/15/33@ 		1,000 984,412
    3,191,744
Mining — 6.7%
Alumina Pty Ltd., 144A
6.375%, 09/15/32@ 		2,000 2,036,762
Arcosa, Inc., 144A
6.875%, 08/15/32@ 		1,500 1,564,791
Capstone Copper Corp., 144A
6.750%, 03/31/33@ 		1,500 1,520,324
First Quantum Minerals Ltd.    
144A, 8.000%, 03/01/33@ 1,000 1,045,199
144A, 7.250%, 02/15/34@ 1,000 1,025,514
PLS Group Ltd., 144A
6.875%, 05/01/31@ 		1,000 1,025,249
    8,217,839
Oil & Gas — 6.9%
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 144A
6.625%, 10/15/32@ 		1,500 1,517,784
Chord Energy Corp., 144A
6.750%, 03/15/33@ 		1,500 1,522,878
Comstock Resources, Inc., 144A
6.750%, 03/01/29@ 		1,500 1,476,913
Crescent Energy Finance LLC, 144A
7.375%, 01/15/33@ 		1,000 994,294
Gulfport Energy Operating Corp., 144A
6.750%, 09/01/29@ 		1,000 1,020,023
SM Energy Co., 144A
6.625%, 04/15/34@ 		1,000 984,726
Sunoco LP, 144A
5.875%, 03/15/34@ 		1,000 986,430
    8,503,048
Oil & Gas Services — 0.4%
WBI Operating LLC, 144A
6.250%, 10/15/30@ 		500 503,040
Packaging and Containers — 3.1%
Crown Americas LLC
5.875%, 06/01/33 		1,500 1,509,230
Sword Purchaser LLC, 144A
8.250%, 04/15/33@ 		1,000 1,035,643
Trivium Packaging Finance BV, 144A
8.250%, 07/15/30@ 		1,152 1,217,241
    3,762,114
Pharmaceuticals — 3.6%
Amneal Pharmaceuticals LLC, 144A
6.875%, 08/01/32@ 		1,000 1,038,417
Elanco Animal Health, Inc.
6.400%, 08/28/28 		1,050 1,077,539
Jazz Securities DAC, 144A
4.375%, 01/15/29@ 		1,400 1,371,400
  Par
(000) 		Value†
 
Pharmaceuticals — (continued)
Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 144A
8.750%, 04/17/32@ 		$1,000 $895,000
    4,382,356
Pipelines — 2.8%
Energy Transfer LP, Series H (UST Yield Curve CMT 5 Yr + 5.694%)
6.500%µ,• 		1,975 1,976,505
Venture Global LNG, Inc. (UST Yield Curve CMT 5 Yr + 5.440%), 144A
9.000%@,µ,• 		1,500 1,464,511
    3,441,016
Real Estate Investment Trusts — 0.8%
MPT Operating Partnership LP/MPT Finance Corp., 144A
8.500%, 02/15/32@ 		1,000 1,023,642
Retail — 6.6%
Academy Ltd., 144A
5.875%, 05/15/31@ 		1,000 1,000,711
Bath & Body Works, Inc.
6.750%, 07/01/36 		1,500 1,502,560
FirstCash, Inc., 144A
6.125%, 05/01/34@ 		1,000 995,391
Macy's Retail Holdings LLC
4.500%, 12/15/34 		1,250 1,124,115
The Gap, Inc., 144A
3.875%, 10/01/31@ 		1,500 1,367,007
The Men's Wearhouse LLC, 144A
9.000%, 02/01/31@ 		1,000 1,063,112
The Michaels Cos., Inc., 144A
8.500%, 03/15/33@ 		1,000 990,389
    8,043,285
Semiconductors — 0.4%
Amkor Technology, Inc., 144A
5.875%, 10/01/33@ 		500 501,559
Software — 1.4%
OAK-Eagle Acquireco, Inc., 144A
7.250%, 07/01/33@ 		1,000 1,044,263
Open Text Corp., 144A
6.900%, 12/01/27@ 		675 690,200
    1,734,463
Telecommunications — 1.3%
Windstream Services LLC/Windstream Escrow Finance Corp., 144A
8.250%, 10/01/31@ 		1,500 1,581,888
TOTAL CORPORATE BONDS
(Cost $118,185,090) 		  119,299,788
 
12
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
High Yield Bond Fund
  Number of
Shares 		Value†
SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $866,144) 		866,144 $866,144
TOTAL INVESTMENTS — 97.7%
(Cost $119,075,459) 		  $120,165,932
Other Assets & Liabilities — 2.3% 2,803,923
TOTAL NET ASSETS — 100.0%   $122,969,855
† See Security Valuation Note.
(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.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2026, the aggregate value of Rule 144A securities was $102,959,293, which represents 83.7% of the Fund’s net assets.
µ Perpetual security with no stated maturity date.
• 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.
CMT— Constant Maturity Treasury.
LLC— Limited Liability Company.
LP— Limited Partnership.
PLC— Public Limited Company.
S.E.— Societas Europaea.
UST— US Treasury.
Yr— Year.
Country Weightings as of 6/30/2026††
United States 87%
Canada 4
Australia 2
Ireland 2
Netherlands 1
Luxembourg 1
France 1
Other 2
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Common Stocks $— $— $— $—(1)
Preferred Stocks — — — —(1)
Corporate Bonds 119,299,788 — 119,299,788 —
Short-Term Investments 866,144 866,144 — —
Total Investments $120,165,932 $866,144 $119,299,788 $—
(1) Includes internally fair valued securities currently priced at zero ($0).
^ 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.
The accompanying notes are an integral part of these financial statements.
 
13
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Flexibly Managed Fund
  Par
(000) 		Value†
ASSET BACKED SECURITIES — 0.1%
Other ABS — 0.1%    
Domino's Pizza Master Issuer LLC,    
Series 2017-1A Class A23, 144A
4.118%, 07/25/47@ 		$2,751 $2,733,799
Series 2019-1A Class A2, 144A
3.668%, 10/25/49@ 		2,127 2,041,022
    4,774,821
TOTAL ASSET BACKED SECURITIES
(Cost $4,858,987) 		4,774,821
  Number of
Shares 		 
COMMON STOCKS — 61.7%
Aerospace & Defense — 1.1%
Lockheed Martin Corp. 58,800 29,956,248
Northrop Grumman Corp. 48,544 24,723,945
    54,680,193
Auto Parts & Equipment — 1.7%
Aurora Innovation, Inc.* 12,423,052 84,725,215
Banks — 0.4%
JPMorgan Chase & Co. 54,300 17,774,019
Beverages — 1.6%
Keurig Dr Pepper, Inc. 2,445,150 80,029,759
Biotechnology — 3.0%
Alnylam Pharmaceuticals, Inc.* 147,275 44,334,193
Arcellx, Inc.* 106,458 0
CG oncology, Inc.* 179,192 12,731,592
Cytokinetics, Inc.* 464,608 39,579,956
Denali Therapeutics, Inc.* 347,800 8,945,416
Dyne Therapeutics, Inc.* 234,018 5,197,540
Erasca, Inc.* 495,500 9,077,560
Kymera Therapeutics, Inc.* 144,575 16,578,415
Maze Therapeutics, Inc.* 68,729 2,050,873
MoonLake Immunotherapeutics* 111,792 2,176,590
Stoke Therapeutics, Inc.* 37,985 1,242,869
Xenon Pharmaceuticals, Inc.* 95,464 5,762,207
    147,677,211
Commercial Services — 0.0%
TransUnion 12,309 887,971
Computers — 2.1%
Apple, Inc. 306,314 88,635,019
International Business Machines Corp. 12,743 3,583,459
Lumentum Holdings, Inc.* 10,300 8,838,018
Quantinuum, Inc., Class A* 3,452 282,167
    101,338,663
Diversified Financial Services — 2.9%
Ares Management Corp., Class A 121,557 13,530,510
Mastercard, Inc., Class A 149,439 76,751,870
Visa, Inc., Class A 143,971 49,395,010
    139,677,390
  Number of
Shares 		Value†
 
Electric — 4.9%
Ameren Corp. 535,418 $60,523,651
CenterPoint Energy, Inc. 2,944,996 129,697,624
PPL Corp. 1,392,147 50,604,543
    240,825,818
Electronics — 0.6%
Arxis, Inc., Class A* 105,968 4,889,363
TE Connectivity PLC 67,803 13,669,763
Woodward, Inc. 21,739 9,248,640
    27,807,766
Entertainment — 0.1%
Madison Square Garden Sports Corp.* 14,264 5,731,846
Environmental Control — 0.5%
Veralto Corp. 284,100 25,193,988
Gas — 1.2%
NiSource, Inc. 1,249,457 59,411,680
Healthcare Products — 4.2%
Danaher Corp. 287,600 54,782,048
Revvity, Inc. 826,719 91,980,756
Waters Corp.* 153,614 57,611,394
    204,374,198
Healthcare Services — 0.5%
HCA Healthcare, Inc. 43,522 16,968,793
UnitedHealth Group, Inc. 22,854 9,498,808
    26,467,601
Insurance — 0.9%
Arthur J. Gallagher & Co. 91,745 21,061,900
Ryan Specialty Holdings, Inc. 162,054 6,119,159
Willis Towers Watson PLC 67,184 17,559,882
    44,740,941
Internet — 10.8%
Alphabet, Inc., Class A†† 363,365 129,855,750
Alphabet, Inc., Class C 215,750 76,230,947
Amazon.com, Inc.*,†† 707,562 168,640,327
DoorDash, Inc., Class A* 226,090 41,720,388
Meta Platforms, Inc., Class A†† 194,861 109,763,253
    526,210,665
Machinery — Diversified — 0.7%
Ingersoll Rand, Inc. 403,722 33,101,167
Oil & Gas — 1.0%
Canadian Natural Resources Ltd. 918,656 36,286,912
ConocoPhillips 135,700 14,107,372
    50,394,284
Oil & Gas Services — 0.1%
SLB Ltd. 47,730 2,218,968
Pharmaceuticals — 4.0%
Ascendis Pharma A/S* 238,355 63,574,046
Becton Dickinson & Co. 149,016 22,550,591
Cencora, Inc. 327,896 92,788,010
 
14
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Flexibly Managed Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — (continued)
Vaxcyte, Inc.* 286,890 $16,676,916
    195,589,563
Private Equity — 0.5%
KKR & Co., Inc. 248,600 22,816,508
Retail — 1.4%
Starbucks Corp. 298,567 30,510,562
Yum! Brands, Inc.†† 231,052 36,935,972
    67,446,534
Semiconductors — 11.0%
Advanced Micro Devices, Inc.*,†† 174,793 101,539,002
ASML Holding N.V. 14,507 28,860,806
Broadcom, Inc. 344,145 130,000,774
Cerebras Systems, Inc., Class A* 6,525 1,442,025
Micron Technology, Inc. 45,093 52,050,399
NVIDIA Corp.†† 721,462 144,357,331
Taiwan Semiconductor Manufacturing Co., Ltd.†† 924,000 72,894,620
Texas Instruments, Inc. 11,738 3,498,746
    534,643,703
Software — 5.6%
Bentley Systems, Inc., Class B 294,885 8,814,113
Cadence Design Systems, Inc.* 50,300 18,878,596
Microsoft Corp.†† 455,763 170,008,714
MSCI, Inc. 42,200 23,633,688
PTC, Inc.* 317,678 36,091,397
Synopsys, Inc.* 39,500 17,619,765
    275,046,273
Telecommunications — 0.9%
Arista Networks, Inc.* 225,813 38,361,113
Ciena Corp.* 10,636 5,217,596
    43,578,709
TOTAL COMMON STOCKS
(Cost $2,751,342,430) 		3,012,390,633
PREFERRED STOCKS — 1.0%
Auto Manufacturers — 1.0%
Waymo LLC, Series A-2, CONV(1),*,#
(Cost $21,086,236) 		245,568 48,148,518
  Par
(000) 		 
CORPORATE BONDS — 8.4%
Aerospace & Defense — 1.5%
TransDigm, Inc.    
144A, 6.750%, 08/15/28@ $2,152 2,173,350
4.625%, 01/15/29 3,763 3,704,098
144A, 6.375%, 03/01/29@ 11,499 11,674,233
144A, 7.125%, 12/01/31@ 6,637 6,872,773
144A, 6.625%, 03/01/32@ 16,679 17,108,785
144A, 6.375%, 05/31/33@ 14,165 14,301,182
  Par
(000) 		Value†
 
Aerospace & Defense — (continued)
144A, 6.250%, 01/31/34@ $880 $897,935
144A, 6.750%, 01/31/34@ 9,848 10,101,773
144A, 6.125%, 07/31/34@ 5,358 5,352,765
    72,186,894
Commercial Services — 0.2%
Korn Ferry, 144A
4.625%, 12/15/27@ 		3,386 3,368,669
Service Corp. International    
4.625%, 12/15/27 479 476,626
3.375%, 08/15/30 2,557 2,371,701
5.750%, 10/15/32 2,818 2,829,382
    9,046,378
Computers — 0.1%
Booz Allen Hamilton, Inc.    
144A, 4.000%, 07/01/29@ 2,245 2,191,948
5.950%, 08/04/33 2,469 2,482,493
Crowdstrike Holdings, Inc.
3.000%, 02/15/29 		572 545,736
    5,220,177
Electric — 1.4%
Alliant Energy Corp. (UST Yield Curve CMT 5 Yr + 2.077%)
5.750%, 04/01/56• 		1,589 1,571,206
American Electric Power Co., Inc.,    
Series C (UST Yield Curve CMT 5 Yr + 2.128%), 5.800%, 03/15/56• 10,367 10,309,914
Series D (UST Yield Curve CMT 5 Yr + 1.940%), 6.050%, 03/15/56• 10,020 9,962,392
CenterPoint Energy, Inc. (UST Yield Curve CMT 5 Yr + 2.223%)
5.950%, 04/01/56• 		9,423 9,406,311
DTE Energy Co., Series C (UST Yield Curve CMT 5 Yr + 1.811%)
6.200%, 07/01/58• 		9,104 9,181,293
Entergy Corp.    
(UST Yield Curve CMT 5 Yr + 2.179%), 5.875%, 06/15/56• 8,275 8,276,514
(UST Yield Curve CMT 5 Yr + 2.013%), 6.100%, 06/15/56• 7,621 7,635,335
The Southern Co. (UST Yield Curve CMT 5 Yr + 1.993%)
6.000%, 04/01/58• 		11,717 11,745,425
    68,088,390
Entertainment — 0.0%
Vail Resorts, Inc., 144A
6.500%, 05/15/32@ 		2,711 2,760,668
Gas — 0.3%
NiSource, Inc. (UST Yield Curve CMT 5 Yr + 2.035%)
5.750%, 07/15/56• 		13,957 13,936,761
 
15
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Flexibly Managed Fund
  Par
(000) 		Value†
CORPORATE BONDS — (continued)
Healthcare Services — 0.2%
IQVIA, Inc.    
144A, 5.000%, 05/15/27@ $4,372 $4,369,869
144A, 6.500%, 05/15/30@ 2,589 2,642,567
Surgery Center Holdings, Inc., 144A
7.250%, 04/15/32@ 		2,215 2,242,255
    9,254,691
Insurance — 2.1%
AmWINS Group, Inc., 144A
6.375%, 02/15/29@ 		3,277 3,287,231
Broadstreet Partners Group LLC, 144A
5.875%, 04/15/29@ 		10,427 10,179,083
HUB International Ltd.    
144A, 5.625%, 12/01/29@ 6,513 6,471,903
144A, 7.250%, 06/15/30@ 40,112 41,161,891
144A, 7.375%, 01/31/32@ 23,409 23,828,981
Ryan Specialty LLC    
144A, 4.375%, 02/01/30@ 2,140 2,062,029
144A, 5.875%, 08/01/32@ 5,209 5,134,708
USI, Inc., 144A
7.500%, 01/15/32@ 		8,714 8,796,121
    100,921,947
Leisure Time — 0.1%
Life Time, Inc., 144A
6.000%, 11/15/31@ 		2,868 2,912,306
Lodging — 1.0%
Hilton Domestic Operating Co., Inc.    
144A, 5.875%, 04/01/29@ 3,928 3,971,982
144A, 3.750%, 05/01/29@ 8,034 7,748,151
4.875%, 01/15/30 7,217 7,166,348
144A, 4.000%, 05/01/31@ 7,522 7,112,177
144A, 3.625%, 02/15/32@ 9,652 8,834,314
144A, 5.750%, 09/15/33@ 6,121 6,143,935
144A, 5.500%, 03/31/34@ 5,927 5,876,474
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.875%, 04/01/27 		3,472 3,470,124
    50,323,505
Real Estate Investment Trusts — 0.3%
SBA Communications Corp.    
3.875%, 02/15/27 8,504 8,456,191
3.125%, 02/01/29 7,128 6,821,318
SBA Tower Trust, 144A
6.599%, 11/15/52@ 		256 258,565
    15,536,074
Retail — 0.9%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A
4.750%, 06/01/27@ 		8,757 8,732,775
  Par
(000) 		Value†
 
Retail — (continued)
Murphy Oil USA, Inc.    
144A, 3.750%, 02/15/31@ $525 $491,632
144A, 5.875%, 06/01/34@ 1,981 1,987,325
Yum! Brands, Inc.    
144A, 4.750%, 01/15/30@ 4,113 4,045,566
3.625%, 03/15/31 4,955 4,618,625
4.625%, 01/31/32 8,583 8,226,744
5.375%, 04/01/32 7,196 7,169,385
6.875%, 11/15/37 3,145 3,411,841
5.350%, 11/01/43 6,180 5,811,880
    44,495,773
Software — 0.3%
Ellucian Holdings, Inc., 144A
6.500%, 12/01/29@ 		2,199 2,125,465
Fair Isaac Corp., 144A
6.000%, 05/15/33@ 		3,576 3,523,449
MSCI, Inc.
5.250%, 09/01/35 		6,771 6,638,270
PTC, Inc., 144A
4.000%, 02/15/28@ 		3,591 3,514,853
    15,802,037
TOTAL CORPORATE BONDS
(Cost $405,948,189) 		  410,485,601
LOAN AGREEMENTS‡ — 8.4%
Aerospace & Defense — 0.5%
Transdigm, Inc.    
(1 M SOFR + 2.250%), 5.894%, 03/22/30• 23,089 23,090,136
(1 M SOFR + 2.500%), 6.144%, 02/13/33• 2,164 2,164,229
    25,254,365
Apparel — 0.3%
Varsity Brands, Inc. (3 M SOFR + 2.750%)
6.482%, 08/26/31• 		15,736 15,749,428
Diversified Financial Services — 0.5%
CPI Holdco B, LLC (1 M SOFR + 2.000%)
5.644%, 05/17/31• 		16,987 16,910,498
EP Wealth Advisors LLC (1 M SOFR + 2.500%)
6.166%, 10/18/32• 		1,512 1,510,955
Mariner Wealth Advisors LLC (3 M SOFR + 2.250%)
5.982%, 12/31/30• 		7,957 7,944,396
    26,365,849
Environmental Control — 0.5%
Filtration Group Corp.    
(1 M SOFR + 3.500%), 5.679%, 10/21/28• 6,874 7,881,718
 
16
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Flexibly Managed Fund
  Par
(000) 		Value†
LOAN AGREEMENTS‡ — (continued)
Environmental Control — (continued)
(1 M SOFR + 2.500%), 6.144%, 10/23/28• $17,218 $17,218,204
    25,099,922
Healthcare Services — 0.3%
Loire US Holdco 1, Inc. (1 M SOFR + 4.000%)
7.644%, 01/21/30• 		13,430 13,439,507
Insurance — 3.2%
AmWINS Group, Inc. (3 M SOFR + 2.000%)
5.732%, 01/30/32• 		33,457 32,686,273
Broadstreet Partners, Inc. (1 M SOFR + 2.500%)
6.144%, 06/13/31• 		33,416 32,197,768
HUB International Ltd. (3 M SOFR + 2.250%)
5.922%, 06/20/30• 		63,799 63,694,350
Ryan Specialty Group LLC (1 M SOFR + 2.000%)
5.644%, 09/15/31• 		615 613,031
USI, Inc.    
(3 M SOFR + 2.250%), 5.982%, 11/21/29• 13,047 12,994,854
(3 M SOFR + 2.250%), 5.982%, 09/27/30• 13,190 13,121,050
    155,307,326
Lodging — 0.5%
Hilton Worldwide Finance LLC (1 M SOFR + 1.750%)
5.398%, 11/08/30• 		19,717 19,745,053
Wyndham Hotels & Resorts, Inc. (1 M SOFR + 1.750%)
5.394%, 05/24/30• 		2,862 2,861,639
    22,606,692
Real Estate Investment Trusts — 0.2%
SBA Senior Finance II LLC (1 M SOFR + 1.750%)
5.400%, 01/25/31• 		9,155 9,161,060
Software — 2.4%
Applied Systems, Inc.    
(3 M SOFR + 2.250%), 5.982%, 02/24/31• 68,398 67,115,367
(3 M SOFR + 4.500%), 8.232%, 02/23/32• 9,928 9,776,117
Bending Spoons US, Inc.    
(1 M SOFR + 5.875%), 9.489%, 03/07/31• 924 906,481
(1 M SOFR + 5.875%), 9.489%, 03/07/31• 15,822 15,544,845
Ellucian Holdings, Inc. (1 M SOFR + 2.500%)
6.144%, 10/08/29×,• 		10,617 10,223,281
  Par
(000) 		Value†
 
Software — (continued)
Epicor Software Corp. (1 M SOFR + 2.500%)
6.394%, 05/30/31×,• 		$7,726 $7,369,137
Storable, Inc. (1 M SOFR + 3.250%)
6.894%, 04/17/31×,• 		5,278 4,693,270
    115,628,498
TOTAL LOAN AGREEMENTS
(Cost $412,816,572) 		  408,612,647
U.S. TREASURY OBLIGATIONS — 15.4%
U.S. Treasury Notes    
3.625%, 10/31/30 102,442 100,193,078
3.500%, 11/30/30 78,472 76,326,281
3.625%, 12/31/30 31,971 31,241,662
3.750%, 01/31/31 55,092 54,093,458
3.500%, 02/28/31 125,814 122,217,186
3.875%, 03/31/31 78,467 77,409,535
3.875%, 12/31/32 62,380 60,983,760
4.000%, 01/31/33 49,616 48,829,121
3.750%, 02/28/33 85,896 83,298,697
4.250%, 05/31/33 99,317 99,068,707
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $764,088,964) 		753,661,485
  Number of
Shares 		 
SHORT-TERM INVESTMENTS — 4.7%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%) 15,230,857 15,230,857
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 3.710%) 215,922,761 215,922,761
TOTAL SHORT-TERM INVESTMENTS
(Cost $231,153,618) 		  231,153,618
TOTAL INVESTMENTS — 99.7%
(Cost $4,591,294,996) 		  $4,869,227,323
Other Assets & Liabilities — 0.3% 14,380,301
TOTAL NET ASSETS — 100.0%   $4,883,607,624
  Number of
Contracts 		 
WRITTEN OPTIONS — (0.6)%
Call Options    
TOTAL WRITTEN OPTIONS    
(See open written options schedule)
(Premiums $(21,157,618)) 12,212 $(27,107,495)
† See Security Valuation Note.
 
17
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Flexibly Managed Fund
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2026, the aggregate value of Rule 144A securities was $259,034,509, which represents 5.3% of the Fund’s net assets.
* Non-income producing security.
†† At June 30, 2026, 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, 2026, the aggregate value of restricted securities was $48,148,518 which represented 1.0% 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 05/08/26 $21,086,236 $48,148,518
• 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, 2026. 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, 2026, at which time the interest rate, based on the SOFR and the agreed upon spread on trade date, will be reflected.
    
A/S— Aktieselskab.
ABS— Asset-Backed Security.
CMT— Constant Maturity Treasury.
CONV— Convertible Security.
LLC— Limited Liability Company.
M— Month.
MSCI— Morgan Stanley Capital International.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
SOFR— Secured Overnight Financing Rate.
UST— US Treasury.
Yr— Year.
Country Weightings as of 6/30/2026††
United States 95%
Taiwan 2
Denmark 1
Canada 1
Netherlands 1
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Asset Backed Securities $4,774,821 $— $4,774,821 $—
Common Stocks        
Aerospace & Defense 54,680,193 54,680,193 — —
Auto Parts & Equipment 84,725,215 84,725,215 — —
Banks 17,774,019 17,774,019 — —
Beverages 80,029,759 80,029,759 — —
Biotechnology 147,677,211 147,677,211 — —
Commercial Services 887,971 887,971 — —
Computers 101,338,663 101,338,663 — —
Diversified Financial Services 139,677,390 139,677,390 — —
Electric 240,825,818 240,825,818 — —
Electronics 27,807,766 27,807,766 — —
Entertainment 5,731,846 5,731,846 — —
Environmental Control 25,193,988 25,193,988 — —
Gas 59,411,680 59,411,680 — —
Healthcare Products 204,374,198 204,374,198 — —
Healthcare Services 26,467,601 26,467,601 — —
Insurance 44,740,941 44,740,941 — —
Internet 526,210,665 526,210,665 — —
Machinery — Diversified 33,101,167 33,101,167 — —
 
18
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Flexibly Managed Fund
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Oil & Gas $50,394,284 $50,394,284 $— $—
Oil & Gas Services 2,218,968 2,218,968 — —
Pharmaceuticals 195,589,563 195,589,563 — —
Private Equity 22,816,508 22,816,508 — —
Retail 67,446,534 67,446,534 — —
Semiconductors 534,643,703 461,749,083 72,894,620 —
Software 275,046,273 275,046,273 — —
Telecommunications 43,578,709 43,578,709 — —
Total Common Stocks 3,012,390,633 2,939,496,013 72,894,620 —
Preferred Stocks 48,148,518 — — 48,148,518
Corporate Bonds 410,485,601 — 410,485,601 —
Loan Agreements 408,612,647 — 408,612,647 —
U.S. Treasury Obligations 753,661,485 — 753,661,485 —
Short-Term Investments 231,153,618 231,153,618 — —
Total Investments $4,869,227,323 $3,170,649,631 $1,650,429,174 $48,148,518
LIABILITIES TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Other Financial Instruments(1)        
Written Options $(27,107,495) $(26,999,695) $(107,800) $—
Total Liabilities—Other Financial Instruments $(27,107,495) $(26,999,695) $(107,800) $—
(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.
^ 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, 2026 are as follows:
Open Written Options
Over-the-counter
Call Options                    
Description   # of
Contracts 		  Notional   Exercise
Price 		  Expiration
Date 		  Value
Advanced Micro Devices, Inc.,(5)   120   $3,720,000   $310   01/15/27   $(3,543,840)
Advanced Micro Devices, Inc.,(5)   120   3,840,000   320   01/15/27   (3,416,040)
Alphabet, Inc.,(7)   99   3,366,000   340   01/15/27   (505,890)
Alphabet, Inc.,(7)   99   3,465,000   350   01/15/27   (445,500)
Alphabet, Inc.,(5)   96   3,456,000   360   01/15/27   (386,496)
Alphabet, Inc.,(7)   99   3,564,000   360   01/15/27   (398,574)
Alphabet, Inc.,(5)   96   3,552,000   370   01/15/27   (343,392)
Alphabet, Inc.,(5)   96   3,648,000   380   01/15/27   (302,400)
Alphabet, Inc.,(5)   180   7,200,000   400   01/15/27   (441,000)
Alphabet, Inc.,(5)   180   7,470,000   415   01/15/27   (355,500)
Alphabet, Inc.,(5)   78   3,354,000   430   06/17/27   (232,830)
Alphabet, Inc.,(5)   78   3,432,000   440   06/17/27   (213,330)
Alphabet, Inc.,(5)   78   3,510,000   450   06/17/27   (195,780)
Alphabet, Inc.,(5)   78   3,588,000   460   06/17/27   (179,790)
Amazon.com, Inc.,(7)   127   3,810,000   300   01/15/27   (123,825)
Amazon.com, Inc.,(7)   127   3,873,500   305   01/15/27   (111,252)
19
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Flexibly Managed Fund
Call Options                    
Description   # of
Contracts 		  Notional   Exercise
Price 		  Expiration
Date 		  Value
Amazon.com, Inc.,(7)   127   $3,937,000   $310   01/15/27   $(100,203)
Amazon.com, Inc.,(7)   127   4,000,500   315   01/15/27   (93,599)
Amazon.com, Inc.,(7)   127   4,064,000   320   01/15/27   (86,106)
Amazon.com, Inc.,(7)   108   3,240,000   300   06/17/27   (213,948)
Amazon.com, Inc.,(7)   126   3,906,000   310   06/17/27   (221,760)
Amazon.com, Inc.,(7)   126   4,032,000   320   06/17/27   (194,670)
Amazon.com, Inc.,(7)   126   4,158,000   330   06/17/27   (175,140)
Apple, Inc.,(1)   291   8,730,000   300   01/15/27   (611,100)
Apple, Inc.,(1)   111   3,774,000   340   06/17/27   (175,935)
Apple, Inc.,(1)   111   3,885,000   350   06/17/27   (154,290)
Apple, Inc.,(1)   111   3,996,000   360   06/17/27   (123,210)
Apple, Inc.,(1)   111   4,107,000   370   06/17/27   (102,675)
Broadcom, Inc.,(4)   182   7,098,000   390   01/15/27   (1,001,000)
Broadcom, Inc.,(4)   182   7,462,000   410   01/15/27   (850,850)
Canadian Natural Resources Ltd.,(5)   322   1,610,000   50   01/15/27   (25,760)
Canadian Natural Resources Ltd.,(5)   322   1,690,500   53   01/15/27   (22,540)
Canadian Natural Resources Ltd.,(5)   323   1,776,500   55   01/15/27   (17,442)
Canadian Natural Resources Ltd.,(5)   323   1,857,250   58   01/15/27   (8,075)
DoorDash, Inc.,(6)   122   2,806,000   230   01/15/27   (186,050)
DoorDash, Inc.,(1)   159   2,782,500   175   03/19/27   (640,770)
DoorDash, Inc.,(1)   159   2,862,000   180   03/19/27   (645,381)
DoorDash, Inc.,(1)   159   2,941,500   185   03/19/27   (568,425)
DoorDash, Inc.,(1)   159   3,021,000   190   03/19/27   (574,308)
Ingersoll Rand, Inc.,(4)   294   2,793,000   95   01/15/27   (111,720)
Ingersoll Rand, Inc.,(4)   294   2,940,000   100   01/15/27   (76,440)
Ingersoll Rand, Inc.,(4)   211   1,688,000   80   03/19/27   (236,320)
Ingersoll Rand, Inc.,(4)   211   1,793,500   85   03/19/27   (187,790)
JPMorgan Chase & Co.,(8)   181   6,154,000   340   06/17/27   (531,235)
JPMorgan Chase & Co.,(8)   181   6,335,000   350   06/17/27   (450,690)
JPMorgan Chase & Co.,(8)   181   6,516,000   360   06/17/27   (381,005)
Mastercard, Inc.,(2)   47   2,679,000   570   01/15/27   (94,940)
Mastercard, Inc.,(2)   78   4,524,000   580   01/15/27   (111,540)
Mastercard, Inc.,(2)   125   7,500,000   600   01/15/27   (162,500)
Mastercard, Inc.,(2)   50   2,750,000   550   06/17/27   (220,000)
Mastercard, Inc.,(2)   50   2,800,000   560   06/17/27   (185,000)
Mastercard, Inc.,(2)   50   2,900,000   580   06/17/27   (148,000)
Mastercard, Inc.,(2)   50   2,950,000   590   06/17/27   (157,750)
Meta Platforms, Inc.,(8)   70   5,180,000   740   06/17/27   (280,140)
Meta Platforms, Inc.,(8)   70   5,320,000   760   06/17/27   (266,000)
Microsoft Corp.,(8)   72   3,384,000   470   06/17/27   (196,200)
Microsoft Corp.,(8)   72   3,528,000   490   06/17/27   (167,040)
Microsoft Corp.,(8)   72   3,600,000   500   06/17/27   (155,520)
PTC, Inc.,(5)   47   728,500   155   01/15/27   (9,165)
PTC, Inc.,(5)   47   752,000   160   01/15/27   (9,870)
PTC, Inc.,(5)   47   775,500   165   01/15/27   (8,695)
PTC, Inc.,(5)   47   799,000   170   01/15/27   (6,815)
Revvity, Inc.,(8)   70   735,000   105   12/18/26   (115,500)
Revvity, Inc.,(8)   70   770,000   110   12/18/26   (97,300)
Revvity, Inc.,(8)   70   805,000   115   12/18/26   (81,200)
Revvity, Inc.,(8)   70   840,000   120   12/18/26   (66,500)
Starbucks Corp.,(7)   580   6,090,000   105   01/15/27   (507,500)
Starbucks Corp.,(7)   580   6,380,000   110   01/15/27   (388,600)
Starbucks Corp.,(7)   670   7,705,000   115   01/15/27   (341,700)
UnitedHealth Group, Inc.,(3)   52   2,184,000   420   06/17/27   (301,444)
UnitedHealth Group, Inc.,(3)   52   2,288,000   440   06/17/27   (247,520)
UnitedHealth Group, Inc.,(3)   51   2,295,000   450   06/17/27   (225,420)
UnitedHealth Group, Inc.,(3)   52   2,392,000   460   06/17/27   (213,200)
20
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Flexibly Managed Fund
Call Options                    
Description   # of
Contracts 		  Notional   Exercise
Price 		  Expiration
Date 		  Value
Visa, Inc.,(3)   61   $2,104,500   $345   01/15/27   $(155,855)
Visa, Inc.,(3)   110   3,960,000   360   01/15/27   (212,190)
Visa, Inc.,(3)   61   2,226,500   365   01/15/27   (105,530)
Visa, Inc.,(3)   110   4,125,000   375   01/15/27   (144,100)
Visa, Inc.,(4)   76   2,736,000   360   06/17/27   (228,000)
Visa, Inc.,(4)   76   2,812,000   370   06/17/27   (201,780)
Visa, Inc.,(4)   76   2,888,000   380   06/17/27   (163,400)
Visa, Inc.,(4)   76   2,964,000   390   06/17/27   (139,840)
Waters Corp.,(8)   44   1,672,000   380   01/15/27   (165,440)
Waters Corp.,(8)   44   1,716,000   390   01/15/27   (142,560)
Waters Corp.,(8)   44   1,760,000   400   01/15/27   (132,440)
Waters Corp.,(8)   44   1,804,000   410   01/15/27   (107,800)
Yum! Brands, Inc.,(7)   199   3,283,500   165   01/15/27   (159,200)
Yum! Brands, Inc.,(7)   151   2,718,000   180   01/15/27   (46,810)
Yum! Brands, Inc.,(7)   151   2,793,500   185   01/15/27   (32,465)
Yum! Brands, Inc.,(7)   65   1,072,500   165   06/17/27   (79,950)
Yum! Brands, Inc.,(7)   65   1,105,000   170   06/17/27   (65,650)
Yum! Brands, Inc.,(7)   65   1,137,500   175   06/17/27   (53,300)
Yum! Brands, Inc.,(7)   65   1,170,000   180   06/17/27   (42,250)
Total Written Options                   $(27,107,495)
(1) Counterparty - Bank of America
(2) Counterparty - Barclays
(3) Counterparty - Citigroup
(4) Counterparty - Goldman Sachs
(5) Counterparty - JP Morgan
(6) Counterparty - Nomura Securities International, Inc.
(7) Counterparty - UBS Securities
(8) 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, 2026 (Unaudited)
Balanced Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 59.6%
Penn Series Index 500 Fund*
(Cost $21,659,841) 		713,619 $48,968,508
AFFILIATED FIXED INCOME FUNDS — 40.2%
Penn Series Quality Bond Fund*
(Cost $31,032,408) 		1,865,314 32,978,753
TOTAL INVESTMENTS — 99.8%
(Cost $52,692,249) 		  $81,947,261
Other Assets & Liabilities — 0.2% 182,248
TOTAL NET ASSETS — 100.0%   $82,129,509
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $48,968,508 $48,968,508 $— $—
Affiliated Fixed Income Funds 32,978,753 32,978,753 — —
Total Investments $81,947,261 $81,947,261 $— $—
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, 2026 (Unaudited)
Large Growth Stock Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.9%
Aerospace & Defense — 4.2%
General Electric Co. 19,386 $7,245,130
HEICO Corp. 3,960 1,410,512
Howmet Aerospace, Inc. 12,597 3,386,829
The Boeing Co.* 9,695 2,098,677
TransDigm Group, Inc. 620 825,865
    14,967,013
Auto Manufacturers — 3.3%
Ferrari N.V. 2,927 1,089,693
Tesla, Inc.* 25,683 10,802,270
    11,891,963
Banks — 0.6%
Morgan Stanley 10,343 2,162,101
Biotechnology — 0.5%
Argenx S.E., ADR* 1,836 1,703,386
Chemicals — 0.7%
Linde PLC 4,370 2,267,768
The Sherwin-Williams Co. 1,139 392,180
    2,659,948
Commercial Services — 0.5%
Cintas Corp. 11,507 1,957,110
Computers — 8.1%
Apple, Inc. 74,625 21,593,490
Crowdstrike Holdings, Inc., Class A* 5,518 4,211,007
Sandisk Corp.* 1,484 3,374,215
    29,178,712
Diversified Financial Services — 4.1%
Mastercard, Inc., Class A 12,013 6,169,877
The Charles Schwab Corp. 3,994 368,526
Tradeweb Markets, Inc., Class A 2,871 286,124
Visa, Inc., Class A 22,945 7,872,200
    14,696,727
Electronics — 1.4%
Amphenol Corp., Class A 20,908 3,686,499
Coherent Corp.* 3,073 1,212,206
    4,898,705
Entertainment — 0.1%
Live Nation Entertainment, Inc.* 2,800 512,708
Healthcare Products — 2.2%
Danaher Corp. 6,653 1,267,264
Intuitive Surgical, Inc.* 9,297 3,697,231
Medline, Inc., Class A* 2,632 103,806
Natera, Inc.* 1,152 312,710
Stryker Corp. 6,128 1,929,340
Thermo Fisher Scientific, Inc. 1,062 532,444
    7,842,795
Healthcare Services — 0.4%
UnitedHealth Group, Inc. 3,544 1,472,993
Insurance — 0.8%
Chubb Ltd. 5,755 1,960,959
  Number of
Shares 		Value†
 
Insurance — (continued)
Marsh & McLennan Cos., Inc. 5,662 $943,685
    2,904,644
Internet — 17.9%
Alphabet, Inc., Class A 80,734 28,851,910
Alphabet, Inc., Class C 396 139,919
Amazon.com, Inc.* 20,352 4,850,696
AppLovin Corp., Class A* 4,301 2,216,004
Booking Holdings, Inc. 15,427 2,749,708
DoorDash, Inc., Class A* 12,192 2,249,790
MercadoLibre, Inc.* 721 1,223,818
Meta Platforms, Inc., Class A 21,578 12,154,672
Netflix, Inc.* 59,154 4,223,596
Sea Ltd., ADR* 13,717 1,314,500
Shopify, Inc., Class A* 18,958 2,164,624
Spotify Technology S.A.* 5,257 2,413,646
    64,552,883
Lodging — 0.7%
Hilton Worldwide Holdings, Inc. 7,155 2,364,441
Machinery — Construction & Mining — 3.2%
Caterpillar, Inc. 5,109 5,440,574
GE Vernova, Inc. 2,755 3,236,739
Vertiv Holdings Co., Class A 8,318 2,785,033
    11,462,346
Media — 0.3%
Space Exploration Technologies Corp., Class A* 6,987 1,193,799
Miscellaneous Manufacturing — 0.6%
Fabrinet* 1,261 708,783
Teledyne Technologies, Inc.* 2,415 1,610,563
    2,319,346
Pharmaceuticals — 3.5%
Eli Lilly & Co. 10,582 12,692,368
Retail — 1.2%
Carvana Co.* 40,133 2,641,554
Chipotle Mexican Grill, Inc.* 26,605 904,570
Costco Wholesale Corp. 766 716,570
    4,262,694
Semiconductors — 36.5%
Advanced Micro Devices, Inc.* 26,003 15,105,403
Applied Materials, Inc. 10,583 7,651,509
ASML Holding N.V. 1,722 3,425,816
Broadcom, Inc. 53,320 20,141,630
KLA Corp. 10,635 3,208,686
Lam Research Corp. 20,371 8,827,365
Marvell Technology, Inc. 9,309 2,773,058
Micron Technology, Inc. 12,973 14,974,604
NVIDIA Corp. 252,772 50,577,150
QUALCOMM, Inc. 4,289 792,564
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 8,502 4,060,300
    131,538,085
 
23
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Large Growth Stock Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Software — 6.9%
Datadog, Inc., Class A* 2,100 $546,756
HubSpot, Inc.* 1,759 321,035
Intuit, Inc. 387 101,007
Magic Leap, Inc., Class A(1),*,# 1,353 0
Microsoft Corp. 40,682 15,175,200
Oracle Corp. 12,977 1,901,779
Palantir Technologies, Inc., Class A* 7,096 827,890
Samsara, Inc., Class A* 31,072 1,007,665
ServiceNow, Inc.* 20,746 2,059,663
Snowflake, Inc.* 11,475 2,920,388
    24,861,383
Telecommunications — 0.9%
Arista Networks, Inc.* 8,253 1,402,020
Ciena Corp.* 2,556 1,253,871
T-Mobile US, Inc. 3,678 616,911
    3,272,802
Transportation — 0.3%
Old Dominion Freight Line, Inc. 5,769 1,249,565
TOTAL COMMON STOCKS
(Cost $220,035,497) 		356,618,517
REAL ESTATE INVESTMENT TRUSTS — 0.6%
Healthcare — 0.6%
Welltower, Inc.
(Cost $1,910,381) 		9,896 2,246,095
PREFERRED STOCKS — 0.2%
Auto Manufacturers — 0.2%
Waymo LLC, Series A-2, CONV(1),*,#
(Cost $320,885) 		3,737 732,714
     
SHORT-TERM INVESTMENTS — 0.0%
T. Rowe Price Government Reserve Investment Fund (seven-day effective yield 3.710%)
(Cost $541) 		541 541
TOTAL INVESTMENTS — 99.7%
(Cost $222,267,304) 		  $359,597,867
Other Assets & Liabilities — 0.3% 940,481
TOTAL NET ASSETS — 100.0%   $360,538,348
† 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.
# 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, 2026, the aggregate value of restricted securities was $732,714 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
Magic Leap, Inc., Class A 01/20/16 $657,500   $0
Waymo LLC, Series A-2 05/08/20 320,885   732,714
Total   $978,385   $732,714
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 6/30/2026††
United States 94%
Netherlands 2
Taiwan 1
Sweden 1
Canada 1
Switzerland 1
Total 100%
†† % of total investments as of June 30, 2026.
 
24
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Large Growth Stock Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Common Stocks        
Aerospace & Defense $14,967,013 $14,967,013 $— $—
Auto Manufacturers 11,891,963 10,802,270 1,089,693 —
Banks 2,162,101 2,162,101 — —
Biotechnology 1,703,386 1,703,386 — —
Chemicals 2,659,948 2,659,948 — —
Commercial Services 1,957,110 1,957,110 — —
Computers 29,178,712 29,178,712 — —
Diversified Financial Services 14,696,727 14,696,727 — —
Electronics 4,898,705 4,898,705 — —
Entertainment 512,708 512,708 — —
Healthcare Products 7,842,795 7,842,795 — —
Healthcare Services 1,472,993 1,472,993 — —
Insurance 2,904,644 2,904,644 — —
Internet 64,552,883 64,552,883 — —
Lodging 2,364,441 2,364,441 — —
Machinery — Construction & Mining 11,462,346 11,462,346 — —
Media 1,193,799 1,193,799 — —
Miscellaneous Manufacturing 2,319,346 2,319,346 — —
Pharmaceuticals 12,692,368 12,692,368 — —
Retail 4,262,694 4,262,694 — —
Semiconductors 131,538,085 131,538,085 — —
Software 24,861,383 24,861,383 — —(1)
Telecommunications 3,272,802 3,272,802 — —
Transportation 1,249,565 1,249,565 — —
Total Common Stocks 356,618,517 355,528,824 1,089,693 —
Real Estate Investment Trusts 2,246,095 2,246,095 — —
Preferred Stocks 732,714 — — 732,714
Short-Term Investments 541 541 — —
Total Investments $359,597,867 $357,775,460 $1,089,693 $732,714
(1) Includes internally fair valued securities currently priced at zero ($0).
^ 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.
The accompanying notes are an integral part of these financial statements.
25
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Large Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.9%
Apparel — 1.0%
LVMH Moet Hennessy Louis Vuitton S.E. 1,182 $653,717
Beverages — 0.2%
PepsiCo, Inc. 1,147 155,304
Chemicals — 1.1%
The Sherwin-Williams Co. 2,135 735,123
Commercial Services — 6.5%
Moody's Corp. 3,634 1,645,911
TransUnion 20,605 1,486,445
Verisk Analytics, Inc. 6,884 1,235,884
    4,368,240
Computers — 3.4%
Accenture PLC, Class A 2,010 250,125
Apple, Inc. 7,067 2,044,907
    2,295,032
Cosmetics & Personal Care — 2.0%
L'Oreal S.A. 3,060 1,341,372
Distribution & Wholesale — 1.0%
Pool Corp. 3,179 683,167
Diversified Financial Services — 8.3%
Brookfield Asset Management Ltd., Class A 12,143 544,712
CME Group, Inc. 1,883 415,823
Mastercard, Inc., Class A 2,798 1,437,053
The Charles Schwab Corp. 7,339 677,169
Visa, Inc., Class A 7,277 2,496,666
    5,571,423
Electric — 2.1%
CMS Energy Corp. 18,947 1,449,445
Electrical Components & Equipment — 2.8%
Eaton Corp. PLC 2,748 1,170,978
Schneider Electric S.E. 2,237 732,004
    1,902,982
Electronics — 8.4%
Amphenol Corp., Class A 15,164 2,673,717
Hubbell, Inc. 3,115 1,629,768
Mettler-Toledo International, Inc.* 577 737,123
TE Connectivity PLC 2,984 601,604
    5,642,212
Healthcare Products — 10.8%
Agilent Technologies, Inc. 10,210 1,356,194
Boston Scientific Corp.* 23,693 1,011,217
Danaher Corp. 4,608 877,732
STERIS PLC 5,561 1,170,980
Stryker Corp. 726 228,574
Thermo Fisher Scientific, Inc. 2,044 1,024,780
Waters Corp.* 4,222 1,583,419
    7,252,896
  Number of
Shares 		Value†
 
Healthcare Services — 0.0%
ICON PLC* 207 $35,958
Household Products & Wares — 2.1%
Church & Dwight Co., Inc. 14,528 1,407,473
Insurance — 2.9%
Aon PLC, Class A 5,295 1,756,299
Marsh & McLennan Cos., Inc. 1,133 188,837
    1,945,136
Internet — 13.5%
Alphabet, Inc., Class A 19,254 6,880,802
Amazon.com, Inc.* 4,989 1,189,078
Tencent Holdings Ltd. 17,700 976,732
    9,046,612
Lodging — 2.0%
Hilton Worldwide Holdings, Inc. 4,065 1,343,320
Machinery — Diversified — 1.7%
Graco, Inc. 7,774 587,792
Otis Worldwide Corp. 7,362 527,119
    1,114,911
Media — 0.0%
The Walt Disney Co. 335 32,244
Pharmaceuticals — 0.4%
Becton Dickinson & Co. 1,715 259,531
Retail — 1.4%
Ross Stores, Inc. 1,405 299,054
The TJX Cos., Inc. 4,096 620,544
    919,598
Semiconductors — 24.2%
Advanced Micro Devices, Inc.* 1,262 733,108
Analog Devices, Inc. 377 149,733
Broadcom, Inc. 8,501 3,211,253
NVIDIA Corp. 44,345 8,872,991
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 6,690 3,194,943
Texas Instruments, Inc. 297 88,527
    16,250,555
Software — 3.1%
Intuit, Inc. 2,332 608,652
Microsoft Corp. 3,740 1,395,095
Veeva Systems, Inc., Class A* 329 58,387
    2,062,134
TOTAL COMMON STOCKS
(Cost $52,348,003) 		66,468,385
REAL ESTATE INVESTMENT TRUSTS — 0.1%
Diversified — 0.1%
American Tower Corp.
(Cost $65,317) 		332 54,305
 
26
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Large Cap Growth Fund
  Number ofShares Value†
SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $359,634) 		359,634 $359,634
TOTAL INVESTMENTS — 99.5%
(Cost $52,772,954) 		  $66,882,324
Other Assets & Liabilities — 0.5% 337,911
TOTAL NET ASSETS — 100.0%   $67,220,235
† 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 6/30/2026††
United States 84%
Taiwan 5
France 4
Ireland 3
United Kingdom 3
China 1
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Apparel $653,717 $— $653,717 $—
Beverages 155,304 155,304 — —
Chemicals 735,123 735,123 — —
Commercial Services 4,368,240 4,368,240 — —
Computers 2,295,032 2,295,032 — —
Cosmetics & Personal Care 1,341,372 — 1,341,372 —
Distribution & Wholesale 683,167 683,167 — —
Diversified Financial Services 5,571,423 5,571,423 — —
Electric 1,449,445 1,449,445 — —
Electrical Components & Equipment 1,902,982 1,170,978 732,004 —
Electronics 5,642,212 5,642,212 — —
Healthcare Products 7,252,896 7,252,896 — —
Healthcare Services 35,958 35,958 — —
Household Products & Wares 1,407,473 1,407,473 — —
Insurance 1,945,136 1,945,136 — —
Internet 9,046,612 8,069,880 976,732 —
Lodging 1,343,320 1,343,320 — —
Machinery — Diversified 1,114,911 1,114,911 — —
Media 32,244 32,244 — —
Pharmaceuticals 259,531 259,531 — —
Retail 919,598 919,598 — —
Semiconductors 16,250,555 16,250,555 — —
Software 2,062,134 2,062,134 — —
Total Common Stocks 66,468,385 62,764,560 3,703,825 —
Real Estate Investment Trusts 54,305 54,305 — —
Short-Term Investments 359,634 359,634 — —
Total Investments $66,882,324 $63,178,499 $3,703,825 $—
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, 2026 (Unaudited)
Large Core Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 100.0%
Aerospace & Defense — 2.3%
General Electric Co. 7,844 $2,931,538
Auto Manufacturers — 0.5%
Ferrari N.V. 1,751 651,880
Beverages — 0.2%
The Coca-Cola Co. 2,367 192,366
Biotechnology — 1.2%
Gilead Sciences, Inc. 12,118 1,530,988
Building Materials — 1.7%
Vulcan Materials Co. 7,052 2,080,411
Commercial Services — 4.9%
Equifax, Inc. 5,735 910,259
S&P Global, Inc. 7,174 2,921,683
Verisk Analytics, Inc. 13,468 2,417,910
    6,249,852
Computers — 8.6%
Apple, Inc. 37,427 10,829,877
Diversified Financial Services — 9.2%
Intercontinental Exchange, Inc. 16,291 2,005,585
Mastercard, Inc., Class A 6,494 3,335,318
Visa, Inc., Class A 18,384 6,307,367
    11,648,270
Environmental Control — 2.0%
Waste Connections, Inc. 15,191 2,532,188
Healthcare Products — 6.8%
Danaher Corp. 14,647 2,789,961
Edwards Lifesciences Corp.* 25,185 2,278,235
IDEXX Laboratories, Inc.* 2,528 1,330,840
Intuitive Surgical, Inc.* 5,686 2,261,208
    8,660,244
Internet — 16.0%
Alphabet, Inc., Class A 23,642 8,448,941
Amazon.com, Inc.* 27,009 6,437,325
Booking Holdings, Inc. 10,534 1,877,580
Meta Platforms, Inc., Class A 4,410 2,484,109
Netflix, Inc.* 13,754 982,036
    20,229,991
Pharmaceuticals — 4.8%
Eli Lilly & Co. 5,089 6,103,899
Semiconductors — 27.8%
Advanced Micro Devices, Inc.* 11,188 6,499,221
Broadcom, Inc. 10,808 4,082,722
NVIDIA Corp. 97,718 19,552,395
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 10,614 5,068,928
    35,203,266
Software — 12.2%
Autodesk, Inc.* 3,885 755,322
Broadridge Financial Solutions, Inc. 4,277 585,735
  Number of
Shares 		Value†
 
Software — (continued)
Intuit, Inc. 3,723 $971,703
Microsoft Corp. 26,358 9,832,061
MSCI, Inc. 3,745 2,097,350
Veeva Systems, Inc., Class A* 6,711 1,191,001
    15,433,172
Telecommunications — 1.5%
Motorola Solutions, Inc. 4,676 1,941,896
Transportation — 0.3%
Old Dominion Freight Line, Inc. 1,911 413,923
TOTAL COMMON STOCKS
(Cost $84,381,244) 		126,633,761
     
SHORT-TERM INVESTMENTS — 0.0%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $41,490) 		41,490 41,490
TOTAL INVESTMENTS — 100.0%
(Cost $84,422,734) 		  $126,675,251
Other Assets & Liabilities — (0.0)% (28,410)
TOTAL NET ASSETS — 100.0%   $126,646,841
† See Security Valuation Note.
* Non-income producing security.
ADR— American Depositary Receipt.
N.V.— Naamloze Vennootschap.
Country Weightings as of 6/30/2026††
United States 93%
Taiwan 4
Canada 2
Italy 1
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Aerospace & Defense $2,931,538 $2,931,538 $— $—
Auto Manufacturers 651,880 — 651,880 —
Beverages 192,366 192,366 — —
Biotechnology 1,530,988 1,530,988 — —
 
28
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Large Core Growth Fund
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Building Materials $2,080,411 $2,080,411 $— $—
Commercial Services 6,249,852 6,249,852 — —
Computers 10,829,877 10,829,877 — —
Diversified Financial Services 11,648,270 11,648,270 — —
Environmental Control 2,532,188 2,532,188 — —
Healthcare Products 8,660,244 8,660,244 — —
Internet 20,229,991 20,229,991 — —
Pharmaceuticals 6,103,899 6,103,899 — —
Semiconductors 35,203,266 35,203,266 — —
Software 15,433,172 15,433,172 — —
Telecommunications 1,941,896 1,941,896 — —
Transportation 413,923 413,923 — —
Total Common Stocks 126,633,761 125,981,881 651,880 —
Short-Term Investments 41,490 41,490 — —
Total Investments $126,675,251 $126,023,371 $651,880 $—
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, 2026 (Unaudited)
Large Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.0%
Aerospace & Defense — 4.4%
Curtiss-Wright Corp. 1,377 $1,043,435
RTX Corp. 33,745 6,402,439
    7,445,874
Agriculture — 3.2%
Philip Morris International, Inc. 29,442 5,326,352
Auto Manufacturers — 1.6%
PACCAR, Inc. 22,036 2,646,964
Auto Parts & Equipment — 1.3%
Allison Transmission Holdings, Inc. 13,577 1,530,671
BorgWarner, Inc. 10,013 664,863
    2,195,534
Banks — 7.1%
Citigroup, Inc. 18,180 2,544,473
East West Bancorp, Inc. 12,310 1,589,098
JPMorgan Chase & Co. 18,343 6,004,214
Wells Fargo & Co. 21,656 1,789,652
    11,927,437
Beverages — 0.6%
Constellation Brands, Inc., Class A 7,650 1,064,039
Biotechnology — 1.3%
Regeneron Pharmaceuticals, Inc. 1,302 811,849
United Therapeutics Corp.* 2,672 1,447,770
    2,259,619
Building Materials — 1.4%
Owens Corning 14,890 2,366,914
Computers — 1.1%
NetApp, Inc. 12,280 1,900,453
Diversified Financial Services — 2.5%
Mastercard, Inc., Class A 5,050 2,593,680
Raymond James Financial, Inc. 10,520 1,599,356
    4,193,036
Electric — 0.9%
American Electric Power Co., Inc. 11,520 1,576,051
Electrical Components & Equipment — 0.7%
Generac Holdings, Inc.* 4,097 1,199,643
Electronics — 2.0%
Allegion PLC 9,083 1,276,071
Flex Ltd.* 7,190 1,165,283
nVent Electric PLC 4,980 844,658
    3,286,012
Entertainment — 0.2%
Warner Music Group Corp., Class A 12,427 336,399
Environmental Control — 1.3%
Veralto Corp. 25,463 2,258,059
Food — 0.9%
US Foods Holding Corp.* 14,730 1,506,142
  Number of
Shares 		Value†
 
Healthcare Products — 2.4%
Agilent Technologies, Inc. 19,120 $2,539,709
Align Technology, Inc.* 6,000 1,011,960
ResMed, Inc. 2,870 559,306
    4,110,975
Healthcare Services — 6.5%
Charles River Laboratories International, Inc.* 11,040 2,503,761
HCA Healthcare, Inc. 4,808 1,874,591
Quest Diagnostics, Inc. 9,882 2,094,490
UnitedHealth Group, Inc. 10,690 4,443,085
    10,915,927
Home Builders — 0.7%
D.R. Horton, Inc. 7,090 1,154,819
Insurance — 6.4%
Axis Capital Holdings Ltd. 14,573 1,565,723
Berkshire Hathaway, Inc., Class B* 13,671 6,840,832
The Progressive Corp. 11,100 2,424,795
    10,831,350
Internet — 6.9%
Alphabet, Inc., Class C 14,590 5,155,085
Amazon.com, Inc.* 14,600 3,479,764
Meta Platforms, Inc., Class A 5,150 2,900,943
    11,535,792
Iron & Steel — 0.9%
Steel Dynamics, Inc. 6,905 1,584,421
Machinery — Diversified — 1.9%
Cactus, Inc., Class A 22,340 1,144,478
Westinghouse Air Brake Technologies Corp. 7,355 1,982,908
    3,127,386
Media — 0.9%
The Walt Disney Co. 15,790 1,519,787
Mining — 1.0%
Freeport-McMoRan, Inc. 25,920 1,630,109
Miscellaneous Manufacturing — 1.2%
ITT, Inc. 10,260 2,029,018
Office & Business Equipment — 0.8%
Zebra Technologies Corp., Class A* 5,384 1,417,392
Oil & Gas — 5.4%
APA Corp. 29,680 966,678
Chevron Corp. 17,860 2,960,473
ConocoPhillips 16,828 1,749,439
EOG Resources, Inc. 20,671 2,681,649
Phillips 66 4,512 762,754
    9,120,993
Oil & Gas Services — 0.8%
SLB Ltd. 29,360 1,364,946
 
30
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Large Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Pharmaceuticals — 3.5%
Johnson & Johnson 23,041 $5,851,723
Real Estate — 0.6%
Jones Lang LaSalle, Inc.* 3,510 1,087,925
Retail — 10.0%
Casey's General Stores, Inc. 1,151 914,803
Dick's Sporting Goods, Inc. 10,239 2,322,308
Lowe's Cos., Inc. 12,990 2,864,165
MSC Industrial Direct Co., Inc., Class A 12,932 1,538,261
Ross Stores, Inc. 7,252 1,543,588
Target Corp. 15,480 2,021,843
Ulta Beauty, Inc.* 690 311,176
Walmart, Inc. 26,330 2,982,136
Yum! Brands, Inc. 14,360 2,295,590
    16,793,870
Semiconductors — 8.6%
Intel Corp.* 18,906 2,639,845
Micron Technology, Inc. 1,714 1,978,453
NVIDIA Corp. 5,300 1,060,477
QUALCOMM, Inc. 9,460 1,748,113
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 8,289 3,958,578
Texas Instruments, Inc. 10,144 3,023,622
    14,409,088
Software — 2.4%
Jack Henry & Associates, Inc. 7,230 995,860
Microsoft Corp. 5,530 2,062,801
Paycom Software, Inc. 7,200 904,896
    3,963,557
Telecommunications — 3.9%
AT&T, Inc. 69,940 1,447,758
Cisco Systems, Inc. 42,990 5,049,605
    6,497,363
Transportation — 2.7%
CSX Corp. 12,010 570,835
J.B. Hunt Transport Services, Inc. 5,071 1,467,700
Landstar System, Inc. 7,110 1,470,419
Union Pacific Corp. 4,110 1,117,920
    4,626,874
TOTAL COMMON STOCKS
(Cost $127,363,511) 		165,061,843
REAL ESTATE INVESTMENT TRUSTS — 0.6%
Storage & Warehousing — 0.6%
Public Storage
(Cost $973,348) 		3,477 1,106,764
  Number ofShares Value†
SHORT-TERM INVESTMENTS — 1.1%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $1,810,639) 		1,810,639 $1,810,639
TOTAL INVESTMENTS — 99.7%
(Cost $130,147,498) 		  $167,979,246
Other Assets & Liabilities — 0.3% 503,022
TOTAL NET ASSETS — 100.0%   $168,482,268
† 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 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $165,061,843 $165,061,843 $— $—
Real Estate Investment Trusts 1,106,764 1,106,764 — —
Short-Term Investments 1,810,639 1,810,639 — —
Total Investments $167,979,246 $167,979,246 $— $—
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, 2026 (Unaudited)
Large Core Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 97.2%
Banks — 5.9%
Bank of America Corp. 59,645 $3,398,572
Huntington Bancshares, Inc. 134,362 2,382,238
Wells Fargo & Co. 27,829 2,299,789
    8,080,599
Beverages — 1.6%
The Coca-Cola Co. 26,469 2,151,136
Biotechnology — 0.9%
Gilead Sciences, Inc. 9,883 1,248,618
Building Materials — 2.2%
Johnson Controls International PLC 20,287 2,964,134
Chemicals — 2.0%
Linde PLC 5,174 2,684,996
Computers — 5.8%
Apple, Inc. 15,520 4,490,867
Hewlett Packard Enterprise Co. 52,848 2,383,973
Sandisk Corp.* 474 1,077,748
    7,952,588
Diversified Financial Services — 3.3%
Rocket Cos., Inc., Class A* 72,860 1,147,545
The Charles Schwab Corp. 28,220 2,603,859
Voya Financial, Inc. 8,417 761,991
    4,513,395
Electric — 4.0%
CenterPoint Energy, Inc. 19,989 880,316
Duke Energy Corp. 9,436 1,194,409
Entergy Corp. 16,127 1,852,347
NRG Energy, Inc. 10,749 1,569,999
    5,497,071
Electronics — 2.8%
Emerson Electric Co. 16,809 2,406,208
Mettler-Toledo International, Inc.* 1,129 1,442,309
    3,848,517
Food — 4.4%
The Hershey Co. 10,257 1,799,591
The J.M. Smucker Co. 18,474 2,078,325
US Foods Holding Corp.* 20,104 2,055,634
    5,933,550
Healthcare Products — 0.9%
Abbott Laboratories 13,925 1,263,554
Healthcare Services — 2.2%
Quest Diagnostics, Inc. 5,736 1,215,745
UnitedHealth Group, Inc. 4,243 1,763,518
    2,979,263
Household Products & Wares — 1.4%
Avery Dennison Corp. 5,847 949,260
Kimberly-Clark Corp. 8,828 969,050
    1,918,310
  Number of
Shares 		Value†
 
Insurance — 6.7%
American International Group, Inc. 38,637 $2,879,616
MetLife, Inc. 27,522 2,328,636
Prudential PLC, ADR 26,151 701,108
Reinsurance Group of America, Inc. 15,161 3,223,987
    9,133,347
Internet — 8.3%
Amazon.com, Inc.* 42,784 10,197,138
eBay, Inc. 9,773 1,092,133
    11,289,271
Iron & Steel — 1.5%
Steel Dynamics, Inc. 8,839 2,028,197
Machinery — Diversified — 2.0%
Ingersoll Rand, Inc. 18,791 1,540,674
Westinghouse Air Brake Technologies Corp. 4,582 1,235,307
    2,775,981
Media — 1.9%
The Walt Disney Co. 27,368 2,634,170
Mining — 0.5%
Alcoa Corp. 13,557 706,862
Miscellaneous Manufacturing — 2.0%
3M Co. 16,546 2,678,963
Office & Business Equipment — 0.8%
Zebra Technologies Corp., Class A* 4,079 1,073,838
Oil & Gas — 6.6%
ConocoPhillips 14,081 1,463,861
Diamondback Energy, Inc. 7,954 1,398,154
Exxon Mobil Corp. 21,603 2,953,562
Occidental Petroleum Corp. 19,052 925,356
Phillips 66 13,311 2,250,224
    8,991,157
Packaging and Containers — 1.7%
Ball Corp. 37,237 2,323,589
Pharmaceuticals — 7.3%
AbbVie, Inc. 14,880 3,744,403
Bristol-Myers Squibb Co. 47,022 2,709,408
Merck & Co., Inc. 27,244 3,500,854
    9,954,665
Pipelines — 1.2%
The Williams Cos., Inc. 22,280 1,656,295
Retail — 2.6%
McDonald's Corp. 7,320 1,978,669
Ross Stores, Inc. 7,266 1,546,568
    3,525,237
Semiconductors — 7.1%
Advanced Micro Devices, Inc.* 2,642 1,534,764
Intel Corp.* 23,313 3,255,194
Microchip Technology, Inc. 15,660 1,428,192
 
32
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Large Core Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
Micron Technology, Inc. 1,163 $1,342,439
Texas Instruments, Inc. 6,934 2,066,818
    9,627,407
Software — 2.3%
Microsoft Corp. 2,806 1,046,694
Salesforce, Inc. 13,084 2,049,740
    3,096,434
Telecommunications — 2.9%
Cisco Systems, Inc. 33,844 3,975,316
Transportation — 4.4%
CSX Corp. 61,448 2,920,623
United Parcel Service, Inc., Class B 28,925 3,109,438
    6,030,061
TOTAL COMMON STOCKS
(Cost $111,858,285) 		132,536,521
REAL ESTATE INVESTMENT TRUSTS — 1.4%
Industrial — 1.4%
First Industrial Realty Trust, Inc.
(Cost $1,599,625) 		30,819 1,889,513
     
SHORT-TERM INVESTMENTS — 2.0%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $2,739,878) 		2,739,878 2,739,878
TOTAL INVESTMENTS — 100.6%
(Cost $116,197,788) 		  $137,165,912
Other Assets & Liabilities — (0.6)% (855,544)
TOTAL NET ASSETS — 100.0%   $136,310,368
† 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 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $132,536,521 $132,536,521 $— $—
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Real Estate Investment Trusts $1,889,513 $1,889,513 $— $—
Short-Term Investments 2,739,878 2,739,878 — —
Total Investments $137,165,912 $137,165,912 $— $—
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, 2026 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — 98.2%
Advertising — 0.1%
Omnicom Group, Inc. 5,051 $367,864
The Trade Desk, Inc., Class A* 7,111 128,567
    496,431
Aerospace & Defense — 2.2%
General Dynamics Corp. 3,866 1,369,492
General Electric Co. 16,128 6,027,517
Honeywell Aerospace, Inc.* 4,865 1,075,665
Howmet Aerospace, Inc. 6,286 1,690,054
L3Harris Technologies, Inc. 2,971 863,343
Lockheed Martin Corp. 3,111 1,584,930
Northrop Grumman Corp. 2,051 1,044,595
RTX Corp. 20,795 3,945,435
The Boeing Co.* 12,055 2,609,546
TransDigm Group, Inc. 839 1,117,581
    21,328,158
Agriculture — 0.7%
Altria Group, Inc. 26,050 1,874,298
Archer-Daniels-Midland Co. 7,599 580,564
Bunge Global S.A. 2,202 235,019
Philip Morris International, Inc. 23,963 4,335,146
    7,025,027
Airlines — 0.2%
Delta Air Lines, Inc. 9,662 904,943
Southwest Airlines Co. 6,904 355,004
United Airlines Holdings, Inc.* 4,898 666,079
    1,926,026
Apparel — 0.2%
Deckers Outdoor Corp.* 2,226 221,020
NIKE, Inc., Class B 17,710 726,995
Ralph Lauren Corp. 615 246,867
Tapestry, Inc. 3,335 488,177
    1,683,059
Auto Manufacturers — 2.3%
Cummins, Inc. 2,189 1,561,216
Ford Motor Co. 61,912 860,577
General Motors Co. 14,509 1,118,354
PACCAR, Inc. 8,207 985,825
Tesla, Inc.* 43,343 18,230,066
    22,756,038
Auto Parts & Equipment — 0.0%
Aptiv PLC* 3,506 215,198
Banks — 4.6%
Bank of America Corp. 100,212 5,710,080
Citigroup, Inc. 26,676 3,733,573
Citizens Financial Group, Inc. 6,909 484,114
Fifth Third Bancorp 14,259 803,780
Huntington Bancshares, Inc. 30,222 535,836
JPMorgan Chase & Co. 41,167 13,475,194
KeyCorp 12,742 293,703
M&T Bank Corp. 1,860 442,698
Morgan Stanley 18,996 3,970,924
Northern Trust Corp. 3,077 534,906
  Number of
Shares 		Value†
 
Banks — (continued)
Regions Financial Corp. 12,713 $383,932
State Street Corp. 4,560 773,376
The Bank of New York Mellon Corp. 11,190 1,618,186
The Goldman Sachs Group, Inc. 4,616 4,668,484
The PNC Financial Services Group, Inc. 5,647 1,390,404
Truist Financial Corp. 18,401 916,738
US Bancorp 23,488 1,418,675
Wells Fargo & Co. 46,772 3,865,238
    45,019,841
Beverages — 1.0%
Brown-Forman Corp., Class B 2,653 70,702
Constellation Brands, Inc., Class A 2,075 288,612
Keurig Dr Pepper, Inc. 20,364 666,514
Molson Coors Beverage Co., Class B 2,168 84,465
Monster Beverage Corp.* 11,263 1,082,600
PepsiCo, Inc. 21,176 2,867,230
The Coca-Cola Co. 59,828 4,862,222
    9,922,345
Biotechnology — 1.1%
Amgen, Inc. 8,301 3,005,958
Biogen, Inc.* 2,366 511,198
Corteva, Inc. 10,194 863,330
Gilead Sciences, Inc. 19,273 2,434,951
Incyte Corp.* 2,645 299,837
Moderna, Inc.* 5,161 361,425
Regeneron Pharmaceuticals, Inc. 1,548 965,240
Vertex Pharmaceuticals, Inc.* 3,913 1,943,704
    10,385,643
Building Materials — 0.7%
Builders FirstSource, Inc.* 1,611 144,152
Carrier Global Corp. 12,003 880,420
CRH PLC 7,000 749,000
Johnson Controls International PLC 9,682 1,414,637
Lennox International, Inc. 460 263,557
Martin Marietta Materials, Inc. 964 555,939
Masco Corp. 2,514 204,564
Trane Technologies PLC 3,453 1,695,976
Vulcan Materials Co. 2,106 621,291
    6,529,536
Chemicals — 1.0%
Air Products and Chemicals, Inc. 3,358 984,498
Albemarle Corp. 1,851 249,941
CF Industries Holdings, Inc. 2,356 255,061
Dow, Inc. 11,212 306,760
DuPont de Nemours, Inc. 2,238 303,517
Ecolab, Inc. 3,908 1,088,808
International Flavors & Fragrances, Inc. 4,002 317,038
Linde PLC 7,138 3,704,194
LyondellBasell Industries N.V., Class A 3,595 189,277
PPG Industries, Inc. 3,559 431,671
Qnity Electronics, Inc. 3,356 548,068
The Mosaic Co. 3,350 70,987
 
34
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Chemicals — (continued)
The Sherwin-Williams Co. 3,537 $1,217,860
    9,667,680
Commercial Services — 1.1%
Automatic Data Processing, Inc. 6,050 1,354,898
Block, Inc.* 8,714 662,264
Cintas Corp. 5,244 891,900
Corpay, Inc.* 1,041 346,934
Equifax, Inc. 1,956 310,456
Global Payments, Inc. 3,542 257,008
Moody's Corp. 2,339 1,059,380
PayPal Holdings, Inc. 13,772 594,675
Quanta Services, Inc. 2,374 1,709,375
Rollins, Inc. 4,391 183,280
S&P Global, Inc. 4,662 1,898,646
United Rentals, Inc. 988 1,119,295
Verisk Analytics, Inc. 1,917 344,159
    10,732,270
Computers — 9.3%
Accenture PLC, Class A 9,225 1,147,959
Apple, Inc. 225,547 65,264,280
Cognizant Technology Solutions Corp., Class A 6,514 252,287
Crowdstrike Holdings, Inc., Class A* 3,993 3,047,218
Dell Technologies, Inc., Class C 4,522 1,951,062
Fortinet, Inc.* 9,904 1,521,452
Gartner, Inc.* 869 112,640
Hewlett Packard Enterprise Co. 20,814 938,920
HP, Inc. 11,520 252,749
International Business Machines Corp. 14,443 4,061,516
Leidos Holdings, Inc. 2,036 209,647
Lumentum Holdings, Inc.* 1,100 943,866
NetApp, Inc. 2,992 463,042
Sandisk Corp.* 2,200 5,002,206
Seagate Technology Holdings PLC 3,430 3,309,950
Super Micro Computer, Inc.* 8,058 236,341
Western Digital Corp. 5,333 3,406,294
    92,121,429
Cosmetics & Personal Care — 0.7%
Colgate-Palmolive Co. 12,846 1,177,721
Kenvue, Inc. 29,227 558,528
The Estee Lauder Cos., Inc., Class A 3,964 312,958
The Procter & Gamble Co. 36,302 5,323,325
    7,372,532
Distribution & Wholesale — 0.2%
Copart, Inc.* 13,020 367,034
Fastenal Co. 17,615 846,049
W.W. Grainger, Inc. 596 810,798
    2,023,881
Diversified Financial Services — 3.3%
American Express Co. 8,233 2,784,812
Ameriprise Financial, Inc. 1,379 632,630
Apollo Global Management, Inc. 7,152 846,153
Ares Management Corp., Class A 3,300 367,323
  Number of
Shares 		Value†
 
Diversified Financial Services — (continued)
Blackrock, Inc. 2,245 $2,158,702
Capital One Financial Corp. 9,645 1,934,980
Cboe Global Markets, Inc. 1,665 404,046
CME Group, Inc. 5,642 1,245,923
Coinbase Global, Inc., Class A* 3,389 495,438
Franklin Resources, Inc. 5,022 167,082
Interactive Brokers Group, Inc., Class A 7,025 611,456
Intercontinental Exchange, Inc. 8,568 1,054,806
Invesco Ltd. 7,165 189,084
Mastercard, Inc., Class A 12,503 6,421,541
Nasdaq, Inc. 6,886 542,755
Raymond James Financial, Inc. 2,592 394,062
Synchrony Financial 5,295 402,685
T. Rowe Price Group, Inc. 3,182 361,762
The Charles Schwab Corp. 25,398 2,343,473
Visa, Inc., Class A 25,682 8,811,237
    32,169,950
Electric — 2.1%
Alliant Energy Corp. 4,087 311,797
Ameren Corp. 4,253 480,759
American Electric Power Co., Inc. 8,463 1,157,823
CenterPoint Energy, Inc. 10,505 462,640
CMS Energy Corp. 4,288 328,032
Consolidated Edison, Inc. 5,761 637,340
Constellation Energy Corp. 5,016 1,245,824
Dominion Energy, Inc. 13,665 933,183
DTE Energy Co. 3,025 460,919
Duke Energy Corp. 12,349 1,563,137
Edison International 6,094 453,698
Entergy Corp. 7,048 809,533
Evergy, Inc. 3,668 317,025
Eversource Energy 5,894 425,959
Exelon Corp. 16,030 747,319
FirstEnergy Corp. 8,266 392,966
NextEra Energy, Inc. 32,745 2,874,029
NRG Energy, Inc. 3,086 450,741
PG&E Corp. 35,079 590,029
Pinnacle West Capital Corp. 1,930 206,510
PPL Corp. 11,782 428,276
Public Service Enterprise Group, Inc. 7,576 614,868
Sempra 10,390 963,257
The AES Corp. 10,341 151,599
The Southern Co. 17,472 1,672,245
Vistra Corp. 4,791 759,996
WEC Energy Group, Inc. 4,842 565,400
Xcel Energy, Inc. 9,344 750,323
    20,755,227
Electrical Components & Equipment — 0.4%
AMETEK, Inc. 3,346 809,531
Eaton Corp. PLC 6,043 2,575,043
Generac Holdings, Inc.* 847 248,010
    3,632,584
 
35
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Electronics — 1.2%
Allegion PLC 1,066 $149,762
Amphenol Corp., Class A 19,060 3,360,659
Coherent Corp.* 2,900 1,143,963
Emerson Electric Co. 8,570 1,226,796
Flex Ltd.* 5,600 907,592
Fortive Corp. 4,492 274,416
Garmin Ltd. 2,594 616,179
Honeywell International, Inc. 4,866 1,089,385
Hubbell, Inc. 786 411,235
Jabil, Inc. 1,707 658,014
Keysight Technologies, Inc.* 2,679 937,838
Mettler-Toledo International, Inc.* 294 375,588
TE Connectivity PLC 4,578 922,971
Trimble, Inc.* 3,803 194,638
    12,269,036
Energy-Alternate Sources — 0.0%
First Solar, Inc.* 1,714 404,435
Engineering & Construction — 0.2%
Comfort Systems USA, Inc. 450 891,878
EMCOR Group, Inc. 705 585,065
Jacobs Solutions, Inc. 1,879 236,754
    1,713,697
Entertainment — 0.1%
Live Nation Entertainment, Inc.* 2,545 466,015
TKO Group Holdings, Inc. 1,203 242,176
    708,191
Environmental Control — 0.2%
Pentair PLC 1,863 142,818
Republic Services, Inc. 3,047 649,255
Veralto Corp. 3,952 350,463
Waste Management, Inc. 5,809 1,294,710
    2,437,246
Food — 0.4%
General Mills, Inc. 4,511 156,983
Hormel Foods Corp. 4,037 100,198
McCormick & Co., Inc. 3,533 178,134
Mondelez International, Inc., Class A 20,486 1,184,910
Sysco Corp. 6,967 582,302
The Hershey Co. 2,327 408,272
The J.M. Smucker Co. 1,660 186,750
The Kraft Heinz Co. 13,645 322,295
The Kroger Co. 7,745 430,080
Tyson Foods, Inc., Class A 4,485 256,766
    3,806,690
Forest Products & Paper — 0.0%
International Paper Co. 7,432 283,159
Gas — 0.1%
Atmos Energy Corp. 2,572 443,078
NiSource, Inc. 7,521 357,624
    800,702
  Number of
Shares 		Value†
 
Hand & Machine Tools — 0.1%
Snap-on, Inc. 736 $296,166
Stanley Black & Decker, Inc. 2,174 204,617
    500,783
Healthcare Products — 1.9%
Abbott Laboratories 26,186 2,376,118
Agilent Technologies, Inc. 4,384 582,327
Align Technology, Inc.* 1,049 176,924
Baxter International, Inc. 7,265 154,890
Bio-Techne Corp. 2,174 153,593
Boston Scientific Corp.* 22,907 977,671
Danaher Corp. 9,408 1,792,036
Edwards Lifesciences Corp.* 9,032 817,035
GE HealthCare Technologies, Inc. 7,197 460,680
Hologic, Inc.* 3,503 35
IDEXX Laboratories, Inc.* 1,273 670,158
Insulet Corp.* 928 141,288
Intuitive Surgical, Inc.* 5,421 2,155,823
Medtronic PLC 19,816 1,550,206
ResMed, Inc. 2,234 435,362
Revvity, Inc. 1,598 177,793
Solventum Corp.* 2,310 178,216
STERIS PLC 1,562 328,910
Stryker Corp. 5,337 1,680,301
The Cooper Cos., Inc.* 3,122 223,879
Thermo Fisher Scientific, Inc. 5,766 2,890,842
Waters Corp.* 1,562 585,812
West Pharmaceutical Services, Inc. 1,127 404,593
Zimmer Biomet Holdings, Inc. 3,118 268,429
    19,182,921
Healthcare Services — 1.2%
Centene Corp.* 7,451 478,280
Charles River Laboratories International, Inc.* 671 152,176
DaVita, Inc.* 287 63,852
Elevance Health, Inc. 3,405 1,316,816
HCA Healthcare, Inc. 2,434 948,992
Humana, Inc. 1,919 762,265
IQVIA Holdings, Inc.* 2,686 518,989
Labcorp Holdings, Inc. 1,248 349,440
Quest Diagnostics, Inc. 1,752 371,336
The Cigna Group. 4,096 1,129,185
UnitedHealth Group, Inc. 14,065 5,845,836
Universal Health Services, Inc., Class B 893 132,780
    12,069,947
Home Builders — 0.2%
D.R. Horton, Inc. 4,385 714,229
Lennar Corp., Class A 3,234 292,645
NVR, Inc.* 36 245,282
PulteGroup, Inc. 3,177 435,916
    1,688,072
Household Products & Wares — 0.1%
Avery Dennison Corp. 623 101,144
Church & Dwight Co., Inc. 3,915 379,285
Kimberly-Clark Corp. 5,060 555,437
 
36
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Household Products & Wares — (continued)
The Clorox Co. 1,680 $160,339
    1,196,205
Insurance — 3.0%
Aflac, Inc. 6,761 792,727
American International Group, Inc. 7,609 567,099
Aon PLC, Class A 3,334 1,105,854
Arch Capital Group Ltd.* 5,416 525,677
Arthur J. Gallagher & Co. 3,866 887,518
Assurant, Inc. 755 202,740
Berkshire Hathaway, Inc., Class B* 28,227 14,124,509
Brown & Brown, Inc. 3,590 230,299
Chubb Ltd. 5,623 1,915,981
Cincinnati Financial Corp. 2,282 422,489
Erie Indemnity Co., Class A 260 62,335
Everest Group Ltd. 586 209,337
Globe Life, Inc. 1,286 229,782
Loews Corp. 2,486 281,440
Marsh & McLennan Cos., Inc. 7,189 1,198,191
MetLife, Inc. 8,382 709,201
Principal Financial Group, Inc. 3,208 345,758
Prudential Financial, Inc. 5,048 544,831
The Allstate Corp. 4,084 971,747
The Hartford Insurance Group, Inc. 4,140 548,633
The Progressive Corp. 8,696 1,899,641
The Travelers Cos., Inc. 3,398 1,121,748
W.R. Berkley Corp. 4,051 285,717
Willis Towers Watson PLC 1,336 349,190
    29,532,444
Internet — 13.3%
Airbnb, Inc., Class A* 6,627 948,324
Alphabet, Inc., Class A 86,173 30,795,645
Alphabet, Inc., Class C 70,319 24,845,812
Amazon.com, Inc.* 151,040 35,998,874
AppLovin Corp., Class A* 4,195 2,161,390
Booking Holdings, Inc. 12,015 2,141,554
CDW Corp. 1,636 230,087
DoorDash, Inc., Class A* 5,853 1,080,054
eBay, Inc. 7,047 787,502
Expedia Group, Inc. 1,803 461,352
F5, Inc.* 938 390,170
Gen Digital, Inc. 9,125 227,121
GoDaddy, Inc., Class A* 1,556 132,073
Meta Platforms, Inc., Class A 34,130 19,225,088
Netflix, Inc.* 64,930 4,636,002
Palo Alto Networks, Inc.* 10,796 3,681,652
Robinhood Markets, Inc., Class A* 12,522 1,255,706
Uber Technologies, Inc.* 31,269 2,256,371
VeriSign, Inc. 1,280 321,997
    131,576,774
Iron & Steel — 0.1%
Nucor Corp. 3,588 799,227
Steel Dynamics, Inc. 2,211 507,336
    1,306,563
  Number of
Shares 		Value†
 
Leisure Time — 0.2%
Carnival Corp., Ltd. 17,355 $495,832
Norwegian Cruise Line Holdings Ltd.* 7,409 156,404
Royal Caribbean Cruises Ltd. 3,947 1,253,291
    1,905,527
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. 3,758 1,241,869
Las Vegas Sands Corp. 4,940 228,179
Marriott International, Inc., Class A 3,600 1,334,124
MGM Resorts International* 3,313 158,394
Wynn Resorts Ltd. 1,321 128,256
    3,090,822
Machinery — Construction & Mining — 1.5%
Caterpillar, Inc. 7,254 7,724,785
GE Vernova, Inc. 4,199 4,933,237
Vertiv Holdings Co., Class A 6,000 2,008,920
    14,666,942
Machinery — Diversified — 0.6%
Deere & Co. 3,851 2,442,805
Dover Corp. 1,974 442,729
IDEX Corp. 1,076 244,198
Ingersoll Rand, Inc. 5,390 441,926
Nordson Corp. 874 263,677
Otis Worldwide Corp. 4,601 329,432
Rockwell Automation, Inc. 1,752 867,380
Westinghouse Air Brake Technologies Corp. 2,742 739,243
Xylem, Inc. 3,439 406,524
    6,177,914
Media — 0.6%
Charter Communications, Inc., Class A* 1,414 201,085
Comcast Corp., Class A 53,842 1,321,821
EchoStar Corp., Class A* 2,100 213,150
FactSet Research Systems, Inc. 471 108,367
Fox Corp., Class A 3,274 170,772
Fox Corp., Class B 2,438 114,196
News Corp., Class A 5,954 147,838
News Corp., Class B 1,762 49,442
Paramount Skydance Corp., Class B 4,763 46,963
The Walt Disney Co. 27,196 2,617,615
Warner Bros Discovery, Inc.* 40,259 1,073,305
    6,064,554
Mining — 0.3%
Freeport-McMoRan, Inc. 22,708 1,428,106
Newmont Corp. 17,087 1,595,926
    3,024,032
Miscellaneous Manufacturing — 0.6%
3M Co. 7,856 1,271,965
A.O. Smith Corp. 843 52,873
Axon Enterprise, Inc.* 1,214 680,581
Illinois Tool Works, Inc. 3,681 995,600
Parker-Hannifin Corp. 1,989 1,945,481
Teledyne Technologies, Inc.* 665 443,488
 
37
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Miscellaneous Manufacturing — (continued)
Textron, Inc. 2,636 $241,800
    5,631,788
Office & Business Equipment — 0.0%
Zebra Technologies Corp., Class A* 614 161,642
Oil & Gas — 2.3%
APA Corp. 5,960 194,117
Chevron Corp. 28,825 4,778,032
ConocoPhillips 18,787 1,953,097
Devon Energy Corp. 18,681 771,899
Diamondback Energy, Inc. 2,997 526,813
EOG Resources, Inc. 7,335 951,570
EQT Corp. 9,338 496,501
Expand Energy Corp. 2,829 257,976
Exxon Mobil Corp. 63,974 8,746,525
Marathon Petroleum Corp. 4,557 1,165,088
Occidental Petroleum Corp. 10,697 519,553
Phillips 66 6,254 1,057,239
Texas Pacific Land Corp. 912 399,128
Valero Energy Corp. 4,743 1,235,267
    23,052,805
Oil & Gas Services — 0.2%
Baker Hughes Co. 15,275 847,762
Halliburton Co. 13,540 459,683
SLB Ltd. 22,638 1,052,441
    2,359,886
Packaging and Containers — 0.1%
Amcor PLC 6,278 272,151
Ball Corp. 2,998 187,075
Packaging Corp. of America 1,324 315,483
Smurfit Westrock PLC 7,951 367,813
    1,142,522
Pharmaceuticals — 4.7%
AbbVie, Inc. 27,129 6,826,741
Becton Dickinson & Co. 4,378 662,523
Bristol-Myers Squibb Co. 31,456 1,812,495
Cardinal Health, Inc. 3,672 872,320
Cencora, Inc. 2,978 842,714
CVS Health Corp. 20,236 2,093,414
Dexcom, Inc.* 5,991 403,494
Eli Lilly & Co. 12,175 14,603,060
Henry Schein, Inc.* 1,400 116,928
Johnson & Johnson 37,244 9,458,859
McKesson Corp. 1,860 1,405,416
Merck & Co., Inc. 38,432 4,938,512
Pfizer, Inc. 86,789 2,089,879
Viatris, Inc. 19,001 301,736
Zoetis, Inc. 5,759 413,842
    46,841,933
Pipelines — 0.4%
Kinder Morgan, Inc. 28,653 916,037
ONEOK, Inc. 8,794 764,550
Targa Resources Corp. 3,320 890,225
  Number of
Shares 		Value†
 
Pipelines — (continued)
The Williams Cos., Inc. 18,668 $1,387,779
    3,958,591
Private Equity — 0.2%
Blackstone, Inc. 11,510 1,354,382
KKR & Co., Inc. 10,614 974,153
    2,328,535
Real Estate — 0.0%
CoStar Group, Inc.* 6,766 191,613
Real Estate — 0.1%
CBRE Group, Inc., Class A* 4,690 631,696
Retail — 3.8%
AutoZone, Inc.* 256 818,161
Best Buy Co., Inc. 2,815 213,602
Carvana Co.* 8,000 526,560
Casey's General Stores, Inc. 600 476,874
Chipotle Mexican Grill, Inc.* 19,999 679,966
Costco Wholesale Corp. 6,781 6,343,422
Darden Restaurants, Inc. 1,769 364,432
Dollar General Corp. 3,515 404,612
Dollar Tree, Inc.* 2,876 347,852
Domino's Pizza, Inc. 418 123,745
Genuine Parts Co. 2,217 261,562
Lowe's Cos., Inc. 8,689 1,915,838
Lululemon Athletica, Inc.* 1,638 187,027
McDonald's Corp. 10,991 2,970,977
O'Reilly Automotive, Inc.* 12,702 1,169,727
Ross Stores, Inc. 5,204 1,107,671
Starbucks Corp. 17,651 1,803,756
Target Corp. 7,004 914,792
The Home Depot, Inc. 15,283 5,390,008
The TJX Cos., Inc. 17,383 2,633,524
Tractor Supply Co. 7,679 242,733
Ulta Beauty, Inc.* 723 326,059
Walmart, Inc. 67,784 7,677,216
Williams-Sonoma, Inc. 1,944 453,146
Yum! Brands, Inc. 4,200 671,412
    38,024,674
Semiconductors — 19.1%
Advanced Micro Devices, Inc.* 25,076 14,566,899
Analog Devices, Inc. 7,544 2,996,250
Applied Materials, Inc. 12,348 8,927,604
Broadcom, Inc. 72,700 27,462,425
Intel Corp.* 69,607 9,719,225
KLA Corp. 20,280 6,118,679
Lam Research Corp. 19,531 8,463,368
Marvell Technology, Inc. 13,400 3,991,726
Microchip Technology, Inc. 8,203 748,114
Micron Technology, Inc. 17,346 20,022,314
Monolithic Power Systems, Inc. 760 1,050,594
NVIDIA Corp. 371,766 74,386,659
NXP Semiconductors N.V. 3,828 1,075,783
ON Semiconductor Corp.* 6,165 582,839
QUALCOMM, Inc. 16,253 3,003,392
 
38
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Semiconductors — (continued)
Skyworks Solutions, Inc. 1,802 $122,176
Teradyne, Inc. 2,522 1,220,244
Texas Instruments, Inc. 14,023 4,179,836
    188,638,127
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. 640 179,130
Software — 6.8%
Adobe, Inc.* 6,439 1,320,124
Akamai Technologies, Inc.* 2,332 275,666
Autodesk, Inc.* 3,402 661,417
Broadridge Financial Solutions, Inc. 1,575 215,696
Cadence Design Systems, Inc.* 4,357 1,635,269
Datadog, Inc., Class A* 5,119 1,332,783
Electronic Arts, Inc. 3,572 732,403
Fair Isaac Corp.* 360 430,121
Fidelity National Information Services, Inc. 7,440 289,267
Fiserv, Inc.* 7,771 381,167
Intuit, Inc. 4,316 1,126,476
Jack Henry & Associates, Inc. 1,184 163,084
Microsoft Corp. 114,235 42,611,940
MSCI, Inc. 1,114 623,885
Oracle Corp. 26,207 3,840,636
Palantir Technologies, Inc., Class A* 35,623 4,156,135
Paychex, Inc. 4,152 408,266
PTC, Inc.* 1,928 219,040
Roper Technologies, Inc. 1,563 528,904
Salesforce, Inc. 13,009 2,037,990
ServiceNow, Inc.* 16,200 1,608,336
Synopsys, Inc.* 2,951 1,316,353
Take-Two Interactive Software, Inc.* 2,877 719,192
Tyler Technologies, Inc.* 682 199,458
Veeva Systems, Inc., Class A* 2,400 425,928
Workday, Inc., Class A* 3,437 420,757
    67,680,293
Telecommunications — 2.2%
Arista Networks, Inc.* 16,150 2,743,562
AT&T, Inc. 106,210 2,198,547
Ciena Corp.* 2,200 1,079,232
Cisco Systems, Inc. 61,312 7,201,707
Corning, Inc. 12,420 3,172,441
Motorola Solutions, Inc. 2,437 1,012,062
T-Mobile US, Inc. 6,706 1,124,797
Verizon Communications, Inc. 64,744 2,741,261
    21,273,609
Toys, Games & Hobbies — 0.0%
Hasbro, Inc. 2,116 174,760
Transportation — 0.9%
C.H. Robinson Worldwide, Inc. 1,867 351,631
CSX Corp. 28,703 1,364,254
Expeditors International of Washington, Inc. 2,142 349,103
FedEx Corp. 3,453 1,081,238
  Number of
Shares 		Value†
 
Transportation — (continued)
Fedex Freight Holding Co., Inc.* 1,726 $260,626
J.B. Hunt Transport Services, Inc. 1,211 350,500
Norfolk Southern Corp. 3,307 1,040,349
Old Dominion Freight Line, Inc. 2,920 632,472
Union Pacific Corp. 9,048 2,461,056
United Parcel Service, Inc., Class B 11,323 1,217,222
    9,108,451
Water — 0.0%
American Water Works Co., Inc. 783 103,027
TOTAL COMMON STOCKS
(Cost $374,255,094) 		971,652,593
REAL ESTATE INVESTMENT TRUSTS — 1.8%
Apartments — 0.2%
AvalonBay Communities, Inc. 1,982 373,983
Camden Property Trust 1,318 150,898
Equity Residential 4,927 334,691
Essex Property Trust, Inc. 857 249,893
Invitation Homes, Inc. 8,176 246,997
Mid-America Apartment Communities, Inc. 1,466 203,686
UDR, Inc. 3,858 154,011
    1,714,159
Diversified — 0.5%
American Tower Corp. 7,218 1,180,648
Crown Castle, Inc. 6,571 497,622
Digital Realty Trust, Inc. 5,068 910,111
Equinix, Inc. 1,560 1,626,128
SBA Communications Corp. 1,660 292,924
VICI Properties, Inc. 15,181 403,056
Weyerhaeuser Co. 10,355 247,899
    5,158,388
Healthcare — 0.4%
Alexandria Real Estate Equities, Inc. 2,263 119,600
Healthpeak Properties, Inc. 10,998 235,357
Ventas, Inc. 7,191 638,561
Welltower, Inc. 10,752 2,440,381
    3,433,899
Hotels & Resorts — 0.0%
Host Hotels & Resorts, Inc. 10,148 240,609
Industrial — 0.2%
Prologis, Inc. 14,745 1,997,505
Office Property — 0.0%
BXP, Inc. 2,288 151,717
Regional Malls — 0.1%
Simon Property Group, Inc. 5,017 1,122,052
Single Tenant — 0.1%
Realty Income Corp. 14,452 895,446
Storage & Warehousing — 0.2%
Extra Space Storage, Inc. 3,409 495,328
 
39
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Index 500 Fund
  Number of
Shares 		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Storage & Warehousing — (continued)
Iron Mountain, Inc. 4,743 $599,088
Public Storage 2,506 797,685
    1,892,101
Strip Centers — 0.1%
Federal Realty Investment Trust 1,020 125,909
Kimco Realty Corp. 10,604 268,811
Regency Centers Corp. 2,579 205,650
    600,370
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $12,064,753) 		  17,206,246
     
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $2,815,874) 		2,815,874 2,815,874
TOTAL INVESTMENTS — 100.3%
(Cost $389,135,721) 		  $991,674,713
Other Assets & Liabilities — (0.3)% (2,521,177)
TOTAL NET ASSETS — 100.0%   $989,153,536
† 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 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $971,652,593 $971,652,558 $35 $—
Real Estate Investment Trusts 17,206,246 17,206,246 — —
Short-Term Investments 2,815,874 2,815,874 — —
Total Investments $991,674,713 $991,674,678 $35 $—
Other Financial Instruments(1)        
Futures Contracts $2,468 $2,468 $— $—
Total Assets—Other Financial Instruments $2,468 $2,468 $— $—
(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, 2026 (Unaudited)
Index 500 Fund
Futures contracts held by the Fund at June 30, 2026 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   09/18/26   8   50   $7,548   $3,019,300   $2,468   $—
                            $2,468   $—
The accompanying notes are an integral part of these financial statements.
41
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Mid Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 96.7%
Aerospace & Defense — 5.6%
HEICO Corp., Class A 7,366 $1,899,765
Howmet Aerospace, Inc. 8,281 2,226,430
Kratos Defense & Security Solutions, Inc.* 18,002 897,580
Rocket Lab Corp.* 13,102 1,331,818
    6,355,593
Apparel — 3.0%
On Holding AG, Class A* 43,721 1,548,598
Tapestry, Inc. 12,799 1,873,517
    3,422,115
Biotechnology — 3.7%
Alnylam Pharmaceuticals, Inc.* 5,640 1,697,809
Illumina, Inc.* 4,766 838,006
Ionis Pharmaceuticals, Inc.* 20,851 1,653,276
    4,189,091
Building Materials — 5.1%
Martin Marietta Materials, Inc. 3,923 2,262,394
Simpson Manufacturing Co., Inc. 5,476 1,146,401
SPX Technologies, Inc.* 10,071 2,469,107
    5,877,902
Commercial Services — 1.2%
Corpay, Inc.* 4,093 1,364,074
Distribution & Wholesale — 2.6%
Fastenal Co. 60,691 2,914,989
Diversified Financial Services — 0.5%
LPL Financial Holdings, Inc. 2,086 587,584
Electrical Components & Equipment — 5.8%
AMETEK, Inc. 7,502 1,815,034
Generac Holdings, Inc.* 7,418 2,172,065
Novanta, Inc.* 16,543 2,683,936
    6,671,035
Electronics — 0.5%
Coherent Corp.* 1,388 547,524
Engineering & Construction — 3.9%
Construction Partners, Inc., Class A* 8,314 987,454
Sterling Infrastructure, Inc.* 4,152 3,485,022
    4,472,476
Hand & Machine Tools — 2.0%
Lincoln Electric Holdings, Inc. 8,570 2,275,421
Healthcare Products — 9.9%
Align Technology, Inc.* 10,339 1,743,776
Edwards Lifesciences Corp.* 31,034 2,807,336
IDEXX Laboratories, Inc.* 7,356 3,872,493
Insulet Corp.* 10,485 1,596,341
STERIS PLC 6,215 1,308,692
    11,328,638
Home Furnishings — 1.8%
SharkNinja, Inc.* 13,821 2,104,524
  Number of
Shares 		Value†
 
Insurance — 1.0%
Brown & Brown, Inc. 18,403 $1,180,552
Internet — 2.4%
Robinhood Markets, Inc., Class A* 14,708 1,474,918
Stubhub Holdings, Inc., Class A* 100,704 1,296,061
    2,770,979
Leisure Time — 4.4%
Amer Sports, Inc.* 34,876 1,180,204
Royal Caribbean Cruises Ltd. 6,951 2,207,151
Viking Holdings Ltd.* 15,698 1,643,110
    5,030,465
Lodging — 1.5%
Hilton Worldwide Holdings, Inc. 5,061 1,672,458
Machinery — Construction & Mining — 1.4%
BWX Technologies, Inc. 8,509 1,656,277
Pharmaceuticals — 3.8%
Ascendis Pharma A/S* 5,055 1,348,270
Cardinal Health, Inc. 6,249 1,484,512
Dexcom, Inc.* 21,950 1,478,333
    4,311,115
Real Estate — 1.7%
CoStar Group, Inc.* 69,567 1,970,137
Retail — 8.5%
Casey's General Stores, Inc. 2,203 1,750,922
Dutch Bros, Inc., Class A* 26,476 1,901,241
Ferguson Enterprises, Inc. 9,908 2,351,466
Floor & Decor Holdings, Inc., Class A* 37,913 2,250,516
Texas Roadhouse, Inc. 7,522 1,453,476
    9,707,621
Semiconductors — 11.4%
Credo Technology Group Holding Ltd.* 2,109 573,543
GLOBALFOUNDRIES, Inc. 21,032 1,733,247
MACOM Technology Solutions Holdings, Inc.* 5,897 2,243,042
Microchip Technology, Inc. 13,786 1,257,283
Monolithic Power Systems, Inc. 2,912 4,025,432
Rambus, Inc.* 6,726 892,809
SiTime Corp.* 1,510 1,125,796
Teradyne, Inc. 2,368 1,145,733
    12,996,885
Software — 13.6%
Bentley Systems, Inc., Class B 9,143 273,284
Cloudflare, Inc., Class A* 16,754 4,109,421
Datadog, Inc., Class A* 11,172 2,908,742
Manhattan Associates, Inc.* 14,142 1,969,274
Snowflake, Inc.* 12,631 3,214,589
Twilio, Inc., Class A* 8,494 1,752,567
Tyler Technologies, Inc.* 4,406 1,288,579
    15,516,456
 
42
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Mid Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Transportation — 1.4%
Old Dominion Freight Line, Inc. 7,594 $1,644,860
TOTAL COMMON STOCKS
(Cost $89,635,898) 		110,568,771
     
SHORT-TERM INVESTMENTS — 1.9%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $2,206,214) 		2,206,214 2,206,214
TOTAL INVESTMENTS — 98.6%
(Cost $91,842,112) 		  $112,774,985
Other Assets & Liabilities — 1.4% 1,576,837
TOTAL NET ASSETS — 100.0%   $114,351,822
† See Security Valuation Note.
* Non-income producing security.
A/S— Aktieselskab.
AG— Aktiengesellschaft.
PLC— Public Limited Company.
Country Weightings as of 6/30/2026††
United States 95%
Bermuda 2
Switzerland 1
Denmark 1
Finland 1
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $110,568,771 $110,568,771 $— $—
Short-Term Investments 2,206,214 2,206,214 — —
Total Investments $112,774,985 $112,774,985 $— $—
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, 2026 (Unaudited)
Mid Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 91.7%
Aerospace & Defense — 1.1%
L3Harris Technologies, Inc. 3,460 $1,005,441
Banks — 6.8%
Glacier Bancorp, Inc. 22,593 1,165,347
The PNC Financial Services Group, Inc. 7,969 1,962,127
Towne Bank 29,328 1,062,847
Wintrust Financial Corp. 11,989 1,926,872
    6,117,193
Biotechnology — 4.2%
BioMarin Pharmaceutical, Inc.* 17,049 975,544
Corteva, Inc. 17,509 1,482,837
Revolution Medicines, Inc.* 4,061 760,544
United Therapeutics Corp.* 1,015 549,957
    3,768,882
Building Materials — 3.5%
Carlisle Cos., Inc. 3,377 1,225,007
Martin Marietta Materials, Inc. 1,997 1,151,670
Owens Corning 4,798 762,690
    3,139,367
Chemicals — 4.7%
International Flavors & Fragrances, Inc. 14,711 1,165,405
Qnity Electronics, Inc. 8,738 1,427,003
Solstice Advanced Materials, Inc. 10,517 931,806
Westlake Corp. 10,136 739,928
    4,264,142
Commercial Services — 1.0%
TransUnion 11,906 858,899
Computers — 0.7%
Hewlett Packard Enterprise Co. 11,170 503,879
Parsons Corp.* 2,797 146,535
    650,414
Distribution & Wholesale — 1.3%
LKQ Corp. 44,965 1,183,928
Diversified Financial Services — 2.8%
Ally Financial, Inc. 26,292 1,208,117
Lazard, Inc. 31,604 1,325,472
    2,533,589
Electric — 6.7%
Alliant Energy Corp. 34,379 2,622,774
Entergy Corp. 14,388 1,652,606
PPL Corp. 47,944 1,742,764
    6,018,144
Electrical Components & Equipment — 3.9%
AMETEK, Inc. 4,839 1,170,748
Littelfuse, Inc. 5,231 2,381,831
    3,552,579
Electronics — 3.0%
Keysight Technologies, Inc.* 4,403 1,541,358
Vontier Corp. 39,837 1,155,273
    2,696,631
  Number of
Shares 		Value†
 
Engineering & Construction — 0.7%
TopBuild Corp.* 1,726 $611,919
Environmental Control — 1.5%
Tetra Tech, Inc. 4,707 135,985
Waste Connections, Inc. 7,085 1,180,999
    1,316,984
Food — 1.6%
Cal-Maine Foods, Inc. 8,963 722,059
Lamb Weston Holdings, Inc. 17,303 747,144
    1,469,203
Hand & Machine Tools — 1.7%
Lincoln Electric Holdings, Inc. 5,685 1,509,424
Healthcare Products — 1.5%
LivaNova PLC* 16,938 1,392,812
Healthcare Services — 3.1%
Humana, Inc. 3,682 1,462,564
Labcorp Holdings, Inc. 4,850 1,358,000
    2,820,564
Home Builders — 1.3%
Toll Brothers, Inc. 7,344 1,209,924
Insurance — 7.4%
Axis Capital Holdings Ltd. 14,813 1,591,509
Everest Group Ltd. 5,682 2,029,781
Selective Insurance Group, Inc. 15,628 1,516,072
The Hartford Insurance Group, Inc. 11,351 1,504,234
    6,641,596
Internet — 0.8%
CDW Corp. 5,165 726,406
Machinery — Diversified — 2.4%
IDEX Corp. 5,333 1,210,325
Regal Rexnord Corp. 4,012 955,618
    2,165,943
Media — 1.9%
Fox Corp., Class B 35,679 1,671,204
Mining — 1.8%
Freeport-McMoRan, Inc. 26,470 1,664,698
Miscellaneous Manufacturing — 2.6%
3M Co. 9,546 1,545,593
Fabrinet* 1,425 800,964
    2,346,557
Oil & Gas — 4.6%
ConocoPhillips 15,105 1,570,316
Expand Energy Corp. 16,309 1,487,218
Valero Energy Corp. 4,271 1,112,339
    4,169,873
Oil & Gas Services — 0.7%
Baker Hughes Co. 11,097 615,883
 
44
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Mid Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Packaging and Containers — 2.1%
AptarGroup, Inc. 2,496 $312,499
Ball Corp. 25,941 1,618,719
    1,931,218
Pharmaceuticals — 1.6%
Cardinal Health, Inc. 6,218 1,477,148
Real Estate — 1.4%
CBRE Group, Inc., Class A* 9,275 1,249,250
Retail — 6.0%
AutoZone, Inc.* 354 1,131,363
Boot Barn Holdings, Inc.* 3,384 555,890
Burlington Stores, Inc.* 3,282 1,039,737
Casey's General Stores, Inc. 1,385 1,100,784
MSC Industrial Direct Co., Inc., Class A 5,926 704,898
O'Reilly Automotive, Inc.* 9,423 867,764
    5,400,436
Semiconductors — 1.7%
Teradyne, Inc. 3,228 1,561,835
Software — 1.4%
Akamai Technologies, Inc.* 10,303 1,217,918
Transportation — 4.2%
Canadian Pacific Kansas City Ltd. 6,631 574,576
Kirby Corp.* 8,440 1,147,587
Landstar System, Inc. 6,489 1,341,990
Saia, Inc.* 1,766 743,769
    3,807,922
TOTAL COMMON STOCKS
(Cost $58,268,199) 		82,767,926
REAL ESTATE INVESTMENT TRUSTS — 5.5%
Diversified — 2.4%
Lamar Advertising Co., Class A 14,057 2,192,611
Industrial — 1.0%
STAG lndustrial, Inc. 22,751 865,903
Single Tenant — 2.1%
Agree Realty Corp. 25,599 1,938,869
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,450,995) 		  4,997,383
  Number ofShares Value†
SHORT-TERM INVESTMENTS — 2.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $1,993,801) 		1,993,801 $1,993,801
TOTAL INVESTMENTS — 99.4%
(Cost $63,712,995) 		  $89,759,110
Other Assets & Liabilities — 0.6% 536,046
TOTAL NET ASSETS — 100.0%   $90,295,156
† See Security Valuation Note.
* Non-income producing security.
PLC— Public Limited Company.
Country Weightings as of 6/30/2026††
United States 92%
Bermuda 4
Canada 2
United Kingdom 1
Thailand 1
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $82,767,926 $82,767,926 $— $—
Real Estate Investment Trusts 4,997,383 4,997,383 — —
Short-Term Investments 1,993,801 1,993,801 — —
Total Investments $89,759,110 $89,759,110 $— $—
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, 2026 (Unaudited)
Mid Core Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 87.2%
Advertising — 0.6%
Publicis Groupe S.A. 3,819 $377,405
Aerospace & Defense — 1.0%
L3Harris Technologies, Inc. 2,359 685,502
Airlines — 0.8%
Southwest Airlines Co. 10,509 540,373
Auto Manufacturers — 0.9%
Cummins, Inc. 483 344,480
PACCAR, Inc. 1,979 237,718
    582,198
Auto Parts & Equipment — 1.6%
BorgWarner, Inc. 5,075 336,980
Cie Generale des Etablissements Michelin SCA 8,890 343,423
Gentex Corp. 14,763 373,061
    1,053,464
Banks — 8.5%
Commerce Bancshares, Inc. 23,297 1,345,402
First Hawaiian, Inc. 15,872 465,050
Northern Trust Corp. 5,862 1,019,050
Prosperity Bancshares, Inc. 12,867 939,677
Truist Financial Corp. 15,942 794,231
US Bancorp 13,281 802,172
Westamerica BanCorp 6,802 399,073
    5,764,655
Beverages — 0.7%
Heineken N.V. 5,702 478,755
Building Materials — 3.5%
Amrize Ltd.* 10,405 554,587
Daikin Industries Ltd. 3,400 518,632
Masco Corp. 5,121 416,696
Mohawk Industries, Inc.* 2,125 257,826
Owens Corning 4,091 650,305
    2,398,046
Chemicals — 1.1%
CF Industries Holdings, Inc. 2,529 273,790
PPG Industries, Inc. 3,798 460,659
    734,449
Commercial Services — 0.5%
Sunbelt Rentals Holdings, Inc. 4,444 324,183
Computers — 2.3%
Amdocs Ltd. 8,816 445,561
Cognizant Technology Solutions Corp., Class A 9,113 352,946
Hewlett Packard Enterprise Co. 7,308 329,664
HP, Inc. 18,417 404,069
    1,532,240
Cosmetics & Personal Care — 0.9%
Colgate-Palmolive Co. 2,889 264,863
Kenvue, Inc. 6,707 128,171
  Number of
Shares 		Value†
 
Cosmetics & Personal Care — (continued)
The Estee Lauder Cos., Inc., Class A 2,507 $197,928
    590,962
Distribution & Wholesale — 2.1%
Bunzl PLC 28,619 998,769
Pool Corp. 1,832 393,697
    1,392,466
Diversified Financial Services — 2.2%
Ameriprise Financial, Inc. 1,342 615,656
Raymond James Financial, Inc. 2,693 409,417
T. Rowe Price Group, Inc. 4,332 492,505
    1,517,578
Electric — 7.5%
Duke Energy Corp. 6,374 806,821
Evergy, Inc. 12,816 1,107,687
Eversource Energy 3,147 227,434
Northwestern Energy Group, Inc. 7,419 531,349
Pinnacle West Capital Corp. 2,217 237,219
PPL Corp. 14,584 530,128
WEC Energy Group, Inc. 4,569 533,522
Xcel Energy, Inc. 13,656 1,096,577
    5,070,737
Electronics — 3.5%
Fortive Corp. 6,116 373,626
Ralliant Corp. 7,796 574,020
Sensata Technologies Holding PLC 11,678 557,508
TE Connectivity PLC 2,004 404,026
Trimble, Inc.* 3,511 179,693
Vontier Corp. 10,648 308,792
    2,397,665
Environmental Control — 0.3%
Republic Services, Inc. 1,119 238,436
Food — 1.3%
Koninklijke Ahold Delhaize N.V. 15,150 609,672
Mondelez International, Inc., Class A 4,338 250,910
    860,582
Food Service — 0.6%
Sodexo S.A. 6,618 382,790
Gas — 2.2%
ONE Gas, Inc. 12,221 941,873
Spire, Inc. 7,193 561,701
    1,503,574
Hand & Machine Tools — 0.7%
Stanley Black & Decker, Inc. 4,696 441,987
Healthcare Products — 5.3%
Envista Holdings Corp.* 18,405 484,972
GE HealthCare Technologies, Inc. 12,663 810,559
Medtronic PLC 8,457 661,591
Waters Corp.* 658 246,776
Zimmer Biomet Holdings, Inc. 15,691 1,350,838
    3,554,736
 
46
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Mid Core Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Healthcare Services — 5.2%
Humana, Inc. 771 $306,257
IQVIA Holdings, Inc.* 3,718 718,392
Labcorp Holdings, Inc. 4,399 1,231,720
Quest Diagnostics, Inc. 3,037 643,692
Universal Health Services, Inc., Class B 4,002 595,057
    3,495,118
Home Builders — 1.1%
PulteGroup, Inc. 5,652 775,511
Household Products & Wares — 2.2%
Kimberly-Clark Corp. 13,637 1,496,933
Insurance — 6.3%
Marsh & McLennan Cos., Inc. 5,898 983,020
Reinsurance Group of America, Inc. 4,207 894,619
Selective Insurance Group, Inc. 3,705 359,422
The Allstate Corp. 3,696 879,426
The Hanover Insurance Group, Inc. 553 118,408
Willis Towers Watson PLC 3,950 1,032,411
    4,267,306
Internet — 1.6%
CDW Corp. 3,645 512,633
F5, Inc.* 1,355 563,626
    1,076,259
Iron & Steel — 0.8%
Reliance, Inc. 1,412 527,523
Machinery — Construction & Mining — 0.6%
Oshkosh Corp. 2,608 400,276
Machinery — Diversified — 1.0%
Gates Industrial Corp. PLC* 8,741 244,486
IDEX Corp. 1,005 228,085
The Toro Co. 2,432 236,925
    709,496
Metal Fabricate/Hardware — 0.3%
The Timken Co. 1,570 228,152
Miscellaneous Manufacturing — 1.5%
A.O. Smith Corp. 10,054 630,587
Textron, Inc. 4,174 382,881
    1,013,468
Oil & Gas — 3.0%
Devon Energy Corp. 6,778 280,067
Diamondback Energy, Inc. 5,077 892,435
EQT Corp. 9,201 489,217
Phillips 66 2,129 359,908
    2,021,627
Oil & Gas Services — 2.4%
Baker Hughes Co. 18,294 1,015,317
SLB Ltd. 13,783 640,772
    1,656,089
Packaging and Containers — 1.6%
Packaging Corp. of America 4,637 1,104,904
  Number of
Shares 		Value†
 
Pharmaceuticals — 4.5%
Becton Dickinson & Co. 7,165 $1,084,279
Cencora, Inc. 2,323 657,363
Henry Schein, Inc.* 15,918 1,329,471
    3,071,113
Retail — 1.6%
MSC Industrial Direct Co., Inc., Class A 5,906 702,519
Target Corp. 2,443 319,080
Tractor Supply Co. 2,157 68,183
    1,089,782
Semiconductors — 1.9%
Infineon Technologies AG 5,048 475,531
NXP Semiconductors N.V. 1,681 472,412
Teradyne, Inc. 711 344,010
    1,291,953
Software — 1.3%
Akamai Technologies, Inc.* 4,081 482,415
Roper Technologies, Inc. 1,137 384,749
    867,164
Transportation — 2.2%
Canadian Pacific Kansas City Ltd. 5,765 499,816
CSX Corp. 11,008 523,210
Norfolk Southern Corp. 1,521 478,492
    1,501,518
TOTAL COMMON STOCKS
(Cost $53,614,470) 		59,016,975
REAL ESTATE INVESTMENT TRUSTS — 7.9%
Apartments — 1.6%
Equity Residential 13,272 901,567
Essex Property Trust, Inc. 676 197,115
    1,098,682
Diversified — 1.1%
American Tower Corp. 3,133 512,465
VICI Properties, Inc. 8,928 237,038
    749,503
Healthcare — 1.8%
CareTrust REIT, Inc. 6,298 254,124
Healthpeak Properties, Inc. 23,264 497,850
Ventas, Inc. 5,382 477,922
    1,229,896
Single Tenant — 1.8%
Agree Realty Corp. 3,941 298,491
Realty Income Corp. 14,973 927,727
    1,226,218
Storage & Warehousing — 1.2%
Iron Mountain, Inc. 3,394 428,696
Public Storage 1,048 333,589
    762,285
 
47
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Mid Core Value Fund
  Number of
Shares 		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Strip Centers — 0.4%
Regency Centers Corp. 3,185 $253,972
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,170,392) 		  5,320,556
PREFERRED STOCKS — 0.4%
Household Products & Wares — 0.4%
Henkel AG & Co., KGaA
(Cost $287,066) 		3,605 303,179
MASTER LIMITED PARTNERSHIP — 1.6%
Pipelines — 1.6%
Enterprise Products Partners LP
(Cost $759,794) 		28,791 1,058,357
     
SHORT-TERM INVESTMENTS — 2.6%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $1,733,062) 		1,733,062 1,733,062
TOTAL INVESTMENTS — 99.7%
(Cost $61,564,784) 		  $67,432,129
Other Assets & Liabilities — 0.3% 207,162
TOTAL NET ASSETS — 100.0%   $67,639,291
† 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.
REIT— Real Estate Investment Trust.
S.A.— Societe Anonyme.
Country Weightings as of 6/30/2026††
United States 88%
United Kingdom 3
Netherlands 2
France 2
Ireland 1
Germany 1
Switzerland 1
Other 2
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Advertising $377,405 $— $377,405 $—
Aerospace & Defense 685,502 685,502 — —
Airlines 540,373 540,373 — —
Auto Manufacturers 582,198 582,198 — —
Auto Parts & Equipment 1,053,464 710,041 343,423 —
Banks 5,764,655 5,764,655 — —
Beverages 478,755 — 478,755 —
Building Materials 2,398,046 1,879,414 518,632 —
Chemicals 734,449 734,449 — —
Commercial Services 324,183 — 324,183 —
Computers 1,532,240 1,532,240 — —
Cosmetics & Personal Care 590,962 590,962 — —
Distribution & Wholesale 1,392,466 393,697 998,769 —
Diversified Financial Services 1,517,578 1,517,578 — —
Electric 5,070,737 5,070,737 — —
Electronics 2,397,665 2,397,665 — —
Environmental Control 238,436 238,436 — —
Food 860,582 860,582 — —
Food Service 382,790 — 382,790 —
Gas 1,503,574 1,503,574 — —
Hand & Machine Tools 441,987 441,987 — —
Healthcare Products 3,554,736 3,554,736 — —
Healthcare Services 3,495,118 3,495,118 — —
Home Builders 775,511 775,511 — —
Household Products & Wares 1,496,933 1,496,933 — —
Insurance 4,267,306 4,267,306 — —
Internet 1,076,259 1,076,259 — —
Iron & Steel 527,523 527,523 — —
Machinery — Construction & Mining 400,276 400,276 — —
Machinery — Diversified 709,496 709,496 — —
Metal Fabricate/Hardware 228,152 228,152 — —
Miscellaneous Manufacturing 1,013,468 1,013,468 — —
Oil & Gas 2,021,627 2,021,627 — —
Oil & Gas Services 1,656,089 1,656,089 — —
Packaging and Containers 1,104,904 1,104,904 — —
Pharmaceuticals 3,071,113 3,071,113 — —
Retail 1,089,782 1,089,782 — —
Semiconductors 1,291,953 816,422 475,531 —
Software 867,164 867,164 — —
Transportation 1,501,518 1,501,518 — —
Total Common Stocks 59,016,975 55,117,487 3,899,488 —
Real Estate Investment Trusts 5,320,556 5,320,556 — —
Preferred Stocks 303,179 — 303,179 —
Master Limited Partnership 1,058,357 1,058,357 — —
Short-Term Investments 1,733,062 1,733,062 — —
Total Investments $67,432,129 $63,229,462 $4,202,667 $—
 
48
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Mid Core Value Fund
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Other Financial Instruments(1)        
Forward Foreign Currency Contracts $7,950 $— $7,950 $—
Total Assets—Other Financial Instruments $7,950 $— $7,950 $—
LIABILITIES TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Other Financial Instruments(1)        
Forward Foreign Currency Contracts $(669) $— $(669) $—
Total Liabilities—Other Financial Instruments $(669) $— $(669) $—
(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, 2026 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 Canadian Dollar   Bank of America   09/25/26   (42,880)   1.41280   $(30,317)   $(30,352)   $—   $(34)
Sell Euro   Bank of America   09/25/26   (540,986)   0.87200   (621,232)   (620,375)   857   —
Sell Japanese Yen   Bank of America   09/25/26   (70,689,400)   161.45940   (441,790)   (437,815)   3,974   —
Sell Pound Sterling   Bank of America   09/25/26   (427,140)   0.75390   (566,239)   (566,583)   —   (344)
Sell Euro   Citibank N.A.   09/25/26   (540,986)   0.87200   (621,447)   (620,375)   1,072   —
Sell Canadian Dollar   Goldman Sachs   09/25/26   (306,636)   1.41280   (217,294)   (217,047)   247   —
Sell Canadian Dollar   JPMorgan   09/25/26   (260,223)   1.41280   (184,481)   (184,194)   287   —
Sell Pound Sterling   JPMorgan   09/25/26   (427,140)   0.75390   (566,292)   (566,583)   —   (291)
Sell Euro   Morgan Stanley   09/25/26   (540,986)   0.87200   (621,105)   (620,375)   730   —
Sell Euro   UBS Securities   09/25/26   (540,986)   0.87200   (621,157)   (620,375)   783   —
  Total                           $7,950   $(669)
The accompanying notes are an integral part of these financial statements.
49
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
SMID Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 99.8%
Aerospace & Defense — 4.9%
Firefly Aerospace, Inc.* 8,037 $236,288
Joby Aviation, Inc.* 38,938 347,327
Karman Holdings, Inc.* 11,252 561,700
Leonardo DRS, Inc. 12,832 547,541
Loar Holdings, Inc.* 7,907 637,383
Moog, Inc., Class A 3,359 1,423,678
    3,753,917
Beverages — 0.8%
The Vita Coco Co., Inc.* 8,984 594,202
Biotechnology — 10.2%
Bridgebio Pharma, Inc.* 11,983 892,494
CG oncology, Inc.* 4,915 349,211
Cytokinetics, Inc.* 6,193 527,582
Halozyme Therapeutics, Inc.* 10,960 857,839
Insmed, Inc.* 5,389 574,575
Ionis Pharmaceuticals, Inc.* 10,306 817,163
Ligand Pharmaceuticals, Inc.* 2,347 741,863
Praxis Precision Medicines, Inc.* 2,240 749,930
Revolution Medicines, Inc.* 5,105 956,064
Roivant Sciences Ltd.* 37,141 1,314,420
    7,781,141
Building Materials — 2.3%
Modine Manufacturing Co.* 2,562 684,105
SPX Technologies, Inc.* 4,377 1,073,109
    1,757,214
Chemicals — 1.0%
Solstice Advanced Materials, Inc. 8,680 769,048
Computers — 2.6%
CACI International, Inc., Class A* 814 377,094
Everpure, Inc., Class A* 10,277 809,725
Rubrik, Inc., Class A* 10,045 806,412
    1,993,231
Distribution & Wholesale — 0.9%
VSE Corp. 3,139 717,262
Diversified Financial Services — 3.0%
Enova International, Inc.* 4,165 1,002,641
Houlihan Lokey, Inc. 4,941 662,736
Piper Sandler Cos. 8,609 622,775
    2,288,152
Electric — 0.2%
X-Energy, Inc.* 7,361 135,148
Electrical Components & Equipment — 1.3%
Novanta, Inc.* 6,081 986,581
Electronics — 3.8%
Advanced Energy Industries, Inc. 3,057 1,139,863
Arxis, Inc., Class A* 13,106 604,711
ESCO Technologies, Inc. 1,640 574,066
Mirion Technologies, Inc.* 10,076 180,663
  Number of
Shares 		Value†
 
Electronics — (continued)
nVent Electric PLC 2,218 $376,195
    2,875,498
Energy-Alternate Sources — 0.4%
Solv Energy, Inc., Class A* 8,884 302,500
Engineering & Construction — 4.2%
Cardinal Infrastructure Group, Inc., Class A* 2,942 277,136
Construction Partners, Inc., Class A* 4,079 484,463
Dycom Industries, Inc.* 1,902 961,632
MYR Group, Inc.* 1,754 877,702
Sterling Infrastructure, Inc.* 711 596,785
    3,197,718
Hand & Machine Tools — 1.0%
Franklin Electric Co., Inc. 7,152 766,623
Healthcare Products — 6.4%
Bio-Techne Corp. 9,491 670,539
Globus Medical, Inc., Class A* 9,591 757,785
Guardant Health, Inc.* 6,396 959,592
Lantheus Holdings, Inc.* 5,450 604,623
LeMaitre Vascular, Inc. 5,093 488,724
Natera, Inc.* 2,507 680,525
Repligen Corp.* 3,155 430,468
TransMedics Group, Inc.* 4,880 324,130
    4,916,386
Healthcare Services — 4.7%
BrightSpring Health Services, Inc.* 21,924 1,528,980
Encompass Health Corp. 6,175 624,169
RadNet, Inc.* 9,861 608,128
The Ensign Group, Inc. 5,044 808,553
    3,569,830
Home Builders — 0.3%
Toll Brothers, Inc. 1,543 254,209
Home Furnishings — 1.5%
SharkNinja, Inc.* 7,438 1,132,584
Insurance — 0.9%
Equitable Holdings, Inc. 15,462 678,473
Iron & Steel — 1.8%
Carpenter Technology Corp. 2,243 1,383,572
Leisure Time — 2.3%
Amer Sports, Inc.* 27,061 915,744
Life Time Group Holdings, Inc.* 20,980 856,823
    1,772,567
Lodging — 1.3%
Hyatt Hotels Corp., Class A 5,011 971,332
Machinery — Construction & Mining — 0.7%
Forgent Power Solutions, Inc., Class A* 10,368 579,156
Machinery — Diversified — 2.4%
Applied Industrial Technologies, Inc. 1,535 519,060
 
50
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
SMID Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Machinery — Diversified — (continued)
CSW Industrials, Inc. 2,782 $774,231
Nordson Corp. 1,807 545,154
    1,838,445
Metal Fabricate/Hardware — 2.2%
Dpc Holdings Ltd.* 2,446 120,001
RBC Bearings, Inc.* 1,898 1,222,426
The Timken Co. 2,486 361,265
    1,703,692
Mining — 0.3%
Uranium Energy Corp.* 19,796 211,025
Miscellaneous Manufacturing — 4.1%
Enpro, Inc. 3,284 1,237,838
Fabrinet* 1,954 1,098,305
Federal Signal Corp. 6,437 827,090
    3,163,233
Oil & Gas Services — 2.3%
Archrock, Inc. 16,720 680,671
Kodiak Gas Services, Inc. 8,255 620,198
Solaris Energy Infrastructure, Inc. 5,881 473,186
    1,774,055
Pharmaceuticals — 3.8%
Ascendis Pharma A/S* 1,947 519,304
Madrigal Pharmaceuticals, Inc.* 1,112 597,089
Neurocrine Biosciences, Inc.* 2,853 480,830
Protagonist Therapeutics, Inc.* 1,653 202,625
Rhythm Pharmaceuticals, Inc.* 6,469 718,253
Vaxcyte, Inc.* 7,180 417,373
    2,935,474
Retail — 8.4%
Boot Barn Holdings, Inc.* 4,114 675,807
Brinker International, Inc.* 4,754 798,672
Casey's General Stores, Inc. 659 523,767
Cava Group, Inc.* 12,274 963,263
Dick's Sporting Goods, Inc. 3,035 688,368
Dutch Bros, Inc., Class A* 14,953 1,073,775
FirstCash Holdings, Inc. 1,680 363,418
Texas Roadhouse, Inc. 6,963 1,345,460
    6,432,530
Semiconductors — 11.8%
Astera Labs, Inc.* 1,841 889,240
Credo Technology Group Holding Ltd.* 3,154 857,730
Lattice Semiconductor Corp.* 11,921 1,823,436
MACOM Technology Solutions Holdings, Inc.* 5,871 2,233,152
Onto Innovation, Inc.* 4,551 1,722,326
SiTime Corp.* 1,987 1,481,428
    9,007,312
Software — 7.1%
Akamai Technologies, Inc.* 4,202 496,718
DigitalOcean Holdings, Inc.* 6,371 1,000,438
JFrog Ltd.* 10,438 948,605
  Number of
Shares 		Value†
 
Software — (continued)
MongoDB, Inc.* 2,242 $753,088
Procore Technologies, Inc.* 8,537 346,773
Samsara, Inc., Class A* 11,767 381,604
ServiceTitan, Inc., Class A* 4,645 328,448
Twilio, Inc., Class A* 5,635 1,162,670
    5,418,344
Telecommunications — 0.2%
Applied Digital Corp.* 5,062 188,813
Transportation — 0.7%
Saia, Inc.* 1,319 555,510
TOTAL COMMON STOCKS
(Cost $58,764,168) 		76,404,777
     
SHORT-TERM INVESTMENTS — 2.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $1,663,269) 		1,663,269 1,663,269
TOTAL INVESTMENTS — 102.0%
(Cost $60,427,437) 		  $78,068,046
Other Assets & Liabilities — (2.0)% (1,541,313)
TOTAL NET ASSETS — 100.0%   $76,526,733
† See Security Valuation Note.
* Non-income producing security.
A/S— Aktieselskab.
PLC— Public Limited Company.
 
51
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
SMID Cap Growth Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $76,404,777 $76,404,777 $— $—
Short-Term Investments 1,663,269 1,663,269 — —
Total Investments $78,068,046 $78,068,046 $— $—
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, 2026 (Unaudited)
SMID Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 94.1%
Airlines — 0.6%
Alaska Air Group, Inc.* 5,537 $289,031
Auto Parts & Equipment — 2.9%
BorgWarner, Inc. 11,546 766,654
Versigent PLC* 13,956 586,292
    1,352,946
Banks — 8.1%
First Bancorp 21,069 549,269
First Citizens BancShares, Inc., Class A 280 582,621
Flagstar Bank NA 32,891 491,392
Independent Bank Corp. 4,119 344,843
Texas Capital Bancshares, Inc. 4,636 478,713
UMB Financial Corp. 4,875 695,955
Walker & Dunlop, Inc. 5,014 274,266
Wintrust Financial Corp. 2,528 406,300
    3,823,359
Building Materials — 2.6%
Boise Cascade Co. 5,223 405,461
Eagle Materials, Inc. 1,769 398,025
Gibraltar Industries, Inc.* 9,539 430,209
    1,233,695
Chemicals — 2.2%
Element Solutions, Inc. 10,095 482,036
RPM International, Inc. 4,754 528,407
    1,010,443
Commercial Services — 6.2%
ADT, Inc. 66,271 430,762
First Advantage Corp.* 33,110 597,635
ICF International, Inc. 5,785 421,495
Laureate Education, Inc.* 9,506 345,258
Robert Half, Inc. 16,040 492,428
WillScot Holdings Corp. 21,844 630,418
    2,917,996
Computers — 2.9%
CACI International, Inc., Class A* 945 437,781
Crane NXT Co. 11,132 569,513
Globant S.A.* 6,028 174,450
KBR, Inc. 5,177 178,762
    1,360,506
Distribution & Wholesale — 1.6%
Core & Main, Inc., Class A* 8,021 387,013
Pool Corp. 1,635 351,362
    738,375
Diversified Financial Services — 2.8%
Invesco Ltd. 17,291 456,309
PJT Partners, Inc., Class A 2,590 390,935
Stifel Financial Corp. 5,566 388,340
Voya Financial, Inc. 827 74,868
    1,310,452
Electric — 1.9%
Fervo Energy Co., Class A* 6,671 194,993
  Number of
Shares 		Value†
 
Electric — (continued)
IDACORP, Inc. 4,730 $715,649
    910,642
Electrical Components & Equipment — 0.9%
Universal Display Corp. 4,881 422,646
Electronics — 2.8%
Plexus Corp.* 2,215 665,984
TD SYNNEX Corp. 2,342 626,110
    1,292,094
Engineering & Construction — 1.9%
Cardinal Infrastructure Group, Inc., Class A* 2,565 241,623
Frontdoor, Inc.* 8,220 637,790
    879,413
Environmental Control — 0.8%
Pentair PLC 5,023 385,063
Food — 2.8%
Sprouts Farmers Market, Inc.* 6,013 508,580
US Foods Holding Corp.* 7,984 816,364
    1,324,944
Gas — 1.5%
Chesapeake Utilities Corp. 2,628 321,878
ONE Gas, Inc. 5,244 404,155
    726,033
Healthcare Products — 4.9%
Bio-Techne Corp. 6,941 490,382
Envista Holdings Corp.* 21,995 579,568
Globus Medical, Inc., Class A* 8,105 640,376
Integer Holdings Corp.* 3,304 308,759
STERIS PLC 1,352 284,690
    2,303,775
Healthcare Services — 4.5%
BrightSpring Health Services, Inc.* 7,255 505,964
Encompass Health Corp. 3,777 381,779
ICON PLC* 3,085 535,895
Tenet Healthcare Corp.* 3,647 682,281
    2,105,919
Home Builders — 0.4%
Taylor Morrison Home Corp.* 2,829 202,952
Household Products & Wares — 0.7%
WD-40 Co. 1,361 331,594
Insurance — 3.1%
Everest Group Ltd. 1,902 679,452
The Hanover Insurance Group, Inc. 3,659 783,465
    1,462,917
Internet — 1.5%
F5, Inc.* 1,743 725,018
 
53
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
SMID Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Investment Companies — 1.3%
HA Sustainable Infrastructure Capital, Inc. 15,263 $596,020
Iron & Steel — 1.6%
Reliance, Inc. 2,040 762,144
Leisure Time — 1.6%
Brunswick Corp. 4,544 382,786
Norwegian Cruise Line Holdings Ltd.* 17,807 375,906
    758,692
Lodging — 0.9%
Hyatt Hotels Corp., Class A 2,141 415,011
Machinery — Construction & Mining — 2.6%
Oshkosh Corp. 4,041 620,213
Terex Corp. 8,068 584,042
    1,204,255
Machinery — Diversified — 3.3%
CNH Industrial N.V. 30,366 341,010
Regal Rexnord Corp. 3,089 735,769
Tennant Co. 5,375 470,528
    1,547,307
Miscellaneous Manufacturing — 2.4%
Avient Corp. 14,383 531,596
JBT Marel Corp. 4,009 581,305
    1,112,901
Office & Business Equipment — 0.9%
Zebra Technologies Corp., Class A* 1,523 400,945
Oil & Gas — 1.7%
Magnolia Oil & Gas Corp., Class A 15,009 383,930
Matador Resources Co. 8,019 399,186
    783,116
Oil & Gas Services — 1.4%
TechnipFMC PLC 10,246 679,310
Packaging and Containers — 0.8%
O-I Glass, Inc.* 39,312 378,575
Real Estate — 1.2%
Jones Lang LaSalle, Inc.* 1,886 584,566
Retail — 3.2%
Bath & Body Works, Inc. 19,049 440,603
BJ's Wholesale Club Holdings, Inc.* 5,350 466,627
Dollar Tree, Inc.* 4,820 582,979
    1,490,209
Savings & Loans — 1.3%
WaFd, Inc. 15,626 599,570
Semiconductors — 1.0%
FormFactor, Inc.* 2,881 460,758
Software — 3.4%
ACI Worldwide, Inc.* 10,219 513,913
  Number of
Shares 		Value†
 
Software — (continued)
Commvault Systems, Inc.* 3,498 $495,772
Dynatrace, Inc.* 8,854 388,779
Nice Ltd., ADR* 2,434 221,129
    1,619,593
Telecommunications — 0.8%
Calix, Inc.* 10,279 383,612
Toys, Games & Hobbies — 1.2%
Hasbro, Inc. 6,989 577,222
Transportation — 4.9%
ArcBest Corp. 653 93,732
C.H. Robinson Worldwide, Inc. 3,460 651,656
GXO Logistics, Inc.* 9,568 485,098
Kirby Corp.* 3,620 492,211
Knight-Swift Transportation Holdings, Inc. 7,557 588,464
    2,311,161
Trucking and Leasing — 1.0%
GATX Corp. 2,773 491,348
TOTAL COMMON STOCKS
(Cost $38,076,570) 		44,266,128
REAL ESTATE INVESTMENT TRUSTS — 5.6%
Apartments — 0.8%
Independence Realty Trust, Inc. 23,661 394,902
Diversified — 0.6%
Broadstone Net Lease, Inc. 12,937 267,408
Healthcare — 0.5%
American Healthcare REIT, Inc. 4,410 229,981
Hotels & Resorts — 0.6%
Ryman Hospitality Properties, Inc. 2,356 302,864
Industrial — 0.8%
STAG lndustrial, Inc. 10,038 382,046
Office Property — 1.2%
COPT Defense Properties 14,986 545,341
Storage & Warehousing — 0.4%
CubeSmart 5,260 209,190
Strip Centers — 0.7%
Brixmor Property Group, Inc. 9,838 310,192
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $2,395,694) 		  2,641,924
 
54
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
SMID Cap Value Fund
  Number ofShares Value†
SHORT-TERM INVESTMENTS — 1.4%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $675,983) 		675,983 $675,983
TOTAL INVESTMENTS — 101.1%
(Cost $41,148,247) 		  $47,584,035
Other Assets & Liabilities — (1.1)% (531,778)
TOTAL NET ASSETS — 100.0%   $47,052,257
† See Security Valuation Note.
* Non-income producing security.
ADR— American Depositary Receipt.
N.V.— Naamloze Vennootschap.
NA— National Association.
PLC— Public Limited Company.
REIT— Real Estate Investment Trust.
S.A.— Societe Anonyme.
Country Weightings as of 6/30/2026††
United States 91%
United Kingdom 3
Bermuda 2
Switzerland 1
Puerto Rico 1
Ireland 1
Israel 1
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $44,266,128 $44,266,128 $— $—
Real Estate Investment Trusts 2,641,924 2,641,924 — —
Short-Term Investments 675,983 675,983 — —
Total Investments $47,584,035 $47,584,035 $— $—
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, 2026 (Unaudited)
Small Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — 99.1%
Aerospace & Defense — 2.8%
Applied Aerospace & Defense, Inc.* 30,311 $690,485
Hawkeye 360, Inc.* 17,450 352,839
Loar Holdings, Inc.* 9,471 763,457
StandardAero, Inc.* 21,071 630,234
Voyager Technologies, Inc., Class A* 9,054 291,991
    2,729,006
Apparel — 1.3%
Gildan Activewear, Inc. 18,434 951,195
On Holding AG, Class A* 8,039 284,741
    1,235,936
Auto Parts & Equipment — 0.3%
Aurora Innovation, Inc.* 41,358 282,062
Banks — 1.1%
The Bancorp, Inc.* 9,274 580,923
Walker & Dunlop, Inc. 9,683 529,660
    1,110,583
Biotechnology — 12.2%
89bio, Inc.* 32,354 11,000
Akero Therapeutics, Inc.(1),* 5,718 3,717
Biohaven Ltd.* 18,446 274,476
Bridgebio Pharma, Inc.* 18,440 1,373,411
Cogent Biosciences, Inc.* 9,710 375,777
Crinetics Pharmaceuticals, Inc.* 8,355 312,644
Edgewise Therapeutics, Inc.* 8,682 352,750
Ideaya Biosciences, Inc.* 19,453 725,013
Insmed, Inc.* 2,667 284,356
Ligand Pharmaceuticals, Inc.* 6,810 2,152,573
Metsera, Inc.* 9,038 44,286
Olema Pharmaceuticals, Inc.* 8,716 109,037
Praxis Precision Medicines, Inc.* 4,073 1,363,600
PTC Therapeutics, Inc.* 10,183 830,627
Revolution Medicines, Inc.* 9,270 1,736,086
Structure Therapeutics, Inc., ADR* 7,169 384,760
Tarsus Pharmaceuticals, Inc.* 4,723 297,266
Travere Therapeutics, Inc.* 12,664 719,442
Tyra Biosciences, Inc.* 5,880 187,807
Xenon Pharmaceuticals, Inc.* 7,301 440,688
    11,979,316
Building Materials — 2.8%
Carlisle Cos., Inc. 1,682 610,145
Modine Manufacturing Co.* 2,025 540,716
SPX Technologies, Inc.* 6,391 1,566,881
    2,717,742
Chemicals — 2.2%
Perimeter Solutions, Inc.* 20,347 725,370
Sensient Technologies Corp. 11,737 1,447,055
    2,172,425
Commercial Services — 9.7%
Arlo Technologies, Inc.* 54,834 739,162
Bright Horizons Family Solutions, Inc.* 5,380 381,334
Colliers International Group, Inc. 3,708 347,773
Euronet Worldwide, Inc.* 8,910 652,123
  Number of
Shares 		Value†
 
Commercial Services — (continued)
GPGI, Inc. 24,353 $385,995
Legence Corp., Class A* 19,763 1,684,401
Paylocity Holding Corp.* 5,686 594,358
Rentokil Initial PLC, ADR 49,998 1,430,443
Shift4 Payments, Inc., Class A* 14,319 696,476
Stride, Inc.* 15,065 1,299,206
UL Solutions, Inc., Class A 6,854 698,148
WEX, Inc.* 4,134 583,266
    9,492,685
Computers — 1.0%
CACI International, Inc., Class A* 1,750 810,705
Quantinuum, Inc., Class A* 2,284 186,694
    997,399
Distribution & Wholesale — 1.4%
Core & Main, Inc., Class A* 19,322 932,286
SiteOne Landscape Supply, Inc.* 3,478 397,918
    1,330,204
Diversified Financial Services — 2.6%
Cboe Global Markets, Inc. 4,065 986,454
Hamilton Lane, Inc., Class A 4,275 336,998
LPL Financial Holdings, Inc. 4,264 1,201,083
    2,524,535
Electric — 1.6%
Fervo Energy Co., Class A* 18,561 542,538
NRG Energy, Inc. 7,328 1,070,328
    1,612,866
Electrical Components & Equipment — 1.0%
Novanta, Inc.* 6,136 995,505
Electronics — 3.9%
Bel Fuse, Inc., Class B 3,728 1,241,573
Itron, Inc.* 4,588 397,000
Mirion Technologies, Inc.* 41,696 747,609
OSI Systems, Inc.* 6,671 1,458,948
    3,845,130
Engineering & Construction — 0.8%
Sterling Infrastructure, Inc.* 911 764,657
Entertainment — 1.4%
Atlanta Braves Holdings, Inc., Class C* 13,410 695,979
Inspired Entertainment, Inc.* 35,048 289,146
Manchester United PLC, Class A* 17,334 397,469
    1,382,594
Environmental Control — 2.8%
CECO Environmental Corp.* 19,643 1,782,406
Clean Harbors, Inc.* 3,236 966,755
    2,749,161
Food — 0.6%
Premium Brands Holdings Corp. 10,637 630,757
Food Service — 1.4%
Aramark 24,015 1,366,453
 
56
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Growth Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Healthcare Products — 7.7%
Glaukos Corp.* 18,246 $2,550,061
Globus Medical, Inc., Class A* 17,086 1,349,965
ICU Medical, Inc.* 6,386 936,187
Lantheus Holdings, Inc.* 12,901 1,431,237
Procept Biorobotics Corp.* 24,145 545,194
Repligen Corp.* 3,059 417,370
STERIS PLC 1,735 365,339
    7,595,353
Healthcare Services — 0.8%
HealthEquity, Inc.* 6,526 589,429
Lumexa Imaging Holdings, Inc.* 17,265 194,749
    784,178
Home Builders — 0.3%
Dream Finders Homes, Inc., Class A* 16,225 280,044
Insurance — 1.9%
Baldwin Insurance Group, Inc.* 2,292 60,921
Exzeo Group, Inc.* 16,934 285,677
Goosehead Insurance, Inc., Class A* 8,784 426,024
Palomar Holdings, Inc.* 4,699 593,907
RLI Corp. 7,872 464,999
    1,831,528
Internet — 0.7%
Ziff Davis, Inc.* 13,040 682,905
Machinery — Construction & Mining — 0.9%
Forgent Power Solutions, Inc., Class A* 15,201 849,128
Machinery — Diversified — 3.7%
ATS Corp.* 20,365 587,006
CSW Industrials, Inc. 2,777 772,839
Gates Industrial Corp. PLC* 33,969 950,113
Kornit Digital Ltd.* 21,212 344,695
Zurn Elkay Water Solutions Corp. 19,727 996,805
    3,651,458
Metal Fabricate/Hardware — 0.5%
Mayville Engineering Co., Inc.* 13,303 498,330
Miscellaneous Manufacturing — 2.2%
Enpro, Inc. 3,453 1,301,539
ITT, Inc. 4,270 844,435
    2,145,974
Oil & Gas — 1.7%
California Resources Corp. 8,882 469,592
Magnolia Oil & Gas Corp., Class A 47,721 1,220,703
    1,690,295
Packaging and Containers — 1.4%
Crown Holdings, Inc. 12,682 1,418,101
Pharmaceuticals — 5.9%
Ascendis Pharma A/S* 4,196 1,119,157
Harrow, Inc.* 12,644 536,991
Madrigal Pharmaceuticals, Inc.* 1,410 757,099
Mirum Pharmaceuticals, Inc.* 13,739 1,608,425
  Number of
Shares 		Value†
 
Pharmaceuticals — (continued)
Protagonist Therapeutics, Inc.* 9,416 $1,154,213
Vaxcyte, Inc.* 10,231 594,728
    5,770,613
Retail — 1.8%
Casey's General Stores, Inc. 1,822 1,448,108
Wingstop, Inc. 1,808 313,525
    1,761,633
Semiconductors — 6.4%
Entegris, Inc. 4,695 844,443
MACOM Technology Solutions Holdings, Inc.* 3,900 1,483,443
Nova Ltd.* 1,451 787,806
ON Semiconductor Corp.* 12,395 1,171,823
Tower Semiconductor Ltd.* 7,622 1,986,598
    6,274,113
Software — 10.0%
Asure Software, Inc.* 47,919 380,477
Blackbaud, Inc.* 11,318 335,239
Broadridge Financial Solutions, Inc. 5,254 719,535
Cellebrite DI Ltd.* 20,872 304,731
Consensus Cloud Solutions, Inc.* 19,841 756,934
Dynatrace, Inc.* 16,560 727,150
Global-e Online Ltd.* 18,114 629,099
HeartFlow, Inc.* 21,792 639,377
Jack Henry & Associates, Inc. 2,941 405,094
PDF Solutions, Inc.* 20,508 1,451,761
Porch Group, Inc.* 32,099 482,769
Procore Technologies, Inc.* 5,658 229,828
SS&C Technologies Holdings, Inc. 19,349 1,200,606
The Descartes Systems Group, Inc.* 14,953 1,035,666
Waystar Holding Corp.* 23,960 491,899
    9,790,165
Telecommunications — 1.0%
AST SpaceMobile, Inc.* 10,995 977,016
Transportation — 1.3%
Saia, Inc.* 2,990 1,259,268
TOTAL COMMON STOCKS
(Cost $63,517,307) 		97,179,118
REAL ESTATE INVESTMENT TRUSTS — 1.0%
Diversified — 1.0%
Lamar Advertising Co., Class A
(Cost $400,538) 		6,306 983,610
RIGHTS — 0.0%
OmniAb, Inc.* 3,339 8,130
OmniAb, Inc.* 3,339 8,044
TOTAL RIGHTS
(Cost $8,726) 		  16,174
 
57
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Growth Fund
  Number ofShares Value†
SHORT-TERM INVESTMENTS — 1.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $1,186,313) 		1,186,313 $1,186,313
TOTAL INVESTMENTS — 101.3%
(Cost $65,112,884) 		  $99,365,215
Other Assets & Liabilities — (1.3)% (1,232,888)
TOTAL NET ASSETS — 100.0%   $98,132,327
† 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.
A/S— Aktieselskab.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
PLC— Public Limited Company.
Country Weightings as of 6/30/2026††
United States 89%
Israel 4
Canada 4
United Kingdom 2
Denmark 1
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Common Stocks        
Aerospace & Defense $2,729,006 $2,729,006 $— $—
Apparel 1,235,936 1,235,936 — —
Auto Parts & Equipment 282,062 282,062 — —
Banks 1,110,583 1,110,583 — —
Biotechnology 11,979,316 11,920,313 55,286 3,717
Building Materials 2,717,742 2,717,742 — —
Chemicals 2,172,425 2,172,425 — —
Commercial Services 9,492,685 9,492,685 — —
Computers 997,399 997,399 — —
Distribution & Wholesale 1,330,204 1,330,204 — —
Diversified Financial Services 2,524,535 2,524,535 — —
Electric 1,612,866 1,612,866 — —
Electrical Components & Equipment 995,505 995,505 — —
Electronics 3,845,130 3,845,130 — —
Engineering & Construction 764,657 764,657 — —
Entertainment 1,382,594 1,382,594 — —
Environmental Control 2,749,161 2,749,161 — —
Food 630,757 630,757 — —
Food Service 1,366,453 1,366,453 — —
Healthcare Products 7,595,353 7,595,353 — —
Healthcare Services 784,178 784,178 — —
Home Builders 280,044 280,044 — —
Insurance 1,831,528 1,831,528 — —
Internet 682,905 682,905 — —
Machinery — Construction & Mining 849,128 849,128 — —
Machinery — Diversified 3,651,458 3,651,458 — —
Metal Fabricate/Hardware 498,330 498,330 — —
Miscellaneous Manufacturing 2,145,974 2,145,974 — —
Oil & Gas 1,690,295 1,690,295 — —
Packaging and Containers 1,418,101 1,418,101 — —
Pharmaceuticals 5,770,613 5,770,613 — —
Retail 1,761,633 1,761,633 — —
Semiconductors 6,274,113 6,274,113 — —
Software 9,790,165 9,790,165 — —
Telecommunications 977,016 977,016 — —
Transportation 1,259,268 1,259,268 — —
Total Common Stocks 97,179,118 97,120,115 55,286 3,717
Real Estate Investment Trusts 983,610 983,610 — —
Rights 16,174 — 16,174 —
Short-Term Investments 1,186,313 1,186,313 — —
Total Investments $99,365,215 $99,290,038 $71,460 $3,717
^ 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.
 
58
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Growth Fund
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.
59
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — 93.8%
Aerospace & Defense — 2.1%
Ducommun, Inc.* 4,718 $873,821
Mercury Systems, Inc.* 13,967 1,708,583
Moog, Inc., Class A 1,771 750,621
    3,333,025
Agriculture — 0.2%
Del Monte Corp. 12,625 352,364
Airlines — 0.7%
SkyWest, Inc.* 10,835 1,076,241
Apparel — 0.8%
Capri Holdings Ltd.* 32,142 596,877
Kontoor Brands, Inc. 9,291 774,312
    1,371,189
Auto Parts & Equipment — 3.0%
Garrett Motion, Inc. 18,719 678,189
Gentherm, Inc.* 13,600 463,896
Phinia, Inc. 18,939 1,560,006
Versigent PLC* 24,396 1,024,876
Visteon Corp. 11,314 1,122,462
    4,849,429
Banks — 18.3%
Atlantic Union Bankshares Corp. 60,943 2,578,498
Columbia Banking System, Inc. 63,860 2,046,713
Cullen/Frost Bankers, Inc. 1,601 247,387
FB Financial Corp. 29,526 1,634,264
Firstsun Capital Bancorp* 21,778 844,551
Flagstar Bank NA 108,144 1,615,671
Glacier Bancorp, Inc. 51,603 2,661,683
Nicolet Bankshares, Inc. 14,216 2,351,184
Old Second Bancorp, Inc. 71,172 1,659,731
Origin Bancorp, Inc. 31,713 1,622,120
Renasant Corp. 52,924 2,251,387
Seacoast Banking Corp of Florida 46,941 1,560,788
SOUTHSTATE BANK CORP 16,259 1,624,274
UMB Financial Corp. 18,279 2,609,510
Valley National Bancorp 171,820 2,517,163
WesBanco, Inc. 45,481 1,775,124
    29,600,048
Biotechnology — 4.0%
CG oncology, Inc.* 4,049 287,681
Cytokinetics, Inc.* 17,438 1,485,543
Definium Therapeutics, Inc.* 7,316 344,145
Dianthus Therapeutics, Inc.* 3,385 329,970
Halozyme Therapeutics, Inc.* 12,436 973,366
Immunovant, Inc.* 10,098 389,076
Kardigan, Inc.* 19,579 466,959
Krystal Biotech, Inc.* 1,241 461,242
Kymera Therapeutics, Inc.* 3,798 435,517
Ligand Pharmaceuticals, Inc.* 2,491 787,380
Mineralys Therapeutics, Inc.* 6,331 170,810
Xenon Pharmaceuticals, Inc.* 6,874 414,915
    6,546,604
  Number of
Shares 		Value†
 
Building Materials — 1.1%
Griffon Corp. 12,127 $1,182,746
Suncrete, Inc., Class A* 24,801 558,767
    1,741,513
Chemicals — 5.0%
Cabot Corp. 10,208 927,091
Ecovyst, Inc.* 48,665 605,879
Element Solutions, Inc. 27,454 1,310,928
H.B. Fuller Co. 7,889 459,850
Ingevity Corp.* 20,739 1,548,581
NewMarket Corp. 1,575 1,246,203
Rogers Corp.* 4,118 674,240
Solstice Advanced Materials, Inc. 15,081 1,336,177
    8,108,949
Coal — 0.3%
Core Natural Resources, Inc. 5,980 478,520
Commercial Services — 1.7%
BrightView Holdings, Inc.* 58,188 824,524
Herc Holdings, Inc. 6,425 920,959
WillScot Holdings Corp. 33,816 975,930
    2,721,413
Computers — 1.8%
Amentum Holdings, Inc.* 53,009 1,095,696
Insight Enterprises, Inc.* 10,644 1,296,439
Varonis Systems, Inc.* 12,747 534,864
    2,926,999
Cosmetics & Personal Care — 0.5%
Edgewell Personal Care Co. 32,138 863,227
Diversified Financial Services — 4.4%
Bread Financial Holdings, Inc. 12,155 1,316,994
Jefferson Capital, Inc. 67,479 1,313,816
Lincoln International, Inc.* 31,970 763,124
PennyMac Financial Services, Inc. 14,576 1,269,570
Perella Weinberg Partners 84,839 1,354,030
Piper Sandler Cos. 15,823 1,144,636
    7,162,170
Electric — 1.9%
Black Hills Corp. 15,829 1,177,677
IDACORP, Inc. 12,046 1,822,560
    3,000,237
Electrical Components & Equipment — 0.4%
Littelfuse, Inc. 1,256 571,895
Electronics — 2.8%
Atmus Filtration Technologies, Inc. 15,728 801,971
Bel Fuse, Inc., Class B 2,112 703,380
ESCO Technologies, Inc. 1,847 646,524
Knowles Corp.* 24,100 999,668
Mirion Technologies, Inc.* 38,143 683,904
Sensata Technologies Holding PLC 15,991 763,410
    4,598,857
 
60
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Engineering & Construction — 1.5%
Centuri Holdings, Inc.* 36,008 $1,088,882
Granite Construction, Inc. 8,263 1,306,215
    2,395,097
Entertainment — 1.1%
Churchill Downs, Inc. 3,632 325,573
Lionsgate Studios Corp.* 67,317 1,030,623
Marriott Vacations Worldwide Corp. 4,016 409,150
    1,765,346
Gas — 3.7%
Chesapeake Utilities Corp. 8,676 1,062,637
MDU Resources Group, Inc. 32,620 691,870
ONE Gas, Inc. 14,377 1,108,035
Southwest Gas Holdings, Inc. 16,171 1,434,044
Spire, Inc. 20,663 1,613,574
    5,910,160
Healthcare Products — 2.0%
Globus Medical, Inc., Class A* 7,639 603,557
LivaNova PLC* 15,767 1,296,520
Merit Medical Systems, Inc.* 8,559 593,481
Teleflex, Inc. 5,769 731,279
    3,224,837
Healthcare Services — 1.9%
Acadia Healthcare Co., Inc.* 37,463 1,106,282
Brookdale Senior Living, Inc.* 35,085 564,518
Charles River Laboratories International, Inc.* 4,621 1,047,996
Lumexa Imaging Holdings, Inc.* 35,617 401,760
    3,120,556
Home Builders — 2.9%
Forestar Group, Inc.* 31,638 1,001,343
M/I Homes, Inc.* 8,234 1,323,945
Meritage Homes Corp. 19,659 1,648,407
Taylor Morrison Home Corp.* 9,153 656,636
    4,630,331
Home Furnishings — 0.5%
Alliance Laundry Holdings, Inc.* 27,670 733,808
Household Products & Wares — 0.4%
Spectrum Brands Holdings, Inc. 7,624 653,758
Insurance — 4.8%
Exzeo Group, Inc.* 33,414 563,694
Hamilton Insurance Group Ltd., Class B 30,510 1,035,509
HCI Group, Inc. 6,623 1,160,681
Jackson Financial, Inc., Class A 23,089 2,364,083
NMI Holdings, Inc.* 26,927 1,106,431
Skyward Specialty Insurance Group, Inc.* 25,138 1,466,802
    7,697,200
Iron & Steel — 1.0%
Commercial Metals Co. 24,767 1,554,129
  Number of
Shares 		Value†
 
Leisure Time — 2.8%
Callaway Golf Co.* 70,926 $1,332,699
Life Time Group Holdings, Inc.* 30,270 1,236,227
Patrick Industries, Inc. 16,420 1,474,188
Polaris, Inc. 7,721 528,425
    4,571,539
Lodging — 0.4%
Wyndham Hotels & Resorts, Inc. 7,610 640,838
Machinery — Construction & Mining — 2.0%
Terex Corp. 44,024 3,186,897
Machinery — Diversified — 1.0%
Gates Industrial Corp. PLC* 56,457 1,579,102
Metal Fabricate/Hardware — 2.7%
Dpc Holdings Ltd.* 5,254 257,761
Helios Technologies, Inc. 10,584 944,622
Proto Labs, Inc.* 8,768 714,680
Ryerson Holding Corp. 29,446 724,666
Standex International Corp. 3,845 1,375,241
Worthington Steel, Inc. 12,851 431,537
    4,448,507
Mining — 0.7%
Arcosa, Inc. 5,980 868,834
Constellium S.E.* 6,684 213,019
    1,081,853
Oil & Gas — 2.4%
California Resources Corp. 24,586 1,299,862
Chord Energy Corp. 9,048 1,034,186
PBF Energy, Inc., Class A 17,821 811,212
Seadrill Ltd.* 20,917 791,081
    3,936,341
Oil & Gas Services — 2.1%
Flowco Holdings, Inc., Class A 17,970 383,480
Kodiak Gas Services, Inc. 9,525 715,613
Liberty Energy, Inc. 37,878 992,025
Oceaneering International, Inc.* 19,559 792,531
Select Water Solutions, Inc. 25,626 512,007
    3,395,656
Pharmaceuticals — 1.5%
Alkermes PLC* 14,576 763,709
Henry Schein, Inc.* 5,873 490,513
Spyre Therapeutics, Inc.* 5,552 492,907
Supernus Pharmaceuticals, Inc.* 8,055 374,638
Vaxcyte, Inc.* 5,908 343,432
    2,465,199
Retail — 2.8%
Academy Sports & Outdoors, Inc. 12,517 589,926
Advance Auto Parts, Inc. 9,963 619,898
BJ's Restaurants, Inc.* 6,812 413,727
Brinker International, Inc.* 4,448 747,264
La-Z-Boy, Inc. 14,858 596,103
Signet Jewelers Ltd. 5,290 455,998
Urban Outfitters, Inc.* 9,009 638,378
 
61
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Value Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Retail — (continued)
Yesway, Inc., Class A* 25,935 $526,480
    4,587,774
Savings & Loans — 1.2%
Banc of California, Inc. 93,400 1,908,162
Semiconductors — 2.4%
Allegro MicroSystems, Inc.* 15,705 1,093,382
Axcelis Technologies, Inc.* 3,518 666,485
FormFactor, Inc.* 3,304 528,409
IPG Photonics Corp.* 5,202 610,299
Onto Innovation, Inc.* 1,522 576,001
Synaptics, Inc.* 3,740 464,620
    3,939,196
Software — 0.6%
Manhattan Associates, Inc.* 2,660 370,405
nCino, Inc.* 34,252 560,020
    930,425
Telecommunications — 0.8%
Viasat, Inc.* 14,453 1,298,024
Transportation — 1.6%
ArcBest Corp. 6,880 987,555
DHT Holdings, Inc. 43,497 719,006
Scorpio Tankers, Inc. 13,461 932,309
    2,638,870
TOTAL COMMON STOCKS
(Cost $127,628,769) 		151,596,285
REAL ESTATE INVESTMENT TRUSTS — 6.7%
Diversified — 1.0%
InvenTrust Properties Corp. 44,750 1,584,150
Healthcare — 0.9%
Janus Living, Inc., Class A-1 50,987 1,465,366
Hotels & Resorts — 0.6%
Ryman Hospitality Properties, Inc. 7,509 965,282
Industrial — 1.1%
Terreno Realty Corp. 28,079 1,818,677
Mortgage Banks — 0.5%
Ladder Capital Corp. 80,550 801,472
Office Property — 1.6%
COPT Defense Properties 72,651 2,643,770
Single Tenant — 0.6%
Four Corners Property Trust, Inc. 38,831 953,301
Storage & Warehousing — 0.4%
Smartstop Self Storage REIT, Inc. 17,493 568,523
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $9,700,879) 		  10,800,541
  Number ofShares Value†
SHORT-TERM INVESTMENTS — 0.7%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $1,168,736) 		1,168,736 $1,168,736
TOTAL INVESTMENTS — 101.2%
(Cost $138,498,384) 		  $163,565,562
Other Assets & Liabilities — (1.2)% (1,893,541)
TOTAL NET ASSETS — 100.0%   $161,672,021
† See Security Valuation Note.
* Non-income producing security.
NA— National Association.
PLC— Public Limited Company.
REIT— Real Estate Investment Trust.
S.E.— Societas Europaea.
Country Weightings as of 6/30/2026††
United States 94%
Bermuda 2
United Kingdom 1
Switzerland 1
Canada 1
Monaco 1
Total 100%
†† % of total investments as of June 30, 2026.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $151,596,285 $151,596,285 $— $—
Real Estate Investment Trusts 10,800,541 10,800,541 — —
Short-Term Investments 1,168,736 1,168,736 — —
Total Investments $163,565,562 $163,565,562 $— $—
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, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — 95.3%
Advertising — 0.1%
Advantage Solutions, Inc.* 104 $4,497
Boston Omaha Corp., Class A* 700 9,548
Clear Channel Outdoor Holdings, Inc.* 11,400 27,588
MNTN, Inc., Class A* 1,400 12,880
National CineMedia, Inc. 1,700 6,460
Nexxen International Ltd.* 900 8,127
Stagwell, Inc.* 2,700 20,061
Taboola.com Ltd.* 3,700 18,500
TechTarget, Inc.* 900 3,240
    110,901
Aerospace & Defense — 1.9%
AAR Corp.* 1,069 152,792
AerSale Corp.* 1,000 6,320
Aevex Corp., Class A* 500 10,445
AIRO Group Holdings, Inc.* 719 5,313
Amprius Technologies, Inc.* 4,000 55,440
Archer Aviation, Inc., Class A* 19,500 92,235
Astronics Corp.* 895 72,728
Astronics Corp., Class B* 159 12,084
Beta Technologies, Inc., Class A* 900 15,075
Ducommun, Inc.* 400 74,084
Eve Holding, Inc.* 3,000 7,530
Firefly Aerospace, Inc.* 2,300 67,620
Innovative Solutions and Support, Inc.* 400 7,200
Intuitive Machines, Inc.* 3,700 79,143
Joby Aviation, Inc.* 19,600 174,832
Mercury Systems, Inc.* 1,600 195,728
Moog, Inc., Class A 801 339,496
National Presto Industries, Inc. 148 18,499
Ondas, Inc.* 14,100 116,184
Red Cat Holdings, Inc.* 3,200 34,080
Redwire Corp.* 5,700 69,711
Starfighters Space, Inc.* 1,000 5,320
TAT Technologies Ltd.* 400 19,292
Unusual Machines, Inc. * 1,300 28,990
Virgin Galactic Holdings, Inc.* 2,900 8,381
Voyager Technologies, Inc., Class A* 1,526 49,213
York Space Systems, Inc.* 500 12,310
    1,730,045
Agriculture — 0.3%
Alico, Inc. 200 8,274
Del Monte Corp. 916 25,566
Dole PLC 2,300 31,556
Limoneira Co. 600 7,878
Tejon Ranch Co.* 625 11,687
The Andersons, Inc. 932 63,749
Turning Point Brands, Inc. 500 42,405
Universal Corp. 755 39,388
Vital Farms, Inc.* 1,000 11,630
    242,133
Airlines — 0.3%
Allegiant Travel Co.* 710 83,496
Frontier Group Holdings, Inc.* 1,500 11,865
JetBlue Airways Corp.* 9,900 56,727
  Number of
Shares 		Value†
 
Airlines — (continued)
Republic Airways Holdings, Inc.* 400 $8,404
SkyWest, Inc.* 1,081 107,376
    267,868
Apparel — 0.6%
Capri Holdings Ltd.* 3,500 64,995
Carter's, Inc. 1,000 41,160
Ermenegildo Zegna N.V. 1,100 14,322
Fossil Group, Inc.* 1,600 6,624
Kontoor Brands, Inc. 1,600 133,344
Oxford Industries, Inc. 408 14,227
Rocky Brands, Inc. 200 8,248
Steven Madden Ltd. 2,073 87,273
Superior Group of Cos., Inc. 300 3,936
Torrid Holdings, Inc.* 400 748
Under Armour, Inc., Class A* 5,600 35,784
Under Armour, Inc., Class C* 5,400 33,588
Weyco Group, Inc. 200 7,866
Wolverine World Wide, Inc. 2,282 37,722
    489,837
Auto Manufacturers — 0.1%
Blue Bird Corp.* 892 70,432
Hyliion Holdings Corp.* 3,300 17,193
Lucid Group, Inc.* 3,700 24,753
Wabash National Corp. 1,000 13,500
    125,878
Auto Parts & Equipment — 1.2%
Adient PLC* 2,300 42,274
Aeva Technologies, Inc.* 680 19,530
Commercial Vehicle Group, Inc.* 1,000 4,620
Cooper-Standard Holdings, Inc.* 500 13,525
Dana, Inc. 3,196 86,963
Dauch Corp.* 6,916 37,485
Dorman Products, Inc.* 787 107,386
Douglas Dynamics, Inc. 700 37,765
Fox Factory Holding Corp.* 1,257 21,300
Garrett Motion, Inc. 5,000 181,150
Gentherm, Inc.* 868 29,607
Holley, Inc.* 1,700 4,335
indie Semiconductor, Inc., Class A* 5,500 24,695
Methode Electronics, Inc. 1,060 20,108
Microvast Holdings, Inc.* 6,200 7,254
Miller Industries, Inc. 343 17,544
Motorcar Parts of America, Inc.* 300 4,596
Phinia, Inc. 1,047 86,241
SES AI Corp.* 7,600 7,298
Solid Power, Inc.* 6,000 15,540
Standard Motor Products, Inc. 600 23,382
Strattec Security Corp.* 100 8,145
The Goodyear Tire & Rubber Co.* 8,195 54,087
Titan International, Inc.* 1,300 10,023
Versigent PLC* 2,100 88,221
Visteon Corp. 727 72,126
XPEL, Inc.* 700 34,720
    1,059,920
 
63
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Banks — 9.6%
1st Source Corp. 548 $44,706
ACNB Corp. 300 17,814
Alerus Financial Corp. 700 21,770
Amalgamated Financial Corp. 500 22,950
Amerant Bancorp, Inc. 1,000 25,520
Ameris Bancorp 1,912 172,577
Ames National Corp. 200 5,922
Arrow Financial Corp. 475 19,470
Associated Banc-Corp. 4,200 129,234
Atlantic Union Bankshares Corp. 4,137 175,036
Avidbank Holdings, Inc.* 300 9,909
Avidia Bancorp, Inc. 500 10,495
BancFirst Corp. 620 68,901
Bank First Corp. 235 34,862
Bank of Hawaii Corp. 1,100 89,639
Bank of Marin Bancorp 480 13,296
Bank7 Corp. 100 4,895
BankUnited, Inc. 2,100 101,745
Bankwell Financial Group, Inc. 200 11,750
Banner Corp. 1,000 66,440
Bar Harbor Bankshares 497 18,767
BayCom Corp. 300 9,870
BCB Bancorp, Inc. 500 5,360
Blue Ridge Bankshares, Inc. 2,200 7,766
Bridgewater Bancshares, Inc.* 700 14,728
Burke & Herbert Financial Services Corp. 423 30,397
Business First Bancshares, Inc. 900 27,657
Byline Bancorp, Inc. 885 33,329
C&F Financial Corp. 100 8,000
California BanCorp 777 16,193
Camden National Corp. 439 23,803
Capital Bancorp, Inc. 300 10,536
Capital City Bank Group, Inc. 379 18,730
Carter Bankshares, Inc. 600 20,406
Cathay General Bancorp 1,850 114,682
CB Financial Services, Inc. 100 3,790
Central Pacific Financial Corp. 700 26,740
Chain Bridge Bancorp, Inc., Class A* 100 4,205
Chemung Financial Corp. 100 7,458
ChoiceOne Financial Services, Inc. 400 13,600
Citizens & Northern Corp. 556 12,960
Citizens Financial Services, Inc. 102 7,389
City Holding Co. 420 55,709
Civista Bancshares, Inc. 600 16,932
CNB Financial Corp. 844 28,451
Coastal Financial Corp.* 361 27,981
CoastalSouth Bancshares, Inc. 200 5,370
Colony Bankcorp, Inc. 500 10,045
Commercial Bancgroup, Inc. 200 6,458
Community Bancorp 200 7,820
Community Financial System, Inc. 1,537 103,163
Community Trust Bancorp, Inc. 483 34,950
Community West Bancshares 626 16,814
ConnectOne Bancorp, Inc. 1,413 47,251
Customers Bancorp, Inc.* 880 69,608
  Number of
Shares 		Value†
 
Banks — (continued)
CVB Financial Corp. 4,932 $111,217
Dime Commercial Bancshares, Inc. 1,209 49,146
Eagle Bancorp, Inc. 873 24,784
Eagle Financial Services, Inc. 100 4,146
Eastern Bankshares, Inc. 6,319 140,535
ECB Bancorp, Inc.* 100 2,008
Enterprise Financial Services Corp. 1,080 71,150
Equity Bancshares, Inc., Class A 453 22,192
Esquire Financial Holdings, Inc. 200 23,822
Farmers & Merchants Bancorp, Inc. 400 12,232
Farmers National Banc Corp. 1,760 25,696
FB Bancorp, Inc.* 500 7,530
FB Financial Corp. 1,226 67,859
Fidelity D&D Bancorp, Inc. 100 5,142
Financial Institutions, Inc. 540 21,044
Finwise Bancorp* 300 4,350
First Bancorp 1,124 71,857
First Bancorp 4,500 117,315
First Bank 500 8,865
First Busey Corp. 2,414 71,213
First Business Financial Services, Inc. 200 12,634
First Commonwealth Financial Corp. 3,021 61,417
First Community Bankshares, Inc. 426 18,923
First Community Corp. 300 9,804
First Financial Bancorp 3,074 103,993
First Financial Bankshares, Inc. 3,704 128,158
First Financial Corp. 280 21,683
First Internet Bancorp 300 8,340
First Interstate BancSystem, Inc., Class A 2,687 103,611
First Merchants Corp. 1,800 78,642
First Mid Bancshares, Inc. 700 33,663
First National Corp. 300 9,006
First Northern Community Bancorp* 400 7,176
First United Corp. 200 8,822
Firstsun Capital Bancorp* 689 26,719
Five Star Bancorp 400 19,476
Flagstar Bank NA 8,966 133,952
Franklin Financial Services Corp. 100 6,260
Fulton Financial Corp. 5,693 137,714
FVCBankcorp, Inc. 500 8,750
GBank Financial Holdings, Inc.* 300 9,093
German American Bancorp, Inc. 1,038 49,263
Glacier Bancorp, Inc. 3,829 197,500
Great Southern Bancorp, Inc. 171 13,408
Hancock Whitney Corp. 2,378 177,684
Hanmi Financial Corp. 813 26,341
Hanover Bancorp, Inc. 100 2,332
Hawthorn Bancshares, Inc. 200 7,860
HBT Financial, Inc. 400 12,796
Heritage Financial Corp. 1,230 36,433
Hilltop Holdings, Inc. 1,142 44,287
Home BancShares, Inc. 5,435 155,169
Hope Bancorp, Inc. 3,667 50,165
Horizon Bancorp, Inc. 1,450 28,971
Independent Bank Corp. 1,347 112,771
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Banks — (continued)
Independent Bank Corp. 600 $21,642
International Bancshares Corp. 1,525 115,824
Investar Holding Corp. 400 11,984
Isabella Bank Corp. 200 7,900
John Marshall Bancorp, Inc. 400 8,720
Kearny Financial Corp. 1,445 13,670
Lakeland Financial Corp. 691 42,649
Landmark Bancorp, Inc. 210 6,449
LCNB Corp. 400 7,036
Live Oak Bancshares, Inc. 1,100 44,924
MainStreet Bancshares, Inc. 100 2,469
Mechanics Bancorp, Class A 1,300 20,670
Mercantile Bank Corp. 500 28,710
Merchants Bancorp 700 35,000
Meridian Corp. 300 6,009
Metrocity Bankshares, Inc. 700 25,123
Metropolitan Bank Holding Corp. 300 29,628
Mid Penn Bancorp, Inc. 600 20,904
Midland States Bancorp, Inc. 600 18,684
MVB Financial Corp. 400 11,604
National Bank Holdings Corp., Class A 1,300 57,759
National Bankshares, Inc. 200 7,266
NB Bancorp, Inc. 1,139 24,067
NBT Bancorp, Inc. 1,469 72,525
NewtekOne, Inc. 600 8,886
Nicolet Bankshares, Inc. 562 92,949
Northeast Bank 200 26,506
Northeast Community Bancorp, Inc. 300 8,322
Northpointe Bancshares, Inc. 600 11,508
Northrim BanCorp, Inc. 560 15,534
Norwood Financial Corp. 300 9,645
Oak Valley Bancorp 200 6,749
OFG Bancorp 1,210 59,375
Ohio Valley Banc Corp. 100 4,343
Old National Bancorp 9,868 255,581
Old Second Bancorp, Inc. 1,400 32,648
OP Bancorp 400 5,996
Orange County Bancorp, Inc. 400 14,712
Origin Bancorp, Inc. 900 46,035
Orrstown Financial Services, Inc. 500 20,415
Park National Corp. 512 93,691
Parke Bancorp, Inc. 300 9,948
Pathward Financial, Inc. 600 52,236
PCB Bancorp 300 8,511
Peapack-Gladstone Financial Corp. 436 20,636
Peoples Bancorp of North Carolina, Inc. 100 4,309
Peoples Bancorp, Inc. 991 38,064
Peoples Financial Services Corp. 300 19,911
Pioneer Bancorp, Inc.* 200 3,414
Plumas Bancorp 200 11,688
Ponce Financial Group, Inc.* 600 11,964
Preferred Bank 336 35,703
Primis Financial Corp. 500 8,185
Princeton Bancorp, Inc. 200 7,590
QCR Holdings, Inc. 500 48,675
RBB Bancorp 400 10,966
  Number of
Shares 		Value†
 
Banks — (continued)
Red River Bancshares, Inc. 100 $9,128
Renasant Corp. 2,735 116,347
Republic Bancorp, Inc., Class A 187 16,910
Rhinebeck Bancorp, Inc.* 200 3,462
Richmond Mutual BanCorp, Inc. 300 4,764
S&T Bancorp, Inc. 1,089 53,448
Seacoast Banking Corp of Florida 2,696 89,642
ServisFirst Bancshares, Inc. 1,500 130,125
Shore Bancshares, Inc. 865 19,852
Sierra Bancorp 312 12,717
Simmons First National Corp., Class A 4,296 97,304
SmartFinancial, Inc. 400 18,768
South Plains Financial, Inc. 500 21,543
Southern First Bancshares, Inc.* 300 18,330
Southside Bancshares, Inc. 771 27,132
SR Bancorp, Inc. 300 5,904
Sterling Bancorp, Inc.* 600 0
Stock Yards Bancorp, Inc. 767 58,653
Texas Capital Bancshares, Inc. 1,200 123,912
The Bancorp, Inc.* 1,112 69,656
The Bank of NT Butterfield & Son Ltd. 1,118 66,521
The First Bancorp, Inc. 334 11,630
Third Coast Bancshares, Inc.* 500 20,200
Tompkins Financial Corp. 408 38,564
Towne Bank 2,577 93,391
TriCo Bancshares 898 48,357
Triumph Financial, Inc.* 600 45,786
TrustCo Bank Corp. 450 24,710
Trustmark Corp. 1,630 74,996
UMB Financial Corp. 2,069 295,370
United Bankshares, Inc. 3,960 181,487
United Community Banks, Inc. 3,371 118,288
Unity Bancorp, Inc. 200 11,738
Univest Financial Corp. 787 34,431
Valley National Bancorp 14,083 206,316
Virginia National Bankshares Corp. 100 4,438
Walker & Dunlop, Inc. 940 51,418
Washington Trust Bancorp, Inc. 570 20,794
WesBanco, Inc. 2,634 102,805
West BanCorp, Inc. 478 12,681
Westamerica BanCorp 673 39,485
Western New England Bancorp, Inc. 600 8,580
    8,694,262
Beverages — 0.2%
BRC, Inc., Class A* 1,800 1,998
MGP Ingredients, Inc. 400 7,008
National Beverage Corp.* 684 21,341
The Boston Beer Co., Inc., Class A* 200 35,406
The Vita Coco Co., Inc.* 1,400 92,596
Westrock Coffee Co.* 1,100 8,921
    167,270
Biotechnology — 10.4%
4D Molecular Therapeutics, Inc.* 1,300 17,290
Abeona Therapeutics, Inc.* 1,400 8,652
Absci Corp.* 4,000 46,360
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
ACADIA Pharmaceuticals, Inc.* 3,700 $93,610
Achieve Life Sciences, Inc.* 2,300 15,019
Acumen Pharmaceuticals, Inc.* 1,500 4,005
ADC Therapeutics S.A.* 2,600 2,782
ADMA Biologics, Inc.* 6,700 56,079
Agenus, Inc.* 1,200 3,672
Akero Therapeutics, Inc.(1),* 2,000 1,300
Aktis Oncology, Inc.* 600 19,338
Alector, Inc.* 3,000 6,030
Allogene Therapeutics, Inc.* 7,800 16,224
Alpha Teknova, Inc.* 500 2,840
Altimmune, Inc.* 5,800 17,632
Alto Neuroscience, Inc.* 800 21,112
Alumis, Inc.* 2,307 64,919
ALX Oncology Holdings, Inc.* 3,300 6,831
AN2 Therapeutics, Inc.* 800 3,872
AnaptysBio, Inc.* 600 40,500
Anavex Life Sciences Corp.* 2,100 5,439
ANI Pharmaceuticals, Inc.* 600 49,668
Annexon, Inc.* 4,500 25,695
Apogee Therapeutics, Inc.* 1,300 172,549
Arbutus Biopharma Corp.* 4,100 19,680
Arcellx, Inc.* 1,030 0
Arcturus Therapeutics Holdings, Inc.* 700 4,704
Arcus Biosciences, Inc.* 2,600 80,158
Arcutis Biotherapeutics, Inc.* 3,300 86,526
Ardelyx, Inc.* 6,700 34,170
ArriVent Biopharma, Inc.* 1,100 38,214
ARS Pharmaceuticals, Inc.* 1,800 14,418
Assembly Biosciences, Inc.* 300 8,244
AtaiBeckley, Inc.* 9,300 49,011
Atea Pharmaceuticals, Inc.* 1,800 8,370
Aura Biosciences, Inc.* 1,096 7,782
Aurinia Pharmaceuticals, Inc.* 3,500 59,395
Avalo Therapeutics, Inc.* 1,200 22,176
Avalyn Pharma, Inc.* 500 16,460
Beam Therapeutics, Inc.* 2,900 99,528
Benitec Biopharma, Inc.* 500 6,690
Bicara Therapeutics, Inc.* 1,300 38,597
BioAge Labs, Inc.* 1,000 24,510
BioCryst Pharmaceuticals, Inc.* 6,787 67,870
Biohaven Ltd.* 3,861 57,452
Bright Minds Biosciences, Inc.* 200 14,040
C4 Therapeutics, Inc.* 3,000 14,010
Cabaletta Bio, Inc.* 3,300 10,263
CAMP4 Therapeutics Corp.* 1,000 4,370
Canton Strategic Holdings, Inc.* 1,400 3,948
Capricor Therapeutics, Inc.* 1,600 38,528
Caribou Biosciences, Inc.* 2,800 4,928
Cartesian Therapeutics, Inc.* 160 1,667
Celcuity, Inc.* 1,100 115,082
Celldex Therapeutics, Inc.* 2,300 85,583
Century Therapeutics, Inc.* 3,700 9,065
Certara, Inc.* 3,400 22,270
CG oncology, Inc.* 2,115 150,271
Chinook Therapeutics, Inc.* 2,060 0
  Number of
Shares 		Value†
 
Biotechnology — (continued)
Climb Bio, Inc.* 1,000 $13,040
Cogent Biosciences, Inc.* 4,655 180,149
Compass Therapeutics, Inc.* 3,600 7,884
Contineum Therapeutics, Inc., Class A* 800 13,112
Crescent Biopharma, Inc.* 600 10,800
Crinetics Pharmaceuticals, Inc.* 3,000 112,260
CRISPR Therapeutics AG* 2,632 143,549
Cullinan Therapeutics, Inc.* 1,800 32,778
Cytek Biosciences, Inc.* 3,600 15,948
Cytokinetics, Inc.* 3,701 315,288
CytomX Therapeutics, Inc.* 5,200 19,500
Damora Therapeutics, Inc.* 1,600 41,616
Definium Therapeutics, Inc.* 3,600 169,344
Denali Therapeutics, Inc.* 4,227 108,718
Design Therapeutics, Inc.* 900 13,023
DiaMedica Therapeutics, Inc.* 1,000 7,040
Dianthus Therapeutics, Inc.* 1,300 126,724
Disc Medicine, Inc.* 800 58,512
Dyne Therapeutics, Inc.* 3,898 86,575
Edgewise Therapeutics, Inc.* 2,019 82,032
Editas Medicine, Inc.* 2,500 8,100
Eikon Therapeutics, Inc.* 700 9,135
Eledon Pharmaceuticals, Inc.* 2,000 7,880
Emergent BioSolutions, Inc.* 1,700 14,246
Entrada Therapeutics, Inc.* 800 5,888
Erasca, Inc.* 5,800 106,256
Esperion Therapeutics, Inc.* 7,000 22,120
Evolus, Inc.* 1,500 10,410
Evommune, Inc.* 300 3,987
EyePoint, Inc.* 2,100 30,030
First Tracks Biotherapeutics, Inc.* 700 14,084
Forafric Global PLC* 200 2,016
Forte Biosciences, Inc.* 600 12,750
Generate Biomedicines, Inc.* 700 11,809
Geron Corp.* 14,640 18,739
Greenwich Lifesciences, Inc.* 200 4,692
Ideaya Biosciences, Inc.* 2,273 84,715
Immix Biopharma, Inc.* 1,200 12,372
ImmunityBio, Inc.* 11,200 98,056
Immunome, Inc.* 3,100 65,689
Immunovant, Inc.* 2,500 96,325
Inhibrx Biosciences, Inc.* 300 28,425
Innoviva, Inc.* 2,200 49,962
Intellia Therapeutics, Inc.* 3,957 66,952
Invivyd, Inc.* 6,400 5,583
Iovance Biotherapeutics, Inc.* 11,500 47,840
Jade Biosciences, Inc.* 908 20,176
Janux Therapeutics, Inc.* 1,200 18,432
Kailera Therapeutics, Inc.* 1,300 28,639
Karyopharm Therapeutics, Inc.* 600 5,862
Keros Therapeutics, Inc.* 740 7,918
Kiniksa Pharmaceuticals International PLC* 1,200 76,740
Kodiak Sciences, Inc.* 1,100 42,856
Korro Bio, Inc.* 200 2,636
Krystal Biotech, Inc.* 750 278,752
 
66
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Kura Oncology, Inc.* 2,300 $25,231
Kymera Therapeutics, Inc.* 1,800 206,406
Kyverna Therapeutics, Inc.* 1,200 10,692
Larimar Therapeutics, Inc.* 1,500 4,575
LB Pharmaceuticals, Inc.* 700 22,719
LENZ Therapeutics, Inc.* 485 2,755
Lexeo Therapeutics, Inc.* 1,700 7,914
Lexicon Pharmaceuticals, Inc.* 7,300 17,520
Ligand Pharmaceuticals, Inc.* 580 183,332
Lineage Cell Therapeutics, Inc.* 5,500 7,205
Liquidia Corp.* 2,000 159,460
MacroGenics, Inc.* 1,900 8,778
MapLight Therapeutics, Inc.* 200 7,168
Maravai LifeSciences Holdings, Inc., Class A* 2,900 18,096
Maze Therapeutics, Inc.* 1,055 31,481
MBX Biosciences, Inc.* 900 49,680
MeiraGTx Holdings PLC* 1,800 24,318
Merrimack Pharmaceuticals, Inc.* 400 0
Mineralys Therapeutics, Inc.* 1,700 45,866
Monopar Therapeutics, Inc.* 160 14,814
Monte Rosa Therapeutics, Inc.* 2,100 50,820
Myriad Genetics, Inc.* 2,800 15,988
Nektar Therapeutics* 1,000 69,810
NeoGenomics, Inc.* 3,800 55,442
Neumora Therapeutics, Inc.* 3,100 5,270
Niagen Bioscience, Inc.* 1,400 4,466
Nkarta, Inc.* 1,900 5,377
Novavax, Inc.* 4,100 38,622
Nurix Therapeutics, Inc.* 2,800 67,928
Nuvalent, Inc., Class A* 1,516 187,226
Nuvation Bio, Inc.* 7,300 41,464
Olema Pharmaceuticals, Inc.* 2,300 28,773
Omeros Corp.* 1,900 18,069
OmniAb, Inc.* 2,479 6,098
Opus Genetics, Inc.* 1,600 6,576
Organogenesis Holdings, Inc.* 1,700 4,131
Oruka Therapeutics, Inc.* 1,404 133,619
Ovid therapeutics, Inc.* 4,500 12,105
Palisade Bio, Inc.* 4,400 9,196
Palvella Therapeutics, Inc.* 300 45,846
Perspective Therapeutics, Inc.* 3,100 10,571
Phathom Pharmaceuticals, Inc.* 1,200 13,020
Praxis Precision Medicines, Inc.* 700 234,353
Precigen, Inc.* 5,600 31,920
Precision BioSciences, Inc.* 700 5,502
Prelude Therapeutics, Inc.* 900 4,797
Prime Medicine, Inc.* 2,800 10,332
ProKidney Corp.* 2,300 4,692
Protalix BioTherapeutics, Inc.* 2,600 6,058
Protara Therapeutics, Inc.* 1,200 4,584
Prothena Corp. PLC* 1,100 10,769
PTC Therapeutics, Inc.* 2,300 187,611
Puma Biotechnology, Inc.* 1,300 10,543
Rapport Therapeutics, Inc.* 900 37,503
  Number of
Shares 		Value†
 
Biotechnology — (continued)
Recursion Pharmaceuticals, Inc., Class A* 14,800 $54,316
REGENXBIO, Inc.* 1,400 16,772
Relay Therapeutics, Inc.* 4,700 87,937
Relmada Therapeutics, Inc.* 2,800 19,376
Replimune Group, Inc.* 2,300 25,461
Rezolute, Inc.* 2,200 11,440
Rigel Pharmaceuticals, Inc.* 529 20,694
Rocket Pharmaceuticals, Inc.* 2,200 7,524
SAB Biotherapeutics, Inc.* 1,300 5,070
Sana Biotechnology, Inc.* 4,900 17,101
Sarepta Therapeutics, Inc.* 3,000 53,910
Savara, Inc.* 4,200 25,872
Scholar Rock Holding Corp.* 3,200 176,000
Septerna, Inc.* 600 20,094
Shattuck Labs, Inc.* 1,800 12,492
Sionna Therapeutics, Inc.* 500 21,995
Solid Biosciences, Inc.* 2,300 22,977
Spruce Biosciences, Inc.* 100 5,400
Stoke Therapeutics, Inc.* 1,600 52,352
Surrozen, Inc.* 200 5,190
Sutro Biopharma, Inc.* 500 16,600
Syndax Pharmaceuticals, Inc.* 2,600 56,836
Tango Therapeutics, Inc.* 3,900 121,914
Tarsus Pharmaceuticals, Inc.* 1,200 75,528
Taysha Gene Therapies, Inc.* 6,986 47,575
Tectonic Therapeutic, Inc.* 300 10,313
Tenax Therapeutics, Inc.* 700 10,185
TG Therapeutics, Inc.* 4,100 225,254
Theravance Biopharma, Inc.* 1,100 18,700
Third Harmonic Bio, Inc.* 600 0
Tobira Therapeutic, Inc.* 400 1,812
Travere Therapeutics, Inc.* 2,500 142,025
TriSalus Life Sciences, Inc.* 1,400 6,370
Tyra Biosciences, Inc.* 1,100 35,134
Ultragenyx Pharmaceutical, Inc.* 2,800 93,492
Unicycive Therapeutics, Inc.* 700 3,283
Upstream Bio, Inc.* 900 6,228
UroGen Pharma Ltd.* 1,200 44,160
Vera Therapeutics, Inc.* 1,800 77,238
Veracyte, Inc.* 2,300 135,079
Verastem, Inc.* 2,400 9,168
Vericel Corp.* 1,500 66,735
Vir Biotechnology, Inc.* 3,600 36,684
Viridian Therapeutics, Inc.* 2,600 47,762
Vor BioPharma, Inc.* 1,200 22,092
WaVe Life Sciences Ltd.* 3,800 22,078
Whitehawk Therapeutics, Inc.* 1,000 4,580
X4 Pharmaceuticals, Inc.* 2,400 11,208
Xencor, Inc.* 1,900 30,590
Xenon Pharmaceuticals, Inc.* 2,779 167,740
XOMA Royalty Corp.* 300 12,750
Zenas Biopharma, Inc.* 800 20,304
Zentalis Pharmaceuticals, Inc.* 1,500 7,275
Zevra Therapeutics, Inc.* 1,700 24,378
Zura Bio Ltd.* 1,800 10,620
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Biotechnology — (continued)
Zymeworks, Inc.* 1,400 $36,596
    9,344,712
Building Materials — 0.8%
AirJoule Technologies Corp.* 800 4,432
Apogee Enterprises, Inc. 643 29,411
Aspen Aerogels, Inc.* 1,900 12,046
Boise Cascade Co. 1,000 77,630
Gibraltar Industries, Inc.* 840 37,884
Griffon Corp. 1,056 102,992
Knife River Corp.* 1,600 133,840
LSI Industries, Inc. 1,000 26,580
Masterbrand, Inc.* 5,866 60,361
NWPX Infrastructure, Inc.* 300 44,982
SmartRent, Inc.* 5,200 6,188
Smith-Midland Corp.* 100 2,900
Tecnoglass, Inc. 700 32,767
Titan America S.A.* 800 14,928
UFP Industries, Inc. 1,649 149,630
    736,571
Chemicals — 1.9%
AdvanSix, Inc. 800 15,904
Ashland, Inc. 1,300 85,657
Balchem Corp. 941 158,982
Cabot Corp. 1,500 136,230
Calumet, Inc.* 2,000 72,040
Codexis, Inc.* 2,000 4,520
Ecovyst, Inc.* 3,100 38,595
FMC Corp. 3,700 42,550
H.B. Fuller Co. 1,580 92,098
Hawkins, Inc. 584 82,986
Huntsman Corp. 4,900 52,038
Ingevity Corp.* 1,026 76,612
Innospec, Inc. 746 60,717
Intrepid Potash, Inc.* 270 8,851
Koppers Holdings, Inc. 520 23,348
Kronos Worldwide, Inc. 500 3,165
Lightwave Logic, Inc.* 4,700 44,462
Mativ Holdings, Inc. 1,655 12,528
Minerals Technologies, Inc. 928 68,644
Oil-Dri Corp of America 300 30,663
Orion S.A. 1,700 11,271
Perimeter Solutions, Inc.* 4,400 156,860
Quaker Chemical Corp. 417 66,249
Rayonier Advanced Materials, Inc.* 1,900 14,934
Rogers Corp.* 517 84,648
Sensient Technologies Corp. 1,158 142,770
Stepan Co. 676 37,667
The Chemours Co. 4,400 90,288
Tronox Holdings PLC 3,300 20,790
    1,736,067
Coal — 0.5%
Alpha Metallurgical Resources, Inc.* 318 52,451
American Resources Corp.* 2,700 5,805
Core Natural Resources, Inc. 1,466 117,309
  Number of
Shares 		Value†
 
Coal — (continued)
Hallador Energy Co.* 1,000 $17,390
NACCO Industries, Inc., Class A 100 5,005
Peabody Energy Corp. 3,600 83,232
Ramaco Resources, Inc., Class A* 1,331 17,609
SunCoke Energy, Inc. 2,241 18,040
Warrior Met Coal, Inc. 1,500 121,740
    438,581
Commercial Services — 3.9%
ABM Industries, Inc. 1,651 73,040
Acacia Research Corp.* 1,500 6,990
AirSculpt Technologies, Inc.* 300 1,350
Alarm.com Holdings, Inc.* 1,400 65,408
Alta Equipment Group, Inc.* 700 4,529
American Public Education, Inc.* 500 26,850
AMN Healthcare Services, Inc.* 1,109 35,898
Arlo Technologies, Inc.* 3,133 42,233
Barrett Business Services, Inc. 720 25,574
BrightView Holdings, Inc.* 2,115 29,969
Cadiz, Inc.* 1,600 6,688
Carriage Services, Inc. 400 15,336
Cass Information Systems, Inc. 298 15,293
CBIZ, Inc.* 1,421 45,586
Chaince Digital Holdings, Inc.* 2,000 8,740
Cimpress PLC* 420 42,714
Clarivate PLC* 10,200 22,032
CoreCivic, Inc.* 2,800 85,064
Coursera, Inc.* 6,120 34,517
Covista, Inc.* 984 122,665
CPI Card Group, Inc.* 200 4,156
CRA International, Inc. 174 24,760
Cross Country Healthcare, Inc.* 784 10,357
Custom Truck One Source, Inc.* 1,800 21,258
Deluxe Corp. 1,207 28,823
Distribution Solutions Group, Inc.* 342 9,354
Dlocal Ltd. 2,600 33,787
Driven Brands Holdings, Inc.* 1,700 23,698
Emerald Holding, Inc. 600 3,024
Ennis, Inc. 758 16,107
EVERTEC, Inc. 1,739 48,309
First Advantage Corp.* 2,378 42,923
Flywire Corp.* 3,500 61,495
Franklin Covey Co.* 197 4,832
FTAI Infrastructure, Inc. 2,700 12,528
GPGI, Inc. 5,200 82,420
Graham Holdings Co., Class B 90 102,728
Green Dot Corp., Class A* 1,640 22,156
Healthcare Services Group, Inc.* 1,880 46,173
Herc Holdings, Inc. 915 131,156
Hertz Global Holdings, Inc.* 3,100 7,021
HireQuest, Inc. 200 2,512
Huron Consulting Group, Inc.* 462 41,654
ICF International, Inc. 535 38,980
Information Services Group, Inc. 1,200 4,932
Insperity, Inc. 1,013 41,847
John Wiley & Sons, Inc., Class A 1,100 53,361
Kelly Services, Inc., Class A 914 11,224
 
68
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Commercial Services — (continued)
Kforce, Inc. 486 $22,803
KinderCare Learning Cos., Inc.* 900 3,825
Korn Ferry 1,490 99,204
Laureate Education, Inc.* 3,500 127,120
Legalzoom.com, Inc.* 3,200 19,616
Legence Corp., Class A* 1,700 144,891
Lifecore Biomedical, Inc.* 900 4,725
Lincoln Educational Services Corp.* 900 44,910
ManpowerGroup, Inc. 1,400 47,278
MarketWise, Inc. 75 1,338
Marqeta, Inc., Class A* 9,700 39,382
Matthews International Corp., Class A 805 21,671
Monro, Inc. 737 12,610
NPK International, Inc.* 2,412 38,375
NRC Health 287 6,191
Paymentus Holdings, Inc., Class A* 1,700 41,072
Payoneer Global, Inc.* 7,700 54,824
Paysafe Ltd.* 917 6,850
Perdoceo Education Corp. 1,700 54,400
Priority Technology Holdings, Inc.* 1,000 6,670
PROG Holdings, Inc. 1,167 54,394
Progyny, Inc.* 1,900 54,777
Quad/Graphics, Inc. 800 6,744
RCM Technologies, Inc.* 200 5,646
Remitly Global, Inc.* 5,481 122,829
Repay Holdings Corp.* 1,800 7,560
Sezzle, Inc.* 407 69,853
Spire Global, Inc.* 800 14,880
StoneCo Ltd., Class A 6,834 74,081
Strategic Education, Inc. 659 50,493
Stride, Inc.* 1,215 104,782
Target Hospitality Corp.* 1,200 24,432
The Brink's Co. 1,122 106,018
The GEO Group, Inc.* 3,552 104,962
The Hackett Group, Inc. 716 7,711
TIC Solutions, Inc.* 5,062 40,952
Transcat, Inc.* 200 18,554
TriNet Group, Inc. 822 40,681
TrueBlue, Inc.* 1,076 7,500
Universal Technical Institute, Inc.* 1,400 59,878
Upbound Group, Inc. 1,653 35,077
USCB Financial Holdings, Inc. 400 8,184
Verra Mobility Corp.* 4,300 18,275
Vestis Corp.* 2,500 36,300
Willdan Group, Inc.* 400 31,640
    3,546,009
Computers — 2.1%
3D Systems Corp.* 4,000 12,080
Conduent, Inc.* 4,700 6,862
Corsair Gaming, Inc.* 1,500 14,505
Crane NXT Co. 1,400 71,624
Cricut, Inc., Class A 1,500 6,585
Diebold Nixdorf, Inc.* 600 51,012
D-Wave Quantum, Inc.* 10,400 249,496
DXC Technology Co.* 5,000 44,250
Everforth, Inc.* 1,152 20,586
  Number of
Shares 		Value†
 
Computers — (continued)
Everspin Technologies, Inc.* 600 $14,508
Forward Industries, Inc.* 1,900 8,018
Globant S.A.* 1,300 37,622
Grid Dynamics Holdings, Inc.* 1,700 9,656
Infleqtion, Inc.* 3,400 45,288
Insight Enterprises, Inc.* 818 99,632
Maximus, Inc. 1,614 86,769
Mitek Systems, Inc.* 1,200 24,156
NCR Atleos Corp.* 2,100 91,161
NCR Voyix Corp.* 4,000 32,680
NetScout Systems, Inc.* 2,065 89,931
NextNav, Inc.* 2,900 51,707
One Stop Systems, Inc.* 700 12,726
OneSpan, Inc. 1,005 14,422
PAR Technology Corp.* 1,200 20,904
Pitney Bowes, Inc. 4,018 70,395
Qualys, Inc.* 1,037 142,577
Rapid7, Inc.* 1,800 14,580
Rigetti Computing, Inc.* 9,405 181,705
Rimini Street, Inc.* 1,000 4,260
SharonAI Holdings, Inc.* 100 8,466
Telos Corp.* 1,400 6,440
Tenable Holdings, Inc.* 3,300 121,704
Unisys Corp.* 2,324 8,506
V2X, Inc.* 800 59,648
Varonis Systems, Inc.* 3,139 131,712
Velo3D, Inc.* 500 8,775
Vuzix Corp.* 2,200 6,380
    1,881,328
Cosmetics & Personal Care — 0.3%
Coty, Inc., Class A* 10,600 22,896
Edgewell Personal Care Co. 1,300 34,918
Interparfums, Inc. 550 61,523
Oddity Tech Ltd., Class A* 1,200 18,156
Olaplex Holdings, Inc.* 5,100 10,455
Perrigo Co. PLC 4,100 42,599
Prestige Consumer Healthcare, Inc.* 1,372 64,854
The Honest Co., Inc.* 2,400 8,784
    264,185
Distribution & Wholesale — 0.8%
EVI Industries, Inc. 200 2,956
G-III Apparel Group Ltd. 1,108 37,351
Global Industrial Co. 462 15,459
Gold.com, Inc. 600 24,966
Hudson Technologies, Inc.* 900 5,166
OPENLANE, Inc.* 3,100 127,844
Resideo Technologies, Inc.* 3,982 123,840
Rush Enterprises, Inc., Class A 1,749 127,651
Rush Enterprises, Inc., Class B 285 21,802
ScanSource, Inc.* 581 30,264
ThredUp, Inc., Class A* 2,800 19,180
Titan Machinery, Inc.* 523 11,046
VSE Corp. 827 188,969
    736,494
 
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Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Diversified Financial Services — 3.3%
Acadian Asset Management, Inc. 826 $59,076
AlTi Global, Inc.* 900 3,249
Artisan Partners Asset Management, Inc., Class A 1,900 65,607
Atlanticus Holdings Corp.* 140 14,315
Bakkt, Inc.* 900 7,029
Better Home & Finance Holding Co.* 200 5,500
BGC Group, Inc., Class A 10,900 116,521
BRC Group Holdings, Inc.* 700 5,628
Bread Financial Holdings, Inc. 1,100 119,185
Burford Capital Ltd. 5,500 22,550
Cohen & Steers, Inc. 817 62,206
Columbia Financial, Inc.* 800 16,976
Dave, Inc.* 285 106,188
DigitalBridge Group, Inc. 5,175 81,662
Enact Holdings, Inc. 800 36,568
Encore Capital Group, Inc.* 597 55,694
Enova International, Inc.* 713 171,640
Federal Agricultural Mortgage Corp., Class C 275 54,799
Finance Of America Cos., Inc., Class A* 200 5,504
First Western Financial, Inc.* 300 9,633
GCM Grosvenor, Inc., Class A 1,700 20,910
Happen, Inc.* 3,360 69,686
Hyperliquid Strategies, Inc.* 3,700 29,119
International Money Express, Inc.* 800 11,560
Jefferson Capital, Inc. 652 12,694
LendingTree, Inc.* 277 12,268
loanDepot, Inc., Class A* 2,100 2,625
Marex Group PLC 1,800 109,710
Medallion Financial Corp. 400 4,084
Miami International Holdings, Inc.* 2,200 81,752
Moelis & Co., Class A 2,100 137,382
Navient Corp. 1,900 16,169
Nelnet, Inc., Class A 434 57,865
NerdWallet, Inc., Class A* 800 7,400
Onity Group, Inc.* 200 7,950
Oportun Financial Corp.* 1,100 6,281
OppFi, Inc.* 700 6,951
Pagseguro Digital Ltd., Class A 4,900 44,345
Paysign, Inc.* 1,000 8,190
PennyMac Financial Services, Inc. 828 72,119
Perella Weinberg Partners 2,060 32,878
Piper Sandler Cos. 1,988 143,812
PJT Partners, Inc., Class A 668 100,828
PRA Group, Inc.* 1,048 19,902
Radian Group, Inc. 3,919 147,629
Regional Management Corp. 300 12,360
Resolute Holdings Management, Inc.* 110 15,898
Security National Financial Corp., Class A* 525 5,087
Silvercrest Asset Management Group, Inc., Class A 300 3,033
StepStone Group, Inc., Class A 2,227 92,109
StoneX Group, Inc.* 2,055 243,517
Strive, Inc., Class A* 1,815 19,802
  Number of
Shares 		Value†
 
Diversified Financial Services — (continued)
Upstart Holdings, Inc.* 2,500 $88,575
Velocity Financial, Inc.* 400 7,384
Victory Capital Holdings, Inc., Class A 1,160 97,510
Virtus Investment Partners, Inc. 211 30,279
Wealthfront Corp.* 900 8,046
Webull Corp.* 9,700 63,244
Westwood Holdings Group, Inc. 300 5,748
WisdomTree, Inc. 3,900 66,066
World Acceptance Corp.* 75 16,787
    2,959,084
Electric — 1.4%
Ameresco, Inc., Class A* 900 24,840
Avista Corp. 2,439 99,780
Black Hills Corp. 2,248 167,251
Genie Energy Ltd., Class B 700 10,115
Hawaiian Electric Industries, Inc.* 4,800 64,944
MGE Energy, Inc. 1,042 84,965
Net Power, Inc.* 800 1,336
Northwestern Energy Group, Inc. 1,780 127,484
Ormat Technologies, Inc. 1,800 196,020
Otter Tail Corp. 1,092 98,258
Portland General Electric Co. 3,356 173,941
TXNM Energy, Inc. 3,002 170,454
Unitil Corp. 563 29,664
    1,249,052
Electrical Components & Equipment — 1.0%
American Superconductor Corp.* 1,329 55,167
AZZ, Inc. 876 135,824
Belden, Inc. 1,055 126,505
ChargePoint Holdings, Inc.* 700 4,137
Energizer Holdings, Inc. 1,700 36,448
Energous Corp.* 200 4,810
EnerSys 1,003 234,521
Espey Mfg. & Electronics Corp. 100 6,735
Graham Corp.* 300 37,137
Insteel Industries, Inc. 491 14,828
nLight, Inc.* 1,600 111,392
Novanta, Inc.* 1,030 167,107
    934,611
Electronics — 2.1%
Allient, Inc. 450 46,319
Atkore, Inc. 938 71,326
Atmus Filtration Technologies, Inc. 2,421 123,447
Badger Meter, Inc. 843 125,084
Bel Fuse, Inc., Class A 63 18,347
Bel Fuse, Inc., Class B 291 96,915
Benchmark Electronics, Inc. 1,053 103,900
CTS Corp. 763 49,740
Enovix Corp.* 5,735 34,811
ESCO Technologies, Inc. 732 256,229
Evolv Technologies Holdings, Inc.* 4,800 27,840
GoPro, Inc., Class A* 4,300 3,345
Itron, Inc.* 1,250 108,162
Kimball Electronics, Inc.* 633 16,205
 
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Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Electronics — (continued)
Knowles Corp.* 2,452 $101,709
Kopin Corp.* 4,900 21,952
Mesa Laboratories, Inc. 86 8,561
Mirion Technologies, Inc.* 7,039 126,209
M-Tron Industries, Inc.* 120 11,898
Napco Security Technologies, Inc. 1,000 37,980
NVE Corp. 160 16,728
OSI Systems, Inc.* 445 97,322
Plexus Corp.* 719 216,182
Stoneridge, Inc.* 800 5,856
Turtle Beach Corp.* 500 6,225
Vishay Intertechnology, Inc. 3,500 188,230
    1,920,522
Energy-Alternate Sources — 0.7%
Aemetis, Inc.* 2,000 3,280
Alto Ingredients, Inc.* 2,200 12,540
Array Technologies, Inc.* 4,300 31,863
ASP Isotopes, Inc.* 3,412 21,223
Canadian Solar, Inc.* 1,400 22,428
Comstock, Inc.* 2,200 9,152
Energy Vault Holdings, Inc.* 4,100 19,311
Eos Energy Enterprises, Inc.* 10,025 58,947
Fluence Energy, Inc.* 2,400 47,712
FuelCell Energy, Inc.* 1,600 57,616
FutureFuel Corp. 800 3,616
Gevo, Inc.* 7,500 11,250
Green Plains, Inc.* 1,967 30,252
Montauk Renewables, Inc.* 2,100 3,276
Plug Power, Inc.* 39,600 107,316
REX American Resources Corp.* 852 38,468
Shoals Technologies Group, Inc., Class A* 4,900 48,510
Sunrun, Inc.* 6,800 90,984
T1 Energy, Inc.* 5,200 49,296
Tigo Energy, Inc.* 1,200 2,796
    669,836
Engineering & Construction — 1.8%
908 Devices, Inc.* 800 6,960
Argan, Inc. 369 294,665
Bowman Consulting Group Ltd.* 400 11,680
Cardinal Infrastructure Group, Inc., Class A* 400 37,680
Centuri Holdings, Inc.* 2,582 78,080
Concrete Pumping Holdings, Inc.* 500 6,025
Construction Partners, Inc., Class A* 1,331 158,083
Energy Services of America Corp. 400 7,736
Exponent, Inc. 1,380 81,089
Fluor Corp.* 4,104 215,008
Frontdoor, Inc.* 2,000 155,180
Granite Construction, Inc. 1,284 202,975
INNOVATE Corp.* 200 3,734
Latham Group, Inc.* 1,500 9,705
Limbach Holdings, Inc.* 300 23,100
Mistras Group, Inc.* 500 8,735
MYR Group, Inc.* 425 212,670
  Number of
Shares 		Value†
 
Engineering & Construction — (continued)
Orion Group Holdings, Inc.* 1,100 $18,502
Perma-Pipe International Holdings, Inc.* 200 5,446
TSS, Inc.* 600 7,380
Tutor Perini Corp. 1,297 107,612
    1,652,045
Entertainment — 1.2%
Accel Entertainment, Inc.* 1,500 18,915
AMC Entertainment Holdings, Inc., Class A* 18,100 34,390
Atlanta Braves Holdings, Inc., Class A* 200 11,262
Atlanta Braves Holdings, Inc., Class C* 1,400 72,660
Bally's Corp.* 300 4,113
Brightstar Lottery PLC 2,800 30,016
Cinemark Holdings, Inc. 3,100 98,363
Falcon's Beyond Global, Inc., Class A* 800 14,336
IMAX Corp.* 1,300 51,818
Inspired Entertainment, Inc.* 700 5,775
Lionsgate Studios Corp.* 5,728 87,696
Madison Square Garden Entertainment Corp.* 1,137 91,972
Marriott Vacations Worldwide Corp. 807 82,217
Monarch Casino & Resort, Inc. 285 37,509
Penn Entertainment, Inc.* 3,700 79,032
Pursuit Attractions and Hospitality, Inc.* 571 31,959
RCI Hospitality Holdings, Inc. 200 5,464
Red Rock Resorts, Inc., Class A 1,400 91,084
Reservoir Media, Inc.* 600 5,934
Rush Street Interactive, Inc.* 2,900 86,246
Six Flags Entertainment Corp.* 2,792 59,469
Starz Entertainment Corp.* 374 10,794
Super Group SGHC Ltd. 4,800 65,040
United Parks & Resorts, Inc.* 600 28,644
Venu Holding Corp.* 1,500 3,405
Webtoon Entertainment, Inc.* 600 6,852
    1,114,965
Environmental Control — 0.5%
Casella Waste Systems, Inc., Class A* 1,800 174,546
CECO Environmental Corp.* 1,515 137,471
Energy Recovery, Inc.* 1,400 12,628
Enviri Corp.* 666 14,619
Onterris, Inc.* 1,000 20,210
Perma-Fix Environmental Services, Inc.* 500 7,145
Pure Cycle Corp.* 400 4,284
PureCycle Technologies, Inc.* 4,200 34,062
    404,965
Food — 0.8%
B&G Foods, Inc. 2,272 9,043
Cal-Maine Foods, Inc. 1,246 100,378
Flowers Foods, Inc. 5,500 43,450
Grocery Outlet Holding Corp.* 2,656 26,507
Ingles Markets, Inc., Class A 404 35,786
J & J Snack Foods Corp. 464 34,081
 
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Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Food — (continued)
John B Sanfilippo & Son, Inc. 260 $22,357
Lifeway Foods, Inc.* 200 5,968
Mama's Creations, Inc.* 1,100 19,635
Mission Produce, Inc.* 1,641 19,347
Nathan's Famous, Inc. 100 10,160
Natural Grocers by Vitamin Cottage, Inc. 400 12,408
Once Upon a Farm PBC* 400 8,192
Seneca Foods Corp., Class A* 151 26,265
The Chefs' Warehouse, Inc.* 1,050 100,905
The Marzetti Company 571 65,185
The Simply Good Foods Co.* 2,300 30,544
United Natural Foods, Inc.* 1,700 77,639
Utz Brands, Inc. 2,100 16,170
Village Super Market, Inc., Class A 268 11,304
Weis Markets, Inc. 366 28,662
    703,986
Forest Products & Paper — 0.1%
Magnera Corp.* 800 9,400
Sylvamo Corp. 1,000 37,800
    47,200
Gas — 1.0%
Brookfield Infrastructure Corp., Class A 3,487 134,249
Chesapeake Utilities Corp. 674 82,552
New Jersey Resources Corp. 2,964 166,103
Northwest Natural Holding Co. 1,250 61,325
ONE Gas, Inc. 1,790 137,955
RGC Resources, Inc. 300 7,170
Southwest Gas Holdings, Inc. 2,075 184,011
Spire, Inc. 1,656 129,317
    902,682
Hand & Machine Tools — 0.3%
Cadre Holdings, Inc. 900 25,659
Enerpac Tool Group Corp. 1,506 54,005
Franklin Electric Co., Inc. 1,070 114,693
Kennametal, Inc. 2,200 77,110
Luxfer Holdings PLC 800 14,432
    285,899
Healthcare Products — 3.4%
10X Genomics, Inc., Class A* 3,400 130,356
Adaptive Biotechnologies Corp.* 4,500 96,525
Alamar Biosciences, Inc.* 400 10,836
Alphatec Holdings, Inc.* 3,600 31,140
AngioDynamics, Inc.* 1,158 15,066
Anteris Technologies Global Corp.* 2,400 23,640
Artivion, Inc.* 1,299 29,189
AtriCure, Inc.* 1,400 39,172
Avanos Medical, Inc.* 1,300 32,344
Axogen, Inc.* 1,500 69,285
Azenta, Inc.* 1,200 30,624
Beta Bionics, Inc.* 1,100 17,237
BioLife Solutions, Inc.* 1,200 33,888
Bioventus, Inc., Class A* 1,400 13,216
Butterfly Network, Inc.* 6,100 51,362
  Number of
Shares 		Value†
 
Healthcare Products — (continued)
CapsoVision, Inc.* 700 $5,306
CareDx, Inc.* 1,500 42,750
Castle Biosciences, Inc.* 800 19,080
Ceribell, Inc.* 800 15,560
Cerus Corp.* 5,800 16,936
ClearPoint Neuro, Inc.* 800 14,272
CONMED Corp. 861 28,181
CVRx, Inc.* 400 2,056
Delcath Systems, Inc.* 1,000 12,590
DENTSPLY SIRONA, Inc. 5,900 62,599
Electromed, Inc.* 200 8,460
Embecta Corp. 1,800 5,868
Enovis Corp.* 1,700 35,190
Establishment Labs Holdings, Inc.* 800 68,648
Glaukos Corp.* 1,615 225,712
GRAIL, Inc.* 1,200 81,924
Haemonetics Corp.* 1,342 100,650
Hyperfine, Inc.* 2,400 3,240
ICU Medical, Inc.* 700 102,620
InfuSystem Holdings, Inc.* 600 5,790
Inogen, Inc.* 900 5,805
Inspire Medical Systems, Inc.* 800 35,688
Integer Holdings Corp.* 937 87,563
Integra LifeSciences Holdings Corp.* 2,000 35,920
iRadimed Corp. 260 24,846
IRhythm Holdings, Inc.* 927 110,267
Kestra Medical Technologies Ltd.* 700 17,808
KORU Medical Systems, Inc.* 1,500 6,300
Lantheus Holdings, Inc.* 1,832 203,242
LeMaitre Vascular, Inc. 600 57,576
LivaNova PLC* 1,600 131,568
Lucid Diagnostics, Inc.* 2,700 2,889
Merit Medical Systems, Inc.* 1,675 116,144
MiMedx Group, Inc.* 3,400 13,090
MiniMed Group, Inc.* 800 11,960
Nautilus Biotechnology, Inc.* 1,500 2,805
Neogen Corp.* 6,438 57,878
NeuroPace, Inc.* 700 11,123
Novocure Ltd.* 3,100 46,965
Omnicell, Inc.* 1,300 53,976
OraSure Technologies, Inc.* 2,201 9,816
Orchestra BioMed Holdings, Inc.* 1,200 5,178
Orthofix Medical, Inc.* 987 9,021
OrthoPediatrics Corp.* 500 9,565
Pacific Biosciences of California, Inc.* 8,100 13,608
Procept Biorobotics Corp.* 1,500 33,870
Pulse Biosciences, Inc.* 514 14,253
Quanterix Corp.* 1,200 5,184
QuidelOrtho Corp.* 1,900 33,278
RxSight, Inc.* 1,100 5,302
Sanara Medtech, Inc.* 100 2,359
Shoulder Innovations, Inc.* 300 6,084
SI-BONE, Inc.* 1,300 21,216
STAAR Surgical Co.* 917 26,309
Stereotaxis, Inc.* 2,300 3,956
Tactile Systems Technology, Inc.* 700 20,846
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Healthcare Products — (continued)
Tandem Diabetes Care, Inc.* 1,900 $28,671
TransMedics Group, Inc.* 931 61,837
Twist Bioscience Corp.* 1,788 183,949
UFP Technologies, Inc.* 238 63,101
Utah Medical Products, Inc. 100 6,898
Varex Imaging Corp.* 1,300 13,559
    3,092,585
Healthcare Services — 2.7%
Acadia Healthcare Co., Inc.* 2,700 79,731
Addus HomeCare Corp.* 560 56,263
agilon health, Inc.* 372 39,871
Alignment Healthcare, Inc.* 5,905 140,598
Ardent Health, Inc.* 800 7,872
Astrana Health, Inc.* 1,300 60,333
Aveanna Healthcare Holdings, Inc.* 2,300 19,711
BrightSpring Health Services, Inc.* 4,668 325,546
Brookdale Senior Living, Inc.* 6,900 111,021
Clover Health Investments Corp.* 12,200 63,928
Community Health Systems, Inc.* 4,100 13,694
Concentra Group Holdings Parent, Inc. 3,443 102,429
CorVel Corp.* 837 52,329
Fortrea Holdings, Inc.* 2,800 48,720
Fulgent Genetics, Inc.* 500 10,260
GeneDx Holdings Corp.* 529 36,316
Ginkgo Bioworks Holdings, Inc.* 1,200 11,892
HealthEquity, Inc.* 2,400 216,768
Innovage Holding Corp.* 700 8,295
LifeMD, Inc.* 1,000 4,130
LifeStance Health Group, Inc.* 5,600 59,976
Lumexa Imaging Holdings, Inc.* 700 7,896
National HealthCare Corp. 376 79,472
OPKO Health, Inc.* 10,717 16,076
Option Care Health, Inc.* 4,602 96,504
Oscar Health, Inc., Class A* 6,936 197,815
PACS Group, Inc.* 1,300 55,432
Pediatrix Medical Group, Inc.* 2,400 60,792
Personalis, Inc.* 2,000 26,800
Privia Health Group, Inc.* 3,500 90,055
RadNet, Inc.* 2,000 123,340
Sonida Senior Living, Inc.* 800 32,640
Strata Critical Medical, Inc.* 1,800 9,486
Surgery Partners, Inc.* 2,300 38,640
Teladoc Health, Inc.* 5,300 44,944
The Oncology Institute, Inc.* 2,100 11,403
The Pennant Group, Inc.* 940 34,733
U.S. Physical Therapy, Inc. 462 31,730
Viemed Healthcare, Inc.* 900 10,260
    2,437,701
Home Builders — 1.5%
Beazer Homes USA, Inc.* 724 20,308
Cavco Industries, Inc.* 222 136,392
Century Communities, Inc. 700 50,162
Champion Homes, Inc.* 1,600 140,992
Dream Finders Homes, Inc., Class A* 800 13,808
Forestar Group, Inc.* 560 17,724
  Number of
Shares 		Value†
 
Home Builders — (continued)
Green Brick Partners, Inc.* 900 $72,036
Hovnanian Enterprises, Inc., Class A* 146 20,792
Installed Building Products, Inc. 670 153,993
KB Home 1,715 107,342
LCI Industries 701 74,222
Legacy Housing Corp.* 300 7,881
LGI Homes, Inc.* 566 36,043
M/I Homes, Inc.* 736 118,342
Meritage Homes Corp. 1,919 160,908
Taylor Morrison Home Corp.* 2,680 192,263
Winnebago Industries, Inc. 722 22,555
    1,345,763
Home Furnishings — 0.3%
Alliance Laundry Holdings, Inc.* 1,200 31,824
Arhaus, Inc. 1,400 11,788
Daktronics, Inc.* 1,054 20,616
Ethan Allen Interiors, Inc. 728 16,264
Flexsteel Industries, Inc. 100 7,448
Hamilton Beach Brands Holding Co., Class A 300 6,909
Leggett & Platt, Inc. 4,000 46,840
Millerknoll, Inc. 2,028 41,493
Sonos, Inc.* 3,500 47,355
The Lovesac Co.* 400 6,676
XMAX, Inc.* 1,800 16,362
Xperi, Inc.* 1,501 12,353
    265,928
Household Products & Wares — 0.2%
ACCO Brands Corp. 2,193 9,123
Acme United Corp. 100 4,772
Helen of Troy Ltd.* 666 19,361
Quanex Building Products Corp. 1,325 24,671
Spectrum Brands Holdings, Inc. 657 56,338
WD-40 Co. 390 95,019
    209,284
Housewares — 0.2%
Central Garden & Pet Co.* 200 8,868
Central Garden & Pet Co., Class A* 1,458 56,527
Lifetime Brands, Inc. 400 3,412
Newell Brands, Inc. 12,500 76,750
    145,557
Insurance — 2.4%
Abacus Global Management, Inc. 483 5,173
Accelerant Holdings, Class A* 1,800 21,096
American Coastal Insurance Corp. 700 7,770
American Integrity Insurance Group, Inc. 397 7,476
AMERISAFE, Inc. 508 17,186
Ategrity Specialty Holdings LLC* 294 7,068
Baldwin Insurance Group, Inc.* 2,800 74,424
Bowhead Specialty Holdings, Inc.* 500 14,965
Citizens, Inc.* 1,600 9,184
CNO Financial Group, Inc. 2,697 137,493
Crawford & Co., Class A 300 3,381
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Insurance — (continued)
Donegal Group, Inc., Class A 383 $7,223
Employers Holdings, Inc. 582 29,379
Essent Group Ltd. 2,573 165,393
Exzeo Group, Inc.* 300 5,061
F&G Annuities & Life, Inc. 1,000 26,590
Genworth Financial, Inc.* 11,200 106,064
Goosehead Insurance, Inc., Class A* 700 33,950
Greenlight Capital Re Ltd., Class A* 728 11,779
Hamilton Insurance Group Ltd., Class B 1,400 47,516
HCI Group, Inc. 320 56,080
Heritage Insurance Holdings, Inc.* 700 18,256
Hippo Holdings, Inc.* 532 15,034
Horace Mann Educators Corp. 1,180 60,947
Investors Title Co. 39 10,674
Jackson Financial, Inc., Class A 1,900 194,541
James River Group Holdings, Inc. 1,300 5,720
Kemper Corp. 1,700 45,832
Kingstone Cos., Inc. 400 7,612
Kingsway Corp.* 500 5,210
Lemonade, Inc.* 2,000 130,100
MBIA, Inc.* 1,200 7,824
Mercury General Corp. 800 85,296
Neptune Insurance Holdings, Inc., Class A* 1,100 34,650
NI Holdings, Inc.* 200 3,142
NMI Holdings, Inc.* 2,200 90,398
Octave Specialty Group, Inc.* 1,100 6,864
Palomar Holdings, Inc.* 700 88,473
Pelagos Insurance Capital Ltd. 1,300 31,655
Root, Inc., Class A* 362 20,243
Safety Insurance Group, Inc. 442 33,088
Selective Insurance Group, Inc. 1,727 167,536
SiriusPoint Ltd.* 3,083 73,992
Skyward Specialty Insurance Group, Inc.* 1,200 70,020
Slide Insurance Holdings, Inc.* 1,927 37,326
Stewart Information Services Corp. 908 59,946
Tiptree, Inc. 700 12,544
Trupanion, Inc.* 1,029 25,488
United Fire Group, Inc. 580 30,415
Universal Insurance Holdings, Inc. 751 31,061
    2,198,138
Internet — 1.6%
1-800-Flowers.com, Inc., Class A* 937 3,261
1stdibs.com, Inc.* 700 3,430
Angi, Inc.* 1,100 6,545
Backblaze, Inc., Class A* 1,500 23,790
Bed Bath & Beyond, Inc.* 2,200 12,738
Bumble, Inc., Class A* 2,000 6,400
Cargurus, Inc.* 2,100 71,589
Cars.com, Inc.* 1,400 15,316
Cogent Communications Holdings, Inc. 1,319 18,307
Crexendo, Inc.* 600 4,482
Entravision Communications Corp., Class A 1,900 24,776
ePlus, Inc. 756 62,922
  Number of
Shares 		Value†
 
Internet — (continued)
EverQuote, Inc., Class A* 700 $16,653
Figs, Inc., Class A* 2,800 28,644
fuboTV, Inc., Class A* 791 7,277
Grindr, Inc.* 600 8,622
Groupon, Inc.* 700 16,842
HealthStream, Inc. 600 16,350
Hims & Hers Health, Inc.* 6,200 214,954
Lands' End, Inc.* 300 3,144
Liquidity Services, Inc.* 635 24,841
Magnite, Inc.* 4,206 79,830
MediaAlpha, Inc., Class A* 847 10,647
Newsmax, Inc.* 1,300 10,764
Nextdoor Holdings, Inc.* 6,900 15,663
Open Lending Corp.* 3,100 9,641
Opendoor Technologies, Inc.* 27,200 125,664
Pattern Group, Inc., Class A* 900 22,671
Phoenix Education Partners, Inc. 200 6,570
Q2 Holdings, Inc.* 1,800 86,580
QuinStreet, Inc.* 1,415 20,730
Revolve Group, Inc.* 1,200 27,468
RUM Group, Inc.* 2,950 18,703
Serve Robotics, Inc.* 2,100 13,818
Shutterstock, Inc. 600 8,370
Sprinklr, Inc., Class A* 3,100 15,996
Stitch Fix, Inc., Class A* 3,500 14,385
Stubhub Holdings, Inc., Class A* 6,500 83,655
The RealReal, Inc.* 3,300 38,907
TripAdvisor, Inc.* 3,300 45,243
Trump Media & Technology Group Corp.* 4,700 36,378
Tucows, Inc., Class A* 200 2,694
Upwork, Inc.* 3,400 28,424
Yelp, Inc.* 1,600 39,232
Ziff Davis, Inc.* 990 51,846
ZipRecruiter, Inc., Class A* 2,300 8,625
    1,413,387
Investment Companies — 1.9%
Bit Digital, Inc.* 8,330 14,994
Bitdeer Technologies Group, Class A* 3,800 60,306
Brookfield Business Corp., Class A 2,000 59,700
Cannae Holdings, Inc. 1,200 17,280
Cipher Digital, Inc.* 9,500 232,750
Cleanspark, Inc.* 7,300 106,215
Compass Diversified Holdings* 1,800 19,188
Core Scientific, Inc.* 8,800 225,192
HA Sustainable Infrastructure Capital, Inc. 3,700 144,485
Hut 8 Corp.* 2,900 334,790
Innventure, Inc.* 1,500 7,605
MARA Holdings, Inc.* 11,220 155,846
Riot Platforms, Inc.* 10,076 275,881
Z Squared, Inc.* 1,300 13,754
    1,667,986
Iron & Steel — 0.2%
Commercial Metals Co. 3,186 199,922
 
74
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Iron & Steel — (continued)
Friedman Industries, Inc. 200 $6,436
    206,358
Leisure Time — 1.0%
Acushnet Holdings Corp. 800 94,824
Callaway Golf Co.* 4,046 76,024
Escalade, Inc. 300 5,634
Global Business Travel Group I* 3,700 34,743
Harley-Davidson, Inc. 3,000 73,380
Johnson Outdoors, Inc., Class A 168 7,735
Life Time Group Holdings, Inc.* 4,228 172,672
Lindblad Expeditions Holdings, Inc.* 1,500 42,360
Livewire Group, Inc.* 500 560
Malibu Boats, Inc., Class A* 600 16,458
MasterCraft Boat Holdings, Inc.* 500 12,910
OneSpaWorld Holdings Ltd. 2,900 81,896
Patrick Industries, Inc. 912 81,879
Peloton Interactive, Inc., Class A* 11,800 69,738
Polaris, Inc. 1,500 102,660
Sabre Corp.* 9,400 19,646
Xponential Fitness, Inc., Class A* 800 5,536
    898,655
Lodging — 0.1%
Hilton Grand Vacations, Inc.* 1,617 84,682
The Marcus Corp. 633 14,850
    99,532
Machinery — Construction & Mining — 0.5%
Astec Industries, Inc. 698 42,711
Babcock & Wilcox Enterprises, Inc.* 3,900 54,990
Hyster-Yale, Inc. 344 12,061
Lightbridge Corp.* 1,000 8,790
NANO Nuclear Energy, Inc.* 1,218 25,748
NuScale Power Corp.* 9,399 94,272
Terex Corp. 3,228 233,675
The Manitowoc Co., Inc.* 1,025 14,237
    486,484
Machinery — Diversified — 1.3%
Aebi Schmidt Holding AG 936 11,747
Alamo Group, Inc. 328 53,953
Albany International Corp., Class A 832 61,984
Cactus, Inc., Class A 2,000 102,460
Columbus McKinnon Corp. 885 13,390
CSW Industrials, Inc. 434 120,782
DXP Enterprises, Inc.* 392 66,146
Eastman Kodak Co.* 1,600 14,800
Gencor Industries, Inc.* 400 5,968
Ichor Holdings Ltd.* 1,000 112,280
Kadant, Inc. 317 99,611
Lindsay Corp. 287 35,531
Mueller Water Products, Inc., Class A 4,392 113,445
Palladyne AI Corp.* 900 5,472
Power Solutions International, Inc.* 200 7,778
Pro-Dex, Inc.* 100 5,855
Richtech Robotics, Inc., Class B* 4,241 8,948
Taylor Devices, Inc.* 100 5,868
  Number of
Shares 		Value†
 
Machinery — Diversified — (continued)
Tennant Co. 536 $46,921
The Gorman-Rupp Co. 551 50,549
Twin Disc, Inc. 300 6,960
Zurn Elkay Water Solutions Corp. 4,200 212,226
    1,162,674
Media — 0.3%
AMC Global Media, Inc.* 800 7,984
Cable One, Inc.* 125 6,639
CuriosityStream, Inc. 1,100 2,926
Gray Media, Inc. 2,300 9,131
iHeartMedia, Inc., Class A* 3,600 15,444
Liberty Latin America Ltd., Class A* 700 5,488
Liberty Latin America Ltd., Class C* 3,552 27,670
Optimum Communications, Inc., Class A* 8,200 11,890
Scholastic Corp. 356 16,376
Sinclair, Inc. 1,200 17,100
Sphere Entertainment Co.* 737 127,523
The E.W. Scripps Co., Class A* 2,229 6,174
Thryv Holdings, Inc.* 1,000 3,940
USA TODAY Co., Inc.* 3,953 33,798
    292,083
Metal Fabricate/Hardware — 0.7%
Ampco-Pittsburgh Corp.* 500 4,325
Helios Technologies, Inc. 959 85,591
Hillman Solutions Corp.* 5,500 46,420
Janus International Group, Inc.* 3,790 21,035
L.B. Foster Co., Class A* 300 13,551
Mayville Engineering Co., Inc.* 400 14,984
Metallus, Inc.* 1,100 20,559
Omega Flex, Inc. 124 3,892
Park-Ohio Holdings Corp. 300 11,535
Proto Labs, Inc.* 699 56,975
Ryerson Holding Corp. 1,366 33,617
Standex International Corp. 321 114,812
Tredegar Corp.* 761 6,058
Worthington Enterprises, Inc. 884 47,524
Worthington Steel, Inc. 984 33,043
Xometry, Inc., Class A* 1,300 125,476
    639,397
Mining — 1.8%
American Battery Technology Co.* 3,000 8,490
Arcosa, Inc. 1,400 203,406
Caledonia Mining Corp. PLC 400 7,640
Centrus Energy Corp., Class A* 547 91,825
Century Aluminum Co.* 2,054 94,505
Compass Minerals International, Inc.* 900 28,017
Constellium S.E.* 3,900 124,293
Contango Silver & Gold, Inc.* 600 9,474
Critical Metals Corp.* 2,019 20,695
Dakota Gold Corp.* 3,400 14,484
Elemental Royalty Corp. 1,000 17,460
Encore Energy Corp.* 5,300 6,943
Energy Fuels, Inc.* 7,300 105,850
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Mining — (continued)
Ferroglobe PLC 3,800 $12,084
Gold Resource Corp.* 5,000 6,300
Hycroft Mining Holding Corp., Class A* 1,600 37,440
Idaho Strategic Resources, Inc.* 400 13,100
Ivanhoe Electric, Inc.* 3,500 33,635
Kaiser Aluminum Corp. 462 90,381
Lifezone Metals Ltd.* 500 1,940
McEwen, Inc.* 1,500 27,195
NioCorp Developments Ltd.* 4,200 20,244
Novagold Resources, Inc.* 10,049 59,992
Perpetua Resources Corp.* 2,500 51,900
REalloys, Inc.* 1,700 24,565
SSR Mining, Inc.* 6,200 175,336
U.S. Antimony Corp.* 3,900 28,314
United States Lime & Minerals, Inc. 325 34,018
Uranium Energy Corp.* 14,300 152,438
Ur-Energy, Inc.* 11,200 15,232
US Gold Corp.* 400 6,132
USA Rare Earth, Inc.* 5,600 120,848
Vista Gold Corp.* 4,300 8,213
Vox Royalty Corp. 1,400 6,622
    1,659,011
Miscellaneous Manufacturing — 1.3%
Avient Corp. 2,655 98,129
Core Molding Technologies, Inc.* 300 7,080
Enpro, Inc. 598 225,404
Federal Signal Corp. 1,709 219,589
FreightCar America, Inc.* 500 4,870
GrafTech International Ltd.* 500 2,955
JBT Marel Corp. 1,513 219,385
LSB Industries, Inc.* 1,500 16,215
Materion Corp. 584 173,676
Myers Industries, Inc. 1,125 39,724
NLI Holdings, Inc. 90 536
Outdoor Holding Co.* 3,600 8,208
Park Aerospace Corp. 533 20,339
Sight Sciences, Inc.* 900 4,878
Smith & Wesson Brands, Inc. 1,279 19,236
Sturm Ruger & Co., Inc. 419 15,859
The Elmet Group Co.* 300 5,922
Trinity Industries, Inc. 2,300 79,534
    1,161,539
Multi-National — 0.1%
Bladex, Inc. 810 49,791
Office & Business Equipment — 0.0%
Xerox Holdings Corp. 3,800 11,894
Office Furnishings — 0.2%
CompX International, Inc. 100 2,490
HNI Corp. 2,124 85,831
Interface, Inc. 1,595 57,165
    145,486
Oil & Gas — 2.5%
Amplify Energy Corp.* 1,100 4,378
  Number of
Shares 		Value†
 
Oil & Gas — (continued)
ARKO Petroleum Corp.* 400 $7,540
BKV Corp.* 900 24,624
Borr Drilling Ltd.* 6,900 28,497
California Resources Corp. 2,079 109,917
CNX Resources Corp.* 3,831 129,986
Cobalt International Energy, Inc.(1),* 1 0
Comstock Resources, Inc.* 2,000 29,840
Crescent Energy Co., Class A 7,522 73,866
CVR Energy, Inc. 800 22,032
Delek US Holdings, Inc. 1,783 90,594
Diversified Energy Co. 2,100 29,106
Epsilon Energy Ltd. 700 3,787
Evolution Petroleum Corp. 1,200 4,416
Granite Ridge Resources, Inc. 1,400 6,174
Gulfport Energy Corp.* 450 76,365
Helmerich & Payne, Inc. 2,825 92,490
HighPeak Energy, Inc. 500 3,495
Infinity Natural Resources, Inc., Class A* 300 3,810
Kolibri Global Energy, Inc.* 1,200 5,976
Kosmos Energy Ltd.* 17,300 36,503
Magnolia Oil & Gas Corp., Class A 5,207 133,195
Murphy Oil Corp. 4,000 130,240
Nabors Industries Ltd.* 427 35,872
Noble Corp. PLC 3,687 137,525
Northern Oil & Gas, Inc. 3,100 56,265
Par Pacific Holdings, Inc.* 1,418 79,521
Patterson-UTI Energy, Inc. 10,181 93,462
PBF Energy, Inc., Class A 2,867 130,506
PrimeEnergy Resources Corp.* 40 6,676
Riley Exploration Permian, Inc. 400 13,184
Ring Energy, Inc.* 5,800 6,264
Sable Offshore Corp.* 3,900 12,012
SandRidge Energy, Inc. 1,000 13,700
Seadrill Ltd.* 1,868 70,648
SM Energy Co. 7,000 182,700
Talos Energy, Inc.* 3,700 47,767
Transocean Ltd.* 28,600 139,854
VAALCO Energy, Inc. 2,700 13,716
Valaris Ltd.* 1,600 116,160
Vitesse Energy, Inc. 900 14,193
W&T Offshore, Inc. 2,243 7,065
    2,223,921
Oil & Gas Services — 1.6%
Archrock, Inc. 5,000 203,550
Atlas Energy Solutions, Inc. 2,400 39,864
Bristow Group, Inc. 766 31,651
Civeo Corp.* 300 10,500
Core Laboratories, Inc. 1,200 13,980
DNOW, Inc.* 5,477 71,037
Expro Group Holdings N.V.* 2,216 32,730
Flotek Industries, Inc.* 500 11,760
Flowco Holdings, Inc., Class A 1,100 23,474
Forum Energy Technologies, Inc.* 300 15,069
Helix Energy Solutions Group, Inc.* 3,801 33,221
HMH Holding, Inc., Class A* 300 5,622
 
76
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Oil & Gas Services — (continued)
Innovex International, Inc.* 1,300 $32,240
Kodiak Gas Services, Inc. 2,845 213,745
Liberty Energy, Inc. 4,700 123,093
Matrix Service Co.* 600 8,220
National Energy Services Reunited Corp.* 1,800 53,874
Natural Gas Services Group, Inc. 297 12,813
Oceaneering International, Inc.* 2,900 117,508
Oil States International, Inc.* 1,600 12,816
ProFrac Holding Corp., Class A* 900 5,229
ProPetro Holding Corp.* 2,700 38,718
Ranger Energy Services, Inc., Class A 600 9,606
RPC, Inc. 2,800 16,324
SEACOR Marine Holdings, Inc.* 900 6,885
Select Water Solutions, Inc. 3,300 65,934
Smart Sand, Inc. 900 4,509
Solaris Energy Infrastructure, Inc. 1,500 120,690
TETRA Technologies, Inc.* 3,800 43,054
Tidewater, Inc.* 1,415 94,281
    1,471,997
Packaging and Containers — 0.2%
Ardagh Metal Packaging S.A. 4,100 19,434
Clearwater Paper Corp.* 478 7,495
Greif, Inc., Class A 638 47,525
Greif, Inc., Class B 150 14,031
Karat Packaging, Inc. 200 6,692
O-I Glass, Inc.* 4,300 41,409
Ranpak Holdings Corp.* 1,200 8,772
TriMas Corp. 795 35,799
    181,157
Pharmaceuticals — 3.1%
Accendra Health, Inc.* 2,276 7,784
Aclaris Therapeutics, Inc.* 3,500 18,515
AdaptHealth Corp.* 3,000 31,260
Agios Pharmaceuticals, Inc.* 1,700 63,087
Akebia Therapeutics, Inc.* 7,700 8,778
Alimera Sciences, Inc.* 900 36
Alkermes PLC* 4,800 251,496
Amneal Pharmaceuticals, Inc.* 4,937 85,459
Amphastar Pharmaceuticals, Inc.* 1,000 20,180
Amylyx Pharmaceuticals, Inc.* 2,700 48,492
Anika Therapeutics, Inc.* 300 4,389
Aquestive Therapeutics, Inc.* 2,800 11,648
Arvinas, Inc.* 1,500 12,465
Atrium Therapeutics, Inc.* 320 4,304
BellRing Brands, Inc.* 3,400 43,996
Candel Therapeutics, Inc.* 1,900 19,570
Catalyst Pharmaceuticals, Inc.* 3,400 106,862
Coherus Oncology, Inc.* 2,700 3,780
Collegium Pharmaceutical, Inc.* 900 32,580
Corbus Pharmaceuticals Holdings, Inc.* 500 4,690
CorMedix, Inc.* 2,200 17,270
Corvus Pharmaceuticals, Inc.* 2,000 29,880
Enanta Pharmaceuticals, Inc.* 700 10,206
Enliven Therapeutics, Inc.* 1,200 60,900
  Number of
Shares 		Value†
 
Pharmaceuticals — (continued)
Eton Pharmaceuticals, Inc.* 700 $25,340
Fennec Pharmaceuticals, Inc.* 700 7,525
Foghorn Therapeutics, Inc.* 800 3,904
Fulcrum Therapeutics, Inc.* 1,400 5,124
Galectin Therapeutics, Inc.* 1,500 6,960
Guardian Pharmacy Services, Inc., Class A* 415 17,376
Gyre Therapeutics, Inc.* 500 3,295
Harmony Biosciences Holdings, Inc.* 1,300 47,333
Harrow, Inc.* 900 38,223
Herbalife Ltd.* 2,800 36,820
Heron Therapeutics, Inc.* 3,800 1,622
Immuneering Corp., Class A* 1,600 7,984
Indivior Pharmaceuticals, Inc.* 3,300 135,399
Inhibikase Therapeutics, Inc.* 2,300 4,669
Ironwood Pharmaceuticals, Inc.* 4,361 18,360
Lyell Immunopharma, Inc.* 300 4,215
MannKind Corp.* 8,401 35,788
MediWound Ltd.* 200 2,940
Minerva Neurosciences, Inc.* 1,000 5,550
Mirum Pharmaceuticals, Inc.* 1,331 155,820
Nature's Sunshine Products, Inc.* 500 10,900
Neurogene, Inc.* 300 9,435
Nuvectis Pharma, Inc.* 500 9,195
Ocugen, Inc.* 10,000 15,300
Ocular Therapeutix, Inc.* 6,000 58,920
OnKure Therapeutics, Inc., Class A* 800 3,648
Oramed Pharmaceuticals, Inc. 1,000 4,810
ORIC Pharmaceuticals, Inc.* 2,200 23,826
Pacira BioSciences, Inc.* 1,100 27,907
Phibro Animal Health Corp., Class A 600 18,840
Protagonist Therapeutics, Inc.* 1,700 208,386
Rhythm Pharmaceuticals, Inc.* 1,580 175,427
Sagimet Biosciences, Inc., Class A* 1,700 13,141
SELLAS Life Sciences Group, Inc.* 5,500 81,180
Senseonics Holdings, Inc.* 1,200 6,816
SIGA Technologies, Inc. 1,100 4,004
SpyGlass Pharma, Inc.* 300 6,678
Spyre Therapeutics, Inc.* 2,100 186,438
Supernus Pharmaceuticals, Inc.* 1,600 74,416
Tonix Pharmaceuticals Holding Corp.* 400 5,104
Trevi Therapeutics, Inc.* 3,075 57,349
USANA Health Sciences, Inc.* 348 7,430
Vanda Pharmaceuticals, Inc.* 1,441 8,819
Vaxcyte, Inc.* 3,767 218,976
VeraDermics, Inc.* 600 73,764
Voyager Therapeutics, Inc.* 1,200 4,200
Xeris Biopharma Holdings, Inc.* 5,000 39,600
    2,816,383
Pipelines — 0.3%
Excelerate Energy, Inc., Class A 700 26,593
Golar LNG Ltd. 2,800 139,552
Kinetik Holdings, Inc. 1,500 72,510
NextDecade Corp.* 4,900 36,946
 
77
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Pipelines — (continued)
Summit Midstream Corp.* 300 $8,544
    284,145
Private Equity — 0.0%
Patria Investments Ltd., Class A 1,900 20,862
Ridgepost Capital, Inc., Class A 1,800 14,166
    35,028
Real Estate — 0.7%
AGNT, Inc. 2,400 12,984
Compass, Inc., Class A* 20,220 249,312
Cushman & Wakefield Ltd.* 6,900 92,391
Douglas Elliman, Inc.* 2,500 4,425
FRP Holdings, Inc.* 400 9,996
Marcus & Millichap, Inc. 600 18,702
Maui Land & Pineapple Co., Inc.* 300 5,334
McGrath RentCorp 694 83,995
New Era Energy & Digital, Inc.* 2,400 15,312
Newmark Group, Inc., Class A 4,625 69,884
RE/MAX Holdings, Inc., Class A* 600 5,916
Seaport Entertainment Group, Inc.* 300 7,980
Sky Harbour Group Corp.* 500 4,920
The Real Brokerage, Inc.* 3,400 6,188
The RMR Group, Inc., Class A 400 8,212
The St. Joe Co. 1,100 68,893
    664,444
Retail — 3.2%
Abercrombie & Fitch Co., Class A* 1,288 115,933
Academy Sports & Outdoors, Inc. 1,901 89,594
Advance Auto Parts, Inc. 1,700 105,774
American Eagle Outfitters, Inc. 4,600 79,120
Arko Corp. 2,000 16,060
Asbury Automotive Group, Inc.* 565 113,610
Barnes & Noble Education, Inc.* 500 6,280
Biglari Holdings, Inc., Class A* 5 10,523
Biglari Holdings, Inc., Class B* 30 12,781
BJ's Restaurants, Inc.* 520 31,582
Black Rock Coffee Bar, Inc., Class A* 500 4,145
Bloomin' Brands, Inc. 2,400 21,936
BlueLinx Holdings, Inc.* 251 15,532
Bob's Discount Furniture, Inc.* 600 9,492
Boot Barn Holdings, Inc.* 874 143,572
Brinker International, Inc.* 1,268 213,024
Build-A-Bear Workshop, Inc. 400 12,244
Caleres, Inc. 1,054 13,038
Camping World Holdings, Inc., Class A 1,700 12,971
Citi Trends, Inc.* 160 9,254
Clean Energy Fuels Corp.* 4,400 9,020
Cracker Barrel Old Country Store, Inc. 634 33,792
Dave & Buster's Entertainment, Inc.* 900 10,260
Designer Brands, Inc., Class A 700 4,081
Dine Brands Global, Inc. 371 13,319
El Pollo Loco Holdings, Inc.* 800 13,568
Envela Corp.* 200 5,776
EVgo, Inc.* 3,291 6,286
First Watch Restaurant Group, Inc.* 1,803 23,241
  Number of
Shares 		Value†
 
Retail — (continued)
FirstCash Holdings, Inc. 1,130 $244,442
Genesco, Inc.* 295 9,962
Group 1 Automotive, Inc. 327 95,213
Haverty Furniture Cos., Inc. 450 11,488
J Jill, Inc. 200 3,174
Jack in the Box, Inc.* 614 9,707
Kohl's Corp. 3,200 56,704
Krispy Kreme, Inc.* 1,900 6,707
Kura Sushi USA, Inc., Class A* 200 11,512
La-Z-Boy, Inc. 1,162 46,619
MarineMax, Inc.* 600 21,972
Movado Group, Inc. 460 18,083
National Vision Holdings, Inc.* 2,285 43,438
Nu Skin Enterprises, Inc., Class A 1,500 7,920
OneWater Marine, Inc., Class A* 400 4,508
OPAL Fuels, Inc., Class A* 900 1,980
Papa John's International, Inc. 910 33,461
PC Connection, Inc. 265 19,342
Petco Health & Wellness Co., Inc.* 1,800 4,896
Portillo's, Inc., Class A* 1,500 7,110
PriceSmart, Inc. 731 142,794
RH* 400 65,892
RideNow Group, Inc., Class B* 500 3,330
Sally Beauty Holdings, Inc.* 2,800 39,592
Savers Value Village, Inc.* 1,100 11,099
Shake Shack, Inc., Class A* 1,100 61,622
Shoe Station Group, Inc. 516 7,652
Signet Jewelers Ltd. 1,114 96,027
Sonic Automotive, Inc., Class A 334 28,320
Sweetgreen, Inc., Class A* 3,100 27,311
The Buckle, Inc. 949 40,048
The Cheesecake Factory, Inc. 1,364 108,493
The Wendy's Co. 4,700 38,963
Urban Outfitters, Inc.* 1,600 113,376
Victoria's Secret & Co.* 2,000 166,960
Warby Parker, Inc., Class A* 3,000 91,020
Winmark Corp. 61 25,808
Yesway, Inc., Class A* 500 10,150
Zumiez, Inc.* 403 7,173
    2,899,676
Savings & Loans — 1.0%
Axos Financial, Inc.* 1,544 150,370
Banc of California, Inc. 4,484 91,608
Beacon Financial Corp. 2,470 75,212
BV Financial, Inc.* 300 6,354
Capitol Federal Financial, Inc. 3,300 28,083
CF Bankshares, Inc. 200 6,554
Citizens Community Bancorp, Inc. 300 7,017
Eagle Bancorp Montana, Inc. 300 7,179
First Capital, Inc. 100 6,464
FS Bancorp, Inc. 200 8,680
Greene County Bancorp, Inc. 200 6,718
Home Bancorp, Inc. 200 13,704
HomeTrust Bancshares, Inc. 400 19,956
Northfield Bancorp, Inc. 1,093 16,100
Northwest Bancshares, Inc. 4,332 65,673
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Savings & Loans — (continued)
OceanFirst Financial Corp. 2,472 $48,278
Provident Financial Services, Inc. 3,730 88,177
Southern Missouri Bancorp, Inc. 300 22,863
The Hingham Institution For Savings 45 13,822
Timberland Bancorp, Inc. 200 8,962
WaFd, Inc. 2,162 82,956
Waterstone Financial, Inc. 500 10,365
WSFS Financial Corp. 1,474 113,100
    898,195
Semiconductors — 3.4%
ACM Research, Inc., Class A* 1,500 190,335
Aehr Test Systems* 900 86,454
Aeluma, Inc.* 300 6,624
Alpha & Omega Semiconductor Ltd.* 700 33,131
Ambarella, Inc.* 1,230 105,534
Ambiq Micro, Inc.* 552 48,742
Amtech Systems, Inc.* 400 9,232
Arteris, Inc.* 1,000 48,590
Atomera, Inc.* 1,000 8,710
Axcelis Technologies, Inc.* 899 170,315
AXT, Inc.* 1,800 129,744
Blaize Holdings, Inc.* 2,428 3,351
CEVA, Inc.* 771 36,360
Cohu, Inc.* 1,324 97,857
Diodes, Inc.* 1,299 142,162
GSI Technology, Inc.* 1,000 7,730
Impinj, Inc.* 843 120,743
inTEST Corp.* 400 7,268
Kulicke & Soffa Industries, Inc. 1,500 200,640
MaxLinear, Inc.* 2,443 312,777
Navitas Semiconductor Corp.* 5,300 94,976
Ouster, Inc.* 1,800 112,536
Penguin Solutions, Inc.* 1,400 106,414
Photronics, Inc.* 1,694 55,106
Power Integrations, Inc. 1,547 129,577
QuickLogic Corp.* 500 9,985
Richardson Electronics Ltd. 400 7,604
Silicon Laboratories, Inc.* 896 195,830
SkyWater Technology, Inc.* 1,100 38,302
Synaptics, Inc.* 1,065 132,305
Ultra Clean Holdings, Inc.* 1,295 184,654
Veeco Instruments, Inc.* 1,654 125,373
Vishay Precision Group, Inc.* 300 44,973
Wolfspeed, Inc.* 800 38,600
    3,042,534
Software — 4.3%
8X8, Inc.* 3,700 6,327
ACI Worldwide, Inc.* 2,927 147,199
ACV Auctions, Inc., Class A* 4,600 33,074
Adeia, Inc. 3,253 107,121
Agilysys, Inc.* 776 81,092
Alkami Technology, Inc.* 1,900 34,428
Amplitude, Inc., Class A* 2,700 20,655
Appian Corp., Class A* 1,175 26,907
Asana, Inc., Class A* 2,827 19,789
  Number of
Shares 		Value†
 
Software — (continued)
Asure Software, Inc.* 700 $5,558
AvePoint, Inc.* 4,900 54,929
Bandwidth, Inc., Class A* 839 53,109
BigBear.ai Holdings, Inc.* 14,200 52,114
Blackbaud, Inc.* 1,050 31,101
BlackLine, Inc.* 1,340 37,614
Blend Labs, Inc., Class A* 5,800 9,918
Box, Inc., Class A* 4,000 106,160
Braze, Inc., Class A* 2,800 60,732
C3.ai, Inc., Class A* 4,000 36,360
Carlsmed, Inc.* 300 3,114
Cerence, Inc.* 1,300 14,716
Claritev Corp.* 200 6,822
Clear Secure, Inc., Class A 2,700 150,471
Climb Global Solutions, Inc. 400 9,284
Commerce.com, Inc.* 2,100 6,216
Commvault Systems, Inc.* 1,286 182,265
Concentrix Corp. 1,200 26,886
Consensus Cloud Solutions, Inc.* 467 17,816
CS Disco, Inc.* 900 3,402
Daily Journal Corp.* 41 24,649
Digi International, Inc.* 1,057 79,222
Digimarc Corp.* 500 4,110
Digital Turbine, Inc* 3,300 42,570
Domo, Inc., Class B* 1,100 3,443
Donnelley Financial Solutions, Inc.* 700 29,365
DoubleVerify Holdings, Inc.* 4,100 44,444
Duos Technologies Group, Inc.* 800 9,600
eGain Corp.* 500 3,150
EverCommerce, Inc.* 600 6,036
Evolent Health, Inc., Class A* 3,300 17,886
Fastly, Inc., Class A* 4,400 80,784
Five9, Inc.* 2,100 44,772
Freshworks, Inc., Class A* 6,200 62,744
Gemini Space Station, Inc., Class A* 1,200 5,112
Genius Sports Ltd.* 6,935 42,026
GigaCloud Technology, Inc., Class A* 700 22,120
HeartFlow, Inc.* 2,300 67,482
Hinge Health, Inc., Class A* 1,200 99,600
I3 Verticals, Inc., Class A* 600 12,816
IBEX Holdings Ltd.* 300 9,111
Ibotta, Inc., Class A* 300 10,248
Immersion Corp. 600 4,062
Innodata, Inc.* 900 68,022
Intapp, Inc.* 1,600 40,336
JFrog Ltd.* 3,100 281,728
Kaltura, Inc.* 3,300 4,290
Life360, Inc.* 581 32,164
LiveRamp Holdings, Inc.* 1,767 66,510
McGraw Hill, Inc.* 604 5,720
N-able, Inc.* 1,700 6,239
Navan, Inc., Class A* 3,000 68,610
nCino, Inc.* 3,100 50,685
Nutex Health, Inc.* 140 23,924
Omada Health, Inc.* 1,066 23,399
PagerDuty, Inc.* 2,500 24,125
 
79
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Software — (continued)
PDF Solutions, Inc.* 900 $63,711
Phreesia, Inc.* 1,600 16,464
Playtika Holding Corp. 1,800 6,696
Porch Group, Inc.* 2,842 42,744
Progress Software Corp.* 1,226 41,169
PubMatic, Inc., Class A* 1,100 14,432
Quantum Computing, Inc.* 5,954 57,754
Rackspace Technology, Inc.* 2,700 17,631
Red Violet, Inc.* 300 19,116
ReposiTrak, Inc. 400 3,600
Schrodinger, Inc.* 1,600 26,000
ServiceTitan, Inc., Class A* 1,700 120,207
SHARPLINK, Inc.* 5,500 26,400
Silvaco Group, Inc.* 400 5,516
Simulations Plus, Inc.* 500 9,155
SoundHound AI, Inc., Class A* 11,600 75,052
Sprout Social, Inc., Class A* 1,418 10,706
SPS Commerce, Inc.* 1,039 59,399
Swarmer, Inc.* 100 4,431
Talkspace, Inc.* 4,200 21,840
Teradata Corp.* 2,800 97,020
TruBridge, Inc.* 300 7,863
Veritone, Inc.* 2,600 3,562
Vertex, Inc., Class A* 2,100 24,108
Via Transportation, Inc., Class A* 1,500 27,210
Viant Technology, Inc., Class A* 400 5,064
Waystar Holding Corp.* 3,200 65,696
Weave Communications, Inc.* 1,800 10,782
Whitefiber, Inc.* 300 11,655
Workiva, Inc.* 1,500 72,765
Yext, Inc.* 2,900 13,543
Zeta Global Holdings Corp., Class A* 6,600 129,888
ZoomInfo Technologies, Inc.* 7,200 21,096
    3,898,558
Telecommunications — 2.0%
A10 Networks, Inc. 2,100 78,456
ADTRAN Holdings, Inc.* 2,205 30,650
Anterix, Inc.* 300 30,882
ATN International, Inc. 198 5,245
Aviat Networks, Inc.* 400 8,880
BK Technologies Corp.* 100 8,598
BlackSky Technology, Inc.* 875 24,430
Calix, Inc.* 1,693 63,183
Clearfield, Inc.* 300 11,937
Extreme Networks, Inc.* 3,747 121,290
Frequency Electronics, Inc.* 200 13,270
Gogo, Inc.* 1,900 5,890
Harmonic, Inc.* 3,270 53,399
IDT Corp., Class B 500 29,080
Inseego Corp.* 500 5,165
InterDigital, Inc. 735 208,101
Keel Infrastructure Corp.* 17,100 98,154
KVH Industries, Inc.* 400 3,964
Lantronix, Inc.* 1,100 6,468
Liberty Capital Corp., Class C* 1,000 21,560
LightPath Technologies, Inc., Class A* 1,600 26,160
  Number of
Shares 		Value†
 
Telecommunications — (continued)
Lumen Technologies, Inc.* 27,300 $209,664
NETGEAR, Inc.* 729 17,022
Ooma, Inc.* 700 13,454
Powerfleet, Inc.* 3,200 12,256
Preformed Line Products Co. 71 29,150
RF Industries Ltd.* 300 6,363
Ribbon Communications, Inc.* 3,143 7,355
Satellogic, Inc., Class A* 2,300 13,156
Shenandoah Telecommunications Co. 1,518 22,891
Sidus Space, Inc., Class A* 2,500 7,025
Soluna Holdings, Inc.* 3,200 4,320
Spok Holdings, Inc. 400 4,096
Telephone and Data Systems, Inc. 2,900 107,329
Uniti Group, Inc.* 5,001 57,361
Viasat, Inc.* 3,600 323,316
Vistance Networks, Inc.* 6,400 81,792
    1,771,312
Textiles — 0.1%
UniFirst Corp. 396 104,726
Toys, Games & Hobbies — 0.0%
Funko, Inc., Class A* 900 5,292
JAKKS Pacific, Inc. 200 4,656
    9,948
Transportation — 1.4%
ArcBest Corp. 644 92,440
Ardmore Shipping Corp. 900 12,609
Costamare Bulkers Holdings Ltd.* 300 5,268
Costamare, Inc. 1,300 18,226
Covenant Logistics Group, Inc. 500 22,090
CryoPort, Inc.* 1,400 21,980
DHT Holdings, Inc. 4,300 71,079
Dorian LPG Ltd. 1,032 35,893
FLEX LNG Ltd.* 900 25,254
Forward Air Corp.* 596 8,052
Genco Shipping & Trading Ltd. 900 22,302
Heartland Express, Inc. 1,167 17,762
Himalaya Shipping Ltd.* 872 11,650
Hub Group, Inc., Class A 1,686 73,830
International Seaways, Inc. 1,231 94,282
Marten Transport Ltd. 1,626 28,211
Matson, Inc. 848 163,011
Navigator Holdings Ltd. 1,100 20,493
Nordic American Tankers Ltd. 5,967 33,057
PAMT CORP* 200 2,802
Pangaea Logistics Solutions Ltd. 1,100 7,150
Proficient Auto Logistics, Inc.* 500 3,405
Radiant Logistics, Inc.* 1,000 9,460
RXO, Inc.* 4,800 132,432
Safe Bulkers, Inc. 1,700 10,727
Scorpio Tankers, Inc. 1,340 92,808
SFL Corp. Ltd. 3,584 36,557
Teekay Corp., Ltd. 1,600 16,000
Teekay Tankers Ltd., Class A 700 45,409
Universal Logistics Holdings, Inc. 200 2,960
 
80
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Transportation — (continued)
Werner Enterprises, Inc. 1,772 $77,277
World Kinect Corp. 1,400 46,116
    1,260,592
Trucking and Leasing — 0.3%
GATX Corp. 971 172,052
The Greenbrier Cos., Inc. 847 41,511
Willis Lease Finance Corp. 100 22,880
    236,443
Water — 0.3%
American States Water Co. 1,161 95,933
California Water Service Group 1,766 85,916
Consolidated Water Co., Ltd. 400 11,800
Global Water Resources, Inc. 500 3,620
H2O America 1,032 62,715
Middlesex Water Co. 531 29,821
The York Water Co. 397 12,168
    301,973
TOTAL COMMON STOCKS
(Cost $71,850,886) 		86,107,173
REAL ESTATE INVESTMENT TRUSTS — 5.9%
Apartments — 0.2%
BRT Apartments Corp. 200 3,074
Centerspace 461 25,904
Independence Realty Trust, Inc. 6,892 115,027
NexPoint Residential Trust, Inc. 700 19,544
    163,549
Diversified — 0.6%
AH Realty Trust, Inc. 2,100 14,868
American Assets Trust, Inc. 1,400 34,566
Broadstone Net Lease, Inc. 5,675 117,302
Claros Mortgage Trust, Inc.* 2,900 6,815
Farmland Partners, Inc. 1,000 9,680
FrontView REIT, Inc. 500 10,115
Gladstone Commercial Corp. 1,252 15,400
Gladstone Land Corp. 1,100 9,383
Global Net Lease, Inc. 5,382 48,115
InvenTrust Properties Corp. 2,300 81,420
NexPoint Diversified Real Estate Trust 1,558 8,087
One Liberty Properties, Inc. 410 10,012
Outfront Media, Inc. 4,485 146,929
Postal Realty Trust, Inc., Class A 700 17,248
Safehold, Inc. 1,635 25,669
UMH Properties, Inc. 2,368 35,852
    591,461
Healthcare — 0.8%
CareTrust REIT, Inc. 6,395 258,038
Chiron Real Estate, Inc. 360 13,507
Community Healthcare Trust, Inc. 800 14,624
Diversified Healthcare Trust 6,500 60,450
LTC Properties, Inc. 1,417 54,484
National Health Investors, Inc. 1,357 103,485
National Healthcare Properties, Inc.* 1,300 19,045
  Number of
Shares 		Value†
 
Healthcare — (continued)
Sabra Health Care REIT, Inc. 7,393 $144,237
Strawberry Fields REIT, Inc. 300 4,125
Universal Health Realty Income Trust 320 14,035
    686,030
Hotels & Resorts — 0.9%
Apple Hospitality REIT, Inc. 6,400 107,584
Braemar Hotels & Resorts, Inc. 1,100 2,376
Chatham Lodging Trust 1,300 17,199
DiamondRock Hospitality Co. 6,023 73,360
Park Hotels & Resorts, Inc. 5,500 78,375
Pebblebrook Hotel Trust 3,293 63,917
RLJ Lodging Trust 3,680 43,608
Ryman Hospitality Properties, Inc. 1,798 231,133
Service Properties Trust 17,100 28,899
Summit Hotel Properties, Inc. 3,000 21,030
Sunstone Hotel Investors, Inc. 5,247 60,078
Xenia Hotels & Resorts, Inc. 2,600 52,936
    780,495
Industrial — 0.4%
Industrial Logistics Properties Trust 1,700 15,079
Innovative Industrial Properties, Inc. 856 53,055
LXP Industrial Trust 1,723 92,835
Terreno Realty Corp. 3,075 199,168
    360,137
Mortgage Banks — 0.8%
ACRES Commercial Realty Corp.* 200 3,558
Adamas Trust, Inc. 2,275 21,339
Angel Oak Mortgage REIT, Inc. 500 4,540
Apollo Commercial Real Estate Finance, Inc. 3,956 42,250
Arbor Realty Trust, Inc. 5,400 29,268
Ares Commercial Real Estate Corp. 1,600 7,200
ARMOUR Residential REIT, Inc. 3,696 64,495
Blackstone Mortgage Trust, Inc., Class A 4,700 79,665
BrightSpire Capital, Inc. 3,900 21,255
Chicago Atlantic Real Estate Finance, Inc. 600 6,432
Chimera Investment Corp. 2,300 30,682
Dynex Capital, Inc. 6,342 83,144
Ellington Financial, Inc. 3,600 48,996
Franklin BSP Realty Trust, Inc. 2,312 18,820
Invesco Mortgage Capital, Inc. 2,712 21,425
KKR Real Estate Finance Trust, Inc. 1,400 9,576
Ladder Capital Corp. 3,076 30,606
MFA Financial, Inc. 2,775 26,890
Nexpoint Real Estate Finance, Inc. 300 4,650
Orchid Island Capital, Inc. 6,016 41,932
PennyMac Mortgage Investment Trust 2,592 29,238
Ready Capital Corp. 4,654 8,144
Redwood Trust, Inc. 3,677 17,429
Seven Hills Realty Trust 750 6,322
TPG Mortgage Investment Trust, Inc. 839 6,645
TPG RE Finance Trust, Inc. 2,000 16,740
 
81
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
  Number of
Shares 		Value†
REAL ESTATE INVESTMENT TRUSTS — (continued)
Mortgage Banks — (continued)
Two Harbors Investment Corp. 3,100 $38,471
    719,712
Office Property — 0.6%
Brandywine Realty Trust 5,500 17,435
COPT Defense Properties 3,200 116,448
Douglas Emmett, Inc. 4,800 56,640
Easterly Government Properties, Inc. 1,280 31,910
Empire State Realty Trust, Inc., Class A 3,900 21,099
Highwoods Properties, Inc. 3,200 96,512
Hudson Pacific Properties, Inc.* 1,557 23,651
JBG SMITH Properties 1,595 23,399
NET Lease Office Properties 500 5,565
Orion Properties, Inc. 1,600 4,624
Piedmont Realty Trust, Inc.* 3,400 31,110
SL Green Realty Corp. 2,100 108,717
    537,110
Regional Malls — 0.4%
CBL & Associates Properties, Inc. 500 26,545
Tanger, Inc. 3,300 130,251
The Macerich Co. 8,000 201,520
    358,316
Single Tenant — 0.4%
Alpine Income Property Trust, Inc. 500 10,380
Essential Properties Realty Trust, Inc. 6,200 185,070
Four Corners Property Trust, Inc. 3,200 78,560
Getty Realty Corp. 1,669 55,678
Modiv Industrial, Inc. 300 5,220
    334,908
Storage & Warehousing — 0.0%
Smartstop Self Storage REIT, Inc. 1,600 52,000
Strip Centers — 0.8%
Acadia Realty Trust 3,920 81,967
Alexander's, Inc. 69 19,014
CTO Realty Growth, Inc. 859 18,477
Curbline Properties Corp. 2,850 86,640
Kite Realty Group Trust 5,949 168,833
NETSTREIT Corp. 2,900 61,277
Phillips Edison & Co., Inc. 3,700 153,994
Saul Centers, Inc. 351 13,124
SITE Centers Corp. 1,525 6,054
Urban Edge Properties 3,700 84,656
Whitestone REIT 1,400 26,544
    720,580
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $5,405,417) 		  5,304,298
RIGHTS — 0.0%
Aduro Biotech* 560 0
OmniAb, Inc.* 191 465
OmniAb, Inc.* 191 460
  Number of
Shares 		Value†
 
Resolute Forest Products, Inc.* 1,500 $2,130
TOTAL RIGHTS
(Cost $699) 		  3,055
WARRANTS — 0.0%
Pulse Biosciences, Inc. *
(Cost $0) 		76 1,271
     
SHORT-TERM INVESTMENTS — 0.5%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $486,722) 		486,722 486,722
TOTAL INVESTMENTS — 101.7%
(Cost $77,743,724) 		  $91,902,519
Other Assets & Liabilities — (1.7)% (1,542,809)
TOTAL NET ASSETS — 100.0%   $90,359,710
† 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.
LLC— Limited Liability Company.
N.V.— Naamloze Vennootschap.
NA— National Association.
PIPE— Private Investments in Public Equity.
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% $110,901
Aerospace & Defense 2.0% 1,730,045
Agriculture 0.3% 242,133
Airlines 0.3% 267,868
Apparel 0.6% 489,837
Auto Manufacturers 0.1% 125,878
Auto Parts & Equipment 1.2% 1,059,920
Banks 10.1% 8,694,262
Beverages 0.2% 167,270
Biotechnology 10.9% 9,344,712
Building Materials 0.9% 736,571
Chemicals 2.0% 1,736,067
Coal 0.5% 438,581
Commercial Services 4.1% 3,546,009
 
82
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Computers 2.2%   $1,881,328
Cosmetics & Personal Care 0.3%   264,185
Distribution & Wholesale 0.9%   736,494
Diversified Financial Services 3.4%   2,959,084
Electric 1.5%   1,249,052
Electrical Components & Equipment 1.1%   934,611
Electronics 2.2%   1,920,522
Energy-Alternate Sources 0.8%   669,836
Engineering & Construction 1.9%   1,652,045
Entertainment 1.3%   1,114,965
Environmental Control 0.5%   404,965
Food 0.8%   703,986
Forest Products & Paper 0.1%   47,200
Gas 1.0%   902,682
Hand & Machine Tools 0.3%   285,899
Healthcare Products 3.6%   3,092,585
Healthcare Services 2.8%   2,437,701
Home Builders 1.6%   1,345,763
Home Furnishings 0.3%   265,928
Household Products & Wares 0.2%   209,284
Housewares 0.2%   145,557
Insurance 2.6%   2,198,138
Internet 1.6%   1,413,387
Investment Companies 1.9%   1,667,986
Iron & Steel 0.2%   206,358
Leisure Time 1.0%   898,655
Lodging 0.1%   99,532
Machinery — Construction & Mining 0.6%   486,484
Machinery — Diversified 1.4%   1,162,674
Media 0.3%   292,083
Metal Fabricate/Hardware 0.7%   639,397
Mining 1.9%   1,659,011
Miscellaneous Manufacturing 1.4%   1,161,539
Multi-National 0.1%   49,791
Office & Business Equipment 0.0%   11,894
Office Furnishings 0.2%   145,486
Oil & Gas 2.6%   2,223,921
Oil & Gas Services 1.7%   1,471,997
Packaging and Containers 0.2%   181,157
Pharmaceuticals 3.3%   2,816,383
Pipelines 0.3%   284,145
Private Equity 0.0%   35,028
Real Estate 0.8%   664,444
Retail 3.4%   2,899,676
Savings & Loans 1.0%   898,195
Semiconductors 3.5%   3,042,534
Software 4.5%   3,898,558
Telecommunications 2.1%   1,771,312
Textiles 0.1%   104,726
Toys, Games & Hobbies 0.0%   9,948
Transportation 1.5%   1,260,592
Trucking and Leasing 0.3%   236,443
Water 0.4%   301,973
  100.0%   $86,107,173
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Common Stocks        
Advertising $110,901 $110,901 $— $—
Aerospace & Defense 1,730,045 1,730,045 — —
Agriculture 242,133 242,133 — —
Airlines 267,868 267,868 — —
Apparel 489,837 489,837 — —
Auto Manufacturers 125,878 125,878 — —
Auto Parts & Equipment 1,059,920 1,059,920 — —
Banks 8,694,262 8,694,262 — —
Beverages 167,270 167,270 — —
Biotechnology 9,344,712 9,341,600 1,812 1,300
Building Materials 736,571 736,571 — —
Chemicals 1,736,067 1,736,067 — —
Coal 438,581 438,581 — —
Commercial Services 3,546,009 3,546,009 — —
Computers 1,881,328 1,881,328 — —
Cosmetics & Personal Care 264,185 264,185 — —
Distribution & Wholesale 736,494 736,494 — —
Diversified Financial Services 2,959,084 2,959,084 — —
Electric 1,249,052 1,249,052 — —
Electrical Components & Equipment 934,611 934,611 — —
Electronics 1,920,522 1,920,522 — —
Energy-Alternate Sources 669,836 669,836 — —
Engineering & Construction 1,652,045 1,652,045 — —
Entertainment 1,114,965 1,114,965 — —
Environmental Control 404,965 404,965 — —
Food 703,986 703,986 — —
Forest Products & Paper 47,200 47,200 — —
Gas 902,682 902,682 — —
Hand & Machine Tools 285,899 285,899 — —
Healthcare Products 3,092,585 3,092,585 — —
Healthcare Services 2,437,701 2,437,701 — —
Home Builders 1,345,763 1,345,763 — —
Home Furnishings 265,928 265,928 — —
Household Products & Wares 209,284 209,284 — —
Housewares 145,557 145,557 — —
Insurance 2,198,138 2,198,138 — —
Internet 1,413,387 1,413,387 — —
Investment Companies 1,667,986 1,667,986 — —
Iron & Steel 206,358 206,358 — —
Leisure Time 898,655 898,655 — —
Lodging 99,532 99,532 — —
Machinery — Construction & Mining 486,484 486,484 — —
Machinery — Diversified 1,162,674 1,162,674 — —
Media 292,083 292,083 — —
Metal Fabricate/Hardware 639,397 639,397 — —
Mining 1,659,011 1,659,011 — —
Miscellaneous Manufacturing 1,161,539 1,161,539 — —
 
83
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Small Cap Index Fund
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Multi-National $49,791 $49,791 $— $—
Office & Business Equipment 11,894 11,894 — —
Office Furnishings 145,486 145,486 — —
Oil & Gas 2,223,921 2,223,921 — —(1)
Oil & Gas Services 1,471,997 1,471,997 — —
Packaging and Containers 181,157 181,157 — —
Pharmaceuticals 2,816,383 2,816,347 36 —
Pipelines 284,145 284,145 — —
Private Equity 35,028 35,028 — —
Real Estate 664,444 664,444 — —
Retail 2,899,676 2,899,676 — —
Savings & Loans 898,195 898,195 — —
Semiconductors 3,042,534 3,042,534 — —
Software 3,898,558 3,898,558 — —
Telecommunications 1,771,312 1,771,312 — —
Textiles 104,726 104,726 — —
Toys, Games & Hobbies 9,948 9,948 — —
Transportation 1,260,592 1,260,592 — —
Trucking and Leasing 236,443 236,443 — —
Water 301,973 301,973 — —
Total Common Stocks 86,107,173 86,104,025 1,848 1,300
Real Estate Investment Trusts 5,304,298 5,304,298 — —
Rights 3,055 — 3,055 —
Warrants 1,271 — 1,271 —
Short-Term Investments 486,722 486,722 — —
Total Investments $91,902,519 $91,895,045 $6,174 $1,300
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input^
Other Financial Instruments(2)        
Futures Contracts $11,635 $11,635 $— $—
Total Assets—Other Financial Instruments $11,635 $11,635 $— $—
(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.
^ 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.
 
Futures contracts held by the Fund at June 30, 2026 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   09/18/26   3   50   $3,046   $456,840   $11,635   $—
                            $11,635   $—
The accompanying notes are an integral part of these financial statements.
84
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — 97.9%
Australia — 6.3%
ANZ Group Holdings Ltd. 13,608 $332,095
APA Group 5,847 40,967
Aristocrat Leisure Ltd. 2,575 109,122
ASX Ltd. 928 34,246
BHP Group Ltd. 23,501 979,356
Brambles Ltd. 6,322 85,360
CAR Group Ltd. 1,639 29,258
Cochlear Ltd. 282 23,687
Coles Group Ltd. 6,237 105,053
Commonwealth Bank of Australia 7,739 881,970
Computershare Ltd. 2,288 60,593
CSL Ltd. 2,208 176,165
Evolution Mining Ltd. 9,441 78,065
Fortescue Ltd. 7,822 104,113
Goodman Group 9,341 201,543
Insurance Australia Group Ltd. 10,138 56,701
Lynas Rare Earths Ltd.* 4,367 54,797
Macquarie Group Ltd. 1,681 292,188
Medibank Pvt. Ltd. 11,857 40,738
National Australia Bank Ltd. 14,224 373,502
Northern Star Resources Ltd. 6,260 82,880
Origin Energy Ltd. 8,115 61,683
PLS Group Ltd.* 14,529 50,913
Pro Medicus Ltd. 255 36,050
Qantas Airways Ltd. 3,289 24,165
QBE Insurance Group Ltd. 7,015 122,027
REA Group Ltd. 225 21,675
Rio Tinto Ltd. 1,699 204,423
Santos Ltd. 14,114 70,018
Scentre Group 24,448 65,168
SGH Ltd. 875 28,263
Sigma Healthcare Ltd. 24,657 46,949
Sonic Healthcare Ltd. 2,111 30,379
South32 Ltd. 18,388 49,931
South32 Ltd. 2,925 7,909
Stockland 11,726 33,067
Suncorp Group Ltd. 4,660 62,170
Telstra Group Ltd. 18,709 65,610
The Lottery Corp. Ltd. 9,935 39,495
Transurban Group 14,288 142,065
Vicinity Ltd. 16,563 29,512
Washington H. Soul Pattinson & Co., Ltd. 1,643 52,518
Wesfarmers Ltd. 5,162 323,055
Westpac Banking Corp. 15,519 378,131
WiseTech Global Ltd. 960 22,024
Woodside Energy Group Ltd. 8,717 168,578
Woolworths Group Ltd. 5,650 156,109
    6,434,286
Austria — 0.4%
BAWAG Group AG@ 349 69,969
Erste Group Bank AG 1,409 188,577
OMV AG 627 39,402
Raiffeisen Bank International AG 646 41,297
  Number of
Shares 		Value†
 
Austria — (continued)
Verbund AG 306 $19,392
    358,637
Belgium — 0.9%
Ageas S.A./N.V. 708 56,648
Anheuser-Busch InBev S.A./N.V. 4,156 343,409
D'ieteren Group 83 16,202
Elia Group S.A./N.V. 216 34,396
Financiere de Tubize S.A. 100 26,419
Groupe Bruxelles Lambert N.V. 362 33,007
KBC Group N.V. 1,054 143,957
Lotus Bakeries N.V. 2 26,527
Sofina S.A. 70 17,828
Syensqo S.A. 306 22,625
UCB S.A. 579 173,336
    894,354
Chile — 0.1%
Antofagasta PLC 1,596 81,002
China — 0.0%
Yangzijiang Shipbuilding Holdings Ltd. 11,200 29,711
Czechia — 0.0%
CSG N.V.* 905 13,209
Denmark — 1.7%
A.P. Moller - Maersk A/S, Class A 14 32,316
A.P. Moller - Maersk A/S, Class B 19 45,135
Carlsberg A/S, Class B 414 54,176
Coloplast A/S, Class B 548 31,211
Danske Bank A/S 3,061 164,078
Demant A/S* 503 20,660
DSV A/S 890 211,778
Genmab A/S* 266 72,925
Novo Nordisk A/S, Class B 14,895 715,362
Novonesis Novozymes, Class B 1,545 97,518
Orsted A/S@,* 2,382 53,547
Pandora A/S 349 40,095
ROCKWOOL A/S, Class B 400 12,830
Tryg A/S 1,610 36,648
Vestas Wind Systems A/S 4,641 131,402
    1,719,681
Finland — 1.2%
Elisa OYJ 610 25,600
Fortum OYJ 1,907 44,118
Kesko OYJ, Class B 1,229 27,477
Kone OYJ, Class B 1,564 88,968
Metso OYJ 3,130 54,428
Neste OYJ 2,016 65,822
Nokia OYJ 23,237 309,894
Nordea Bank Abp 13,107 248,418
Nordea Bank Abp 1,029 19,527
Orion OYJ, Class B 462 37,952
Sampo OYJ, Class A 11,050 116,046
Stora Enso OYJ, Class R 2,435 25,976
UPM-Kymmene OYJ 2,323 61,577
 
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Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Finland — (continued)
Wartsila OYJ Abp 2,189 $83,603
    1,209,406
France — 8.7%
Abivax S.A.* 248 32,709
Accor S.A. 883 51,218
Aeroports de Paris S.A. 143 18,646
Air Liquide S.A. 2,947 583,566
Alstom S.A.* 1,645 28,739
Amundi S.A.@ 290 27,838
AXA S.A. 7,252 363,394
Ayvens S.A.@ 1,598 21,049
BioMerieux 172 13,502
BNP Paribas S.A. 4,559 532,460
Bollore S.E. 3,186 14,772
Bouygues S.A. 911 50,874
Bureau Veritas S.A. 1,613 49,404
Capgemini S.E. 709 71,178
Carrefour S.A. 2,798 51,945
Cie de Saint-Gobain S.A. 2,048 185,718
Cie Generale des Etablissements Michelin SCA 3,094 119,522
Covivio SA 233 14,267
Credit Agricole S.A. 4,198 84,435
Danone S.A. 2,946 240,801
Dassault Aviation S.A. 89 29,235
Dassault Systemes S.E. 2,943 60,029
Eiffage S.A. 319 47,054
Engie S.A. 8,329 262,151
EssilorLuxottica S.A. 1,365 256,308
Gecina S.A. 205 17,225
Getlink S.E. 1,352 28,739
Hermes International SCA 120 219,443
Ipsen S.A. 156 30,064
Kering S.A. 342 96,740
Klepierre S.A. 914 38,199
Legrand S.A. 1,199 203,164
L'Oreal S.A. 1,111 487,014
LVMH Moet Hennessy Louis Vuitton S.E. 1,151 636,572
Orange S.A. 8,541 161,073
Pernod Ricard S.A. 884 64,256
Publicis Groupe S.A. 994 98,230
Renault S.A. 921 26,458
Rexel S.A. 1,004 43,986
Safran S.A. 1,596 628,953
Sanofi SA 5,008 428,202
Sartorius Stedim Biotech 129 26,749
Schneider Electric S.E. 2,536 829,845
Societe Generale S.A. 2,955 261,548
Sodexo S.A. 410 23,715
Thales S.A. 426 109,483
TotalEnergies S.E. 9,069 701,265
Unibail-Rodamco-Westfield 537 62,844
Veolia Environnement S.A. 2,911 121,305
  Number of
Shares 		Value†
 
France — (continued)
Vinci S.A. 2,154 $314,588
    8,870,474
Germany — 8.3%
adidas AG 783 160,695
Allianz S.E. 1,759 832,619
BASF S.E. 4,070 217,554
Bayer AG 4,486 248,113
Bayerische Motoren Werke AG 1,289 84,621
Beiersdorf AG 431 37,119
Brenntag S.E. 533 32,410
Commerzbank AG 2,998 127,699
Continental AG 505 41,786
CTS Eventim AG & Co., KGaA 278 16,238
Daimler Truck Holding AG 2,115 102,004
Delivery Hero S.E.@,* 873 35,726
Deutsche Bank AG 8,410 284,822
Deutsche Boerse AG 858 234,019
Deutsche Lufthansa AG 2,941 33,701
Deutsche Post AG 4,169 253,460
Deutsche Telekom AG 15,880 432,957
E.ON S.E. 10,255 210,883
Evonik Industries AG 1,156 20,976
Fresenius Medical Care AG 1,043 47,217
Fresenius S.E. & Co., KGaA 1,943 88,769
GEA Group AG 697 47,860
Hannover Rueck S.E. 264 73,111
Heidelberg Materials AG 612 116,751
Henkel AG & Co., KGaA 470 37,195
Hensoldt AG 314 24,390
HOCHTIEF AG 76 44,053
Infineon Technologies AG 5,946 560,125
Knorr-Bremse AG 307 35,722
Mercedes-Benz Group AG 3,290 165,483
Merck KGaA 600 100,587
MTU Aero Engines AG 248 103,342
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 593 331,167
Nemetschek S.E. 240 14,612
Rational AG 23 16,850
Rheinmetall AG 209 237,797
RWE AG 2,666 172,410
SAP S.E. 4,829 744,382
Scout24 S.E.@ 329 27,226
Siemens AG 3,436 1,104,699
Siemens Energy AG 3,584 683,259
Siemens Healthineers AG@ 1,573 61,351
Symrise AG 577 57,879
Talanx AG 287 36,301
Vonovia S.E. 3,459 85,332
Zalando S.E.@,* 991 28,715
    8,453,987
Hong Kong — 1.8%
AIA Group Ltd. 48,600 444,944
BOC Hong Kong Holdings Ltd. 16,000 86,825
CK Asset Holdings Ltd. 9,034 51,037
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Hong Kong — (continued)
CK Hutchison Holdings Ltd. 11,628 $98,555
CK Infrastructure Holdings Ltd. 2,500 19,060
CLP Holdings Ltd. 7,000 65,428
Futu Holdings Ltd., ADR 250 23,435
Galaxy Entertainment Group Ltd. 9,000 33,881
Henderson Land Development Co., Ltd. 6,891 21,856
HKT Trust & HKT Ltd. 16,240 24,161
Hong Kong & China Gas Co., Ltd. 50,112 41,617
Hong Kong Exchanges & Clearing Ltd. 5,484 255,154
Hongkong Land Holdings Ltd. 4,800 34,196
Jardine Matheson Holdings Ltd. 700 43,167
Link REIT 10,862 50,686
MTR Corp. Ltd. 7,396 28,845
Power Assets Holdings Ltd. 6,000 43,721
Prudential PLC 11,714 155,586
Sino Land Co., Ltd. 17,633 23,160
SITC International Holdings Co., Ltd. 6,000 24,069
Sun Hung Kai Properties Ltd. 6,161 88,677
Swire Pacific Ltd., Class A 1,500 15,668
Techtronic Industries Co., Ltd. 6,500 108,170
WH Group Ltd.@ 36,872 39,096
Wharf Real Estate Investment Co., Ltd. 7,000 19,117
    1,840,111
Ireland — 0.6%
AerCap Holdings N.V. 800 116,624
AIB Group PLC 9,304 109,345
Bank of Ireland Group PLC 4,433 88,318
Experian PLC 4,190 141,218
Kerry Group PLC, Class A 759 69,624
Kingspan Group PLC 670 61,272
Ryanair Holdings PLC 1,931 60,361
    646,762
Israel — 1.1%
Azrieli Group Ltd. 175 23,726
Bank Hapoalim BM 5,737 132,327
Bank Leumi Le-Israel BM 6,820 152,622
Check Point Software Technologies Ltd.* 372 48,892
Elbit Systems Ltd. 130 98,849
Enlight Renewable Energy Ltd.* 644 56,870
Harel Insurance Investments & Financial Services Ltd. 547 28,815
ICL Group Ltd. 3,227 16,186
Israel Discount Bank Ltd., Class A 5,734 56,774
Mizrahi Tefahot Bank Ltd. 681 45,104
Nova Ltd.* 140 74,457
OPC Energy Ltd.* 788 24,407
Phoenix Financial Ltd. 1,085 59,988
Teva Pharmaceutical Industries Ltd.* 4,764 160,676
Teva Pharmaceutical Industries Ltd., ADR* 500 16,940
Tower Semiconductor Ltd.* 510 132,048
    1,128,681
  Number of
Shares 		Value†
 
Italy — 3.2%
Banca Mediolanum SpA 987 $24,597
Banca Monte dei Paschi di Siena SpA 9,142 113,611
Banco BPM SpA 5,014 86,704
BPER Banca SpA 6,823 107,197
Buzzi SpA 385 19,721
Davide Campari-Milano N.V. 2,775 17,287
Enel SpA 35,264 404,492
Eni SpA 8,402 197,125
Ferrari N.V. 575 213,725
FinecoBank Banca Fineco SpA 2,856 71,811
Generali 3,902 190,234
Intesa Sanpaolo SpA 63,126 433,883
Italgas SpA 2,761 31,973
Leonardo SpA 1,866 100,186
Moncler SpA 1,090 63,435
Poste Italiane SpA 2,159 70,672
Prysmian SpA 1,293 217,668
Recordati Industria Chimica e Farmaceutica SpA 515 30,189
Snam SpA 9,461 68,300
Telecom Italia SpA* 8,316 75,721
Terna - Rete Elettrica Nazionale 5,972 69,735
UniCredit SpA 6,353 569,348
Unipol Assicurazioni SpA 1,719 48,047
    3,225,661
Japan — 23.4%
Advantest Corp. 3,400 699,477
Aeon Co., Ltd. 10,200 84,355
AGC, Inc. 900 38,888
Aisin Corp. 2,100 28,511
Ajinomoto Co., Inc. 4,200 153,129
ANA Holdings, Inc. 800 14,646
Asahi Group Holdings Ltd. 7,100 67,497
Asahi Kasei Corp. 6,100 67,845
Asics Corp. 3,200 87,036
Astellas Pharma, Inc. 8,300 111,026
Bandai Namco Holdings, Inc. 2,700 62,589
Bridgestone Corp. 5,200 109,645
Canon, Inc. 4,000 102,442
Capcom Co., Ltd. 1,700 31,272
Central Japan Railway Co. 3,600 76,842
Chubu Electric Power Co., Inc. 3,200 60,462
Chugai Pharmaceutical Co., Ltd. 3,100 143,199
Dai Nippon Printing Co., Ltd. 1,800 33,027
Daifuku Co., Ltd. 1,500 66,450
Daiichi Life Group, Inc. 16,100 175,792
Daiichi Sankyo Co., Ltd. 8,200 131,858
Daikin Industries Ltd. 1,200 183,047
Daito Trust Construction Co., Ltd. 1,400 26,745
Daiwa House Industry Co., Ltd. 2,600 70,451
Daiwa Securities Group, Inc. 6,300 62,482
Denso Corp. 8,000 92,112
Disco Corp. 400 208,094
East Japan Railway Co. 4,400 91,951
Ebara Corp. 2,200 86,158
Eisai Co., Ltd. 1,200 30,250
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Japan — (continued)
ENEOS Holdings, Inc. 12,590 $93,196
FANUC Corp. 4,300 197,998
Fast Retailing Co., Ltd. 900 461,110
Fuji Electric Co., Ltd. 600 50,823
FUJIFILM Holdings Corp. 5,200 111,246
Fujikura Ltd. 7,200 285,421
Fujitsu Ltd. 8,000 158,960
Furukawa Electric Co., Ltd. 3,000 90,232
Hankyu Hanshin Holdings, Inc. 1,000 26,311
Hikari Tsushin, Inc. 100 21,973
Hitachi Ltd. 20,500 567,360
Honda Motor Co., Ltd. 16,900 152,231
Hoya Corp. 1,600 258,082
Hulic Co., Ltd. 2,300 24,084
Ibiden Co., Ltd. 1,100 166,079
Idemitsu Kosan Co., Ltd. 3,280 24,230
IHI Corp. 4,800 81,039
Inpex Corp. 4,100 82,731
Isuzu Motors Ltd. 2,500 33,290
ITOCHU Corp. 25,700 293,305
Japan Exchange Group, Inc. 4,700 59,483
Japan Post Bank Co., Ltd. 8,200 156,065
Japan Post Holdings Co., Ltd. 8,200 110,218
Japan Post Insurance Co., Ltd. 2,400 22,686
Japan Tobacco, Inc. 5,100 188,187
JFE Holdings, Inc. 2,800 27,033
JX Advanced Metals Corp. 2,700 74,518
Kajima Corp. 2,000 72,906
Kao Corp. 4,400 87,202
Kawasaki Heavy Industries Ltd. 3,500 63,340
Kawasaki Kisen Kaisha Ltd. 1,400 21,459
KDDI Corp. 13,400 225,089
Keyence Corp. 920 465,048
Kikkoman Corp. 3,000 30,775
Kioxia Holdings Corp.* 1,400 813,722
Kirin Holdings Co., Ltd. 3,700 63,811
Komatsu Ltd. 4,000 156,190
Konami Group Corp. 500 54,773
Kubota Corp. 4,300 71,950
Kyocera Corp. 5,400 119,761
Kyowa Kirin Co., Ltd. 1,000 15,916
Lasertec Corp. 400 127,055
LY Corp. 12,300 32,737
Makita Corp. 1,000 35,961
Marubeni Corp. 6,400 186,583
MINEBEA MITSUMI, Inc. 1,600 47,461
Mitsubishi Chemical Group Corp. 5,600 39,295
Mitsubishi Corp. 14,000 374,531
Mitsubishi Electric Corp. 8,700 319,068
Mitsubishi Estate Co., Ltd. 4,900 124,956
Mitsubishi HC Capital, Inc. 3,900 31,680
Mitsubishi Heavy Industries Ltd. 14,500 329,479
Mitsubishi UFJ Financial Group, Inc. 49,400 984,193
Mitsui & Co., Ltd. 11,200 312,737
Mitsui Fudosan Co., Ltd. 12,100 112,148
Mitsui Kinzoku Co., Ltd. 200 53,518
  Number of
Shares 		Value†
 
Japan — (continued)
Mitsui OSK Lines Ltd. 1,500 $48,052
Mizuho Financial Group, Inc. 10,908 523,898
MS&AD Insurance Group Holdings, Inc. 5,870 152,150
Murata Manufacturing Co., Ltd. 7,600 545,565
NEC Corp. 5,900 142,440
Nexon Co., Ltd. 1,800 23,922
NIDEC Corp.* 3,600 59,172
Nintendo Co., Ltd. 5,019 210,999
Nippon Building Fund, Inc. 34 26,373
Nippon Paint Holdings Co., Ltd. 4,200 27,395
Nippon Sanso Holdings Corp. 800 29,675
Nippon Steel Corp. 22,485 74,496
Nippon Yusen K.K. 1,800 58,220
Nissan Motor Co., Ltd.* 10,900 20,181
Nitori Holdings Co., Ltd. 1,900 28,155
Nitto Denko Corp. 3,200 62,956
Nomura Holdings, Inc. 13,800 121,163
Nomura Research Institute Ltd. 1,630 45,728
NTT, Inc. 137,100 121,954
Obayashi Corp. 2,800 56,584
Obic Co., Ltd. 1,366 32,080
Olympus Corp. 5,000 52,356
Oriental Land Co., Ltd. 4,700 71,571
ORIX Corp. 5,300 201,885
Osaka Gas Co., Ltd. 1,700 57,279
Otsuka Corp. 1,000 17,120
Otsuka Holdings Co., Ltd. 2,000 133,118
Pan Pacific International Holdings Corp. 8,000 40,548
Panasonic Holdings Corp. 10,700 301,027
Rakuten Group, Inc.* 7,200 33,607
Recruit Holdings Co., Ltd. 6,100 424,432
Renesas Electronics Corp. 8,200 253,125
Resona Holdings, Inc. 9,600 125,165
Resonac Holdings Corp. 800 88,991
Ryohin Keikaku Co., Ltd. 2,200 48,088
Sanrio Co., Ltd. 4,000 27,061
SBI Holdings, Inc. 2,420 39,685
SCREEN Holdings Co., Ltd. 800 89,741
Secom Co., Ltd. 1,900 75,480
Seibu Holdings, Inc. 1,000 19,590
Sekisui House Ltd. 2,600 54,053
Seven & i Holdings Co., Ltd. 8,700 104,334
Shimano, Inc. 400 42,664
Shimizu Corp. 2,300 36,423
Shin-Etsu Chemical Co., Ltd. 7,700 335,639
Shionogi & Co., Ltd. 3,300 56,386
Shiseido Co., Ltd. 2,000 32,282
SMC Corp. 248 110,877
SoftBank Corp. 131,200 167,533
SoftBank Group Corp. 17,200 638,005
Sompo Holdings, Inc. 3,775 143,413
Sony Group Corp. 27,000 543,350
Subaru Corp. 2,600 38,039
Sumitomo Corp. 18,800 180,700
 
88
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Japan — (continued)
Sumitomo Electric Industries Ltd. 13,200 $244,954
Sumitomo Metal Mining Co., Ltd. 1,100 51,019
Sumitomo Mitsui Financial Group, Inc. 16,600 650,704
Sumitomo Mitsui Trust Group, Inc. 2,786 104,029
Sumitomo Realty & Development Co., Ltd. 2,800 65,008
Suntory Beverage & Food Ltd. 600 16,720
Suzuki Motor Corp. 7,200 87,089
T&D Holdings, Inc. 2,100 62,638
Taisei Corp. 700 61,966
Takeda Pharmaceutical Co., Ltd. 7,295 232,526
TDK Corp. 8,900 199,666
Terumo Corp. 5,700 77,848
The Chiba Bank Ltd. 2,500 38,298
The Kansai Electric Power Co., Inc. 4,100 57,941
Toho Co., Ltd. 2,500 19,996
Tokio Marine Holdings, Inc. 8,300 364,941
Tokyo Electron Ltd. 2,100 1,018,194
Tokyo Gas Co., Ltd. 1,400 53,012
TOPPAN Holdings, Inc. 1,000 31,708
Toray Industries, Inc. 6,300 44,129
Toyota Motor Corp. 43,840 734,430
Toyota Tsusho Corp. 2,900 107,944
Unicharm Corp. 5,100 29,554
West Japan Railway Co. 1,900 31,823
Yamaha Motor Co., Ltd. 4,100 31,132
Yokogawa Electric Corp. 1,100 38,657
Yokohama Financial Group, Inc. 4,500 48,463
Zensho Holdings Co., Ltd. 400 19,914
    23,907,541
Luxembourg — 0.2%
ArcelorMittal S.A. 2,020 121,792
CVC Capital Partners PLC@ 917 13,340
Eurofins Scientific S.E. 553 43,275
Millicom International Cellular S.A. 400 36,304
Tenaris S.A. 1,487 41,164
    255,875
Macao — 0.0%
Sands China Ltd. 11,200 18,687
Mexico — 0.0%
Fresnillo PLC 1,059 38,566
Netherlands — 7.1%
ABN AMRO Bank N.V. 2,697 114,708
Adyen N.V.@,* 124 116,327
Aegon Ltd. 5,731 48,773
Airbus S.E. 2,748 611,408
Akzo Nobel N.V. 795 54,065
Argenx S.E.* 280 259,522
ASM International N.V. 215 247,246
ASML Holding N.V. 1,795 3,554,416
ASR Nederland N.V. 741 55,961
BE Semiconductor Industries N.V. 345 113,937
Euronext N.V.@ 347 55,503
EXOR N.V. 450 34,475
  Number of
Shares 		Value†
 
Netherlands — (continued)
Ferrovial N.V. 2,193 $150,309
Heineken Holding N.V. 617 46,985
Heineken N.V. 1,324 111,166
ING Groep N.V. 13,233 417,545
Koninklijke Ahold Delhaize N.V. 4,102 165,074
Koninklijke KPN N.V. 18,067 89,229
Koninklijke Philips N.V. 3,491 94,937
Nebius Group N.V., Class A* 900 248,553
NN Group N.V. 1,172 102,748
Prosus N.V.* 5,939 258,071
QIAGEN N.V. 977 37,794
Stellantis N.V.* 4,149 23,705
Stellantis N.V.* 4,370 24,963
The Magnum Ice Cream Co. N.V.* 1,083 18,854
The Magnum Ice Cream Co. N.V.* 973 16,923
Universal Music Group N.V. 5,064 106,089
Wolters Kluwer N.V. 1,070 69,186
    7,248,472
New Zealand — 0.2%
Auckland International Airport Ltd. 8,222 39,030
Contact Energy Ltd. 4,303 22,787
Fisher & Paykel Healthcare Corp. Ltd. 2,472 54,914
Infratil Ltd. 4,184 36,707
Meridian Energy Ltd. 5,265 17,416
Xero Ltd.* 777 39,062
    209,916
Norway — 0.6%
Aker BP ASA 1,522 46,436
DNB Bank ASA 3,759 111,914
Equinor ASA 3,252 102,547
Gjensidige Forsikring ASA 851 23,035
Kongsberg Gruppen ASA 2,080 62,683
Mowi ASA 2,201 40,659
Norsk Hydro ASA 6,136 55,523
Orkla ASA 3,112 32,718
Salmar ASA 344 16,100
Telenor ASA 2,863 41,014
Var Energi ASA 4,330 17,941
Yara International ASA 710 31,224
    581,794
Poland — 0.0%
InPost S.A.* 1,317 23,210
Portugal — 0.2%
Banco Comercial Portugues S.A., Class R 33,071 39,130
EDP S.A. 13,321 69,588
Galp Energia SGPS S.A. 1,785 37,831
Jeronimo Martins SGPS S.A. 1,244 23,825
    170,374
Singapore — 1.6%
CapitaLand Ascendas REIT 17,774 34,231
CapitaLand Integrated Commercial Trust 26,406 48,455
 
89
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Singapore — (continued)
CapitaLand Investment Ltd. 10,407 $20,058
DBS Group Holdings Ltd. 9,632 487,714
Grab Holdings Ltd., Class A* 11,100 41,847
Keppel Ltd. 6,500 55,133
Oversea-Chinese Banking Corp. Ltd. 15,391 295,364
Sea Ltd., ADR* 1,800 172,494
Sembcorp Industries Ltd. 3,700 18,198
Singapore Airlines Ltd. 6,900 41,033
Singapore Exchange Ltd. 3,700 69,033
Singapore Technologies Engineering Ltd. 7,200 57,991
Singapore Telecommunications Ltd. 34,200 116,759
United Overseas Bank Ltd. 5,737 176,670
Wilmar International Ltd. 8,000 22,327
    1,657,307
Spain — 3.7%
Acciona S.A. 104 32,950
ACS Actividades de Construccion y Servicios S.A. 785 115,440
Aena SME S.A.@ 3,280 99,950
Amadeus IT Group S.A. 2,064 120,747
Banco Bilbao Vizcaya Argentaria S.A. 26,099 657,089
Banco de Sabadell S.A. 23,180 82,137
Banco Santander S.A. 66,237 919,360
Bankinter S.A. 2,974 49,802
CaixaBank S.A. 16,244 230,148
Cellnex Telecom S.A.@ 2,182 65,232
EDP Renewables S.A. 1,411 22,802
Endesa S.A. 1,359 61,748
Iberdrola S.A. 28,129 700,119
Indra Sistemas S.A. 360 19,746
Industria de Diseno Textil S.A. 4,957 312,451
Mapfre S.A. 4,641 22,978
Naturgy Energy Group S.A. 1,173 36,767
Redeia Corp. S.A. 1,818 30,888
Repsol S.A. 4,919 122,899
Telefonica S.A. 17,190 69,084
    3,772,337
Sweden — 3.3%
AddTech AB, Class B 1,238 43,750
Alfa Laval AB 1,254 74,808
Assa Abloy AB, Class B 4,581 161,851
Atlas Copco AB, Class A 11,646 236,053
Atlas Copco AB, Class B 7,173 127,163
Beijer Ref AB 1,983 29,065
Boliden AB 1,270 71,759
Epiroc AB, Class A 2,862 78,524
Epiroc AB, Class B 1,799 41,754
EQT AB 1,999 56,551
Essity AB, Class B 2,667 75,513
Evolution AB@,* 634 43,521
Fastighets AB Balder, Class B* 2,900 15,468
H & M Hennes & Mauritz AB, Class B 2,293 39,444
Hexagon AB, Class B 9,558 79,077
Industrivarden AB, Class A 513 28,781
  Number of
Shares 		Value†
 
Sweden — (continued)
Industrivarden AB, Class C 681 $37,399
Indutrade AB 1,163 24,066
Investment AB Latour, Class B 649 12,897
Investor AB, Class B 8,005 332,617
L E Lundbergforetagen AB, Class B 336 19,370
Lifco AB, Class B 1,067 34,970
Nibe Industrier AB, Class B 6,781 25,207
Saab AB, Class B 1,489 77,628
Sagax AB, Class B 919 14,616
Sandvik AB 4,831 199,497
Securitas AB, Class B 2,142 35,177
Skandinaviska Enskilda Banken AB, Class A 6,941 138,202
Skanska AB, Class B 1,493 39,941
SKF AB, Class B 1,500 38,530
Spotify Technology S.A.* 690 316,800
Svenska Cellulosa AB SCA, Class B 2,922 29,883
Svenska Handelsbanken AB, Class A 6,368 93,707
Swedbank AB, Class A 3,899 145,651
Swedish Orphan Biovitrum AB* 878 41,852
Tele2 AB, Class B 2,545 44,288
Telefonaktiebolaget LM Ericsson, Class B 12,851 144,120
Telia Co., AB 10,628 51,767
Trelleborg AB, Class B 941 39,206
Volvo AB, Class A 239 8,146
Volvo AB, Class B 7,001 238,144
    3,386,763
Switzerland — 10.0%
ABB Ltd. 7,249 788,541
Alcon AG 2,283 153,943
Avolta AG* 393 26,255
Banque Cantonale Vaudoise 130 19,032
Barry Callebaut AG 18 24,890
Belimo Holding AG 47 52,846
BKW AG 82 13,788
Chocoladefabriken Lindt & Spruengli AG 1 118,812
Cie Financiere Richemont S.A., Class A 2,486 573,839
Coca-Cola HBC AG* 1,031 67,207
DSM-Firmenich AG 809 76,788
EMS-Chemie Holding AG 29 24,859
Galderma Group AG* 853 194,013
Geberit AG 156 104,101
Givaudan S.A. 42 177,650
Glencore PLC* 43,419 296,049
Helvetia Baloise Holding AG 347 89,491
Holcim AG* 2,326 209,719
Julius Baer Group Ltd. 896 77,414
Kuehne + Nagel International AG 229 55,565
Logitech International S.A. 660 61,914
Lonza Group AG 320 215,873
Nestle S.A. 11,916 1,222,166
Novartis AG 8,470 1,323,797
Partners Group Holding AG 104 85,185
Roche Holding AG 150 62,844
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
COMMON STOCKS — (continued)
Switzerland — (continued)
Roche Holding AG 3,249 $1,335,620
Sandoz Group AG 1,917 173,209
Schindler Holding AG 105 33,378
Schindler Holding AG, Participation Certificates 173 57,349
SGS S.A. 797 92,422
Sika AG 699 144,145
Sonova Holding AG 221 52,453
STMicroelectronics N.V. 2,923 216,217
Straumann Holding AG 485 63,752
Swiss Life Holding AG 131 144,004
Swiss Prime Site AG 343 55,969
Swiss Re AG 1,362 216,490
Swisscom AG 119 91,788
The Swatch Group AG 128 31,282
UBS Group AG 14,682 727,657
VAT Group AG@ 125 109,615
Zurich Insurance Group AG 686 507,388
    10,169,319
United Arab Emirates — 0.0%
NMC Health PLC* 538 0
United Kingdom — 13.1%
3i Group PLC 4,535 149,128
Admiral Group PLC 1,231 58,139
Airtel Africa PLC@ 4,133 17,967
Anglo American PLC 4,903 240,504
Associated British Foods PLC 1,401 36,830
AstraZeneca PLC 6,994 1,305,810
Aviva PLC 14,048 121,119
BAE Systems PLC 13,657 334,687
Barclays PLC 63,366 424,616
BP PLC 72,614 447,574
British American Tobacco PLC 9,287 574,707
BT Group PLC 26,357 66,493
Bunzl PLC 1,435 50,080
Centrica PLC 22,348 50,646
Coca-Cola Europacific Partners PLC 934 93,410
Compass Group PLC 7,731 249,784
Diageo PLC 10,147 204,362
Endeavour Mining PLC 920 45,063
GSK PLC 18,430 483,841
Haleon PLC 40,642 187,284
Halma PLC 1,768 92,410
HSBC Holdings PLC 79,471 1,502,741
Imperial Brands PLC 3,506 129,578
Informa PLC 6,057 72,669
InterContinental Hotels Group PLC 639 109,833
International Consolidated Airlines Group S.A. 5,483 34,807
Intertek Group PLC 668 51,421
J. Sainsbury PLC 8,298 35,213
Kingfisher PLC 8,065 30,281
Land Securities Group PLC 3,488 30,050
Legal & General Group PLC 25,239 95,690
Lloyds Banking Group PLC 268,874 393,505
  Number of
Shares 		Value†
 
United Kingdom — (continued)
London Stock Exchange Group PLC 2,128 $230,070
M&G PLC 10,956 48,879
Marks & Spencer Group PLC 9,274 45,780
Melrose Industries PLC 5,485 34,587
National Grid PLC 22,836 376,651
NatWest Group PLC 36,520 322,251
Next PLC 539 103,996
Pearson PLC 2,427 38,568
Reckitt Benckiser Group PLC 2,951 192,209
RELX PLC 5,252 165,989
RELX PLC 3,037 96,001
Rentokil Initial PLC 11,821 67,226
Rio Tinto PLC 4,933 466,686
Rolls-Royce Holdings PLC 38,844 744,626
Schroders PLC 3,435 26,774
Segro PLC 5,560 64,499
Severn Trent PLC 1,289 50,463
Shell PLC 26,016 1,010,851
Smith & Nephew PLC 3,785 54,702
Smiths Group PLC 1,404 47,693
Spirax Group PLC 358 32,479
SSE PLC 5,569 179,670
Standard Chartered PLC 8,232 222,614
Standard Life PLC 2,925 32,334
Tesco PLC 29,714 181,140
The Sage Group PLC 4,511 48,940
Unilever PLC 5,146 309,108
Unilever PLC 4,813 289,889
United Utilities Group PLC 3,227 55,995
Verisure PLC* 1,171 13,055
Vodafone Group PLC 88,505 117,142
Wise Group PLC, Class A* 2,843 34,080
    13,425,189
United States — 0.2%
Octave Intelligence PLC* 955 15,404
Sunbelt Rentals Holdings, Inc. 1,941 141,593
    156,997
TOTAL COMMON STOCKS
(Cost $54,371,524) 		  99,928,309
PREFERRED STOCKS — 0.2%
Germany — 0.2%
Bayerische Motoren Werke AG 270 17,777
Dr. Ing. h.c. F. Porsche AG 537 26,809
Henkel AG & Co., KGaA 752 63,243
Porsche Automobil Holding S.E. 711 21,961
Sartorius AG 123 32,269
Volkswagen AG 949 76,130
TOTAL PREFERRED STOCKS
(Cost $342,252) 		  238,189
 
91
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
  Number of
Shares 		Value†
RIGHTS — 0.0%
Spain — 0.0%
EDP Renewables S.A.*
(Cost $1,669) 		785 $1,648
SHORT-TERM INVESTMENTS — 0.2%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $157,205) 		157,205 157,205
TOTAL INVESTMENTS — 98.3%
(Cost $54,872,650) 		  $100,325,351
Other Assets & Liabilities — 1.7% 1,764,579
TOTAL NET ASSETS — 100.0%   $102,089,930
† 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, 2026, the aggregate value of Rule 144A securities was $885,972, which represents 0.9% 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 6/30/2026††
Japan 24%
United Kingdom 13
Switzerland 10
France 9
Germany 9
Netherlands 7
Australia 7
Other 21
Total 100%
†† % of total investments as of June 30, 2026.
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		Value†
Advertising 0.1% $98,230
Aerospace & Defense 3.4% 3,413,433
Agriculture 0.9% 914,799
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		Value†
Airlines 0.2% $208,713
Apparel 1.2% 1,200,486
Auto Manufacturers 2.0% 1,952,509
Auto Parts & Equipment 0.6% 636,530
Banks 16.8% 16,766,104
Beverages 1.2% 1,150,286
Biotechnology 0.6% 576,883
Building Materials 1.5% 1,503,196
Chemicals 2.1% 2,109,225
Commercial Services 1.9% 1,886,220
Computers 0.6% 598,058
Cosmetics & Personal Care 1.5% 1,534,965
Distribution & Wholesale 1.6% 1,638,081
Diversified Financial Services 1.7% 1,666,488
Electric 3.2% 3,159,066
Electrical Components & Equipment 2.4% 2,414,871
Electronics 1.7% 1,719,273
Energy-Alternate Sources 0.1% 131,402
Engineering & Construction 1.3% 1,320,139
Entertainment 0.4% 406,032
Food 3.0% 3,031,379
Food Service 0.3% 273,499
Forest Products & Paper 0.1% 61,577
Gas 0.3% 304,780
Hand & Machine Tools 0.4% 344,853
Healthcare Products 1.2% 1,208,881
Healthcare Services 0.4% 439,015
Holding Companies 0.1% 43,167
Home Builders 0.1% 124,504
Home Furnishings 0.9% 861,227
Household Products & Wares 0.2% 229,404
Insurance 5.7% 5,654,051
Internet 1.0% 947,766
Investment Companies 0.6% 605,599
Iron & Steel 0.3% 327,434
Leisure Time 0.2% 194,543
Lodging 0.2% 213,619
Machinery — Construction & Mining 2.1% 2,110,491
Machinery — Diversified 1.7% 1,722,749
Media 0.1% 111,237
Metal Fabricate/Hardware 0.2% 189,309
Mining 3.0% 2,982,481
Miscellaneous Manufacturing 1.4% 1,354,933
Office & Business Equipment 0.1% 102,442
Oil & Gas 3.3% 3,243,218
Packaging and Containers 0.0% 25,976
Pharmaceuticals 7.8% 7,754,492
Pipelines 0.0% 40,967
Private Equity 0.3% 324,262
Real Estate 0.8% 823,438
Real Estate Investment Trusts 0.7% 716,119
Retail 2.4% 2,359,060
Semiconductors 8.0% 8,018,113
Shipbuilding 0.0% 29,711
Software 1.3% 1,339,023
Telecommunications 3.1% 3,133,552
Toys, Games & Hobbies 0.3% 300,649
 
92
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Transportation 1.2%   $1,148,037
Water 0.2%   227,763
  100.0%   $99,928,309
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Australia $6,434,286 $— $6,434,286 $—
Austria 358,637 — 358,637 —
Belgium 894,354 — 894,354 —
Chile 81,002 — 81,002 —
China 29,711 — 29,711 —
Czechia 13,209 13,209 — —
Denmark 1,719,681 174,969 1,544,712 —
Finland 1,209,406 — 1,209,406 —
France 8,870,474 — 8,870,474 —
Germany 8,453,987 — 8,453,987 —
Hong Kong 1,840,111 23,435 1,816,676 —
Ireland 646,762 116,624 530,138 —
Israel 1,128,681 65,832 1,062,849 —
Italy 3,225,661 31,973 3,193,688 —
Japan 23,907,541 47,057 23,860,484 —
Luxembourg 255,875 36,304 219,571 —
Macao 18,687 — 18,687 —
Mexico 38,566 — 38,566 —
Netherlands 7,248,472 449,404 6,799,068 —
New Zealand 209,916 — 209,916 —
Norway 581,794 103,697 478,097 —
Poland 23,210 — 23,210 —
Portugal 170,374 — 170,374 —
Singapore 1,657,307 214,341 1,442,966 —
Spain 3,772,337 — 3,772,337 —
Sweden 3,386,763 316,800 3,069,963 —
Switzerland 10,169,319 118,812 10,050,507 —
United Arab Emirates — — — —
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
United Kingdom $13,425,189 $50,646 $13,374,543 $—
United States 156,997 15,404 141,593 —
Total Common Stocks $99,928,309 $1,778,507 $98,149,802 $—
Rights 1,648 1,648 — —
Preferred Stocks        
Germany 238,189 — 238,189 —
Total Preferred Stocks $238,189 $— $238,189 $—
Short-Term Investments 157,205 157,205 — —
Total Investments $100,325,351 $1,937,360 $98,387,991 $—
Other Financial Instruments(1)        
Forward Foreign Currency Contracts $6,919 $— $6,919 $—
Total Assets—Other Financial Instruments $6,919 $— $6,919 $—
LIABILITIES TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Other Financial Instruments(1)        
Futures Contracts $(293) $(293) $— $—
Total Liabilities—Other Financial Instruments $(293) $(293) $— $—
(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, 2026 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   RBC Capital Markets Corp.   09/17/26   (195,000)   0.80102   $(247,015)   $(243,439)   $3,577   $—
Sell Euro   UBS Securities   09/17/26   (250,000)   0.87233   (289,932)   (286,590)   3,342   —
  Total                           $6,919   $—
93
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Developed International Index Fund
Futures contracts held by the Fund at June 30, 2026 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   09/18/26   9   50   $3,145   $1,415,385   $—   $(293)
                            $—   $(293)
The accompanying notes are an integral part of these financial statements.
94
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
International Equity Fund
  Number of
Shares 		Value†
COMMON STOCKS — 97.7%
Canada — 10.7%
Constellation Software, Inc. 1,327 $2,498,213
Enbridge, Inc. 123,747 6,710,652
Great-West Lifeco, Inc. 101,624 6,475,417
TC Energy Corp. 114,769 7,600,285
    23,284,567
France — 3.8%
Air Liquide S.A. 18,552 3,673,677
Hermes International SCA 105 192,013
Safran S.A. 11,143 4,391,245
    8,256,935
Germany — 6.4%
Deutsche Boerse AG 779 212,472
Infineon Technologies AG 102,253 9,632,432
Siemens Energy AG 21,820 4,159,798
    14,004,702
Hong Kong — 0.1%
AIA Group Ltd. 23,373 213,985
Italy — 2.8%
Ferrari N.V. 3,287 1,221,763
Terna - Rete Elettrica Nazionale 408,825 4,773,878
    5,995,641
Japan — 18.0%
Disco Corp. 9,977 5,190,373
Keyence Corp. 11,946 6,038,552
Mitsubishi UFJ Financial Group, Inc. 262,963 5,238,995
Mizuho Financial Group, Inc. 111,970 5,377,786
Panasonic Holdings Corp. 225,573 6,346,133
Tokyo Electron Ltd. 22,596 10,955,765
    39,147,604
Netherlands — 7.6%
ASML Holding N.V. 6,177 12,231,547
Ferrovial N.V. 62,619 4,291,943
    16,523,490
Norway — 3.5%
Aker BP ASA 119,135 3,634,763
Kongsberg Gruppen ASA 135,628 4,087,269
    7,722,032
Singapore — 4.8%
DBS Group Holdings Ltd. 125,171 6,338,009
Singapore Technologies Engineering Ltd. 516,701 4,161,689
    10,499,698
South Korea — 2.0%
KT&G Corp. 38,693 4,258,369
Sweden — 3.5%
Sandvik AB 133,110 5,496,798
Svenska Handelsbanken AB, Class A 145,096 2,135,133
    7,631,931
  Number of
Shares 		Value†
 
Switzerland — 5.3%
Galderma Group AG* 49,367 $11,228,405
Lonza Group AG 354 238,810
    11,467,215
Taiwan — 7.4%
Delta Electronics, Inc. 37,165 2,334,103
Taiwan Semiconductor Manufacturing Co., Ltd., ADR 28,602 13,659,457
    15,993,560
United Kingdom — 11.3%
Diploma PLC 60,845 5,751,215
Games Workshop Group PLC 27,405 7,852,771
Halma PLC 20,472 1,070,038
InterContinental Hotels Group PLC 50,433 8,668,556
National Grid PLC 70,332 1,160,037
    24,502,617
United States — 10.5%
Liberty Media Corp.-Liberty Formula One, Class C* 4,812 457,813
Linde PLC 14,753 7,655,922
Netflix, Inc.* 5,980 426,972
Philip Morris International, Inc. 30,934 5,596,270
The Coca-Cola Co. 107,259 8,716,939
    22,853,916
TOTAL COMMON STOCKS
(Cost $196,356,525) 		  212,356,262
SHORT-TERM INVESTMENTS — 2.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $5,025,060) 		5,025,060 5,025,060
TOTAL INVESTMENTS — 100.0%
(Cost $201,381,585) 		  $217,381,322
Other Assets & Liabilities — 0.0% 94,727
TOTAL NET ASSETS — 100.0%   $217,476,049
† See Security Valuation Note.
* Non-income producing security.
AB— Aktiebolag.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
ASA— Allmennaksjeselskap.
N.V.— Naamloze Vennootschap.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
    
 
95
Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
International Equity Fund
Country Weightings as of 6/30/2026††
Japan 18%
United States 13
United Kingdom 11
Canada 11
Netherlands 8
Taiwan 7
Germany 6
Other 26
Total 100%
†† % of total investments as of June 30, 2026.
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Aerospace & Defense 6.0%   $12,640,203
Agriculture 4.6%   9,854,639
Apparel 0.1%   192,013
Auto Manufacturers 0.6%   1,221,763
Banks 9.0%   19,089,923
Beverages 4.1%   8,716,939
Chemicals 5.3%   11,329,599
Diversified Financial Services 0.1%   212,472
Electric 2.8%   5,933,915
Electrical Components & Equipment 1.1%   2,334,103
Electronics 0.5%   1,070,038
Engineering & Construction 2.0%   4,291,943
Entertainment 0.2%   457,813
Healthcare Services 0.1%   238,810
Home Furnishings 3.0%   6,346,133
Insurance 3.2%   6,689,402
Internet 0.2%   426,972
Lodging 4.1%   8,668,556
Machinery — Construction & Mining 4.6%   9,656,596
Machinery — Diversified 2.8%   6,038,552
Miscellaneous Manufacturing 2.7%   5,751,215
Oil & Gas 1.7%   3,634,763
Pharmaceuticals 5.3%   11,228,405
Pipelines 6.7%   14,310,937
Semiconductors 24.3%   51,669,574
Software 1.2%   2,498,213
Toys, Games & Hobbies 3.7%   7,852,771
  100.0%   $212,356,262
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Canada $23,284,567 $23,284,567 $— $—
France 8,256,935 — 8,256,935 —
Germany 14,004,702 — 14,004,702 —
Hong Kong 213,985 — 213,985 —
Italy 5,995,641 — 5,995,641 —
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Japan $39,147,604 $— $39,147,604 $—
Netherlands 16,523,490 — 16,523,490 —
Norway 7,722,032 4,087,269 3,634,763 —
Singapore 10,499,698 — 10,499,698 —
South Korea 4,258,369 — 4,258,369 —
Sweden 7,631,931 — 7,631,931 —
Switzerland 11,467,215 — 11,467,215 —
Taiwan 15,993,560 13,659,457 2,334,103 —
United Kingdom 24,502,617 — 24,502,617 —
United States 22,853,916 22,853,916 — —
Total Common Stocks $212,356,262 $63,885,209 $148,471,053 $—
Short-Term Investments 5,025,060 5,025,060 — —
Total Investments $217,381,322 $68,910,269 $148,471,053 $—
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, 2026 (Unaudited)
Emerging Markets Equity Fund
  Number of
Shares 		Value†
COMMON STOCKS — 100.7%
Brazil — 3.6%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP 259,022 $1,490,720
Embraer S.A., ADR 19,067 1,216,475
    2,707,195
China — 13.4%
Contemporary Amperex Technology Co., Ltd., Class A 41,434 2,408,541
Eastroc Beverage Group Co., Ltd., Class A 8,005 145,987
Eastroc Beverage Group Co., Ltd., Class H 16,433 224,614
NetEase, Inc. 81,048 2,081,457
Neway Valve Suzhou Co., Ltd., Class A 73,656 548,331
Nongfu Spring Co., Ltd., Class H@ 220,056 1,116,901
Shenzhen Inovance Technology Co., Ltd., Class A 32,875 322,374
Tencent Holdings Ltd. 56,380 3,111,193
    9,959,398
Greece — 1.7%
Eurobank S.A. 272,387 1,299,115
Hong Kong — 6.5%
AIA Group Ltd. 145,347 1,330,686
Alibaba Group Holding Ltd. 49,809 597,133
Hong Kong Exchanges & Clearing Ltd. 6,989 325,177
Prudential PLC 74,661 991,649
Techtronic Industries Co., Ltd. 96,170 1,600,418
    4,845,063
India — 9.5%
Bajaj Finance Ltd. 64,322 684,102
Bharat Electronics Ltd. 375,803 1,637,879
Bharti Airtel Ltd. 72,886 1,427,782
Eicher Motors Ltd. 6,443 482,474
ICICI Bank Ltd. 50,613 738,810
Max Healthcare Institute Ltd. 19,082 227,883
Power Grid Corp. of India Ltd. 511,555 1,547,284
Titan Co., Ltd. 7,317 340,799
    7,087,013
Mexico — 2.1%
Arca Continental S.A.B. de C.V. 131,197 1,568,887
Peru — 0.5%
Credicorp Ltd. 1,032 402,047
Philippines — 1.7%
International Container Terminal Services, Inc. 88,028 1,280,912
Saudi Arabia — 0.8%
The Saudi National Bank 57,294 589,802
Singapore — 2.2%
Singapore Technologies Engineering Ltd. 191,719 1,544,172
  Number of
Shares 		Value†
 
Singapore — (continued)
Trip.com Group Ltd.* 2,684 $106,716
    1,650,888
South Africa — 4.4%
Capitec Bank Holdings Ltd. 7,811 2,267,649
Clicks Group Ltd. 10,025 139,218
Naspers Ltd., Class N 17,980 902,844
    3,309,711
South Korea — 19.5%
HD Hyundai Electric Co., Ltd. 2,596 1,665,285
KB Financial Group, Inc. 10,416 1,077,716
Samsung Electronics Co., Ltd. 27,843 6,178,285
Samsung Fire & Marine Insurance Co., Ltd. 719 290,139
SK hynix, Inc. 3,001 5,295,512
    14,506,937
Switzerland — 1.4%
Coca-Cola HBC AG* 16,253 1,059,465
Taiwan — 26.5%
Accton Technology Corp. 33,941 2,707,208
Airtac International Group 34,311 1,454,392
ASPEED Technology, Inc. 626 330,314
Delta Electronics, Inc. 16,642 1,045,181
Elite Material Co., Ltd. 16,511 2,854,430
Hon Hai Precision Industry Co., Ltd. 305,282 2,436,056
MediaTek, Inc. 9,453 1,288,110
Taiwan Semiconductor Manufacturing Co., Ltd. 96,415 7,606,207
    19,721,898
Thailand — 1.4%
Advanced Info Service PCL 96,562 1,069,735
United Arab Emirates — 1.1%
Abu Dhabi Commercial Bank PJSC 166,571 656,291
Emaar Properties PJSC 47,259 153,601
    809,892
United Kingdom — 1.1%
Lion Finance Group PLC 5,271 792,623
United States — 3.3%
PriceSmart, Inc. 12,413 2,424,755
TOTAL COMMON STOCKS
(Cost $56,580,426) 		  75,085,336
PREFERRED STOCKS — 1.7%
Brazil — 1.7%
Itau Unibanco Holding S.A.
(Cost $1,202,125) 		152,684 1,250,505
 
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Emerging Markets Equity Fund
  Number of
Shares 		Value†
SHORT-TERM INVESTMENTS — 1.7%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $1,293,311) 		1,293,311 $1,293,311
TOTAL INVESTMENTS — 104.1%
(Cost $59,075,862) 		  $77,629,152
Other Assets & Liabilities — (4.1)% (3,075,549)
TOTAL NET ASSETS — 100.0%   $74,553,603
† See Security Valuation Note.
@ Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2026, the aggregate value of Rule 144A securities was $1,116,901, which represents 1.5% of the Fund’s net assets.
* Non-income producing security.
ADR— American Depositary Receipt.
AG— Aktiengesellschaft.
PCL— Public Company Limited.
PJSC— Private Joint Stock Company.
PLC— Public Limited Company.
S.A.— Societe Anonyme.
S.A.B. de C.V.— Sociedad Anonima de Capital Variable.
Country Weightings as of 6/30/2026††
Taiwan 25%
South Korea 19
China 13
India 9
Hong Kong 6
Brazil 5
United States 5
Other 18
Total 100%
†† % of total investments as of June 30, 2026.
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		Value†
Aerospace & Defense 5.8% $4,398,526
Auto Parts & Equipment 3.2% 2,408,541
Banks 6.0% 4,478,688
Beverages 5.5% 4,115,854
Commercial Services 1.7% 1,280,912
Diversified Financial Services 5.8% 4,354,644
Electric 2.1% 1,547,284
Electrical Components & Equipment 1.4% 1,045,181
Electronics 7.5% 5,612,860
Hand & Machine Tools 2.1% 1,600,418
Healthcare Services 0.3% 227,883
Insurance 3.5% 2,612,474
Internet 6.3% 4,717,886
Leisure Time 0.6% 482,474
Machinery — Construction & Mining 2.2% 1,665,285
Metal Fabricate/Hardware 0.7% 548,331
COMMON STOCKS
INDUSTRY DIVERSIFICATION 		% of Market
Value 		  Value†
Miscellaneous Manufacturing 1.9%   $1,454,392
Real Estate 0.2%   153,601
Retail 3.9%   2,904,772
Semiconductors 27.6%   20,698,428
Software 2.8%   2,081,457
Telecommunications 6.9%   5,204,725
Water 2.0%   1,490,720
  100.0%   $75,085,336
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks        
Brazil $2,707,195 $2,707,195 $— $—
China 9,959,398 224,614 9,734,784 —
Greece 1,299,115 — 1,299,115 —
Hong Kong 4,845,063 — 4,845,063 —
India 7,087,013 — 7,087,013 —
Mexico 1,568,887 1,568,887 — —
Peru 402,047 402,047 — —
Philippines 1,280,912 — 1,280,912 —
Saudi Arabia 589,802 — 589,802 —
Singapore 1,650,888 — 1,650,888 —
South Africa 3,309,711 139,218 3,170,493 —
South Korea 14,506,937 — 14,506,937 —
Switzerland 1,059,465 — 1,059,465 —
Taiwan 19,721,898 — 19,721,898 —
Thailand 1,069,735 — 1,069,735 —
United Arab Emirates 809,892 — 809,892 —
United Kingdom 792,623 — 792,623 —
United States 2,424,755 2,424,755 — —
Total Common Stocks $75,085,336 $7,466,716 $67,618,620 $—
Preferred Stocks        
Brazil 1,250,505 1,250,505 — —
Total Preferred Stocks $1,250,505 $1,250,505 $— $—
Short-Term Investments 1,293,311 1,293,311 — —
Total Investments $77,629,152 $10,010,532 $67,618,620 $—
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, 2026 (Unaudited)
Real Estate Securities Fund
  Number of
Shares 		Value†
COMMON STOCKS — 2.1%
Healthcare Services — 0.7%
PACS Group, Inc.* 17,259 $735,924
Lodging — 1.4%
Boyd Gaming Corp. 14,996 1,324,597
TOTAL COMMON STOCKS
(Cost $1,821,288) 		2,060,521
REAL ESTATE INVESTMENT TRUSTS — 96.1%
Apartments — 6.2%
Equity Residential 16,940 1,150,734
Essex Property Trust, Inc. 8,613 2,511,464
Invitation Homes, Inc. 60,020 1,813,204
UDR, Inc. 15,812 631,215
    6,106,617
Diversified — 27.4%
American Tower Corp. 27,060 4,426,204
Blackstone Digital Infrastructure Trust, Inc.* 25,187 544,795
Crown Castle, Inc. 53,999 4,089,344
Digital Realty Trust, Inc. 51,850 9,311,223
Equinix, Inc. 3,406 3,550,380
Gaming and Leisure Properties, Inc. 15,027 669,152
Lamar Advertising Co., Class A 3,395 529,552
Outfront Media, Inc. 25,494 835,184
SBA Communications Corp. 6,334 1,117,698
Weyerhaeuser Co. 73,949 1,770,339
    26,843,871
Healthcare — 20.5%
CareTrust REIT, Inc. 17,799 718,190
Healthcare Realty Trust, Inc. 107,016 2,158,513
Omega Healthcare Investors, Inc. 43,393 2,068,978
Ventas, Inc. 19,410 1,723,608
Welltower, Inc. 59,248 13,447,518
    20,116,807
Hotels & Resorts — 2.5%
Host Hotels & Resorts, Inc. 102,676 2,434,448
Industrial — 6.3%
EastGroup Properties, Inc. 8,117 1,643,936
Prologis, Inc. 33,792 4,577,802
    6,221,738
Manufactured Homes — 4.8%
Equity LifeStyle Properties, Inc. 22,589 1,455,861
Sun Communities, Inc. 26,758 3,208,552
    4,664,413
Office Property — 5.2%
BXP, Inc. 36,994 2,453,072
Highwoods Properties, Inc. 48,637 1,466,892
Hudson Pacific Properties, Inc.* 13,802 209,652
SL Green Realty Corp. 18,794 972,966
    5,102,582
Regional Malls — 2.0%
Simon Property Group, Inc. 8,804 1,969,015
  Number of
Shares 		Value†
 
Single Tenant — 6.6%
Agree Realty Corp. 45,485 $3,445,034
Essential Properties Realty Trust, Inc. 51,769 1,545,305
Realty Income Corp. 23,313 1,444,473
    6,434,812
Storage & Warehousing — 10.1%
Extra Space Storage, Inc. 29,628 4,304,948
Iron Mountain, Inc. 24,181 3,054,302
Public Storage 7,890 2,511,466
    9,870,716
Strip Centers — 4.5%
Kimco Realty Corp. 109,052 2,764,468
Kite Realty Group Trust 59,183 1,679,614
    4,444,082
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $82,110,437) 		  94,209,101
WARRANTS — 0.3%
Hudson Pacific Properties, Inc. Expiration Date 06/13/27*
(Cost $376,985) 		24,259 366,796
     
SHORT-TERM INVESTMENTS — 1.0%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $976,567) 		976,567 976,567
TOTAL INVESTMENTS — 99.5%
(Cost $85,285,277) 		  $97,612,985
Other Assets & Liabilities — 0.5% 442,812
TOTAL NET ASSETS — 100.0%   $98,055,797
† See Security Valuation Note.
* Non-income producing security.
REIT— Real Estate Investment Trust.
 
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Table of Contents
Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Real Estate Securities Fund
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Common Stocks $2,060,521 $2,060,521 $— $—
Real Estate Investment Trusts 94,209,101 94,209,101 — —
Warrants 366,796 — 366,796 —
Short-Term Investments 976,567 976,567 — —
Total Investments $97,612,985 $97,246,189 $366,796 $—
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, 2026 (Unaudited)
Aggressive Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 77.3%
Penn Series Flexibly Managed Fund* 40,128 $5,057,681
Penn Series Index 500 Fund* 225,549 15,477,183
Penn Series Large Cap Growth Fund* 11,614 551,802
Penn Series Large Cap Value Fund* 52,544 3,346,521
Penn Series Large Core Growth Fund* 55,415 2,198,309
Penn Series Large Core Value Fund* 51,745 2,222,955
Penn Series Large Growth Stock Fund* 29,209 3,321,690
Penn Series Mid Cap Growth Fund* 27,246 1,120,362
Penn Series Mid Cap Value Fund* 27,965 1,122,796
Penn Series Mid Core Value Fund* 48,745 2,252,001
Penn Series Real Estate Securities Fund* 70,531 2,763,391
Penn Series Small Cap Index Fund* 35,577 1,703,785
Penn Series SMID Cap Growth Fund* 17,701 1,161,716
Penn Series SMID Cap Value Fund* 22,258 1,141,391
TOTAL AFFILIATED EQUITY FUNDS
(Cost $29,431,818) 		  43,441,583
AFFILIATED FIXED INCOME FUNDS — 7.0%
Penn Series High Yield Bond Fund* 26,489 556,803
Penn Series Limited Maturity Bond Fund* 35,784 557,520
Penn Series Quality Bond Fund* 157,915 2,791,938
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $3,563,583) 		  3,906,261
AFFILIATED INTERNATIONAL EQUITY FUNDS — 14.9%
Penn Series Developed International Index Fund* 151,307 3,890,104
Penn Series Emerging Markets Equity Fund* 31,351 553,342
Penn Series International Equity Fund* 81,505 3,935,865
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $6,594,815) 		  8,379,311
SHORT-TERM INVESTMENTS — 0.0%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $18,113) 		18,113 18,113
TOTAL INVESTMENTS — 99.2%
(Cost $39,608,329) 		  $55,745,268
Other Assets & Liabilities — 0.8% 440,270
TOTAL NET ASSETS — 100.0%   $56,185,538
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $43,441,583 $43,441,583 $— $—
Affiliated Fixed Income Funds 3,906,261 3,906,261 — —
Affiliated International Equity Funds 8,379,311 8,379,311 — —
Short-Term Investments 18,113 18,113 — —
Total Investments $55,745,268 $55,745,268 $— $—
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
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Moderately Aggressive Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 69.6%
Penn Series Flexibly Managed Fund* 138,012 $17,395,054
Penn Series Index 500 Fund* 692,636 47,528,669
Penn Series Large Cap Growth Fund* 39,947 1,897,874
Penn Series Large Cap Value Fund* 180,712 11,509,554
Penn Series Large Core Growth Fund* 142,949 5,670,782
Penn Series Large Core Value Fund* 177,963 7,645,289
Penn Series Large Growth Stock Fund* 66,978 7,616,716
Penn Series Mid Cap Growth Fund* 93,706 3,853,194
Penn Series Mid Cap Value Fund* 48,089 1,930,786
Penn Series Mid Core Value Fund* 167,643 7,745,090
Penn Series Real Estate Securities Fund* 242,566 9,503,721
Penn Series Small Cap Index Fund* 122,358 5,859,724
Penn Series SMID Cap Growth Fund* 30,439 1,997,727
Penn Series SMID Cap Value Fund* 76,548 3,925,412
TOTAL AFFILIATED EQUITY FUNDS
(Cost $85,611,261) 		  134,079,592
AFFILIATED FIXED INCOME FUNDS — 16.9%
Penn Series High Yield Bond Fund* 91,106 1,915,046
Penn Series Limited Maturity Bond Fund* 246,149 3,834,995
Penn Series Quality Bond Fund* 1,520,728 26,886,475
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $29,751,799) 		  32,636,516
AFFILIATED INTERNATIONAL EQUITY FUNDS — 12.9%
Penn Series Developed International Index Fund* 520,390 13,379,225
Penn Series Emerging Markets Equity Fund* 107,823 1,903,090
Penn Series International Equity Fund* 200,231 9,669,154
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $18,679,617) 		  24,951,469
TOTAL INVESTMENTS — 99.4%
(Cost $134,042,677) 		  $191,667,577
Other Assets & Liabilities — 0.6% 1,060,926
TOTAL NET ASSETS — 100.0%   $192,728,503
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $134,079,592 $134,079,592 $— $—
Affiliated Fixed Income Funds 32,636,516 32,636,516 — —
Affiliated International Equity Funds 24,951,469 24,951,469 — —
Total Investments $191,667,577 $191,667,577 $— $—
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
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Penn Series Funds, Inc.
Schedule of Investments — June 30, 2026 (Unaudited)
Moderate Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 53.6%
Penn Series Flexibly Managed Fund* 130,386 $16,433,867
Penn Series Index 500 Fund* 549,609 37,714,168
Penn Series Large Cap Growth Fund* 37,734 1,792,757
Penn Series Large Cap Value Fund* 85,364 5,436,809
Penn Series Large Core Growth Fund* 45,009 1,785,504
Penn Series Large Core Value Fund* 84,065 3,611,417
Penn Series Large Growth Stock Fund* 47,449 5,395,864
Penn Series Mid Cap Growth Fund* 88,527 3,640,209
Penn Series Mid Core Value Fund* 158,391 7,317,649
Penn Series Real Estate Securities Fund* 183,344 7,183,437
Penn Series Small Cap Index Fund* 77,070 3,690,890
Penn Series SMID Cap Growth Fund* 28,760 1,887,549
Penn Series SMID Cap Value Fund* 36,163 1,854,452
TOTAL AFFILIATED EQUITY FUNDS
(Cost $62,055,355) 		  97,744,572
AFFILIATED FIXED INCOME FUNDS — 36.8%
Penn Series High Yield Bond Fund* 344,283 7,236,814
Penn Series Limited Maturity Bond Fund* 348,822 5,434,650
Penn Series Quality Bond Fund* 3,078,700 54,431,422
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $60,267,345) 		  67,102,886
AFFILIATED INTERNATIONAL EQUITY FUNDS — 9.0%
Penn Series Developed International Index Fund* 351,156 9,028,221
Penn Series Emerging Markets Equity Fund* 101,856 1,797,763
Penn Series International Equity Fund* 113,498 5,480,820
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $11,238,547) 		  16,306,804
TOTAL INVESTMENTS — 99.4%
(Cost $133,561,247) 		  $181,154,262
Other Assets & Liabilities — 0.6% 1,174,989
TOTAL NET ASSETS — 100.0%   $182,329,251
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $97,744,572 $97,744,572 $— $—
Affiliated Fixed Income Funds 67,102,886 67,102,886 — —
Affiliated International Equity Funds 16,306,804 16,306,804 — —
Total Investments $181,154,262 $181,154,262 $— $—
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, 2026 (Unaudited)
Moderately Conservative Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 35.5%
Penn Series Flexibly Managed Fund* 43,693 $5,507,107
Penn Series Index 500 Fund* 138,139 9,479,071
Penn Series Large Cap Growth Fund* 14,226 675,884
Penn Series Large Cap Value Fund* 32,182 2,049,687
Penn Series Large Core Value Fund* 31,693 1,361,544
Penn Series Mid Core Value Fund* 29,856 1,379,370
Penn Series Real Estate Securities Fund* 69,122 2,708,183
Penn Series Small Cap Index Fund* 14,528 695,732
Penn Series SMID Cap Value Fund* 13,634 699,128
TOTAL AFFILIATED EQUITY FUNDS
(Cost $16,947,789) 		  24,555,706
AFFILIATED FIXED INCOME FUNDS — 56.3%
Penn Series High Yield Bond Fund* 194,686 4,092,300
Penn Series Limited Maturity Bond Fund* 263,004 4,097,594
Penn Series Quality Bond Fund* 1,740,940 30,779,826
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $35,173,532) 		  38,969,720
AFFILIATED INTERNATIONAL EQUITY FUNDS — 6.9%
Penn Series Developed International Index Fund* 105,907 2,722,865
Penn Series International Equity Fund* 42,788 2,066,254
TOTAL AFFILIATED INTERNATIONAL EQUITY FUNDS
(Cost $3,611,894) 		  4,789,119
SHORT-TERM INVESTMENTS — 0.0%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $37,659) 		37,659 37,659
TOTAL INVESTMENTS — 98.7%
(Cost $55,770,874) 		  $68,352,204
Other Assets & Liabilities — 1.3% 871,359
TOTAL NET ASSETS — 100.0%   $69,223,563
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $24,555,706 $24,555,706 $— $—
Affiliated Fixed Income Funds 38,969,720 38,969,720 — —
Affiliated International Equity Funds 4,789,119 4,789,119 — —
Short-Term Investments 37,659 37,659 — —
Total Investments $68,352,204 $68,352,204 $— $—
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, 2026 (Unaudited)
Conservative Allocation Fund
  Number of
Shares 		Value†
AFFILIATED EQUITY FUNDS — 20.4%
Penn Series Flexibly Managed Fund* 24,850 $3,132,035
Penn Series Index 500 Fund* 50,503 3,465,503
Penn Series Large Core Value Fund* 9,012 387,177
Penn Series Mid Core Value Fund* 8,490 392,252
Penn Series Real Estate Securities Fund* 19,656 770,130
TOTAL AFFILIATED EQUITY FUNDS
(Cost $6,149,226) 		  8,147,097
AFFILIATED FIXED INCOME FUNDS — 74.9%
Penn Series High Yield Bond Fund* 129,179 2,715,337
Penn Series Limited Maturity Bond Fund* 224,370 3,495,685
Penn Series Quality Bond Fund* 1,342,193 23,729,972
TOTAL AFFILIATED FIXED INCOME FUNDS
(Cost $27,458,636) 		  29,940,994
AFFILIATED INTERNATIONAL EQUITY FUNDS — 1.9%
Penn Series Developed International Index Fund*
(Cost $520,337) 		30,116 774,275
SHORT-TERM INVESTMENTS — 0.3%
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 3.535%)
(Cost $111,273) 		111,273 111,273
TOTAL INVESTMENTS — 97.5%
(Cost $34,239,472) 		  $38,973,639
Other Assets & Liabilities — 2.5% 998,383
TOTAL NET ASSETS — 100.0%   $39,972,022
† See Security Valuation Note.
* Non-income producing security.
Summary of inputs used to value the Fund’s investments as of 6/30/2026 are as follows (See Security Valuation Note):
ASSETS TABLE
Description Total
Market
Value at
6/30/2026 		Level 1
Quoted
Price 		Level 2
Significant
Observable
Input 		Level 3
Significant
Unobservable
Input
Affiliated Equity Funds $8,147,097 $8,147,097 $— $—
Affiliated Fixed Income Funds 29,940,994 29,940,994 — —
Affiliated International Equity Funds 774,275 774,275 — —
Short-Term Investments 111,273 111,273 — —
Total Investments $38,973,639 $38,973,639 $— $—
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, 2026
  Money
Market
Fund 		  Limited
Maturity Bond
Fund 		  Quality
Bond
Fund 		  High Yield
Bond
Fund
ASSETS:              
Investments at value
 $101,644,135   $65,719,660   $330,809,272   $120,165,932
Interest and dividends receivable
 110,553   331,277   2,110,628   2,223,193
Receivable for capital stock sold
 —   1,175,892   4,175,440   2,215,479
Other assets
 3,053   2,358   5,327   3,166
Total Assets
 101,757,741   67,229,187   337,100,667   124,607,770
LIABILITIES:              
Cash overdraft
 —   —   20   —
Payable for investment securities purchased
 —   —   —   1,500,000
Payable for capital stock redeemed
 —   19,979   185,441   17,702
Payable to investment adviser (See Note 3)
 27,635   23,906   121,816   45,589
Payable to the administrator (See Note 3)
 8,709   4,920   24,504   9,077
Accounting fees payable
 15,382   10,061   38,601   17,084
Audit fees Payable
 3,598   2,228   11,236   3,942
Consulting Fees Payable
 588   2,331   7,549   3,271
Custodian fees Payable
 3,335   1,649   8,060   3,065
Pricing fees payable
 2,186   4,994   5,205   5,273
Printing fees Payable
 4,614   3,403   10,559   4,756
Shareholder servicing fees payable
 23,199   14,760   73,512   27,230
Other liabilities
 4,055   924   1,513   926
Total Liabilities
 93,301   89,155   488,016   1,637,915
NET ASSETS
 $101,664,440   $67,140,032   $336,612,651   $122,969,855
Investments at cost
 $101,644,135   $67,540,794   $343,351,505   $119,075,459
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $101,665,395   $75,198,821   $386,740,158   $123,145,770
Total distributable earnings (loss)
 (955)   (8,058,789)   (50,127,507)   (175,915)
NET ASSETS
 $101,664,440   $67,140,032   $336,612,651   $122,969,855
 
Shares outstanding, $0.10 par value, 500 million shares authorized
 101,644,399            
Shares outstanding, $0.10 par value, 250 million shares authorized
         19,038,084   5,851,344
Shares outstanding, $0.0001 par value, 250 million shares authorized
     4,308,529        
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $1.00   $15.58   $17.68   $21.02
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2026
  Flexibly
Managed
Fund 		  Balanced
Fund 		  Large
Growth Stock
Fund 		  Large Cap
Growth
Fund
ASSETS:              
Investments of affiliated issuers at value
 $—   $81,947,261   $—   $—
Investments of unaffiliated issuers at value
 4,869,227,323   —   359,597,867   66,882,324
Cash
 —   —   2,522,090   500
Foreign currency at value
 2,639,842   —   49   1
Interest and dividends receivable
 15,284,661   —   31,690   17,164
Tax reclaims receivable
 43,155   —   1,536   12,173
Receivable for investment securities sold
 66,965,780   63,895   1,686,451   —
Receivable for capital stock sold
 543,157   181,069   —   388,290
Other assets
 42,796   2,568   5,429   2,708
Total Assets
 4,954,746,714   82,194,793   363,845,112   67,303,160
LIABILITIES:              
Cash overdraft
 255,983   26,715   —   —
Written options at value
 27,107,495   —   —   —
Payable for investment securities purchased
 38,386,787   —   1,368,566   —
Payable for capital stock redeemed
 373,345   —   1,539,475   6,838
Payable to investment adviser (See Note 3)
 2,738,522   —   201,342   29,113
Payable to the administrator (See Note 3)
 363,568   6,046   26,943   5,048
Accounting fees payable
 305,073   4,415   41,294   10,369
Audit fees Payable
 161,800   2,588   18,642   2,630
Consulting Fees Payable
 93,289   1,200   7,847   2,343
Custodian fees Payable
 125,162   1,806   8,633   1,889
Pricing fees payable
 6,517   729   2,420   2,104
Printing fees Payable
 128,930   3,494   8,789   3,410
Shareholder servicing fees payable
 1,090,704   18,140   80,829   15,143
Other liabilities
 1,915   151   1,984   4,038
Total Liabilities
 71,139,090   65,284   3,306,764   82,925
NET ASSETS
 $4,883,607,624   $82,129,509   $360,538,348   $67,220,235
Investments of affiliated issuers at cost
 $—   $52,692,249   $—   $—
Investments of unaffiliated issuers at cost
 $4,591,294,996   $—   $222,267,304   $52,772,954
Written options, premiums received
 $(21,157,618)   $—   $—   $—
Foreign currency at cost
 $2,533,992   $—   $49   $1
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $4,380,780,510   $49,161,055   $168,915,782   $46,041,152
Total distributable earnings (loss)
 502,827,114   32,968,454   191,622,566   21,179,083
NET ASSETS
 $4,883,607,624   $82,129,509   $360,538,348   $67,220,235
 
Shares outstanding, $0.10 par value, 250 million shares authorized
 38,745,991       3,170,237    
Shares outstanding, $0.0001 par value, 250 million shares authorized
     1,904,329       1,414,827
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $126.04   $43.13   $113.73   $47.51
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2026
  Large Core
Growth
Fund 		  Large Cap
Value
Fund 		  Large Core
Value
Fund 		  Index 500
Fund
ASSETS:              
Investments at value
 $126,675,251   $167,979,246   $137,165,912   $991,674,713
Cash
 —   —   —   62
Initial margin held by broker for open futures
 —   —   —   200,482
Foreign currency at value
 1   —   —   —
Interest and dividends receivable
 25,552   104,552   123,442   452,858
Tax reclaims receivable
 11,363   91,174   11,620   308
Receivable for capital stock sold
 76,502   527,304   —   —
Futures variation margin receivable
 —   —   —   19,200
Other assets
 16,490   5,427   5,309   19,792
Total Assets
 126,805,159   168,707,703   137,306,283   992,367,415
LIABILITIES:              
Payable for investment securities purchased
 —   —   440,167   —
Payable for capital stock redeemed
 19,191   34,551   410,072   2,624,409
Payable to investment adviser (See Note 3)
 60,874   90,223   69,611   101,327
Payable to the administrator (See Note 3)
 9,529   12,317   10,034   72,573
Accounting fees payable
 18,045   21,766   18,524   78,596
Audit fees Payable
 4,234   5,383   4,390   30,390
Consulting Fees Payable
 3,432   4,091   3,531   18,244
Custodian fees Payable
 3,296   3,989   2,764   19,365
Pricing fees payable
 —   —   1,003   2,885
Printing fees Payable
 5,936   5,846   5,035   24,471
Shareholder servicing fees payable
 28,586   36,951   30,102   217,720
Other liabilities
 5,195   10,318   682   23,899
Total Liabilities
 158,318   225,435   995,915   3,213,879
NET ASSETS
 $126,646,841   $168,482,268   $136,310,368   $989,153,536
Investments at cost
 $84,422,734   $130,147,498   $116,197,788   $389,135,721
Foreign currency at cost
 $1   $—   $—   $—
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $139,731,937   $119,622,968   $99,409,778   $363,238,325
Total distributable earnings (loss)
 (13,085,096)   48,859,300   36,900,590   625,915,211
NET ASSETS
 $126,646,841   $168,482,268   $136,310,368   $989,153,536
 
Shares outstanding, $0.10 par value, 250 million shares authorized
     2,645,251        
Shares outstanding, $0.0001 par value, 250 million shares authorized
 3,192,599       3,173,224   14,414,219
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $39.67   $63.69   $42.96   $68.62
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2026
  Mid Cap
Growth
Fund 		  Mid Cap
Value
Fund 		  Mid Core
Value
Fund 		  SMID Cap
Growth
Fund
ASSETS:              
Investments at value
 $112,774,985   $89,759,110   $67,432,129   $78,068,046
Cash
 —   —   500   —
Foreign currency at value
 —   —   3,240   —
Interest and dividends receivable
 43,203   72,631   166,928   4,909
Tax reclaims receivable
 —   —   23,730   —
Receivable for investment securities sold
 4,013,742   109,572   184,485   —
Receivable for capital stock sold
 —   768,299   241,024   —
Unrealized appreciation of forward foreign currency contracts
 —   —   7,950   —
Other assets
 14,533   4,147   4,781   2,899
Total Assets
 116,846,463   90,713,759   68,064,767   78,075,854
LIABILITIES:              
Cash overdraft
 61   —   —   —
Payable for investment securities purchased
 2,249,165   318,325   297,873   —
Payable for capital stock redeemed
 105,987   4,373   26,533   1,455,516
Payable to investment adviser (See Note 3)
 63,076   39,152   36,704   44,685
Payable to the administrator (See Note 3)
 8,304   6,590   4,933   5,378
Unrealized depreciation of forward foreign currency contracts
 —   —   669   —
Accounting fees payable
 16,346   10,195   10,195   10,936
Audit fees Payable
 4,098   3,070   2,919   2,579
Consulting Fees Payable
 3,242   2,698   2,396   2,327
Custodian fees Payable
 3,272   4,052   2,473   1,652
Pricing fees payable
 —   1,345   2,048   1,206
Printing fees Payable
 5,652   2,933   2,469   3,402
Shareholder servicing fees payable
 24,912   19,769   14,799   16,132
Other liabilities
 10,526   6,101   21,465   5,308
Total Liabilities
 2,494,641   418,603   425,476   1,549,121
NET ASSETS
 $114,351,822   $90,295,156   $67,639,291   $76,526,733
Investments at cost
 $91,842,112   $63,712,995   $61,564,784   $60,427,437
Foreign currency at cost
 $—   $—   $3,258   $—
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $91,616,813   $59,774,893   $59,764,049   $51,907,939
Total distributable earnings (loss)
 22,735,009   30,520,263   7,875,242   24,618,794
NET ASSETS
 $114,351,822   $90,295,156   $67,639,291   $76,526,733
 
Shares outstanding, $0.0001 par value, 250 million shares authorized
 2,780,538   2,248,889   1,464,130   1,165,955
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $41.13   $40.15   $46.20   $65.63
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2026
  SMID Cap
Value
Fund 		  Small Cap
Growth
Fund 		  Small Cap
Value
Fund 		  Small Cap
Index
Fund
ASSETS:              
Investments at value
 $47,584,035   $99,365,215   $163,565,562   $91,902,519
Initial margin held by broker for open futures
 —   —   —   33,110
Foreign currency at value
 —   1   —   —
Interest and dividends receivable
 40,328   16,825   183,457   65,371
Tax reclaims receivable
 —   7,048   —   9
Receivable for investment securities sold
 71,917   22,086   887,340   94,252
Futures variation margin receivable
 —   —   —   2,250
Other assets
 2,686   3,886   4,388   2,982
Total Assets
 47,698,966   99,415,061   164,640,747   92,100,493
LIABILITIES:              
Cash overdraft
 —   —   —   1,512
Payable for investment securities purchased
 266,476   28,401   930,348   150
Payable for capital stock redeemed
 310,736   1,136,196   1,857,229   1,628,097
Payable to investment adviser (See Note 3)
 29,566   54,432   88,470   22,247
Payable to the administrator (See Note 3)
 3,391   7,086   11,497   6,553
Accounting fees payable
 7,174   14,190   20,494   13,157
Audit fees Payable
 1,777   3,706   5,354   6,012
Consulting Fees Payable
 1,852   2,815   3,814   2,569
Custodian fees Payable
 1,224   2,480   3,094   1,654
Pricing fees payable
 1,124   824   1,883   8,008
Printing fees Payable
 2,791   4,048   5,491   3,684
Shareholder servicing fees payable
 10,175   21,259   34,491   19,657
Other liabilities
 10,423   7,297   6,561   27,483
Total Liabilities
 646,709   1,282,734   2,968,726   1,740,783
NET ASSETS
 $47,052,257   $98,132,327   $161,672,021   $90,359,710
Investments at cost
 $41,148,247   $65,112,884   $138,498,384   $77,743,724
Foreign currency at cost
 $—   $1   $—   $—
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $37,239,405   $54,368,058   $115,276,598   $64,539,923
Total distributable earnings (loss)
 9,812,852   43,764,269   46,395,423   25,819,787
NET ASSETS
 $47,052,257   $98,132,327   $161,672,021   $90,359,710
 
Shares outstanding, $0.10 par value, 500 million shares authorized
 917,492       2,267,172    
Shares outstanding, $0.0001 par value, 250 million shares authorized
     1,122,312       1,886,660
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $51.28   $87.44   $71.31   $47.89
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2026
  Developed
International
Index Fund 		  International
Equity Fund 		  Emerging
Markets
Equity Fund 		  Real Estate
Securities
Fund
ASSETS:              
Investments at value
 $100,325,351   $217,381,322   $77,629,152   $97,612,985
Cash
 10,800   —   —   —
Initial margin held by broker for open futures
 55,668   —   —   —
Foreign currency at value
 568,074   —   10,088   —
Interest and dividends receivable
 98,185   257,736   87,994   364,398
Tax reclaims receivable
 582,524   545,683   4,232   —
Receivable for investment securities sold
 —   7,501,938   28,868   263,357
Receivable for capital stock sold
 645,762   642,121   —   239,691
Futures variation margin receivable
 4,860   —   —   —
Unrealized appreciation of forward foreign currency contracts
 6,919   —   —   —
Other assets
 28,412   13,246   5,448   5,244
Total Assets
 102,326,555   226,342,046   77,765,782   98,485,675
LIABILITIES:              
Foreign currency overdraft
 —   20,525   —   —
Payable for investment securities purchased
 12,981   8,531,175   —   281,563
Payable for capital stock redeemed
 42,460   29,259   3,037,711   32,000
Payable to investment adviser (See Note 3)
 24,850   136,474   53,445   56,555
Payable to the administrator (See Note 3)
 7,480   16,028   5,637   7,307
Accounting fees payable
 16,272   32,365   14,168   14,555
Audit fees Payable
 19,620   6,523   11,741   3,143
Consulting Fees Payable
 2,712   5,006   2,266   2,870
Custodian fees Payable
 5,669   19,822   16,548   2,415
Pricing fees payable
 28,838   3,602   7,653   —
Printing fees Payable
 3,976   7,305   3,411   4,173
Shareholder servicing fees payable
 22,439   48,083   16,913   21,920
Other liabilities
 49,328   9,830   42,686   3,377
Total Liabilities
 236,625   8,865,997   3,212,179   429,878
NET ASSETS
 $102,089,930   $217,476,049   $74,553,603   $98,055,797
Investments at cost
 $54,872,650   $201,381,585   $59,075,862   $85,285,277
Foreign currency at cost
 $577,034   $2,332   $10,091   $—
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $56,450,164   $200,856,096   $60,959,699   $84,362,823
Total distributable earnings (loss)
 45,639,766   16,619,953   13,593,904   13,692,974
NET ASSETS
 $102,089,930   $217,476,049   $74,553,603   $98,055,797
 
Shares outstanding, $0.10 par value, 250 million shares authorized
     4,503,677        
Shares outstanding, $0.0001 par value, 250 million shares authorized
 3,970,440       4,224,191   2,502,625
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $25.71   $48.29   $17.65   $39.18
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2026
  Aggressive
Allocation
Fund 		  Moderately
Aggressive
Allocation
Fund 		  Moderate
Allocation
Fund 		  Moderately
Conservative
Allocation
Fund
ASSETS:              
Investments of affiliated issuers at value
 $55,727,155   $191,667,577   $181,154,262   $68,314,545
Investments of unaffiliated issuers at value
 18,113   —   —   37,659
Cash
 407,000   779,054   1,021,072   779,000
Interest and dividends receivable
 202   48   70   329
Receivable for investment securities sold
 22,070   393,143   215,208   53,348
Receivable for capital stock sold
 43,647   —   35,982   77,090
Other assets
 2,318   3,685   3,638   2,491
Total Assets
 56,220,505   192,843,507   182,430,232   69,264,462
LIABILITIES:              
Payable for capital stock redeemed
 1,325   10,064   —   20
Payable to investment adviser (See Note 3)
 5,485   18,886   17,955   6,804
Payable to the administrator (See Note 3)
 4,146   14,216   13,613   5,156
Accounting fees payable
 3,860   8,218   7,969   4,207
Audit fees Payable
 1,822   6,166   6,001   2,287
Consulting Fees Payable
 715   3,244   3,132   1,037
Custodian fees Payable
 1,345   4,661   4,682   1,707
Pricing fees payable
 729   729   729   729
Printing fees Payable
 2,926   6,104   5,980   3,294
Shareholder servicing fees payable
 12,438   42,647   40,838   15,467
Other liabilities
 176   69   82   191
Total Liabilities
 34,967   115,004   100,981   40,899
NET ASSETS
 $56,185,538   $192,728,503   $182,329,251   $69,223,563
Investments of affiliated issuers at cost
 $39,590,216   $134,042,677   $133,561,247   $55,733,215
Investments of unaffiliated issuers at cost
 $18,113   $—   $—   $37,659
COMPONENTS OF NET ASSETS:              
Paid-in capital
 $37,785,215   $128,133,472   $128,177,948   $54,882,240
Total distributable earnings (loss)
 18,400,323   64,595,031   54,151,303   14,341,323
NET ASSETS
 $56,185,538   $192,728,503   $182,329,251   $69,223,563
 
Shares outstanding, $0.0001 par value, 250 million shares authorized
 1,538,035   5,245,773   6,073,158   2,773,510
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $36.53   $36.74   $30.02   $24.96
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Assets and Liabilities (Unaudited)
June 30, 2026
  Conservative
Allocation
Fund
ASSETS:  
Investments of affiliated issuers at value
 $38,862,366
Investments of unaffiliated issuers at value
 111,273
Cash
 919,000
Interest and dividends receivable
 384
Receivable for investment securities sold
 24,871
Receivable for capital stock sold
 77,645
Other assets
 2,218
Total Assets
 39,997,757
LIABILITIES:  
Payable to investment adviser (See Note 3)
 3,939
Payable to the administrator (See Note 3)
 3,000
Accounting fees payable
 3,505
Audit fees Payable
 1,314
Consulting Fees Payable
 461
Custodian fees Payable
 998
Pricing fees payable
 728
Printing fees Payable
 2,585
Shareholder servicing fees payable
 8,998
Other liabilities
 207
Total Liabilities
 25,735
NET ASSETS
 $39,972,022
Investments of affiliated issuers at cost
 $34,128,199
Investments of unaffiliated issuers at cost
 $111,273
COMPONENTS OF NET ASSETS:  
Paid-in capital
 $34,632,515
Total distributable earnings (loss)
 5,339,507
NET ASSETS
 $39,972,022
 
Shares outstanding, $0.0001 par value, 250 million shares authorized
 1,988,104
NET ASSET VALUE, OFFERING AND

REDEMPTION PRICE PER SHARE
 $20.11
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, 2026
  Money
Market
Fund 		  Limited
Maturity Bond
Fund 		  Quality
Bond
Fund 		  High Yield
Bond
Fund
INVESTMENT INCOME:              
Dividends
 $286,280   $26,153   $23,403   $50,447
Interest
 1,647,040   1,446,149   7,460,248   4,065,216
Total Investment Income
 1,933,320   1,472,302   7,483,651   4,115,663
EXPENSES:              
Investment advisory fees (See Note 3)
 174,622   153,474   753,207   277,332
Shareholder servicing fees (See Note 3)
 47,624   30,028   150,008   54,261
Administration fees (See Note 3)
 15,875   10,009   50,002   18,087
Audit fees
 3,677   2,253   11,244   3,961
Fund administration and accounting fees(See Note 3)
 42,663   36,150   115,353   55,206
Directors’ fees and expenses
 2,483   1,507   7,539   2,651
Custodian fees and expenses
 7,969   3,157   14,569   7,909
Legal fees
 2,554   1,575   7,836   2,742
Pricing fees
 4,735   6,813   12,161   8,572
Printing fees
 3,527   2,390   9,389   3,714
Other expenses
 7,368   3,616   8,378   4,541
Total Expenses
 313,097   250,972   1,139,686   438,976
Less: Waivers and reimbursement from advisor pursuant to expense limitation agreement (See Note 3)
 —   (4,078)   —   —
Net Expenses
 313,097   246,894   1,139,686   438,976
Net Investment Income (Loss)
 1,620,223   1,225,408   6,343,965   3,676,687
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 —   118,938   321,186   875,680
Futures contracts
 —   —   (44,208)   —
Net realized gain (loss)
 —   118,938   276,978   875,680
Net change in unrealized appreciation (depreciation) of:              
Investments
 —   (233,524)   (3,419,613)   (2,132,991)
Futures contracts
 —   —   32,260   —
Foreign currencies
 —   —   —   92
Net change in unrealized appreciation (depreciation)
 —   (233,524)   (3,387,353)   (2,132,899)
Net Realized and Unrealized Gain (Loss)
 —   (114,586)   (3,110,375)   (1,257,219)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $1,620,223   $1,110,822   $3,233,590   $2,419,468
    
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, 2026
  Flexibly
Managed
Fund 		  Balanced
Fund 		  Large
Growth Stock
Fund 		  Large Cap
Growth
Fund
INVESTMENT INCOME:              
Dividends
 $17,098,821   $1,643   $627,689   $369,076
Interest
 41,211,218   —   —   —
Foreign taxes withheld
 (155,324)   —   (7,925)   (12,069)
Total Investment Income
 58,154,715   1,643   619,764   357,007
EXPENSES:              
Investment advisory fees (See Note 3)
 16,613,144   —   1,198,081   179,279
Shareholder servicing fees (See Note 3)
 2,176,829   35,737   159,022   30,444
Administration fees (See Note 3)
 725,610   11,912   53,007   10,148
Audit fees
 161,818   2,587   17,408   2,585
Fund administration and accounting fees(See Note 3)
 795,977   14,858   118,808   36,307
Directors’ fees and expenses
 107,855   1,745   7,867   1,528
Custodian fees and expenses
 219,203   2,752   23,445   8,487
Legal fees
 106,076   1,683   7,585   1,488
Pricing fees
 15,973   2,059   6,016   4,778
Printing fees
 125,062   2,666   9,652   2,399
Other expenses
 91,039   2,892   30,400   7,758
Total Expenses
 21,138,586   78,891   1,631,291   285,201
Net Investment Income (Loss)
 37,016,129   (77,248)   (1,011,527)   71,806
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Affiliated Investments
 —   3,790,693   —   —
Unaffiliated investments
 219,903,106   —   55,938,053   7,095,726
Written options
 7,950,755   —   —   —
Foreign currencies
 (121,530)   —   232   238
Net realized gain (loss)
 227,732,331   3,790,693   55,938,285   7,095,964
Net change in unrealized appreciation (depreciation) of:              
Affiliated Investments
 —   1,257,731   —   —
Unaffiliated Investments
 (12,643,922)   —   (43,988,967)   (9,378,725)
Written options
 (1,925,891)   —   —   —
Foreign currencies
 (76,484)   —   (40)   (286)
Net change in unrealized appreciation (depreciation)
 (14,646,297)   1,257,731   (43,989,007)   (9,379,011)
Net Realized and Unrealized Gain (Loss)
 213,086,034   5,048,424   11,949,278   (2,283,047)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $250,102,163   $4,971,176   $10,937,751   $(2,211,241)
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2026
  Large Core
Growth
Fund 		  Large Cap
Value
Fund 		  Large Core
Value
Fund 		  Index 500
Fund
INVESTMENT INCOME:              
Dividends
 $382,226   $1,330,817   $1,165,881   $5,612,089
Foreign taxes withheld
 (7,737)   (3,583)   —   (1,165)
Total Investment Income
 374,489   1,327,234   1,165,881   5,610,924
EXPENSES:              
Investment advisory fees (See Note 3)
 364,367   544,060   422,805   585,002
Shareholder servicing fees (See Note 3)
 56,540   73,272   59,457   422,015
Administration fees (See Note 3)
 18,847   24,424   19,819   140,672
Audit fees
 4,230   5,538   4,466   30,622
Fund administration and accounting fees(See Note 3)
 56,687   67,797   58,649   216,088
Directors’ fees and expenses
 2,810   3,585   2,900   20,176
Custodian fees and expenses
 9,692   14,485   7,074   50,850
Legal fees
 7,380   3,478   3,143   20,093
Pricing fees
 4,980   4,176   2,635   6,306
Printing fees
 3,858   4,815   4,021   24,003
Other expenses
 12,424   14,352   11,951   46,989
Total Expenses
 541,815   759,982   596,920   1,562,816
Less: Contractual advisory fee waivers (See Note 3)
 —   (1,371)   (2,246)   —
Net Expenses
 541,815   758,611   594,674   1,562,816
Net Investment Income (Loss)
 (167,326)   568,623   571,207   4,048,108
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 1,723,952   10,824,341   15,952,691   24,910,182
Futures contracts
 —   —   —   193,435
Foreign currencies
 (36)   —   —   —
Forward foreign currency contracts
 36   —   —   —
Net realized gain (loss)
 1,723,952   10,824,341   15,952,691   25,103,617
Net change in unrealized appreciation (depreciation) of:              
Investments
 (4,211,969)   9,371,908   347,272   62,341,360
Futures contracts
 —   —   —   22,909
Foreign currencies
 (379)   —   (69)   —
Net change in unrealized appreciation (depreciation)
 (4,212,348)   9,371,908   347,203   62,364,269
Net Realized and Unrealized Gain (Loss)
 (2,488,396)   20,196,249   16,299,894   87,467,886
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $(2,655,722)   $20,764,872   $16,871,101   $91,515,994
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2026
  Mid Cap
Growth
Fund 		  Mid Cap
Value
Fund 		  Mid Core
Value
Fund 		  SMID Cap
Growth
Fund
INVESTMENT INCOME:              
Dividends
 $225,693   $715,604   $863,571   $140,451
Interest
 —   34,293   —   —
Foreign taxes withheld
 —   (2,162)   (9,668)   —
Total Investment Income
 225,693   747,735   853,903   140,451
EXPENSES:              
Investment advisory fees (See Note 3)
 384,814   235,845   225,298   254,434
Shareholder servicing fees (See Note 3)
 50,931   39,308   29,819   31,369
Administration fees (See Note 3)
 16,977   13,103   9,940   10,456
Audit fees
 4,053   3,166   2,882   2,705
Fund administration and accounting fees(See Note 3)
 53,238   44,174   35,905   37,056
Directors’ fees and expenses
 2,612   1,937   1,524   1,521
Custodian fees and expenses
 16,556   6,900   30,460   13,580
Legal fees
 7,014   1,907   1,531   1,468
Pricing fees
 6,151   3,272   6,607   2,861
Printing fees
 3,657   2,912   2,425   2,410
Recaptured advisory fee (See Note 3)
 —   1,370   —   —
Other expenses
 11,582   8,738   7,681   7,479
Total Expenses
 557,585   362,632   354,072   365,339
Less: Contractual advisory fee waivers (See Note 3)
 —   —   (548)   —
Less: Waivers and reimbursement from advisor pursuant to expense limitation agreement (See Note 3)
 —   (129)   —   —
Net Expenses
 557,585   362,503   353,524   365,339
Net Investment Income (Loss)
 (331,892)   385,232   500,379   (224,888)
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 2,274,808   4,190,332   2,069,024   7,400,803
Foreign currencies
 —   32   (497)   —
Forward foreign currency contracts
 —   (6)   139,516   —
Net realized gain (loss)
 2,274,808   4,190,358   2,208,043   7,400,803
Net change in unrealized appreciation (depreciation) of:              
Investments
 3,468,124   6,905,838   4,500,581   8,659,458
Foreign currencies
 —   8   (1,222)   —
Forward foreign currency contracts
 —   —   15,315   —
Net change in unrealized appreciation (depreciation)
 3,468,124   6,905,846   4,514,674   8,659,458
Net Realized and Unrealized Gain (Loss)
 5,742,932   11,096,204   6,722,717   16,060,261
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $5,411,040   $11,481,436   $7,223,096   $15,835,373
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2026
  SMID Cap
Value
Fund 		  Small Cap
Growth
Fund 		  Small Cap
Value
Fund 		  Small Cap
Index
Fund
INVESTMENT INCOME:              
Dividends
 $341,840   $202,530   $1,191,317   $609,272
Foreign taxes withheld
 (883)   (3,381)   —   (953)
Total Investment Income
 340,957   199,149   1,191,317   608,319
EXPENSES:              
Investment advisory fees (See Note 3)
 179,850   322,262   515,614   127,281
Shareholder servicing fees (See Note 3)
 20,233   42,046   67,944   38,184
Administration fees (See Note 3)
 6,744   14,015   22,648   12,728
Audit fees
 1,847   3,794   5,486   5,998
Fund administration and accounting fees(See Note 3)
 27,330   46,540   64,197   43,022
Directors’ fees and expenses
 993   2,075   3,290   1,828
Custodian fees and expenses
 14,793   14,093   22,549   31,262
Legal fees
 977   2,012   3,152   1,838
Pricing fees
 2,832   7,492   4,462   16,707
Printing fees
 1,802   3,045   4,481   2,766
Other expenses
 5,847   9,434   13,244   16,961
Total Expenses
 263,248   466,808   727,067   298,575
Less: Contractual advisory fee waivers (See Note 3)
 (758)   —   —   —
Net Expenses
 262,490   466,808   727,067   298,575
Net Investment Income (Loss)
 78,467   (267,659)   464,250   309,744
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 3,612,502   9,838,486   21,470,854   11,953,717
Futures contracts
 —   —   —   35,450
Foreign currencies
 —   (85)   —   —
Net realized gain (loss)
 3,612,502   9,838,401   21,470,854   11,989,167
Net change in unrealized appreciation (depreciation) of:              
Investments
 4,296,801   4,851,870   9,936,518   4,911,011
Futures contracts
 —   —   —   23,205
Foreign currencies
 —   (201)   —   —
Net change in unrealized appreciation (depreciation)
 4,296,801   4,851,669   9,936,518   4,934,216
Net Realized and Unrealized Gain (Loss)
 7,909,303   14,690,070   31,407,372   16,923,383
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $7,987,770   $14,422,411   $31,871,622   $17,233,127
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2026
  Developed
International
Index Fund 		  International
Equity Fund 		  Emerging
Markets
Equity Fund 		  Real Estate
Securities
Fund
INVESTMENT INCOME:              
Dividends
 $1,997,474   $3,326,639   $719,436   $2,152,395
Interest
 3   —   19,343   —
Foreign taxes withheld
 (210,743)   (251,551)   (69,548)   —
Total Investment Income
 1,786,734   3,075,088   669,231   2,152,395
EXPENSES:              
Investment advisory fees (See Note 3)
 147,765   848,588   297,974   336,950
Shareholder servicing fees (See Note 3)
 44,330   95,945   32,310   43,322
Administration fees (See Note 3)
 14,777   31,982   10,770   14,441
Audit fees
 19,752   8,440   10,740   3,142
Fund administration and accounting fees(See Note 3)
 53,296   98,213   46,058   47,775
Directors’ fees and expenses
 2,095   4,788   1,507   2,126
Custodian fees and expenses
 50,495   39,637   63,331   8,064
Legal fees
 2,087   5,171   1,612   2,066
Pricing fees
 65,232   8,331   10,478   2,819
Printing fees
 3,096   6,209   2,408   3,138
Other expenses
 25,068   18,934   8,042   4,259
Total Expenses
 427,993   1,166,238   485,230   468,102
Less: Contractual advisory fee waivers (See Note 3)
 —   (3,512)   —   —
Net Expenses
 427,993   1,162,726   485,230   468,102
Net Investment Income (Loss)
 1,358,741   1,912,362   184,001   1,684,293
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on:              
Investments
 485,380   1,140,455   12,253,947   396,712
Futures contracts
 202,569   —   —   —
Foreign currencies
 (8,768)   (686,291)   (38,864)   —
Forward foreign currency contracts
 16,108   —   (74,879)   —
Net realized gain (loss)
 695,289   454,164   12,140,204   396,712
Net change in unrealized appreciation (depreciation) of:              
Investments
 7,080,694   10,728,610   6,684,157   11,037,698
Futures contracts
 (19,685)   —   —   —
Foreign currencies
 (24,020)   (28,712)   (323)   —
Forward foreign currency contracts
 7,144   —   —   —
Net change in unrealized appreciation (depreciation)
 7,044,133   10,699,898   6,683,834   11,037,698
Net Realized and Unrealized Gain (Loss)
 7,739,422   11,154,062   18,824,038   11,434,410
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $9,098,163   $13,066,424   $19,008,039   $13,118,703
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Operations (Unaudited)
For The Six Months Ended June 30, 2026
  Aggressive
Allocation
Fund 		  Moderately
Aggressive
Allocation
Fund 		  Moderate
Allocation
Fund 		  Moderately
Conservative
Allocation
Fund
INVESTMENT INCOME:              
Dividends
 $7,398   $18,598   $19,369   $14,314
Total Investment Income
 7,398   18,598   19,369   14,314
EXPENSES:              
Investment advisory fees (See Note 3)
 33,004   112,849   108,924   41,555
Shareholder servicing fees (See Note 3)
 24,753   84,637   81,693   31,167
Administration fees (See Note 3)
 8,251   28,212   27,231   10,389
Audit fees
 1,818   6,208   6,057   2,323
Fund administration and accounting fees(See Note 3)
 13,736   23,592   23,004   14,459
Directors’ fees and expenses
 1,218   4,170   4,052   1,557
Custodian fees and expenses
 1,979   6,786   6,712   2,512
Legal fees
 1,194   4,067   3,995   1,527
Pricing fees
 2,059   2,059   2,059   2,059
Printing fees
 2,055   5,480   5,338   2,449
Other expenses
 2,542   4,609   4,558   2,775
Total Expenses
 92,609   282,669   273,623   112,772
Net Investment Income (Loss)
 (85,211)   (264,071)   (254,254)   (98,458)
NET REALIZED AND UNREALIZED GAIN (LOSS):              
Net realized gain (loss) on affiliated investments
 2,498,774   7,508,278   6,929,436   1,955,755
Net change in unrealized appreciation (depreciation) of affiliated investments
 2,428,150   8,023,522   4,980,636   1,362,615
Net Realized and Unrealized Gain (Loss)
 4,926,924   15,531,800   11,910,072   3,318,370
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $4,841,713   $15,267,729   $11,655,818   $3,219,912
  Conservative
Allocation
Fund
INVESTMENT INCOME:  
Dividends
 $15,425
Total Investment Income
 15,425
EXPENSES:  
Investment advisory fees (See Note 3)
 24,104
Shareholder servicing fees (See Note 3)
 18,078
Administration fees (See Note 3)
 6,026
Audit fees
 1,338
Fund administration and accounting fees(See Note 3)
 13,044
Directors’ fees and expenses
 899
Custodian fees and expenses
 1,453
Legal fees
 887
Pricing fees
 2,058
Printing fees
 1,689
Other expenses
 2,307
Total Expenses
 71,883
Net Investment Income (Loss)
 (56,458)
NET REALIZED AND UNREALIZED GAIN (LOSS):  
Net realized gain (loss) on affiliated investments
 823,904
Net change in unrealized appreciation (depreciation) of affiliated investments
 328,724
Net Realized and Unrealized Gain (Loss)
 1,152,628
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 $1,096,170
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Money Market Fund   Limited Maturity Bond Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $1,620,223   $4,531,935   $1,225,408   $2,902,454
Net realized gain (loss)
 —   —   118,938   335,701
Net change in unrealized appreciation (depreciation)
 —   —   (233,524)   968,731
Net Increase (Decrease) in Net Assets Resulting from Operations
 1,620,223   4,531,935   1,110,822   4,206,886
Distributions from:              
Distributable earnings
 (1,620,214)   (4,531,927)   —   —
Total Distributions
 (1,620,214)   (4,531,927)   —   —
Capital Share Transactions (1):              
Shares issued
 41,751,701   62,462,511   3,847,476   8,683,828
Shares issued in lieu of cash distributions
 1,620,369   4,531,092   —   —
Shares redeemed
 (54,796,265)   (94,174,185)   (7,617,827)   (16,975,756)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (11,424,195)   (27,180,582)   (3,770,351)   (8,291,928)
Total Increase (Decrease)
 (11,424,186)   (27,180,574)   (2,659,529)   (4,085,042)
Net Assets:              
Beginning of period
 113,088,626   140,269,200   69,799,561   73,884,603
End of period
 $101,664,440   $113,088,626   $67,140,032   $69,799,561
(1) Shares Issued and Redeemed:              
Shares issued
 41,751,701   62,462,510   247,899   580,599
Shares issued in lieu of cash distributions
 1,620,369   4,531,092   —   —
Shares redeemed
 (54,795,992)   (94,174,185)   (493,029)   (1,141,990)
  (11,423,922)   (27,180,583)   (245,130)   (561,391)
  Quality Bond Fund   High Yield Bond Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $6,343,965   $14,780,249   $3,676,687   $7,414,228
Net realized gain (loss)
 276,978   (1,139,998)   875,680   496,104
Net change in unrealized appreciation (depreciation)
 (3,387,353)   11,793,718   (2,132,899)   2,507,530
Net Increase (Decrease) in Net Assets Resulting from Operations
 3,233,590   25,433,969   2,419,468   10,417,862
Capital Share Transactions (1):              
Shares issued
 19,670,393   28,452,563   9,445,482   8,142,172
Shares redeemed
 (33,548,676)   (69,744,922)   (11,792,717)   (21,534,103)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (13,878,283)   (41,292,359)   (2,347,235)   (13,391,931)
Total Increase (Decrease)
 (10,644,693)   (15,858,390)   72,233   (2,974,069)
Net Assets:              
Beginning of period
 347,257,344   363,115,734   122,897,622   125,871,691
End of period
 $336,612,651   $347,257,344   $122,969,855   $122,897,622
(1) Shares Issued and Redeemed:              
Shares issued
 1,115,999   1,668,402   454,197   410,527
Shares redeemed
 (1,907,292)   (4,138,107)   (567,114)   (1,096,197)
  (791,293)   (2,469,705)   (112,917)   (685,670)
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Flexibly Managed Fund   Balanced Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $37,016,129   $87,516,712   $(77,248)   $(141,921)
Net realized gain (loss)
 227,732,331   669,183,859   3,790,693   7,126,016
Net change in unrealized appreciation (depreciation)
 (14,646,297)   (181,090,359)   1,257,731   2,895,815
Net Increase (Decrease) in Net Assets Resulting from Operations
 250,102,163   575,610,212   4,971,176   9,879,910
Capital Share Transactions (1):              
Shares issued
 8,179,080   12,104,203   1,621,912   2,196,638
Shares redeemed
 (399,585,136)   (718,282,914)   (4,716,926)   (11,027,967)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (391,406,056)   (706,178,711)   (3,095,014)   (8,831,329)
Total Increase (Decrease)
 (141,303,893)   (130,568,499)   1,876,162   1,048,581
Net Assets:              
Beginning of period
 5,024,911,517   5,155,480,016   80,253,347   79,204,766
End of period
 $4,883,607,624   $5,024,911,517   $82,129,509   $80,253,347
(1) Shares Issued and Redeemed:              
Shares issued
 68,501   107,404   38,824   58,511
Shares redeemed
 (3,310,709)   (6,353,117)   (114,296)   (293,578)
  (3,242,208)   (6,245,713)   (75,472)   (235,067)
  Large Growth Stock Fund   Large Cap Growth Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(1,011,527)   $(1,739,271)   $71,806   $129,235
Net realized gain (loss)
 55,938,285   53,386,160   7,095,964   3,411,959
Net change in unrealized appreciation (depreciation)
 (43,989,007)   745,809   (9,379,011)   3,145,587
Net Increase (Decrease) in Net Assets Resulting from Operations
 10,937,751   52,392,698   (2,211,241)   6,686,781
Capital Share Transactions (1):              
Shares issued
 9,533,359   22,037,862   2,675,695   4,875,234
Shares redeemed
 (36,613,379)   (60,788,461)   (4,944,923)   (10,407,718)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (27,080,020)   (38,750,599)   (2,269,228)   (5,532,484)
Total Increase (Decrease)
 (16,142,269)   13,642,099   (4,480,469)   1,154,297
Net Assets:              
Beginning of period
 376,680,617   363,038,518   71,700,704   70,546,407
End of period
 $360,538,348   $376,680,617   $67,220,235   $71,700,704
(1) Shares Issued and Redeemed:              
Shares issued
 92,624   226,229   57,833   107,151
Shares redeemed
 (338,942)   (605,728)   (104,504)   (224,455)
  (246,318)   (379,499)   (46,671)   (117,304)
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Large Core Growth Fund   Large Cap Value Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(167,326)   $(250,946)   $568,623   $1,433,915
Net realized gain (loss)
 1,723,952   5,009,371   10,824,341   9,543,096
Net change in unrealized appreciation (depreciation)
 (4,212,348)   6,581,550   9,371,908   4,358,245
Net Increase (Decrease) in Net Assets Resulting from Operations
 (2,655,722)   11,339,975   20,764,872   15,335,256
Capital Share Transactions (1):              
Shares issued
 3,122,768   7,616,204   1,750,984   5,296,900
Shares redeemed
 (9,831,939)   (17,681,240)   (14,793,562)   (24,504,082)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (6,709,171)   (10,065,036)   (13,042,578)   (19,207,182)
Total Increase (Decrease)
 (9,364,893)   1,274,939   7,722,294   (3,871,926)
Net Assets:              
Beginning of period
 136,011,734   134,736,795   160,759,974   164,631,900
End of period
 $126,646,841   $136,011,734   $168,482,268   $160,759,974
(1) Shares Issued and Redeemed:              
Shares issued
 86,204   209,952   28,722   100,432
Shares redeemed
 (257,100)   (466,944)   (248,544)   (463,062)
  (170,896)   (256,992)   (219,822)   (362,630)
  Large Core Value Fund   Index 500 Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $571,207   $1,362,148   $4,048,108   $8,088,401
Net realized gain (loss)
 15,952,691   3,116,106   25,103,617   67,192,145
Net change in unrealized appreciation (depreciation)
 347,203   10,096,443   62,364,269   67,735,921
Net Increase (Decrease) in Net Assets Resulting from Operations
 16,871,101   14,574,697   91,515,994   143,016,467
Capital Share Transactions (1):              
Shares issued
 1,583,192   6,506,610   22,971,700   43,340,245
Shares redeemed
 (11,804,916)   (17,817,845)   (52,977,886)   (111,155,410)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (10,221,724)   (11,311,235)   (30,006,186)   (67,815,165)
Total Increase (Decrease)
 6,649,377   3,263,462   61,509,808   75,201,302
Net Assets:              
Beginning of period
 129,660,991   126,397,529   927,643,728   852,442,426
End of period
 $136,310,368   $129,660,991   $989,153,536   $927,643,728
(1) Shares Issued and Redeemed:              
Shares issued
 40,027   186,379   359,713   780,815
Shares redeemed
 (293,423)   (506,931)   (812,730)   (1,960,196)
  (253,396)   (320,552)   (453,017)   (1,179,381)
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Mid Cap Growth Fund   Mid Cap Value Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(331,892)   $(670,449)   $385,232   $817,369
Net realized gain (loss)
 2,274,808   1,536,603   4,190,358   3,011,159
Net change in unrealized appreciation (depreciation)
 3,468,124   446,424   6,905,846   1,717,672
Net Increase (Decrease) in Net Assets Resulting from Operations
 5,411,040   1,312,578   11,481,436   5,546,200
Capital Share Transactions (1):              
Shares issued
 1,840,981   5,600,942   2,544,380   2,882,517
Shares redeemed
 (11,800,073)   (22,499,948)   (8,336,235)   (12,291,327)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (9,959,092)   (16,899,006)   (5,791,855)   (9,408,810)
Total Increase (Decrease)
 (4,548,052)   (15,586,428)   5,689,581   (3,862,610)
Net Assets:              
Beginning of period
 118,899,874   134,486,302   84,605,575   88,468,185
End of period
 $114,351,822   $118,899,874   $90,295,156   $84,605,575
(1) Shares Issued and Redeemed:              
Shares issued
 49,370   148,378   65,150   86,707
Shares redeemed
 (303,076)   (574,966)   (220,174)   (368,061)
  (253,706)   (426,588)   (155,024)   (281,354)
  Mid Core Value Fund   SMID Cap Growth Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $500,379   $1,126,100   $(224,888)   $(440,178)
Net realized gain (loss)
 2,208,043   4,107,659   7,400,803   1,742,048
Net change in unrealized appreciation (depreciation)
 4,514,674   1,007,845   8,659,458   (100,710)
Net Increase (Decrease) in Net Assets Resulting from Operations
 7,223,096   6,241,604   15,835,373   1,201,160
Capital Share Transactions (1):              
Shares issued
 1,072,608   2,900,033   1,402,585   4,481,170
Shares redeemed
 (6,257,233)   (19,716,400)   (7,772,936)   (12,679,826)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (5,184,625)   (16,816,367)   (6,370,351)   (8,198,656)
Total Increase (Decrease)
 2,038,471   (10,574,763)   9,465,022   (6,997,496)
Net Assets:              
Beginning of period
 65,600,820   76,175,583   67,061,711   74,059,207
End of period
 $67,639,291   $65,600,820   $76,526,733   $67,061,711
(1) Shares Issued and Redeemed:              
Shares issued
 23,650   74,316   24,768   93,837
Shares redeemed
 (142,510)   (489,051)   (132,848)   (254,828)
  (118,860)   (414,735)   (108,080)   (160,991)
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Changes in Net Assets
  SMID Cap Value Fund   Small Cap Growth Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $78,467   $240,826   $(267,659)   $(405,093)
Net realized gain (loss)
 3,612,502   1,815,981   9,838,401   9,933,907
Net change in unrealized appreciation (depreciation)
 4,296,801   (913,888)   4,851,669   (1,963,871)
Net Increase (Decrease) in Net Assets Resulting from Operations
 7,987,770   1,142,919   14,422,411   7,564,943
Capital Share Transactions (1):              
Shares issued
 375,207   2,791,371   350,781   3,191,697
Shares redeemed
 (4,653,953)   (11,071,088)   (10,607,064)   (17,796,325)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (4,278,746)   (8,279,717)   (10,256,283)   (14,604,628)
Total Increase (Decrease)
 3,709,024   (7,136,798)   4,166,128   (7,039,685)
Net Assets:              
Beginning of period
 43,343,233   50,480,031   93,966,199   101,005,884
End of period
 $47,052,257   $43,343,233   $98,132,327   $93,966,199
(1) Shares Issued and Redeemed:              
Shares issued
 7,906   68,441   4,400   47,334
Shares redeemed
 (98,743)   (264,833)   (133,566)   (257,677)
  (90,837)   (196,392)   (129,166)   (210,343)
  Small Cap Value Fund   Small Cap Index Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $464,250   $1,010,523   $309,744   $408,801
Net realized gain (loss)
 21,470,854   11,562,944   11,989,167   4,781,093
Net change in unrealized appreciation (depreciation)
 9,936,518   1,967,208   4,934,216   3,511,992
Net Increase (Decrease) in Net Assets Resulting from Operations
 31,871,622   14,540,675   17,233,127   8,701,886
Capital Share Transactions (1):              
Shares issued
 939,022   3,983,159   1,697,057   4,384,291
Shares redeemed
 (14,305,102)   (23,162,114)   (9,085,631)   (17,424,465)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (13,366,080)   (19,178,955)   (7,388,574)   (13,040,174)
Total Increase (Decrease)
 18,505,542   (4,638,280)   9,844,553   (4,338,288)
Net Assets:              
Beginning of period
 143,166,479   147,804,759   80,515,157   84,853,445
End of period
 $161,672,021   $143,166,479   $90,359,710   $80,515,157
(1) Shares Issued and Redeemed:              
Shares issued
 14,509   77,820   39,516   128,150
Shares redeemed
 (222,615)   (433,590)   (207,758)   (499,335)
  (208,106)   (355,770)   (168,242)   (371,185)
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Developed International Index Fund   International Equity Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $1,358,741   $1,559,684   $1,912,362   $2,105,258
Net realized gain (loss)
 695,289   4,515,321   454,164   22,958,385
Net change in unrealized appreciation (depreciation)
 7,044,133   16,052,830   10,699,898   (4,829,018)
Net Increase (Decrease) in Net Assets Resulting from Operations
 9,098,163   22,127,835   13,066,424   20,234,625
Capital Share Transactions (1):              
Shares issued
 6,250,259   11,221,588   5,125,646   13,807,928
Shares redeemed
 (7,986,811)   (17,337,883)   (16,248,703)   (50,008,785)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (1,736,552)   (6,116,295)   (11,123,057)   (36,200,857)
Total Increase (Decrease)
 7,361,611   16,011,540   1,943,367   (15,966,232)
Net Assets:              
Beginning of period
 94,728,319   78,716,779   215,532,682   231,498,914
End of period
 $102,089,930   $94,728,319   $217,476,049   $215,532,682
(1) Shares Issued and Redeemed:              
Shares issued
 250,034   496,587   110,012   298,789
Shares redeemed
 (323,010)   (840,926)   (349,718)   (1,101,102)
  (72,976)   (344,339)   (239,706)   (802,313)
  Emerging Markets Equity Fund   Real Estate Securities Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $184,001   $343,592   $1,684,293   $1,905,782
Net realized gain (loss)
 12,140,204   5,263,302   396,712   3,075,183
Net change in unrealized appreciation (depreciation)
 6,683,834   11,537,594   11,037,698   (2,657,329)
Net Increase (Decrease) in Net Assets Resulting from Operations
 19,008,039   17,144,488   13,118,703   2,323,636
Capital Share Transactions (1):              
Shares issued
 1,200,089   1,636,134   1,087,562   6,754,664
Shares redeemed
 (11,553,737)   (24,232,185)   (10,134,456)   (18,107,447)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (10,353,648)   (22,596,051)   (9,046,894)   (11,352,783)
Total Increase (Decrease)
 8,654,391   (5,451,563)   4,071,809   (9,029,147)
Net Assets:              
Beginning of period
 65,899,212   71,350,775   93,983,988   103,013,135
End of period
 $74,553,603   $65,899,212   $98,055,797   $93,983,988
(1) Shares Issued and Redeemed:              
Shares issued
 78,449   135,889   28,863   196,233
Shares redeemed
 (717,584)   (2,029,782)   (275,595)   (530,220)
  (639,135)   (1,893,893)   (246,732)   (333,987)
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Aggressive Allocation Fund   Moderately Aggressive Allocation Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(85,211)   $(170,113)   $(264,071)   $(534,040)
Net realized gain (loss)
 2,498,774   5,249,339   7,508,278   16,295,051
Net change in unrealized appreciation (depreciation)
 2,428,150   1,582,695   8,023,522   6,050,314
Net Increase (Decrease) in Net Assets Resulting from Operations
 4,841,713   6,661,921   15,267,729   21,811,325
Capital Share Transactions (1):              
Shares issued
 1,300,771   3,271,535   1,535,756   2,551,622
Shares redeemed
 (5,632,134)   (11,440,845)   (13,470,932)   (32,985,919)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (4,331,363)   (8,169,310)   (11,935,176)   (30,434,297)
Total Increase (Decrease)
 510,350   (1,507,389)   3,332,553   (8,622,972)
Net Assets:              
Beginning of period
 55,675,188   57,182,577   189,395,950   198,018,922
End of period
 $56,185,538   $55,675,188   $192,728,503   $189,395,950
(1) Shares Issued and Redeemed:              
Shares issued
 37,622   105,870   43,071   80,458
Shares redeemed
 (162,347)   (364,779)   (385,500)   (1,035,420)
  (124,725)   (258,909)   (342,429)   (954,962)
  Moderate Allocation Fund   Moderately Conservative Allocation Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25 		  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:              
Net investment income (loss)
 $(254,254)   $(528,223)   $(98,458)   $(198,229)
Net realized gain (loss)
 6,929,436   13,518,806   1,955,755   3,559,434
Net change in unrealized appreciation (depreciation)
 4,980,636   7,197,431   1,362,615   3,207,706
Net Increase (Decrease) in Net Assets Resulting from Operations
 11,655,818   20,188,014   3,219,912   6,568,911
Capital Share Transactions (1):              
Shares issued
 225,291   2,024,613   387,337   3,030,186
Shares redeemed
 (15,780,270)   (35,108,283)   (5,747,875)   (13,997,684)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (15,554,979)   (33,083,670)   (5,360,538)   (10,967,498)
Total Increase (Decrease)
 (3,899,161)   (12,895,656)   (2,140,626)   (4,398,587)
Net Assets:              
Beginning of period
 186,228,412   199,124,068   71,364,189   75,762,776
End of period
 $182,329,251   $186,228,412   $69,223,563   $71,364,189
(1) Shares Issued and Redeemed:              
Shares issued
 7,735   75,867   15,725   133,195
Shares redeemed
 (545,393)   (1,321,824)   (237,870)   (621,635)
  (537,658)   (1,245,957)   (222,145)   (488,440)
    
The accompanying notes are an integral part of these financial statements.
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Penn Series Funds, Inc.
Statements of Changes in Net Assets
  Conservative Allocation Fund
  Six Months Ended
6/30/26
(Unaudited) 		  Year
Ended
12/31/25
Increase (Decrease) in Net Assets Operations:      
Net investment income (loss)
 $(56,458)   $(106,236)
Net realized gain (loss)
 823,904   1,483,339
Net change in unrealized appreciation (depreciation)
 328,724   2,031,032
Net Increase (Decrease) in Net Assets Resulting from Operations
 1,096,170   3,408,135
Capital Share Transactions (1):      
Shares issued
 1,059,493   5,718,573
Shares redeemed
 (3,079,677)   (11,083,581)
Net Increase (Decrease) in Net Assets from Capital Share Transactions
 (2,020,184)   (5,365,008)
Total Increase (Decrease)
 (924,014)   (1,956,873)
Net Assets:      
Beginning of period
 40,896,036   42,852,909
End of period
 $39,972,022   $40,896,036
(1) Shares Issued and Redeemed:      
Shares issued
 53,626   307,025
Shares redeemed
 (155,832)   (593,677)
  (102,206)   (286,652)
The accompanying notes are an integral part of these financial statements.
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Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MONEY MARKET FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
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         0.04         0.05         0.04           —(a)           —(a)
Net realized and unrealized gain (loss) on investment transactions
 —          —          —       (0.00)          —          —
Total from investment operations
 0.02        0.04        0.05        0.04          —          —
Less distributions:                      
Net investment income
 (0.02)       (0.04)       (0.05)       (0.04)          —(a)          —(a)
Total distributions
 (0.02)       (0.04)       (0.05)       (0.04)          —          —
Net asset value, end of period
 $1.00        $1.00        $1.00        $1.00        $1.00        $1.00
Total return2
 1.53%#       3.69%       4.67%       4.50%       0.25%       0.01%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $101,664     $113,089     $140,269     $149,972     $165,323     $162,202
Ratio of net expenses to average net assets3
 0.59%*       0.58%       0.58%       0.57%       1.34%       0.03%
Ratio of total expenses to average net assets4
 0.59%*       0.58%       0.58%       0.57%       0.57%       0.57%
Ratio of net investment income (loss) to average net assets
 3.06%*       3.63%       4.56%       4.40%       0.25%       0.01%
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.
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Penn Series Funds, Inc.
Financial Highlights
LIMITED MATURITY BOND FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $15.33   $    14.44   $    13.67   $    12.78   $    13.38   $    13.33
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.28         0.61         0.57         0.51         0.13         0.20
Net realized and unrealized gain (loss) on investment transactions
 (0.03)        0.28        0.20        0.38       (0.73)       (0.15)
Total from investment operations
 0.25        0.89        0.77        0.89       (0.60)        0.05
Net asset value, end of period
 $15.58       $15.33       $14.44       $13.67       $12.78       $13.38
Total return2
 1.63%#       6.16%       5.63%       6.96%      (4.49%)       0.38%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $67,140      $69,800      $73,885     $185,907     $223,724     $259,984
Ratio of net expenses to average net assets3
 0.74%*       0.74%       0.72%       0.71%       0.70%       0.69%
Ratio of total expenses to average net assets4
 0.75%*       0.76%       0.72%       0.71%       0.70%       0.69%
Ratio of net investment income (loss) to average net assets
 3.67%*       4.09%       4.07%       3.84%       1.03%       1.46%
Portfolio turnover rate
 35%#         31%         49%         27%         38%         73%
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.
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Penn Series Funds, Inc.
Financial Highlights
QUALITY BOND FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $17.51   $    16.28   $    15.90   $    14.89   $    17.24   $    17.36
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.33         0.71         0.64         0.61         0.41         0.34
Net realized and unrealized gain (loss) on investment transactions
 (0.16)        0.52       (0.26)        0.40       (2.76)       (0.46)
Total from investment operations
 0.17        1.23        0.38        1.01       (2.35)       (0.12)
Net asset value, end of period
 $17.68       $17.51       $16.28       $15.90       $14.89       $17.24
Total return2
 0.97%#       7.56%       2.39%       6.78%     (13.63%)      (0.69%)
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $336,613     $347,257     $363,116     $393,257     $354,590     $472,066
Ratio of total expenses to average net assets
 0.68%*       0.68%       0.68%       0.68%       0.68%       0.66%
Ratio of net investment income (loss) to average net assets
 3.81%*       4.22%       3.97%       3.99%       2.64%       2.00%
Portfolio turnover rate
 11%#         30%         41%         52%         38%         59%
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.
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Penn Series Funds, Inc.
Financial Highlights
HIGH YIELD BOND FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $20.61   $    18.93   $    17.55   $    15.78   $    16.84   $    16.02
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.63         1.19         1.12         0.96         0.76         0.68
Net realized and unrealized gain (loss) on investment transactions
 (0.22)        0.49        0.26        0.81       (1.82)        0.14
Total from investment operations
 0.41        1.68        1.38        1.77       (1.06)        0.82
Net asset value, end of period
 $21.02       $20.61       $18.93       $17.55       $15.78       $16.84
Total return2
 1.99%#       8.87%       7.86%      11.22%      (6.30%)       5.12%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $122,970     $122,898     $125,872     $130,005     $140,603     $169,431
Ratio of total expenses to average net assets
 0.73%*       0.72%       0.73%       0.73%       0.73%       0.71%
Ratio of net investment income (loss) to average net assets
 6.10%*       6.02%       6.14%       5.82%       4.75%       4.15%
Portfolio turnover rate
 32%#        115%         91%         78%         84%         94%
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.
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Penn Series Funds, Inc.
Financial Highlights
FLEXIBLY MANAGED FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $119.67   $   106.88   $    95.04   $    80.16   $    91.22   $    77.12
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.92         1.94         2.11         1.90         1.08         0.68
Net realized and unrealized gain (loss) on investment transactions
 5.45       10.85        9.73       12.98      (12.14)       13.42
Total from investment operations
 6.37       12.79       11.84       14.88      (11.06)       14.10
Net asset value, end of period
 $126.04      $119.67      $106.88       $95.04       $80.16       $91.22
Total return2
 5.32%#      11.96%      12.46%      18.56%     (12.12%)      18.29%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $4,883,608   $5,024,912   $5,155,480   $5,125,680   $4,596,816   $5,487,665
Ratio of total expenses to average net assets
 0.87%*       0.87%       0.87%       0.88%       0.88%       0.87%
Ratio of net investment income (loss) to average net assets
 1.53%*       1.72%       2.07%       2.17%       1.30%       0.80%
Portfolio turnover rate
 57%#        124%         85%         69%         87%         51%
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.
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Penn Series Funds, Inc.
Financial Highlights
BALANCED FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $40.54   $    35.76   $    31.04   $    26.34   $    31.57   $    27.27
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.04)        (0.07)        (0.06)        (0.05)        (0.06)        (0.06)
Net realized and unrealized gain (loss) on investment transactions
 2.63        4.85        4.78        4.75       (5.17)        4.36
Total from investment operations
 2.59        4.78        4.72        4.70       (5.23)        4.30
Net asset value, end of period
 $43.13       $40.54       $35.76       $31.04       $26.34       $31.57
Total return2
 6.39%#      13.37%      15.20%      17.84%     (16.57%)      15.77%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $82,130      $80,253      $79,205      $76,410      $70,323      $92,753
Ratio of total expenses to average net assets3
 0.20%*       0.20%       0.20%       0.20%       0.22%       0.19%
Ratio of net investment income (loss) to average net assets
 (0.19%)*      (0.18%)      (0.18%)      (0.18%)      (0.21%)      (0.19%)
Portfolio turnover rate
 5%#          7%          9%          6%          5%         11%
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.
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Penn Series Funds, Inc.
Financial Highlights
LARGE GROWTH STOCK FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $110.25   $    95.64   $    74.05   $    50.27   $    83.11   $    71.38
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.31)        (0.48)        (0.39)        (0.25)        (0.33)        (0.48)
Net realized and unrealized gain (loss) on investment transactions
 3.79       15.09       21.98       24.03      (32.51)       12.21
Total from investment operations
 3.48       14.61       21.59       23.78      (32.84)       11.73
Net asset value, end of period
 $113.73      $110.25       $95.64       $74.05       $50.27       $83.11
Total return2
 3.14%#      15.28%      29.15%      47.31%     (39.52%)      16.44%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $360,538     $376,681     $363,039     $312,171     $235,846     $428,687
Ratio of total expenses to average net assets
 0.92%*       0.92%       0.93%       0.95%       0.97%       0.93%
Ratio of net investment income (loss) to average net assets
 (0.57%)*      (0.48%)      (0.45%)      (0.40%)      (0.55%)      (0.61%)
Portfolio turnover rate
 29%#         36%         34%         35%         29%         24%
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.
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Penn Series Funds, Inc.
Financial Highlights
LARGE CAP GROWTH FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $49.06   $    44.68   $    38.49   $    31.08   $    38.46   $    30.56
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.05         0.08         0.05         0.08         0.05         0.02
Net realized and unrealized gain (loss) on investment transactions
 (1.60)        4.30        6.14        7.33       (7.43)        7.88
Total from investment operations
 (1.55)        4.38        6.19        7.41       (7.38)        7.90
Net asset value, end of period
 $47.51       $49.06       $44.68       $38.49       $31.08       $38.46
Total return2
 (3.16%)#       9.80%      16.08%      23.84%     (19.19%)      25.85%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $67,220      $71,701      $70,546      $67,625      $62,655      $79,016
Ratio of net expenses to average net assets3
 0.84%*       0.83%       0.87%       0.88%       0.89%       0.85%
Ratio of total expenses to average net assets4
 0.84%*       0.83%       0.87%       0.89%       0.89%       0.85%
Ratio of net investment income (loss) to average net assets
 0.21%*       0.18%       0.12%       0.22%       0.17%       0.05%
Portfolio turnover rate
 25%#         22%         21%         21%         32%         16%
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.
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Penn Series Funds, Inc.
Financial Highlights
LARGE CORE GROWTH FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $40.44   $    37.22   $    30.27   $    22.36   $    48.08   $    50.05
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.05)        (0.07)        (0.07)        (0.08)        (0.19)        (0.37)
Net realized and unrealized gain (loss) on investment transactions
 (0.72)        3.29        7.02        7.99      (25.53)       (1.60)
Total from investment operations
 (0.77)        3.22        6.95        7.91      (25.72)       (1.97)
Net asset value, end of period
 $39.67       $40.44       $37.22       $30.27       $22.36       $48.08
Total return2
 (1.90%)#       8.65%      22.96%      35.38%     (53.49%)      (3.94%)
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $126,647     $136,012     $134,737     $116,826      $93,465     $205,479
Ratio of total expenses to average net assets
 0.86%*       0.85%       0.85%       0.87%       0.88%       0.84%
Ratio of net investment income (loss) to average net assets
 (0.27%)*      (0.19%)      (0.21%)      (0.29%)      (0.67%)      (0.72%)
Portfolio turnover rate
 14%#         25%         13%        109%         50%         68%
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
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Penn Series Funds, Inc.
Financial Highlights
LARGE CAP VALUE FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $56.11   $    51.01   $    45.32   $    40.58   $    42.38   $    33.14
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.21         0.47         0.48         0.54         0.49         0.31
Net realized and unrealized gain (loss) on investment transactions
 7.37        4.63        5.21        4.20       (2.29)        8.93
Total from investment operations
 7.58        5.10        5.69        4.74       (1.80)        9.24
Net asset value, end of period
 $63.69       $56.11       $51.01       $45.32       $40.58       $42.38
Total return2
 13.51%#      10.00%      12.55%      11.68%      (4.25%)      27.88%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $168,482     $160,760     $164,632     $166,334     $165,481     $202,596
Ratio of total expenses to average net assets
 0.93%*       0.93%       0.93%       0.94%       0.93%       0.91%
Ratio of net investment income (loss) to average net assets
 0.70%*       0.89%       0.96%       1.29%       1.21%       0.80%
Portfolio turnover rate
 31%#         64%         53%         68%         64%         49%
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
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $37.84   $    33.73   $    30.24   $    27.92   $    28.85   $    23.18
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.17         0.38         0.32         0.32         0.28         0.32
Net realized and unrealized gain (loss) on investment transactions
 4.95        3.73        3.17        2.00       (1.21)        5.35
Total from investment operations
 5.12        4.11        3.49        2.32       (0.93)        5.67
Net asset value, end of period
 $42.96       $37.84       $33.73       $30.24       $27.92       $28.85
Total return2
 13.53%#      12.18%      11.54%       8.31%      (3.22%)      24.46%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $136,310     $129,661     $126,398     $135,883     $161,065     $189,136
Ratio of total expenses to average net assets
 0.90%*       0.90%       0.92%       0.94%       0.93%       0.92%
Ratio of net investment income (loss) to average net assets
 0.86%*       1.08%       0.99%       1.12%       1.02%       1.22%
Portfolio turnover rate
 39%#         61%         50%         50%         50%         57%
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
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $62.40   $    53.12   $    42.63   $    33.87   $    41.45   $    32.31
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.28         0.52         0.50         0.49         0.45         0.38
Net realized and unrealized gain (loss) on investment transactions
 5.94        8.76        9.99        8.27       (8.03)        8.76
Total from investment operations
 6.22        9.28       10.49        8.76       (7.58)        9.14
Net asset value, end of period
 $68.62       $62.40       $53.12       $42.63       $33.87       $41.45
Total return2
 9.97%#      17.47%      24.61%      25.87%     (18.29%)      28.29%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $989,154     $927,644     $852,442     $728,673     $622,068     $698,722
Ratio of total expenses to average net assets
 0.33%*       0.34%       0.34%       0.35%       0.35%       0.34%
Ratio of net investment income (loss) to average net assets
 0.86%*       0.93%       1.03%       1.30%       1.26%       1.03%
Portfolio turnover rate
 1%#          4%          5%          4%          4%          3%
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
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $39.19   $    38.86   $    38.02   $    31.71   $    45.74   $    39.21
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.11)        (0.21)        (0.18)        (0.15)        (0.17)        (0.28)
Net realized and unrealized gain (loss) on investment transactions
 2.05        0.54        1.02        6.46      (13.86)        6.81
Total from investment operations
 1.94        0.33        0.84        6.31      (14.03)        6.53
Net asset value, end of period
 $41.13       $39.19       $38.86       $38.02       $31.71       $45.74
Total return2
 4.93%#       0.85%       2.21%      19.90%     (30.67%)      16.66%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $114,352     $118,900     $134,486     $148,173     $134,832     $210,047
Ratio of total expenses to average net assets
 0.99%*       0.96%       0.97%       0.98%       0.98%       0.98%
Ratio of net investment income (loss) to average net assets
 (0.59%)*      (0.53%)      (0.46%)      (0.42%)      (0.50%)      (0.64%)
Portfolio turnover rate
 34%#         50%         39%         30%         29%         25%
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
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $35.19   $    32.95   $    29.08   $    26.11   $    27.67   $    23.20
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.17         0.32         0.30         0.28         0.25         0.14
Net realized and unrealized gain (loss) on investment transactions
 4.79        1.92        3.57        2.69       (1.81)        4.33
Total from investment operations
 4.96        2.24        3.87        2.97       (1.56)        4.47
Net asset value, end of period
 $40.15       $35.19       $32.95       $29.08       $26.11       $27.67
Total return2
 14.09%#       6.80%      13.31%      11.38%      (5.64%)      19.27%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $90,295      $84,606      $88,468      $90,911      $88,708     $104,076
Ratio of net expenses to average net assets3
 0.83%*       0.83%       0.83%       0.83%       0.83%       0.82%
Ratio of total expenses to average net assets4
 0.83%*       0.83%       0.83%       0.84%       0.84%       0.82%
Ratio of net investment income (loss) to average net assets
 0.88%*       0.96%       0.93%       1.04%       0.96%       0.54%
Portfolio turnover rate
 18%#         37%         34%         46%         46%         59%
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.
142
Table of Contents
Penn Series Funds, Inc.
Financial Highlights
MID CORE VALUE FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $41.44   $    38.13   $    35.18   $    33.21   $    33.70   $    27.37
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.33         0.61         0.56         0.57         0.53         0.39
Net realized and unrealized gain (loss) on investment transactions
 4.43        2.70        2.39        1.40       (1.02)        5.94
Total from investment operations
 4.76        3.31        2.95        1.97       (0.49)        6.33
Net asset value, end of period
 $46.20       $41.44       $38.13       $35.18       $33.21       $33.70
Total return2
 11.49%#       8.68%       8.39%       5.93%      (1.45%)      23.13%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $67,639      $65,601      $76,176      $81,193      $86,950      $94,537
Ratio of total expenses to average net assets
 1.07%*       1.04%       1.04%       1.05%       1.04%       1.00%
Ratio of net investment income (loss) to average net assets
 1.51%*       1.54%       1.51%       1.71%       1.61%       1.25%
Portfolio turnover rate
 36%#         67%         54%         44%         74%         51%
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
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $52.64   $    51.61   $    46.00   $    40.36   $    56.43   $    52.38
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.18)        (0.32)        (0.29)        (0.19)        (0.24)        (0.43)
Net realized and unrealized gain (loss) on investment transactions
 13.17        1.35        5.90        5.83      (15.83)        4.48
Total from investment operations
 12.99        1.03        5.61        5.64      (16.07)        4.05
Net asset value, end of period
 $65.63       $52.64       $51.61       $46.00       $40.36       $56.43
Total return2
 24.68%#       2.00%      12.20%      13.97%     (28.48%)       7.73%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $76,527      $67,062      $74,059      $72,193      $70,381     $103,780
Ratio of total expenses to average net assets
 1.05%*       1.05%       1.05%       1.05%       1.05%       1.02%
Ratio of net investment income (loss) to average net assets
 (0.65%)*      (0.64%)      (0.57%)      (0.45%)      (0.56%)      (0.77%)
Portfolio turnover rate
 49%#        129%         84%         70%         70%         65%
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
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $42.99   $    41.90   $    38.25   $    32.79   $    39.02   $    28.78
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.08         0.21         0.16         0.18         0.20         0.22
Net realized and unrealized gain (loss) on investment transactions
 8.21        0.88        3.49        5.28       (6.43)       10.02
Total from investment operations
 8.29        1.09        3.65        5.46       (6.23)       10.24
Net asset value, end of period
 $51.28       $42.99       $41.90       $38.25       $32.79       $39.02
Total return2
 19.28%#       2.60%       9.54%      16.65%     (15.97%)      35.58%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $47,052      $43,343      $50,480      $51,158      $54,653      $71,810
Ratio of total expenses to average net assets
 1.17%*       1.15%       1.18%       1.19%       1.18%       1.15%
Ratio of net investment income (loss) to average net assets
 0.35%*       0.52%       0.40%       0.52%       0.58%       0.61%
Portfolio turnover rate
 35%#         63%         55%         49%         42%         53%
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.
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Penn Series Funds, Inc.
Financial Highlights
SMALL CAP GROWTH FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $75.08   $    69.10   $    61.22   $    51.60   $    68.11   $    62.66
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.22)        (0.30)        (0.29)        (0.23)        (0.23)        (0.41)
Net realized and unrealized gain (loss) on investment transactions
 12.58        6.28        8.17        9.85      (16.28)        5.86
Total from investment operations
 12.36        5.98        7.88        9.62      (16.51)        5.45
Net asset value, end of period
 $87.44       $75.08       $69.10       $61.22       $51.60       $68.11
Total return2
 16.46%#       8.66%      12.88%      18.64%     (24.24%)       8.70%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $98,132      $93,966     $101,006     $102,931      $96,426     $140,210
Ratio of total expenses to average net assets
 1.00%*       0.99%       1.01%       1.03%       1.02%       0.99%
Ratio of net investment income (loss) to average net assets
 (0.57%)*      (0.43%)      (0.45%)      (0.41%)      (0.42%)      (0.61%)
Portfolio turnover rate
 21%#         31%         18%         22%         13%         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.
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Penn Series Funds, Inc.
Financial Highlights
SMALL CAP VALUE FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $57.84   $    52.21   $    48.42   $    43.46   $    50.97   $    40.24
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.19         0.38         0.31         0.32         0.29         0.10
Net realized and unrealized gain (loss) on investment transactions
 13.28        5.25        3.48        4.64       (7.80)       10.63
Total from investment operations
 13.47        5.63        3.79        4.96       (7.51)       10.73
Net asset value, end of period
 $71.31       $57.84       $52.21       $48.42       $43.46       $50.97
Total return2
 23.27%#      10.78%       7.83%      11.41%     (14.74%)      26.67%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $161,672     $143,166     $147,805     $157,939     $154,683     $199,173
Ratio of net expenses to average net assets3
 0.96%*       0.97%       1.00%       1.02%       1.01%       0.98%
Ratio of total expenses to average net assets4
 0.96%*       0.97%       1.01%       1.03%       1.01%       0.98%
Ratio of net investment income (loss) to average net assets
 0.61%*       0.71%       0.63%       0.74%       0.64%       0.21%
Portfolio turnover rate
 63%#         85%         84%         56%         57%         67%
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.
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Penn Series Funds, Inc.
Financial Highlights
SMALL CAP INDEX FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $39.18   $    34.98   $    31.58   $    27.17   $    34.42   $    30.10
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.15         0.18         0.18         0.23         0.18         0.10
Net realized and unrealized gain (loss) on investment transactions
 8.56        4.02        3.22        4.18       (7.43)        4.22
Total from investment operations
 8.71        4.20        3.40        4.41       (7.25)        4.32
Net asset value, end of period
 $47.89       $39.18       $34.98       $31.58       $27.17       $34.42
Total return2
 22.23%#      12.01%      10.77%      16.23%     (21.06%)      14.35%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $90,360      $80,515      $84,853      $84,722      $80,151      $98,827
Ratio of net expenses to average net assets3
 0.70%*       0.71%       0.71%       0.71%       0.70%       0.70%
Ratio of total expenses to average net assets4
 0.70%*       0.71%       0.71%       0.71%       0.70%       0.70%
Ratio of net investment income (loss) to average net assets
 0.73%*       0.52%       0.54%       0.81%       0.62%       0.30%
Portfolio turnover rate
 22%#         14%         17%         14%         18%         31%
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.
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Penn Series Funds, Inc.
Financial Highlights
DEVELOPED INTERNATIONAL INDEX FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $23.43   $    17.94   $    17.49   $    14.92   $    17.62   $    15.94
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.34         0.39         0.35         0.33         0.34         0.28
Net realized and unrealized gain (loss) on investment transactions
 1.94        5.10        0.10        2.24       (3.04)        1.40
Total from investment operations
 2.28        5.49        0.45        2.57       (2.70)        1.68
Net asset value, end of period
 $25.71       $23.43       $17.94       $17.49       $14.92       $17.62
Total return2
 9.73%#      30.60%       2.57%      17.23%     (15.32%)      10.54%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $102,090      $94,728      $78,717      $88,287      $85,483     $114,158
Ratio of net expenses to average net assets3
 0.87%*       0.92%       0.94%       0.93%       0.90%       0.85%
Ratio of total expenses to average net assets4
 0.87%*       0.93%       0.94%       0.93%       0.90%       0.85%
Ratio of net investment income (loss) to average net assets
 2.76%*       1.87%       1.93%       2.05%       2.25%       1.66%
Portfolio turnover rate
 2%#         11%          2%          3%          3%          3%
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.
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Penn Series Funds, Inc.
Financial Highlights
INTERNATIONAL EQUITY FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $45.44   $    41.74   $    39.46   $    34.24   $    43.79   $    39.02
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.41         0.41         0.12         0.07        (0.01)        (0.04)
Net realized and unrealized gain (loss) on investment transactions
 2.44        3.29        2.16        5.15       (9.54)        4.81
Total from investment operations
 2.85        3.70        2.28        5.22       (9.55)        4.77
Net asset value, end of period
 $48.29       $45.44       $41.74       $39.46       $34.24       $43.79
Total return2
 6.27%#       8.87%       5.78%      15.25%     (21.81%)      12.23%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $217,476     $215,533     $231,499     $251,066     $258,905     $353,005
Ratio of total expenses to average net assets
 1.09%*       1.07%       1.07%       1.08%       1.07%       1.03%
Ratio of net investment income (loss) to average net assets
 1.79%*       0.91%       0.30%       0.19%      (0.02%)      (0.10%)
Portfolio turnover rate
 148%#        216%        152%         95%         52%         76%
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.
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Penn Series Funds, Inc.
Financial Highlights
EMERGING MARKETS EQUITY FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $13.55   $    10.56   $    10.97   $    10.79   $    14.08   $    14.93
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.04         0.06         0.06         0.05         0.07         0.01
Net realized and unrealized gain (loss) on investment transactions
 4.06        2.93       (0.47)        0.13       (3.36)       (0.86)
Total from investment operations
 4.10        2.99       (0.41)        0.18       (3.29)       (0.85)
Net asset value, end of period
 $17.65       $13.55       $10.56       $10.97       $10.79       $14.08
Total return2
 30.26%#      28.31%      (3.74%)       1.67%     (23.37%)      (5.69%)
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $74,554      $65,899      $71,351      $85,102      $94,075     $130,637
Ratio of total expenses to average net assets
 1.35%*       1.40%       1.34%       1.33%       1.33%       1.25%
Ratio of net investment income (loss) to average net assets
 0.51%*       0.50%       0.55%       0.50%       0.55%       0.07%
Portfolio turnover rate
 41%#        101%         72%         47%         64%         68%
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.
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Penn Series Funds, Inc.
Financial Highlights
REAL ESTATE SECURITIES FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $34.18   $    33.41   $    31.40   $    28.09   $    37.63   $    26.37
Income (loss) from investment operations:                      
Net investment income (loss)1
 0.64         0.66         0.64         0.66         0.52         0.28
Net realized and unrealized gain (loss) on investment transactions
 4.36        0.11        1.37        2.65      (10.06)       10.98
Total from investment operations
 5.00        0.77        2.01        3.31       (9.54)       11.26
Net asset value, end of period
 $39.18       $34.18       $33.41       $31.40       $28.09       $37.63
Total return2
 14.63%#       2.30%       6.40%      11.78%     (25.35%)      42.70%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $98,056      $93,984     $103,013     $113,445      $99,505     $140,061
Ratio of total expenses to average net assets
 0.97%*       0.97%       0.97%       0.97%       0.97%       0.95%
Ratio of net investment income (loss) to average net assets
 3.50%*       1.94%       1.96%       2.30%       1.63%       0.89%
Portfolio turnover rate
 14%#         31%         29%         34%         27%         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.
# Non-annualized.
* Annualized.
The accompanying notes are an integral part of these financial statements.
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Financial Highlights
AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $33.48   $    29.76   $    26.55   $    23.01   $    27.23   $    23.39
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.05)        (0.09)        (0.09)        (0.07)        (0.08)        (0.08)
Net realized and unrealized gain (loss) on investment transactions
 3.10        3.81        3.30        3.61       (4.14)        3.92
Total from investment operations
 3.05        3.72        3.21        3.54       (4.22)        3.84
Net asset value, end of period
 $36.53       $33.48       $29.76       $26.55       $23.01       $27.23
Total return2
 9.11%#      12.50%      12.09%      15.38%     (15.50%)      16.42%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $56,186      $55,675      $57,183      $60,368      $55,617      $70,657
Ratio of total expenses to average net assets3
 0.34%*       0.33%       0.34%       0.34%       0.34%       0.33%
Ratio of net investment income (loss) to average net assets
 (0.31%)*      (0.30%)      (0.31%)      (0.30%)      (0.33%)      (0.33%)
Portfolio turnover rate
 6%#         18%         12%         18%         17%         18%
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.
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Penn Series Funds, Inc.
Financial Highlights
MODERATELY AGGRESSIVE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $33.89   $    30.26   $    27.25   $    23.81   $    27.84   $    24.14
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.05)        (0.09)        (0.08)        (0.07)        (0.07)        (0.08)
Net realized and unrealized gain (loss) on investment transactions
 2.90        3.72        3.09        3.51       (3.96)        3.78
Total from investment operations
 2.85        3.63        3.01        3.44       (4.03)        3.70
Net asset value, end of period
 $36.74       $33.89       $30.26       $27.25       $23.81       $27.84
Total return2
 8.41%#      12.00%      11.05%      14.45%     (14.47%)      15.33%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $192,729     $189,396     $198,019     $204,752     $192,855     $246,473
Ratio of total expenses to average net assets3
 0.30%*       0.30%       0.30%       0.30%       0.30%       0.29%
Ratio of net investment income (loss) to average net assets
 (0.28%)*      (0.28%)      (0.28%)      (0.28%)      (0.30%)      (0.29%)
Portfolio turnover rate
 5%#         12%         14%         18%         15%         12%
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.
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Penn Series Funds, Inc.
Financial Highlights
MODERATE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $28.17   $    25.34   $    23.22   $    20.59   $    23.89   $    21.46
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.04)        (0.07)        (0.07)        (0.06)        (0.06)        (0.07)
Net realized and unrealized gain (loss) on investment transactions
 1.89        2.90        2.19        2.69       (3.24)        2.50
Total from investment operations
 1.85        2.83        2.12        2.63       (3.30)        2.43
Net asset value, end of period
 $30.02       $28.17       $25.34       $23.22       $20.59       $23.89
Total return2
 6.57%#      11.17%       9.13%      12.77%     (13.81%)      11.32%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $182,329     $186,228     $199,124     $213,816     $220,593     $288,061
Ratio of total expenses to average net assets3
 0.30%*       0.30%       0.30%       0.30%       0.30%       0.29%
Ratio of net investment income (loss) to average net assets
 (0.28%)*      (0.28%)      (0.27%)      (0.28%)      (0.30%)      (0.29%)
Portfolio turnover rate
 4%#         10%         14%         15%         11%         12%
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.
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Penn Series Funds, Inc.
Financial Highlights
MODERATELY CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $23.82   $    21.75   $    20.26   $    18.30   $    20.62   $    18.99
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.03)        (0.06)        (0.06)        (0.05)        (0.06)        (0.06)
Net realized and unrealized gain (loss) on investment transactions
 1.17        2.13        1.55        2.01       (2.26)        1.69
Total from investment operations
 1.14        2.07        1.49        1.96       (2.32)        1.63
Net asset value, end of period
 $24.96       $23.82       $21.75       $20.26       $18.30       $20.62
Total return2
 4.79%#       9.52%       7.35%      10.71%     (11.25%)       8.58%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $69,224      $71,364      $75,763      $78,953      $81,079      $99,775
Ratio of total expenses to average net assets3
 0.33%*       0.32%       0.32%       0.32%       0.32%       0.31%
Ratio of net investment income (loss) to average net assets
 (0.28%)*      (0.27%)      (0.27%)      (0.28%)      (0.31%)      (0.31%)
Portfolio turnover rate
 4%#         11%         25%         16%         16%         20%
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.
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Penn Series Funds, Inc.
Financial Highlights
CONSERVATIVE ALLOCATION FUND
For a share outstanding throughout each period
  Six Months
Ended
6/30/26
(Unaudited) 		  Year Ended December 31,
  2025   2024   2023   2022   2021
Net asset value, beginning of period
 $19.56   $    18.03   $    17.05   $    15.64   $    17.35   $    16.60
Income (loss) from investment operations:                      
Net investment income (loss)1
 (0.03)        (0.05)        (0.04)        (0.04)        (0.05)        (0.06)
Net realized and unrealized gain (loss) on investment transactions
 0.58        1.58        1.02        1.45       (1.66)        0.81
Total from investment operations
 0.55        1.53        0.98        1.41       (1.71)        0.75
Net asset value, end of period
 $20.11       $19.56       $18.03       $17.05       $15.64       $17.35
Total return2
 2.81%#       8.49%       5.75%       9.02%      (9.86%)       4.52%
Ratios/Supplemental data:                      
Net assets, end of period (in thousands)
 $39,972      $40,896      $42,853      $46,509      $47,950      $59,188
Ratio of total expenses to average net assets3
 0.36%*       0.35%       0.35%       0.35%       0.35%       0.33%
Ratio of net investment income (loss) to average net assets
 (0.28%)*      (0.25%)      (0.25%)      (0.26%)      (0.33%)      (0.33%)
Portfolio turnover rate
 6%#         20%         34%         15%         12%         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.
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Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2026(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:
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
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Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2026(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, 2026 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
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Penn Series Funds, Inc.
Notes to Financial Statements — June 30, 2026(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.
Foreign dividends are recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The "Statement of operations" includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Funds invest are recorded on the ex-dividend date. The Funds declare and pay dividends from net investment
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income and distributions from net realized gain on investments, if any, at least annually. The Funds may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.
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, 2026 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, 2026, 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.
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. For the six months ended June 30, 2026, the International Equity Fund and Emerging Markets Equity Fund had realized capital gains tax expense of $263 and $130,892, respectively, which is reflected in the Net realized gain (loss) on Investments line item in the Statement of Operations.
Segment Reporting— An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity’s chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ President, Treasurer and Chief Compliance Officer act together as the Funds’ CODM, which has determined that the Funds operates as a single segment. The CODM monitors the operating results of the Funds, as a whole, and the Funds’ long-term strategic asset allocation is pre-determined in accordance with the terms of its Prospectuses, based on the defined investment strategies that are executed by the Portfolios’ various portfolio management teams. The financial information, in the form of the Portfolios’ holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess the segment’s performance versus the Portfolios’ various benchmarks and to make resource allocation decisions for the Fund’s single segment, which is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the Funds’ Statements of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statements of Operations.
Income Taxes— The Funds adopted FASB Accounting Standards Update (ASU), No. 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures for the annual period ended December 31, 2025. ASU No. 2023-09 requires public business entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction if material. Because the Funds do not pay a material amount of income taxes, there was not a significant impact to the income tax disclosure.
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
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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.
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   Nomura 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.
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Fund   Sub-Adviser   Investment Advisory Fees
(As a Percentage of the
Average Daily
Net Assets of the Fund)
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   Nomura 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.
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.
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Fund   Sub-Adviser   Investment Advisory Fees
(As a Percentage of the
Average Daily
Net Assets of the Fund)
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.
Investment Advisory Fee Waiver
Effective June 1, 2026, PMAM contractually agreed to waive a portion of its investment advisory fee of the Fund’s average daily net assets through May 31, 2027. The contractual fee waiver does not provide for the recoupment by PMAM of any fees PMAM previously waived. PMAM may continue the waiver from year to year, but there is no guarantee that PMAM will do so and the waiver may be cancelled or modified after May 31, 2027. This waiver may not be terminated prior to May 31, 2027, except with the approval of the Fund’s Board of Directors. The waived fees are shown as Contractual advisory fee waivers on the statement of operations and are as follows:
   
Large Cap Value Fund $1,371
Large Core Value Fund 2,246
Mid Core Value Fund 548
SMID Cap Value Fund 758
International Equity Fund 3,512
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.
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
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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, financial reporting 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%
Mid Core Value Fund   1.11%
SMID Cap Growth Fund   1.07%
Fund   Expense Limitation
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%
Moderately Conservative Allocation Fund*   0.35%
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
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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, 2026, 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 		  December 31,
2029 		  Total
Limited Maturity Bond Fund $—   $—   $ 4,334   $4,078   $ 8,412
Mid Cap Value Fund 2,322   2,564   1,202   129   6,217
During the six months ended June 30, 2026, 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 $ 1,370
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, 2026. 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, 2026 were as follows:
   
SMID Cap Growth Fund $ 2,551
Small Cap Value Fund 5,352
Cross trades for the six months ended June 30, 2026, 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, 2026, there were no Funds that engaged in Rule 17a-7 securities purchases and securities sales. 
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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, 2026 were as follows: 
Balanced Fund   Total
Value at
12/31/25 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/26 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 59.6%                        
Penn Series Index 500 Fund*   $47,990,135   $1,267,591   $5,034,090   $3,520,561   $1,224,311   $48,968,508   713,619   $—
Affiliated Fixed Income Funds — 40.2%                        
Penn Series Quality Bond Fund*   31,977,294   2,954,465   2,256,558   270,132   33,420   32,978,753   1,865,314   —
    $79,967,429   $4,222,056   $7,290,648   $3,790,693   $1,257,731   $81,947,261       $—
* Non-income producing security.
Aggressive Allocation Fund   Total
Value at
12/31/25 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/26 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 77.3%                        
Penn Series Flexibly Managed Fund*   $4,987,946   $316,211   $501,711   $152,718   $102,517   $5,057,681   40,128   $—
Penn Series Index 500 Fund*   15,516,002   463,385   1,996,113   842,260   651,649   15,477,183   225,549   —
Penn Series Large Cap Growth Fund*   556,770   66,936   55,745   21,531   (37,690)   551,802   11,614   —
Penn Series Large Cap Value Fund*   3,276,073   68,529   415,218   202,330   214,807   3,346,521   52,544   —
Penn Series Large Core Growth Fund*   2,247,221   206,630   223,455   34,571   (66,658)   2,198,309   55,415   —
Penn Series Large Core Value Fund*   2,217,216   44,105   319,036   179,547   101,123   2,222,955   51,745   —
Penn Series Large Growth Stock Fund*   3,359,594   276,337   435,241   112,496   8,504   3,321,690   29,209   —
Penn Series Mid Cap Growth Fund*   1,087,483   88,568   111,491   50,246   5,556   1,120,362   27,246   —
Penn Series Mid Cap Value Fund*   1,095,857   45,715   164,541   87,176   58,589   1,122,796   27,965   —
Penn Series Mid Core Value Fund*   2,168,999   122,661   276,316   145,702   90,955   2,252,001   48,745   —
Penn Series Real Estate Securities Fund*   2,743,114   141,194   496,299   95,388   279,994   2,763,391   70,531   —
Penn Series Small Cap Index Fund*   1,623,444   38,697   302,617   70,833   273,428   1,703,785   35,577   —
Penn Series SMID Cap Growth Fund*   1,090,835   32,323   216,133   34,050   220,641   1,161,716   17,701   —
Penn Series SMID Cap Value Fund*   1,086,668   22,053   164,563   68,255   128,978   1,141,391   22,258   —
Affiliated Fixed Income Funds — 7.0%                        
Penn Series High Yield Bond Fund*   —   584,249   38,233   430   10,357   556,803   26,489   —
Penn Series Limited Maturity Bond Fund*   553,138   63,876   68,120   9,017   (391)   557,520   35,784   —
Penn Series Quality Bond Fund*   3,323,477   330,668   888,731   113,737   (87,213)   2,791,938   157,915   —
Affiliated International Equity Funds — 14.9%                        
Penn Series Developed International Index Fund*   3,888,179   125,201   484,444   153,245   207,923   3,890,104   151,307   —
Penn Series Emerging Markets Equity Fund*   564,561   11,026   177,033   60,021   94,767   553,342   31,351   —
Penn Series International Equity Fund*   3,885,554   204,996   390,220   65,221   170,314   3,935,865   81,505   —
    $55,272,131   $3,253,360   $7,725,260   $2,498,774   $2,428,150   $55,727,155       $—
* Non-income producing security.
Moderately Aggressive Allocation Fund   Total
Value at
12/31/25 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/26 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 69.6%                        
Penn Series Flexibly Managed Fund*   $17,018,016   $719,535   $1,218,219   $759,042   $116,680   $17,395,054   138,012   $—
Penn Series Index 500 Fund*   47,267,870   932,525   5,261,504   2,208,931   2,380,847   47,528,669   692,636   —
Penn Series Large Cap Growth Fund*   1,899,708   189,180   135,357   72,949   (128,606)   1,897,874   39,947   —
Penn Series Large Cap Value Fund*   11,176,527   67,474   1,168,410   572,457   861,506   11,509,554   180,712   —
Penn Series Large Core Growth Fund*   5,750,942   469,138   469,357   72,770   (152,711)   5,670,782   142,949   —
Penn Series Large Core Value Fund*   7,564,918   44,983   928,984   477,655   486,717   7,645,289   177,963   —
Penn Series Large Growth Stock Fund*   7,642,579   549,945   854,595   406,721   (127,934)   7,616,716   66,978   —
Penn Series Mid Cap Growth Fund*   3,710,341   249,918   301,329   150,115   44,149   3,853,194   93,706   —
Penn Series Mid Cap Value Fund*   1,869,353   30,098   218,006   72,433   176,908   1,930,786   48,089   —
Penn Series Mid Core Value Fund*   7,399,281   224,793   690,778   312,385   499,409   7,745,090   167,643   —
Penn Series Real Estate Securities Fund*   9,357,744   243,282   1,378,355   311,424   969,626   9,503,721   242,566   —
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Notes to Financial Statements — June 30, 2026(Unaudited)
Moderately Aggressive Allocation Fund   Total
Value at
12/31/25 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/26 		  Number of
Shares 		  Dividend
Income
Penn Series Small Cap Index Fund*   $5,538,903   $76,299   $939,108   $226,785   $956,845   $5,859,724   122,358   $—
Penn Series SMID Cap Growth Fund*   1,860,974   36,815   337,868   113,130   324,676   1,997,727   30,439   —
Penn Series SMID Cap Value Fund*   3,707,312   22,491   482,484   211,863   466,230   3,925,412   76,548   —
Affiliated Fixed Income Funds — 16.9%                        
Penn Series High Yield Bond Fund*   —   1,974,916   97,092   1,065   36,157   1,915,046   91,106   —
Penn Series Limited Maturity Bond Fund*   3,774,229   342,443   340,928   45,979   13,272   3,834,995   246,149   —
Penn Series Quality Bond Fund*   28,346,573   2,467,382   4,178,994   536,232   (284,718)   26,886,475   1,520,728   —
Affiliated International Equity Funds — 12.9%                        
Penn Series Developed International Index Fund*   13,265,868   94,080   1,212,760   654,680   577,357   13,379,225   520,390   —
Penn Series Emerging Markets Equity Fund*   1,926,277   11,246   565,777   190,862   340,482   1,903,090   107,823   —
Penn Series International Equity Fund*   9,469,456   299,056   676,788   110,800   466,630   9,669,154   200,231   —
    $188,546,871   $9,045,599   $21,456,693   $7,508,278   $8,023,522   $191,667,577       $—
* Non-income producing security.
Moderate Allocation Fund   Total
Value at
12/31/25 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/26 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 53.6%                        
Penn Series Flexibly Managed Fund*   $16,708,720   $313,147   $1,440,882   $961,936   $(109,054)   $16,433,867   130,386   $—
Penn Series Index 500 Fund*   38,982,932   662,294   5,704,860   2,285,268   1,488,534   37,714,168   549,609   —
Penn Series Large Cap Growth Fund*   1,865,116   140,735   160,098   98,551   (151,547)   1,792,757   37,734   —
Penn Series Large Cap Value Fund*   5,487,133   630   750,908   433,459   266,495   5,436,809   85,364   —
Penn Series Large Core Growth Fund*   1,881,995   148,027   219,547   22,894   (47,865)   1,785,504   45,009   —
Penn Series Large Core Value Fund*   3,713,639   420   574,056   326,702   144,712   3,611,417   84,065   —
Penn Series Large Growth Stock Fund*   5,627,309   388,504   825,691   378,697   (172,955)   5,395,864   47,449   —
Penn Series Mid Cap Growth Fund*   3,643,035   232,733   426,420   198,034   (7,173)   3,640,209   88,527   —
Penn Series Mid Core Value Fund*   7,265,578   23,780   764,332   407,138   385,485   7,317,649   158,391   —
Penn Series Real Estate Securities Fund*   7,350,839   840   1,172,238   230,369   773,627   7,183,437   183,344   —
Penn Series Small Cap Index Fund*   3,625,690   38,415   742,010   156,244   612,551   3,690,890   77,070   —
Penn Series SMID Cap Growth Fund*   1,827,183   30,006   395,040   45,492   379,908   1,887,549   28,760   —
Penn Series SMID Cap Value Fund*   1,820,060   210   295,985   133,627   196,540   1,854,452   36,163   —
Affiliated Fixed Income Funds — 36.8%                        
Penn Series High Yield Bond Fund*   7,438,962   388,345   730,555   212,550   (72,488)   7,236,814   344,283   —
Penn Series Limited Maturity Bond Fund*   5,558,556   352,990   563,465   74,125   12,444   5,434,650   348,822   —
Penn Series Quality Bond Fund*   55,663,219   3,674,685   5,432,677   101,065   425,130   54,431,422   3,078,700   —
Affiliated International Equity Funds — 9.0%                        
Penn Series Developed International Index Fund*   9,303,442   1,050   1,139,062   600,291   262,500   9,028,221   351,156   —
Penn Series Emerging Markets Equity Fund*   1,891,205   210   612,397   219,509   299,236   1,797,763   101,856   —
Penn Series International Equity Fund*   5,578,355   74,722   510,298   43,485   294,556   5,480,820   113,498   —
    $185,232,968   $6,471,743   $22,460,521   $6,929,436   $4,980,636   $181,154,262       $—
* Non-income producing security.
Moderately Conservative Allocation Fund   Total
Value at
12/31/25 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/26 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 35.5%                        
Penn Series Flexibly Managed Fund*   $5,656,190   $149,989   $586,439   $284,172   $3,195   $5,507,107   43,693   $—
Penn Series Index 500 Fund*   9,897,366   276,863   1,653,730   816,752   141,820   9,479,071   138,139   —
Penn Series Large Cap Growth Fund*   710,309   51,297   65,281   15,520   (35,961)   675,884   14,226   —
Penn Series Large Cap Value Fund*   2,089,607   8,695   315,863   126,023   141,225   2,049,687   32,182   —
Penn Series Large Core Value Fund*   1,414,288   5,797   238,484   75,938   104,005   1,361,544   31,693   —
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Notes to Financial Statements — June 30, 2026(Unaudited)
Moderately Conservative Allocation Fund   Total
Value at
12/31/25 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/26 		  Number of
Shares 		  Dividend
Income
Penn Series Mid Core Value Fund*   $1,383,409   $5,797   $160,925   $43,492   $107,597   $1,379,370   29,856   $—
Penn Series Real Estate Securities Fund*   2,799,398   11,595   486,114   92,813   290,491   2,708,183   69,122   —
Penn Series Small Cap Index Fund*   690,344   15,176   156,271   38,256   108,227   695,732   14,528   —
Penn Series SMID Cap Value Fund*   693,101   2,899   122,732   51,822   74,038   699,128   13,634   —
Affiliated Fixed Income Funds — 56.3%                        
Penn Series High Yield Bond Fund*   3,541,199   799,646   329,184   77,002   3,637   4,092,300   194,686   —
Penn Series Limited Maturity Bond Fund*   4,233,650   184,143   386,280   62,688   3,393   4,097,594   263,004   —
Penn Series Quality Bond Fund*   32,503,513   1,464,084   3,488,330   99,711   200,848   30,779,826   1,740,940   —
Affiliated International Equity Funds — 6.9%                        
Penn Series Developed International Index Fund*   2,834,462   11,595   386,357   121,055   142,110   2,722,865   105,907   —
Penn Series International Equity Fund*   2,124,428   51,985   238,660   50,511   77,990   2,066,254   42,788   —
    $70,571,264   $3,039,561   $8,614,650   $1,955,755   $1,362,615   $68,314,545       $—
* Non-income producing security.
Conservative Allocation Fund   Total
Value at
12/31/25 		  Purchases   Sales
Proceeds 		  Realized
Gain (Loss) 		  Net Change in
Unrealized
Appreciation
(Depreciation) 		  Total
Value at
06/30/26 		  Number of
Shares 		  Dividend
Income
Affiliated Equity Funds — 20.4%                        
Penn Series Flexibly Managed Fund*   $3,194,605   $153,124   $383,445   $141,763   $25,988   $3,132,035   24,850   $—
Penn Series Index 500 Fund*   3,593,889   178,089   666,155   323,525   36,155   3,465,503   50,503   —
Penn Series Large Core Value Fund*   399,423   9,462   73,629   25,263   26,658   387,177   9,012   —
Penn Series Mid Core Value Fund*   390,578   9,462   51,065   12,778   30,499   392,252   8,490   —
Penn Series Real Estate Securities Fund*   790,423   18,925   149,827   25,476   85,133   770,130   19,656   —
Affiliated Fixed Income Funds — 74.9%                        
Penn Series High Yield Bond Fund*   1,999,918   858,031   197,387   46,426   8,349   2,715,337   129,179   —
Penn Series Limited Maturity Bond Fund*   3,586,387   158,376   306,084   47,031   9,975   3,495,685   224,370   —
Penn Series Quality Bond Fund*   25,140,890   1,154,587   2,797,268   164,320   67,443   23,729,972   1,342,193   —
Affiliated International Equity Funds — 1.9%                        
Penn Series Developed International Index Fund*   800,460   18,924   120,955   37,322   38,524   774,275   30,116   —
    $39,896,573   $2,558,980   $4,745,815   $823,904   $328,724   $38,862,366       $—
* Non-income producing security.
5 — Purchases and Sales of Securities
During the six months ended June 30, 2026, 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 $ 3,200,789   $ 2,054,990   $ 19,871,991   $ 24,211,081
Quality Bond Fund 11,729,598   21,477,427   25,653,851   27,836,284
High Yield Bond Fund —   —   38,903,895   37,854,535
Flexibly Managed Fund 663,073,787   715,821,641   2,003,779,814   2,434,746,222
Balanced Fund —   —   4,222,056   7,290,648
Large Growth Stock Fund —   —   105,179,104   133,778,915
Large Cap Growth Fund —   —   17,010,324   19,716,451
Large Core Growth Fund —   —   18,139,535   24,543,865
Large Cap Value Fund —   —   50,393,638   62,766,190
Large Core Value Fund —   —   52,015,081   63,446,311
Index 500 Fund —   —   10,136,513   35,516,191
Mid Cap Growth Fund —   —   38,105,747   49,135,319
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Notes to Financial Statements — June 30, 2026(Unaudited)
  U.S. Government Securities   Other Investment Securities
  Purchases   Sales   Purchases   Sales
Mid Cap Value Fund $—   $—   $15,443,335   $21,689,332
Mid Core Value Fund —   —   23,450,470   28,623,237
SMID Cap Growth Fund —   —   34,213,765   40,601,034
SMID Cap Value Fund —   —   15,813,709   19,870,850
Small Cap Growth Fund —   —   19,319,318   29,612,840
Small Cap Value Fund —   —   94,603,050   106,378,765
Small Cap Index Fund —   —   18,913,662   24,614,008
Developed International Index Fund —   —   2,292,701   2,114,327
International Equity Fund —   —   310,592,770   319,456,047
Emerging Markets Equity Fund —   —   29,529,779   37,799,711
Real Estate Securities Fund —   —   13,072,634   20,315,596
Aggressive Allocation Fund —   —   3,253,360   7,725,260
Moderately Aggressive Allocation Fund —   —   9,045,599   21,456,693
Moderate Allocation Fund —   —   6,471,743   22,460,521
Moderately Conservative Allocation Fund —   —   3,039,561   8,614,650
Conservative Allocation Fund —   —   2,558,980   4,745,815
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, 2025, 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.
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, 2025, primarily attributable to consent dividends, were reclassed between the following accounts:
  Total
distributable
earnings
(loss) 		  Increase
(Decrease)
Paid-in Capital
Money Market Fund $—   $—
Limited Maturity Bond Fund (2,948,534)   2,948,534
Quality Bond Fund (14,826,337)   14,826,337
High Yield Bond Fund (7,414,228)   7,414,228
Flexibly Managed Fund (756,797,122)   756,797,122
Balanced Fund (6,984,095)   6,984,095
Large Growth Stock Fund (51,104,228)   51,104,228
Large Cap Growth Fund (3,483,417)   3,483,417
Large Core Growth Fund 250,946   (250,946)
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Notes to Financial Statements — June 30, 2026(Unaudited)
  Total
distributable
earnings
(loss) 		  Increase
(Decrease)
Paid-in Capital
Large Cap Value Fund $(11,221,827)   $11,221,827
Large Core Value Fund (4,314,468)   4,314,468
Index 500 Fund (75,199,282)   75,199,282
Mid Cap Growth Fund (903,371)   903,371
Mid Cap Value Fund (3,909,941)   3,909,941
Mid Core Value Fund (5,255,552)   5,255,552
SMID Cap Growth Fund (567,590)   567,590
SMID Cap Value Fund (1,971,232)   1,971,232
Small Cap Growth Fund (9,519,413)   9,519,413
Small Cap Value Fund (12,047,025)   12,047,025
Small Cap Index Fund (5,138,365)   5,138,365
Developed International Index Fund (6,610,902)   6,610,902
International Equity Fund (24,498,033)   24,498,033
Emerging Markets Equity Fund (652,896)   652,896
Real Estate Securities Fund (4,871,919)   4,871,919
Aggressive Allocation Fund (5,014,291)   5,014,291
Moderately Aggressive Allocation Fund (15,751,143)   15,751,143
Moderate Allocation Fund (12,981,780)   12,981,780
Moderately Conservative Allocation Fund (3,388,568)   3,388,568
Conservative Allocation Fund (1,493,969)   1,493,969
These reclassifications had no effect on net assets or net asset value per share.
Tax character of distributions:
The tax character of dividends and distributions declared and paid or deemed distributed during the years ended December 31, 2025 and 2024 were as follows:
  Ordinary Income and
Short-Term Capital Gains 		  Long-Term Capital Gains   Total
  2025   2024   2025   2024   2025   2024
Money Market Fund $4,530,842   $6,724,790   $—   $—   $4,530,842   $6,724,790
Limited Maturity Bond Fund 2,948,534   6,597,587   —   —   2,948,534   6,597,587
Quality Bond Fund 14,826,335   14,945,851   —   —   14,826,335   14,945,851
High Yield Bond Fund 7,414,228   7,978,769   —   —   7,414,228   7,978,769
Flexibly Managed Fund 261,443,533   209,082,081   495,353,592   449,485,122   756,797,125   658,567,203
Balanced Fund 1,660,087   1,653,368   10,579,483   11,784,773   12,239,570   13,438,141
Large Growth Stock Fund 1,640,453   —   49,463,775   26,901,322   51,104,228   26,901,322
Large Cap Growth Fund 145,676   665,152   3,337,741   8,609,590   3,483,417   9,274,742
Large Core Growth Fund —   —   —   —   —   —
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Notes to Financial Statements — June 30, 2026(Unaudited)
  Ordinary Income and
Short-Term Capital Gains 		  Long-Term Capital Gains   Total
  2025   2024   2025   2024   2025   2024
Large Cap Value Fund $1,433,915   $2,615,589   $9,787,912   $16,133,043   $11,221,827   $18,748,632
Large Core Value Fund 1,344,694   4,489,564   2,969,774   10,979,554   4,314,468   15,469,118
Index 500 Fund 8,439,005   8,658,844   66,760,277   57,285,307   75,199,282   65,944,151
Mid Cap Growth Fund 698,525   —   204,846   19,617,208   903,371   19,617,208
Mid Cap Value Fund 817,470   2,124,165   3,092,471   9,338,621   3,909,941   11,462,786
Mid Core Value Fund 2,637,999   2,879,820   2,617,747   3,873,582   5,255,746   6,753,402
SMID Cap Growth Fund —   —   1,007,768   —   1,007,768   —
SMID Cap Value Fund 837,318   1,491,329   1,133,914   2,984,006   1,971,232   4,475,335
Small Cap Growth Fund —   656,903   9,722,140   11,012,082   9,722,140   11,668,985
Small Cap Value Fund 3,520,787   6,773,749   8,526,238   5,109,707   12,047,025   11,883,456
Small Cap Index Fund 905,605   1,266,318   4,232,761   5,606,511   5,138,366   6,872,829
Developed International Index Fund 2,463,361   1,797,307   4,147,541   3,938,421   6,610,902   5,735,728
International Equity Fund 10,182,494   —   14,315,539   23,383,835   24,498,033   23,383,835
Emerging Markets Equity Fund 652,896   289,683   —   —   652,896   289,683
Real Estate Securities Fund 2,230,018   3,645,409   2,641,901   2,292,280   4,871,919   5,937,689
Aggressive Allocation Fund 969,344   935,316   8,267,372   8,993,629   9,236,716   9,928,945
Moderately Aggressive Allocation Fund 3,887,765   4,042,745   25,552,619   28,624,832   29,440,384   32,667,577
Moderate Allocation Fund 4,989,446   5,332,742   20,724,319   25,970,730   25,713,765   31,303,472
Moderately Conservative Allocation Fund 2,318,477   2,608,911   5,502,841   7,532,675   7,821,318   10,141,586
Conservative Allocation Fund 1,497,747   1,801,568   2,255,762   3,114,252   3,753,509   4,915,820
Short-term gain distributions to shareholders are treated as ordinary income for tax purposes.
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Notes to Financial Statements — June 30, 2026(Unaudited)
Capital loss carryforwards:
At December 31, 2025, the following Funds had capital loss carryforwards available to offset future realized capital gains:
  Short-Term
Capital Loss 		  Long-Term
Capital Loss
Money Market Fund $ 1,334   $ —
Limited Maturity Bond Fund 1,261,234   6,320,766
Quality Bond Fund 11,423,501   32,810,741
High Yield Bond Fund 1,432,104   4,386,573
Large Core Growth Fund 14,497,565   41,496,106
Emerging Markets Equity Fund 11,432,270   5,248,114
During the year ended December 31, 2025, the following Funds utilized capital loss carryforwards to offset realized capital gains for federal income tax purposes in the following approximate amounts:
   
Limited Maturity Bond Fund $ 342,147
High Yield Bond Fund 255,619
Large Core Growth Fund 5,957,274
SMID Cap Growth Fund 788,694
Emerging Markets Equity Fund 3,883,476
Tax cost of securities:
At June 30, 2026, 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, 2026 were as follows:
  Federal
Tax Cost 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Net Unrealized
Appreciation/
Depreciation
Money Market Fund $101,644,135   $—   $—   $—
Limited Maturity Bond Fund 67,540,794   161,542   (1,982,676)   (1,821,134)
Quality Bond Fund 343,356,656   2,015,752   (14,563,136)   (12,547,384)
High Yield Bond Fund 119,076,016   2,203,999   (1,114,083)   1,089,916
Flexibly Managed Fund 4,602,089,401   391,486,214   (151,455,787)   240,030,427
Balanced Fund 52,692,249   29,255,012   —   29,255,012
Large Growth Stock Fund 224,314,688   145,581,013   (10,297,834)   135,283,179
Large Cap Growth Fund 52,882,235   16,822,970   (2,822,881)   14,000,089
Large Core Growth Fund 85,336,758   46,917,423   (5,578,930)   41,338,493
Large Cap Value Fund 130,316,837   40,353,549   (2,691,140)   37,662,409
Large Core Value Fund 116,621,039   24,504,355   (3,959,482)   20,544,873
Index 500 Fund 394,839,393   618,752,943   (21,915,155)   596,837,788
Mid Cap Growth Fund 92,024,792   26,926,900   (6,176,707)   20,750,193
Mid Cap Value Fund 63,857,815   27,447,328   (1,546,033)   25,901,295
Mid Core Value Fund 62,336,602   8,356,222   (3,253,414)   5,102,808
SMID Cap Growth Fund 60,547,719   19,747,048   (2,226,721)   17,520,327
SMID Cap Value Fund 41,420,857   8,406,835   (2,243,657)   6,163,178
Small Cap Growth Fund 65,242,267   38,791,480   (4,668,532)   34,122,948
Small Cap Value Fund 138,930,560   27,488,671   (2,853,669)   24,635,002
Small Cap Index Fund 78,300,314   25,972,818   (12,358,978)   13,613,840
Developed International Index Fund 55,277,141   47,827,281   (2,772,445)   45,054,836
International Equity Fund 203,838,063   20,550,449   (7,007,190)   13,543,259
Emerging Markets Equity Fund 59,432,489   21,613,407   (3,416,744)   18,196,663
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Notes to Financial Statements — June 30, 2026(Unaudited)
  Federal
Tax Cost 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Net Unrealized
Appreciation/
Depreciation
Real Estate Securities Fund $85,947,897   $18,712,258   $(7,047,170)   $11,665,088
Aggressive Allocation Fund 39,750,572   16,136,939   (142,243)   15,994,696
Moderately Aggressive Allocation Fund 134,317,006   57,624,900   (274,329)   57,350,571
Moderate Allocation Fund 133,677,640   47,593,015   (116,393)   47,476,622
Moderately Conservative Allocation Fund 55,858,598   12,581,330   (87,724)   12,493,606
Conservative Allocation Fund 34,401,485   4,734,167   (162,013)   4,572,154
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.
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
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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, 2026. Open futures contracts held by the Quality Bond, Index 500, Small Cap Index and Developed International Index Funds at June 30, 2026 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 Fund 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 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, 2026 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.
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The following is a summary of the location of derivatives on the Funds’ Statements of Assets and Liabilities as of June 30, 2026:
    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, 2026:
  ASSET DERIVATIVE VALUE   LIABILITY DERIVATIVE VALUE
  Equity
Contracts 		  Foreign Currency
Contracts 		  Interest Rate
Contracts 		  Equity
Contracts 		  Foreign Currency
Contracts 		  Interest Rate
Contracts
Flexibly Managed Fund $ —   $ —   $ —   $ (27,107,495)   $ —   $ —
Index 500 Fund 2,468   —   —   —   —   —
Mid Core Value Fund —   7,950   —   —   (669)   —
Small Cap Index Fund 11,635   —   —   —   —   —
Developed International Index Fund —   6,919   —   (293)   —   —
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.
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In third party Margin Direct ACA arrangement, the collateral provider (the Pledgor) posts collateral to a segregated account in the name of the Pledgor designated as pledged for the benefit of the collateral receiver (the “Secured Party”). Prior to an event of default, The Secure Party is not permitted to re-sell, re-use or re-pledge the collateral.
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, 2026:
        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 		  Cash
Collateral
Pledged
(Received by
Fund) 		  Non-Cash
Collateral
Pledged
(Received by
Fund) 		  Loss
Exposure,
After
Collateral
Flexibly Managed Fund                            
Bank of America   ISDA   $—   $(3,596,094)   $(3,596,094)   $—   $3,596,094   $—
Barclays   ISDA   —   (1,079,730)   (1,079,730)   —   —   (1,079,730)
Citigroup   ISDA   —   (1,605,259)   (1,605,259)   —   —   (1,605,259)
Goldman Sachs   ISDA   —   (3,197,140)   (3,197,140)   —   3,197,140   —
JP Morgan   ISDA   —   (10,117,334)   (10,117,334)   —   —   (10,117,334)
Nomura Securities   ISDA   —   (186,050)   (186,050)   —   —   (186,050)
UBS Securities   ISDA   —   (3,989,318)   (3,989,318)   —   —   (3,989,318)
Wells Fargo   ISDA   —   (3,336,570)   (3,336,570)   —   3,336,570   —
Total       $—   $(27,107,495)   $(27,107,495)   $—   $10,129,804   $(16,977,691)
Mid Core Value Fund                            
Bank of America   Fx Letter   4,831   (378)   4,453   —   —   4,453
Citibank N.A.   Fx Letter   1,072   —   1,072   —   —   1,072
Goldman Sachs   Fx Letter   247   —   247   —   —   247
JPMorgan   Fx Letter   287   (291)   (4)   —   —   (4)
Morgan Stanley   Fx Letter   730   —   730   —   —   730
UBS Securities   Fx Letter   783   —   783   —   —   783
Total       $7,950   $(669)   $7,281   $—   $—   $7,281
Developed International Index Fund                            
UBS Securities   Fx Letter   3,342   —   3,342   —   —   3,342
RBC Capital Markets Corp.   Fx Letter   3,577   —   3,577   —   —   3,577
Total       $6,919   $—   $6,919   $—   $—   $6,919
The following is a summary of the location of derivatives on the Funds’ Statements of Operations as of June 30, 2026:
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
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Derivative Type   Location of Gain (Loss) on Derivatives Recognized in Income
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
Quality Bond Fund   $ —   $ —   $ (44,208)
Flexibly Managed Fund   7,950,755   —   —
Large Core Growth Fund   —   36   —
Index 500 Fund   193,435   —   —
Mid Cap Value Fund   —   (6)   —
Mid Core Value Fund   —   139,516   —
Small Cap Index Fund   35,450   —   —
Developed International Index Fund   202,569   16,108   —
Emerging Markets Equity Fund   —   (74,879)   —
    Change in Unrealized Appreciation (Depreciation) on Derivatives
Recognized in Income
Fund   Equity Contracts   Foreign Currency
Contracts 		  Interest Rate
Contracts
Quality Bond Fund   $ —   $ —   $ 32,260
Flexibly Managed Fund   (1,925,891)   —   —
Index 500 Fund   22,909   —   —
Mid Core Value Fund   —   15,315   —
Small Cap Index Fund   23,205   —   —
Developed International Index Fund   (19,685)   7,144   —
The table below summarizes the average balance of derivative holdings by Fund during the six months ended June 30, 2026. 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)
Quality Bond Fund   $ —   $ 1,499,167   $ —   $ —   $ —
Flexibly Managed Fund   —   —   —   —   (15,027,083)
Index 500 Fund   —   2,801,533   —   —   —
Mid Core Value Fund   (4,540,004)   —   —   —   —
Small Cap Index Fund   —   319,287   —   —   —
Developed International Index Fund   (540,283)   3,712,190   (1,402,682)   —   —
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,
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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 funds may 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 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.
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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, 2026 is available on the Fund’s website at http://www.pennmutual.com and on the SEC’s website at http://www.sec.gov.
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Board Approval of New Sub-Advisory Agreements
Nomura Investments Fund Advisers - Mid Cap Growth Fund and Large Core Growth Fund.
On December 1, 2025, Nomura Holding America Inc. (“Nomura”) completed its acquisition of Macquarie Asset Management’s U.S. and European public investments business, including Macquarie Management Holdings, Inc. (“MMHI”), the parent company of Delaware Investments Fund Advisers (“DIFA”) (the “Nomura Acquisition”), investment sub-adviser to the Mid Cap Growth Fund and Large Core Growth Fund (for this section only, each, a “Fund” and together, the “Funds”). The Nomura Acquisition constituted a change of control of DIFA, which, in turn, caused the assignment and, pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the automatic termination of the Funds’ investment sub-advisory agreement between Penn Mutual Asset Management, LLC (“PMAM” or the “Adviser”) and DIFA (the “Prior DIFA Sub-Advisory Agreement”). In addition, as part of the Nomura Acquisition, DIFA was renamed Nomura Investments Fund Advisers (“NIFA”). In anticipation of the Nomura Acquisition and the automatic termination of the Prior DIFA Sub-Advisory Agreement, at a meeting of the Penn Series Funds, Inc.’s (the “Company”) Board of Directors (the “Board”) held on September 17, 2025 (for this section only, the “Meeting”), PMAM recommended, and the Board, including a majority of the Directors who are not “interested persons,” as defined by the 1940 Act, of the Company (collectively, the “Independent Directors”), approved a new sub-advisory agreement between PMAM and NIFA with respect to the Funds, which became effective December 1, 2025 (for this section only, the “New Sub-Advisory Agreement”).
Board Considerations. Prior to the approval of the New Sub-Advisory Agreement, the Board received written and oral information from PMAM and NIFA1, as well as considered information provided by NIFA at the May 2025 board meeting (the “May Board Meeting”) in connection with the annual renewal of the firm’s investment sub-advisory agreement. PMAM reviewed with the Board the basis for its recommendation, including NIFA’s performance with respect to its management of the Funds. The Board also reviewed and considered information about NIFA’s portfolio managers, research, investment and risk management processes, as well as other factors. The Board then considered information about the Nomura Acquisition and its anticipated effect on NIFA, including that according to NIFA, no changes were expected to its advisory business. The Board discussed the written materials provided in advance of the meeting, as well as other information the Board received during the meeting, and deliberated on the approval of the New Sub-Advisory Agreement in light of this information. As further outlined below, in approving the New Sub-Advisory Agreement, the Board carefully evaluated: (1) the nature, extent and quality of the services rendered by NIFA to each Fund to date and the expectation of the continuation of such services; (2) each Fund’s performance, as well as the performance of similar accounts managed by NIFA; (3) the costs of the services provided by NIFA and the profitability of NIFA with respect to each Fund; and (4) the extent to which economies of scale would be realized as each Fund grows and whether each Fund’s sub-advisory fee levels reflect those economies of scale for the benefit of each Fund’s investors. The Board evaluated the foregoing information, as well as such other information as the Directors considered to be relevant in the exercise of their reasonable judgment, in their decision to approve the New Sub-Advisory Agreement.
Nature, Extent and Quality of Advisory Services. In considering the nature, extent and quality of the services to be provided by NIFA, the Board evaluated, among other things, NIFA’s business, personnel, experience, investment decision process, brokerage practices, compliance program, and the resources of NIFA to be dedicated to each Fund. The Board also noted that NIFA planned to retain the same investment processes, portfolio management personnel and other support systems as are currently in place. The Board observed that it had previously approved NIFA’s code of ethics and compliance program, that the Chief Compliance Officer of the Funds continues to monitor the code and the program, and that no material changes to the code of ethics or compliance program are anticipated post-Nomura Acquisition. The Board reviewed the change in control at NIFA noting PMAM’s comfort with the financial strength of Nomura. The Board recalled its considerations regarding the firm at the May Board Meeting, including its conclusion that the Sub-Adviser was in a position to provide a high quality level of services to the Funds. The Board noted its view that, based on the information it has received, the Nomura Acquisition should not affect that conclusion. Based on its evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services to be provided by NIFA to each Fund, supported the approval of the New Sub-Advisory Agreement.
Performance Record. The Board considered each Fund’s performance in determining whether to approve the New Sub-Advisory Agreement. In this regard, the Board considered its review of each Fund’s performance at the May Board Meeting. For the May Board Meeting review, 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 (“Peer Funds”).
1 At the time of the Board’s review prior to December 1, 2025, NIFA was named DIFA, but for ease of reference, this document hereinafter references NIFA even for periods prior to December 1, 2025.
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Board Approval of New Sub-Advisory Agreements (continued)
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 recent market conditions, economic and market trends, as well as both market risk and shareholder risk expectations for a Fund. The Board also reviewed more recent performance information since the May Board Meeting. 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 the approval of the New Sub-Advisory Agreement.
Costs of Advisory Services. In considering the cost of the sub-advisory services to be provided by NIFA, the Board evaluated (a) the services to be provided by NIFA; (b) the sub-advisory fees to be paid to NIFA, including the breakpoints in the sub-advisory fee schedule under the New Sub-Advisory Agreement; (c) the advisory fees to be paid to PMAM in comparison to advisory fees charged to other comparable mutual funds and other types of comparable accounts; and (d) the fact that NIFA will be compensated by PMAM and not by each Fund directly and that such compensation reflects an arms-length negotiation between PMAM and NIFA. The Board noted that the sub-advisory fee payable to NIFA would remain the same under the New Sub-Advisory Agreement as it was under the Prior DIFA Sub-Advisory Agreement, and that each Fund’s shareholders would not experience a change in the advisory fee rate in connection with the approval of the New Sub-Advisory Agreement. The Board recalled its review, at the May Board Meeting, of comparative fees and the costs of services to be provided under the Prior DIFA Sub-Advisory Agreement. The Board observed that fees paid under the New Sub-Advisory Agreement are identical to those paid under the Prior DIFA Sub-Advisory Agreement, which were reviewed and approved in May 2025. Based on its evaluation, the Board concluded, within the context of its full deliberations, that the sub-advisory fee charged under the New Sub-Advisory Agreement is reasonable and supported approval of the New Sub-Advisory Agreement.
Profitability and Other Benefits. Noting that NIFA is compensated by PMAM at a rate negotiated at arm’s length, the Board determined the profits realized by NIFA are not unreasonable. The Board also considered the other or fall-out benefits that may accrue to NIFA because of its relationship with each Fund, including the receipt of indirect benefits for portfolio securities trades placed with each Fund’s assets. In addition, the Board considered that NIFA may benefit from the development of additional investment advisory business with PMAM or the Company as a result of its relationship with each Fund. Based on its evaluation, the Board concluded that the profitability of and any fall-out benefits that may be realized by NIFA would be reasonable.
Economies of Scale. The Board considered the existence of any economies of scale and whether any such economies of scale would be passed along to each Fund’s shareholders through a graduated investment advisory fee schedule (i.e., breakpoints) or other means. The Board also noted that PMAM and The Penn Mutual Life Insurance Company (“Penn Mutual”) have contractually committed to waive fees and/or reimburse certain expenses of the Mid Cap Growth Fund and the Large Core Growth Fund to maintain each Fund’s total expense ratio at 1.00% and 0.90%, respectively. Based on its evaluation, the Board concluded, within the context of its full deliberations, that each Fund and its shareholders obtain a reasonable benefit from any economies of scale realized by PMAM and NIFA.
Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved the New Sub-Advisory Agreement and concluded that the compensation under the New Sub-Advisory Agreement is fair and reasonable in light of such services and such other matters as the Board considered to be relevant in the exercise of the Directors’ reasonable judgment. In the course of its deliberations, the Board did not identify any particular information or single factor that was all-important or controlling.
Janus Henderson Investors US LLC - Mid Cap Value Fund and Small Cap Growth Fund.
On June 30, 2026, a consortium of investors led by Trian Fund Management, L.P. (“Trian”) and General Catalyst Group Management, LLC (“General Catalyst”) completed an acquisition of Janus Henderson Group plc (the “Janus Acquisition”), the indirect parent company of Janus Henderson Investors US LLC (“Janus”). At the closing, Janus Henderson Group plc changed its name to Janus Henderson Group Ltd. and became an indirect, wholly owned subsidiary of Jupiter Topco LLC. Janus remains an indirect wholly-owned subsidiary of Janus Henderson Group Ltd. (formerly plc), but the Janus Acquisition constituted a change of control of Janus, which, in turn, caused the assignment and, pursuant to Section 15 of the 1940 Act, the automatic termination of the Funds’ investment sub-advisory agreement between PMAM and Janus dated May 1, 2020, as amended (the “Prior Janus Sub-Advisory Agreement”). PMAM and Janus entered into the Prior Janus Sub-Advisory Agreement with respect to the Mid Cap Value Fund and the Small Cap Growth Fund on May 1, 2020. Under the terms of the Prior Janus Sub-Advisory Agreement, Janus was responsible for making the day-to-day investment decisions for the assets of
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June 30, 2026
Board Approval of New Sub-Advisory Agreements (continued)
each Fund and continuously reviewing, supervising and administering each Fund’s investment program. At a meeting of the Company’s Board held on May 21, 2026, PMAM recommended, and the Board, including the Independent Directors, approved a new Sub-Advisory Agreement, which became effective June 30, 2026 (for this section only, the “New Sub-Advisory Agreement”).
Board Considerations.Prior to the approval of the New Sub-Advisory Agreement, the Board received written and oral information from PMAM and Janus, as well as considered information provided by Janus in connection with the annual renewal of Janus’s investment sub-advisory agreement. PMAM reviewed with the Board the basis for its recommendation, including Janus’s performance with respect to its management of the Funds. The Board also reviewed and considered information about Janus’s portfolio managers, research, investment and risk management processes, as well as other factors. The Board then considered information about the Janus Acquisition and its anticipated effect on Janus, including that, according to Janus, no changes were expected to its advisory business, and that as a private company, Janus Henderson Group Ltd. (formerly plc) would continue to be led by the current management team and would maintain its main presence in both London, England, and Denver, Colorado. The Board discussed the written materials provided in advance of the meeting, as well as other information the Board received during the meeting, and deliberated on the approval of the New Sub-Advisory Agreement in light of this information. As further outlined below, in approving the New Sub-Advisory Agreement, the Board carefully evaluated: (1) the nature, extent and quality of the services rendered by Janus to each Fund to date and the expectation of the continuation of such services; (2) each Fund’s performance, as well as the performance of similar accounts managed by Janus; (3) the costs of the services provided by Janus and the profitability of Janus with respect to each Fund; and (4) the extent to which economies of scale would be realized as each Fund grows and whether each Fund’s sub-advisory fee levels reflect those economies of scale for the benefit of each Fund’s investors. The Board evaluated the foregoing information, as well as such other information as the Directors considered to be relevant in the exercise of their reasonable judgment, in their decision to approve the New Sub-Advisory Agreement. 
Nature, Extent and Quality of Advisory Services. In considering the nature, extent and quality of the services to be provided by Janus, the Board evaluated, among other things, Janus’s business, personnel, experience, investment decision process, brokerage practices, compliance program, and the resources of Janus to be dedicated to each Fund. The Board also noted that Janus planned to retain the same investment processes, portfolio management personnel and other support systems as are currently in place and considered Janus’ commitment to allocate the resources necessary to ensure services remain at least at current levels. The Board noted that Janus intends to take appropriate steps to retain key personnel supporting the Funds, including key investment, compliance, operational and administrative personnel who support Fund oversight. The Board observed that it had previously approved Janus’s code of ethics and compliance program, that the Chief Compliance Officer of the Funds continues to monitor the code and the program, and that no material changes to the code of ethics or compliance program are anticipated post-Janus Acquisition. The Board also considered certain materials related to its renewal of Janus’s investment sub-advisory agreement, which occurred at the same Board Meeting, including its conclusion that Janus was in a position to provide a high-quality level of services to the Funds. The Board noted its view that, based on the information it has received, the Janus Acquisition should not affect that conclusion. Based on its evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services to be provided by Janus to each Fund supported the approval of the New Sub-Advisory Agreement.
Performance Record. The Board considered each Fund’s performance in determining whether to approve the New Sub-Advisory Agreement. PMAM engaged an independent third party to prepare 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 recent market conditions, economic and market trends, as well as both market risk and shareholder risk expectations for a 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 the approval of the New Sub-Advisory Agreement.
Costs of Advisory Services. In considering the cost of the sub-advisory services to be provided by Janus, the Board evaluated (a) the services to be provided by Janus; (b) the sub-advisory fees to be paid to Janus; (c) the advisory fees to be paid to PMAM in comparison to advisory fees charged to other comparable mutual funds and other types of comparable accounts; and (d) the fact that Janus will be compensated by PMAM and not by each Fund directly and that such compensation reflects an arms-length negotiation between PMAM and Janus. The Board noted that the sub-advisory fee payable to Janus would remain
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the same under the New Sub-Advisory Agreement as it was under the Prior Janus Sub-Advisory Agreement, and that each Fund’s shareholders would not experience a change in the advisory fee rate in connection with the approval of the New Sub-Advisory Agreement. The Board reviewed comparative fees and the costs of services to be provided under the Prior Janus Sub-Advisory Agreement, which were reviewed and approved at the same meeting. Based on its evaluation, the Board concluded, within the context of its full deliberations, that the sub-advisory fee charged under the New Sub-Advisory Agreement is reasonable and supported the approval of the New Sub-Advisory Agreement.
Profitability and Other Benefits. Noting that Janus is compensated by PMAM at a rate negotiated at arm’s length, the Board determined the profits realized by Janus were not unreasonable. The Board also considered the other or fall-out benefits that may accrue to Janus because of its relationship with each Fund, including that Janus may benefit from the development of additional investment advisory business with PMAM or the Company. Based on its evaluation, the Board concluded that the profitability of and any fall-out benefits that may be realized by Janus would be reasonable.
Economies of Scale. The Board considered the existence of any economies of scale and whether any such economies of scale would be passed along to each Fund’s shareholders through a graduated investment advisory fee schedule (i.e., breakpoints) or other means. The Board also noted that PMAM and Penn Mutual have contractually committed to waive fees and/or reimburse certain expenses of the Mid Cap Value Fund and Small Cap Growth Fund to maintain each Fund’s total expense ratio at 0.83% and 1.13%, respectively. Based on its evaluation, the Board concluded, within the context of its full deliberations, that each Fund and its shareholders obtain a reasonable benefit from any economies of scale realized by PMAM and Janus.
Based on the Board’s deliberations and its evaluation of the information described above, the Board, including all of the Independent Directors, unanimously approved the New Sub-Advisory Agreement and concluded that the compensation under the New Sub-Advisory Agreement is fair and reasonable in light of such services and such other matters as the Board considered to be relevant in the exercise of the Directors’ reasonable judgment. In the course of its deliberations, the Board, and each Director thereof, did not identify any particular piece of information or single factor that was all-important or controlling.
Annual Board Approval of Investment Advisory and Sub-Advisory Agreements
The Company and PMAM have entered into an investment advisory agreement (the “Advisory Agreement”) pursuant to which PMAM serves as the investment adviser to each 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 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 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
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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
Nomura Investments Fund Advisers   Mid Cap Growth Fund
Nomura 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 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 Independent Directors, cast in person at a meeting called for the purpose of voting 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 12, 2026 (the “Pre-15(c) Meeting”) via web conference and an in-person meeting on May 21, 2026 (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, (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 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
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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) an independently prepared report comparing 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.
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 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
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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. 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 decreased during the past year. 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 Penn Mutual. The Board also considered the expense allocation 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.
Board Approval of Amended Sub-Advisory Agreements with GSAM, AllianceBernstein, American Century, NIFA, Eaton Vance, Cohen & Steers, MFS, Vontobel, and TRP
At the May Meeting, the Board, including all of the Independent Directors, considered and unanimously approved: (i) an amendment to the Investment Sub-Advisory Agreement (the “Amended GSAM Agreement”) between the Adviser and Goldman Sachs Asset Management, L.P. (“GSAM”) modifying the sub-advisory fee rates paid by the Adviser to GSAM for the services provided to the Small Cap Value Fund and SMID Cap Growth Fund; (ii) an amendment to the Investment Sub-Advisory
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Agreement (the “Amended AB Agreement”) between the Adviser and AllianceBernstein L.P. (“AllianceBernstein”) modifying the sub-advisory fee rates paid by the Adviser to AllianceBernstein for the services provided to the Large Cap Value Fund and SMID Cap Value Fund; (iii) an amendment to the Investment Sub-Advisory Agreement (the “Amended American Century Agreement”) between the Adviser and American Century Investment Management, Inc. (“American Century”) modifying the sub-advisory fee rate paid by the Adviser to American Century for the services provided to the Mid Core Value Fund; (iv) an amendment to the Investment Sub-Advisory Agreement (the “Amended NIFA Agreement”) between the Adviser and NIFA modifying the sub-advisory fee rate paid by the Adviser to NIFA for the services provided to the Large Core Growth Fund; (v) an amendment to the Investment Sub-Advisory Agreement (the “Amended Eaton Vance Agreement”) between the Adviser and Eaton Vance Management (“Eaton Vance”) modifying the sub-advisory fee rate paid by the Adviser to Eaton Vance for the services provided to the Large Core Value Fund; (vi) an amendment to the Investment Sub-Advisory Agreement (the “Amended Cohen & Steers Agreement”) between the Adviser and Cohen & Steers Capital Management, Inc. (“Cohen & Steers”) modifying the sub-advisory fee rate paid by the Adviser to Cohen & Steers for the services provided to the Real Estate Securities Fund; (vii) an amendment to the Investment Sub-Advisory Agreement (the “Amended MFS Agreement”) between the Adviser and MFS Investment Management (“MFS”) modifying the sub-advisory fee rate paid by the Adviser to MFS for the services provided to the Large Cap Growth Fund; (viii) an amendment to the Investment Sub-Advisory Agreement (the “Amended Vontobel Agreement”) between the Adviser and Vontobel Asset Management, Inc. (“Vontobel”) modifying the sub-advisory fee rates paid by the Adviser to Vontobel for the services provided to the International Equity Fund and Emerging Markets Equity Fund; and (ix) an amendment to the Investment Sub-Advisory Agreement (the “Amended TRP Agreement”) between the Adviser and T. Rowe Price Associates, Inc. (“TRP”) modifying the sub-advisory fee rate paid by the Adviser to TRP for the services provided to the Large Growth Stock Fund (collectively, the “Amended Agreements”). Each Amended Agreement, if approved, was scheduled to take effect on June 1, 2026.
In preparation for the Meetings, 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, (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 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 Small Cap Value Fund, SMID Cap Growth Fund, Large Cap Value Fund, SMID Cap Value Fund, Mid Core Value Fund, Large Core Growth Fund, Real Estate Securities Fund, Large Core Value Fund, Large Cap Growth Fund, International Equity Fund, Emerging Markets Equity Fund, and Large Growth Stock Fund (each, a “Fund,” and collectively, the “Funds”) were reviewed by the Board and discussed with the Adviser earlier in the Meetings in connection with their annual renewal and that the Directors’ conclusions may take into account conclusions reached during their consideration of these Existing Sub-Advisory Agreements.
In considering whether to approve the Amended Agreements, the Board considered and discussed a substantial amount of information and analysis provided by the Adviser at the Meetings, as well as at 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 non-material 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 Meetings the same factors it reviewed and conclusions it reached, as applicable, in connection with its 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:
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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, 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 earlier at the Meetings and at prior Board meetings. The Board also noted that it had reviewed each Sub-Adviser’s performance through its 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 sub-advisory fees are paid by the Adviser, and 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 Board considered that the Amended American Century Agreement, the Amended MFS Agreement and the Amended Vontobel Agreement each reflected a reduction of the annual sub-advisory fee rate paid to the Sub-Adviser. In addition, under the Amended AllianceBernstein Agreement, the Amended Cohen & Steers Agreement, the Amended Eaton Vance Agreement, the Amended GSAM Agreement, and the Amended NIFA Agreement, certain breakpoints were being eliminated and the Sub-Adviser would be paid an annual percentage rate on assets under management that was lower than the Sub-Adviser currently received at the first tier of assets under management. The Board considered that the Amended TRP Agreement eliminated certain upper level breakpoints on assets over $1 billion, but noted that T. Rowe Price had agreed to a lower fee rate on all assets once assets under management reach $200 million (with the Large Growth Stock Fund currently benefitting since its assets were over $200 million). The Board considered the Adviser’s explanation for the changes, noting that the Funds have been experiencing outflows and are expected to continue to experience such outflows. In that context, removing an upper level breakpoint in favor of having a lower fee rate at the first tier provides a more favorable position for these Funds, since their assets are no longer expected to grow to reach the first breakpoint. The Board noted that the fee modifications were expected to result in a reduction in sub-advisory fees paid for each Fund at current assets under management. 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 sub-advisory 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 noted that the Adviser had agreed to offer certain contractual advisory fee waivers to the Large Core Value Fund, the Large Cap Value Fund, the Mid Core Value Fund, the SMID Cap Value Fund, and the International Equity Fund through May 1, 2027, which would at least partially pass along the benefits of the sub-advisory fee reductions to Fund shareholders. 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.
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Penn Series Funds, Inc.
June 30, 2026
Board Approval of Amended Sub-Advisory Agreements with GSAM, AllianceBernstein, American Century, NIFA, Eaton Vance, Cohen & Steers, MFS, Vontobel, and TRP (continued)
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 restoration of breakpoints for certain Funds would be warranted again in the future.
Based on the Directors’ deliberations 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.
                                                                                           *              *              *                         
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.
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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
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THE PENN MUTUAL
LIFE INSURANCE COMPANY
2026 The Penn Mutual Life Insurance Company, Philadelphia, PA 19172, www.pennmutual.com
PM9283  06/26

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

Change in Independent Registered Public Accounting Firm 

At a meeting held on May 21, 2026, the Board of Directors (the “Board”) of Penn Series Funds, Inc. (the “Company”), upon the recommendation of its Audit Committee, approved the appointment of Ernst & Young LLP (“EY”) as the independent registered public accounting firm for the Company. Management informed KPMG LLP (“KPMG”) of their dismissal on May 22, 2026.

KPMG’s audit reports on the Company’s financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 did not contain any adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

During the fiscal years ended December 31, 2024 and December 31, 2025 and the subsequent interim period through May 22, 2026, there were no: (i) disagreements with KPMG as described in Item 304(a)(1)(iv) on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to KPMG’s satisfaction would have caused KPMG to make reference to the subject matter of the disagreement in connection with its reports on the Company’s financial statements; or (ii) reportable events described in Item 304(a)(1)(v).

During the fiscal years ended December 31, 2024 and December 31, 2025 and during the subsequent interim period through May 22, 2026, neither the Company nor anyone on its behalf consulted with EY with respect to (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s financial statements; or (ii) any matter that was the subject of a disagreement, as defined in Item 304(a)(1)(iv) of Regulation S-K, or a reportable event, as described in Item 304(a)(1)(v) of Regulation S-K.

The Company has provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether or not KPMG agrees with the above statements. A copy of KPMG’s letter is attached as Exhibit 99 to this Form N-CSR.

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 a change in the Registrant’s independent public accountant during the period covered by the report. Attached hereto as Exhibit 99 IND PUB ACCT.
(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, 2026  

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, 2026  

 

By (Signature and Title)*  

/s/ Steven Viola

  Steven Viola, Treasurer
  (principal financial officer)
Date September 8, 2026  

 

* 

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

EX-99.IND PUB ACCT

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