Shareholder Report
Jun. 30, 2026
USD ($)
Holding
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% |
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.
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
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.
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
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.
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
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term investments.
2 Includes non-equity 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% |
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.
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
Country Allocation
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
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% |
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.
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
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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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.
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
Top 10 Holdings
| Penn Series Index 500 Fund | 59.8% |
| Penn Series Quality Bond Fund | 40.2% |
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.
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
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% |
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.
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
Country Allocation
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
Country Allocation
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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
1 Sector allocation is presented as a percentage of total investments before short-term 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% |
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.
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.
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
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% |
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.
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
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% |
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.