0000702340 psfi:C000018285Member 2025-12-31 2026-06-30 0000702340 psfi:C000018286Member 2025-12-31 2026-06-30 0000702340 psfi:C000018287Member 2025-12-31 2026-06-30 0000702340 psfi:C000018288Member 2025-12-31 2026-06-30 0000702340 psfi:C000018289Member 2025-12-31 2026-06-30 0000702340 psfi:C000018290Member 2025-12-31 2026-06-30 0000702340 psfi:C000018291Member 2025-12-31 2026-06-30 0000702340 psfi:C000018292Member 2025-12-31 2026-06-30 0000702340 psfi:C000018293Member 2025-12-31 2026-06-30 0000702340 psfi:C000018294Member 2025-12-31 2026-06-30 0000702340 psfi:C000018295Member 2025-12-31 2026-06-30 0000702340 psfi:C000018296Member 2025-12-31 2026-06-30 0000702340 psfi:C000018297Member 2025-12-31 2026-06-30 0000702340 psfi:C000018298Member 2025-12-31 2026-06-30 0000702340 psfi:C000018299Member 2025-12-31 2026-06-30 0000702340 psfi:C000018300Member 2025-12-31 2026-06-30 0000702340 psfi:C000063367Member 2025-12-31 2026-06-30 0000702340 psfi:C000063368Member 2025-12-31 2026-06-30 0000702340 psfi:C000063369Member 2025-12-31 2026-06-30 0000702340 psfi:C000063370Member 2025-12-31 2026-06-30 0000702340 psfi:C000063371Member 2025-12-31 2026-06-30 0000702340 psfi:C000063372Member 2025-12-31 2026-06-30 0000702340 psfi:C000063373Member 2025-12-31 2026-06-30 0000702340 psfi:C000063374Member 2025-12-31 2026-06-30 0000702340 psfi:C000063375Member 2025-12-31 2026-06-30 0000702340 psfi:C000063376Member 2025-12-31 2026-06-30 0000702340 psfi:C000063377Member 2025-12-31 2026-06-30 0000702340 psfi:C000063378Member 2025-12-31 2026-06-30 0000702340 psfi:C000063379Member 2025-12-31 2026-06-30 0000702340 2025-12-31 2026-06-30 0000702340 psfi:C000018285Member 2026-06-30 0000702340 psfi:C000018285Member psfi:FederalHomeLoanBanks3633072826Member 2026-06-30 0000702340 psfi:C000018285Member psfi:FederalNationalMortgage3615081726Member 2026-06-30 0000702340 psfi:C000018285Member psfi:FederalNationalMortgage3623071526Member 2026-06-30 0000702340 psfi:C000018285Member psfi:FederalNationalMortgage3643082626Member 2026-06-30 0000702340 psfi:C000018285Member psfi:FreddieMacDiscountNotes3588082026Member 2026-06-30 0000702340 psfi:C000018285Member psfi:FreddieMacDiscountNotes3632072026Member 2026-06-30 0000702340 psfi:C000018285Member psfi:TennesseeValleyAuthority3590070826Member 2026-06-30 0000702340 psfi:C000018285Member psfi:USTreasuryBills3627081126Member 2026-06-30 0000702340 psfi:C000018285Member psfi:USTreasuryBills3632080426Member 2026-06-30 0000702340 psfi:C000018285Member psfi:USTreasuryBills3646071626Member 2026-06-30 0000702340 psfi:C000018286Member 2026-06-30 0000702340 us-gaap:AssetBackedSecuritiesMember psfi:C000018286Member 2026-06-30 0000702340 us-gaap:CommercialMortgageBackedSecuritiesMember psfi:C000018286Member 2026-06-30 0000702340 us-gaap:CorporateBondSecuritiesMember psfi:C000018286Member 2026-06-30 0000702340 us-gaap:MoneyMarketFundsMember psfi:C000018286Member 2026-06-30 0000702340 psfi:C000018286Member srt:MoodysAaaRatingMember 2026-06-30 0000702340 psfi:C000018286Member psfi:NRMember 2026-06-30 0000702340 us-gaap:ResidentialMortgageBackedSecuritiesMember psfi:C000018286Member 2026-06-30 0000702340 psfi:C000018286Member srt:StandardPoorsAARatingMember 2026-06-30 0000702340 psfi:C000018286Member srt:StandardPoorsARatingMember 2026-06-30 0000702340 psfi:C000018286Member srt:StandardPoorsBBBRatingMember 2026-06-30 0000702340 psfi:C000018286Member srt:StandardPoorsBBRatingMember 2026-06-30 0000702340 psfi:USTreasuryObligationsMember psfi:C000018286Member 2026-06-30 0000702340 psfi:C000018287Member 2026-06-30 0000702340 psfi:C000018287Member psfi:AlphabetIncClassAMember 2026-06-30 0000702340 psfi:C000018287Member psfi:AlphabetIncClassCMember 2026-06-30 0000702340 psfi:C000018287Member psfi:AmazonComIncMember 2026-06-30 0000702340 psfi:C000018287Member psfi:AppleIncMember 2026-06-30 0000702340 psfi:C000018287Member psfi:BroadcomIncMember 2026-06-30 0000702340 psfi:C000018287Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018287Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018287Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000018287Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018287Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018287Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018287Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018287Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018287Member psfi:MetaPlatformsIncClassAMember 2026-06-30 0000702340 psfi:C000018287Member psfi:MicronTechnologyIncMember 2026-06-30 0000702340 psfi:C000018287Member psfi:MicrosoftCorpMember 2026-06-30 0000702340 psfi:C000018287Member psfi:NVIDIACorpMember 2026-06-30 0000702340 psfi:C000018287Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000018287Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018287Member psfi:TeslaIncMember 2026-06-30 0000702340 psfi:C000018287Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000018288Member 2026-06-30 0000702340 psfi:C000018288Member psfi:CloudflareIncClassAMember 2026-06-30 0000702340 psfi:C000018288Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018288Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018288Member psfi:DatadogIncClassAMember 2026-06-30 0000702340 psfi:C000018288Member psfi:EdwardsLifesciencesCorpMember 2026-06-30 0000702340 psfi:C000018288Member psfi:FastenalCoMember 2026-06-30 0000702340 psfi:C000018288Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018288Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018288Member psfi:IDEXXLaboratoriesIncMember 2026-06-30 0000702340 psfi:C000018288Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018288Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018288Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018288Member psfi:MonolithicPowerSystemsIncMember 2026-06-30 0000702340 psfi:C000018288Member psfi:NovantaIncMember 2026-06-30 0000702340 psfi:C000018288Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000018288Member psfi:SnowflakeIncMember 2026-06-30 0000702340 psfi:C000018288Member psfi:SPXTechnologiesIncMember 2026-06-30 0000702340 psfi:C000018288Member psfi:SterlingInfrastructureIncMember 2026-06-30 0000702340 psfi:C000018288Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018289Member 2026-06-30 0000702340 psfi:C000018289Member psfi:AgreeRealtyCorpMember 2026-06-30 0000702340 psfi:C000018289Member psfi:AlliantEnergyCorpMember 2026-06-30 0000702340 psfi:C000018289Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018289Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018289Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000018289Member psfi:EverestGroupLtdMember 2026-06-30 0000702340 psfi:C000018289Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018289Member psfi:FoxCorpClassBMember 2026-06-30 0000702340 psfi:C000018289Member psfi:FreeportMcMoRanIncMember 2026-06-30 0000702340 psfi:C000018289Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018289Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018289Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018289Member psfi:LamarAdvertisingCoClassAMember 2026-06-30 0000702340 psfi:C000018289Member psfi:LittelfuseIncMember 2026-06-30 0000702340 psfi:C000018289Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018289Member psfi:PPLCorpMember 2026-06-30 0000702340 psfi:C000018289Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000018289Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018289Member psfi:ThePNCFinancialServicesGroupIncMember 2026-06-30 0000702340 psfi:C000018289Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000018289Member psfi:WintrustFinancialCorpMember 2026-06-30 0000702340 psfi:C000018290Member 2026-06-30 0000702340 psfi:C000018290Member psfi:AlphabetIncClassAMember 2026-06-30 0000702340 psfi:C000018290Member psfi:AmphenolCorpClassAMember 2026-06-30 0000702340 psfi:C000018290Member psfi:AonPLCClassAMember 2026-06-30 0000702340 psfi:C000018290Member psfi:AppleIncMember 2026-06-30 0000702340 psfi:C000018290Member psfi:BroadcomIncMember 2026-06-30 0000702340 psfi:C000018290Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018290Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018290Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018290Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018290Member psfi:HubbellIncMember 2026-06-30 0000702340 psfi:C000018290Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018290Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018290Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018290Member psfi:MoodySCorpMember 2026-06-30 0000702340 psfi:C000018290Member psfi:NVIDIACorpMember 2026-06-30 0000702340 psfi:C000018290Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000018290Member psfi:TaiwanSemiconductorManufacturingCoLtdADRMember 2026-06-30 0000702340 psfi:C000018290Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018290Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000018290Member psfi:VisaIncClassAMember 2026-06-30 0000702340 psfi:C000018291Member 2026-06-30 0000702340 psfi:C000018291Member psfi:BectonDickinsonAndCoMember 2026-06-30 0000702340 psfi:C000018291Member psfi:CommerceBancsharesIncMember 2026-06-30 0000702340 psfi:C000018291Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018291Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018291Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000018291Member psfi:EnterpriseProductsPartnersLPMember 2026-06-30 0000702340 psfi:C000018291Member psfi:EvergyIncMember 2026-06-30 0000702340 psfi:C000018291Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018291Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018291Member psfi:HenryScheinIncMember 2026-06-30 0000702340 psfi:C000018291Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018291Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018291Member psfi:KimberlyClarkCorpMember 2026-06-30 0000702340 psfi:C000018291Member psfi:LabcorpHoldingsIncMember 2026-06-30 0000702340 psfi:C000018291Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018291Member psfi:PackagingCorpOfAmericaMember 2026-06-30 0000702340 psfi:C000018291Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000018291Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018291Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000018291Member psfi:XcelEnergyIncMember 2026-06-30 0000702340 psfi:C000018291Member psfi:ZimmerBiometHoldingsIncMember 2026-06-30 0000702340 psfi:C000018292Member 2026-06-30 0000702340 psfi:C000018292Member psfi:AgreeRealtyCorpMember 2026-06-30 0000702340 psfi:C000018292Member psfi:AmericanTowerCorpMember 2026-06-30 0000702340 psfi:C000018292Member srt:ApartmentBuildingMember 2026-06-30 0000702340 psfi:C000018292Member psfi:CrownCastleIncMember 2026-06-30 0000702340 psfi:C000018292Member psfi:DigitalRealtyTrustIncMember 2026-06-30 0000702340 psfi:C000018292Member psfi:DiversifiedMember 2026-06-30 0000702340 psfi:C000018292Member psfi:EquinixIncMember 2026-06-30 0000702340 psfi:C000018292Member psfi:ExtraSpaceStorageIncMember 2026-06-30 0000702340 psfi:C000018292Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018292Member psfi:HealthcareServicesMember 2026-06-30 0000702340 psfi:C000018292Member psfi:HotelsAndResortsMember 2026-06-30 0000702340 psfi:C000018292Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018292Member psfi:IronMountainIncMember 2026-06-30 0000702340 psfi:C000018292Member psfi:LodgingMember 2026-06-30 0000702340 psfi:C000018292Member psfi:ManufacturedHomesMember 2026-06-30 0000702340 psfi:C000018292Member psfi:OfficePropertyMember 2026-06-30 0000702340 psfi:C000018292Member psfi:PrologisIncMember 2026-06-30 0000702340 psfi:C000018292Member psfi:RegionalMallsMember 2026-06-30 0000702340 psfi:C000018292Member psfi:SingleTenantMember 2026-06-30 0000702340 psfi:C000018292Member psfi:StorageAndWarehousingMember 2026-06-30 0000702340 psfi:C000018292Member psfi:StripCentersMember 2026-06-30 0000702340 psfi:C000018292Member psfi:SunCommunitiesIncMember 2026-06-30 0000702340 psfi:C000018292Member psfi:WelltowerIncMember 2026-06-30 0000702340 psfi:C000018293Member 2026-06-30 0000702340 us-gaap:AssetBackedSecuritiesMember psfi:C000018293Member 2026-06-30 0000702340 us-gaap:CommercialMortgageBackedSecuritiesMember psfi:C000018293Member 2026-06-30 0000702340 us-gaap:CorporateBondSecuritiesMember psfi:C000018293Member 2026-06-30 0000702340 psfi:C000018293Member srt:MoodysAaaRatingMember 2026-06-30 0000702340 us-gaap:MunicipalBondsMember psfi:C000018293Member 2026-06-30 0000702340 psfi:C000018293Member psfi:NRMember 2026-06-30 0000702340 us-gaap:ResidentialMortgageBackedSecuritiesMember psfi:C000018293Member 2026-06-30 0000702340 psfi:C000018293Member srt:StandardPoorsAARatingMember 2026-06-30 0000702340 psfi:C000018293Member srt:StandardPoorsARatingMember 2026-06-30 0000702340 psfi:C000018293Member srt:StandardPoorsBBBRatingMember 2026-06-30 0000702340 psfi:C000018293Member srt:StandardPoorsBBRatingMember 2026-06-30 0000702340 psfi:USTreasuryObligationsMember psfi:C000018293Member 2026-06-30 0000702340 psfi:C000018294Member 2026-06-30 0000702340 us-gaap:CorporateBondSecuritiesMember psfi:C000018294Member 2026-06-30 0000702340 us-gaap:MoneyMarketFundsMember psfi:C000018294Member 2026-06-30 0000702340 psfi:C000018294Member srt:StandardPoorsBBBRatingMember 2026-06-30 0000702340 psfi:C000018294Member srt:StandardPoorsBBRatingMember 2026-06-30 0000702340 psfi:C000018294Member srt:StandardPoorsBRatingMember 2026-06-30 0000702340 psfi:C000018294Member srt:StandardPoorsCCCRatingMember 2026-06-30 0000702340 psfi:C000018294Member srt:StandardPoorsCCRatingMember 2026-06-30 0000702340 psfi:C000018295Member 2026-06-30 0000702340 psfi:C000018295Member psfi:AdvancedMicroDevicesIncMember 2026-06-30 0000702340 psfi:C000018295Member psfi:AlphabetIncClassAMember 2026-06-30 0000702340 psfi:C000018295Member psfi:AppleIncMember 2026-06-30 0000702340 psfi:C000018295Member psfi:BroadcomIncMember 2026-06-30 0000702340 psfi:C000018295Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018295Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018295Member psfi:EliLillyAndCoMember 2026-06-30 0000702340 psfi:C000018295Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018295Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018295Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018295Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018295Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018295Member psfi:MetaPlatformsIncClassAMember 2026-06-30 0000702340 psfi:C000018295Member psfi:MicronTechnologyIncMember 2026-06-30 0000702340 psfi:C000018295Member psfi:MicrosoftCorpMember 2026-06-30 0000702340 psfi:C000018295Member psfi:NVIDIACorpMember 2026-06-30 0000702340 psfi:C000018295Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000018295Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018295Member psfi:TeslaIncMember 2026-06-30 0000702340 psfi:C000018296Member 2026-06-30 0000702340 psfi:C000018296Member psfi:AlphabetIncClassCMember 2026-06-30 0000702340 psfi:C000018296Member psfi:AmazonComIncMember 2026-06-30 0000702340 psfi:C000018296Member psfi:BerkshireHathawayIncClassBMember 2026-06-30 0000702340 psfi:C000018296Member psfi:CiscoSystemsIncMember 2026-06-30 0000702340 psfi:C000018296Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018296Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018296Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000018296Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018296Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018296Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018296Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018296Member psfi:JohnsonAndJohnsonMember 2026-06-30 0000702340 psfi:C000018296Member psfi:JPMorganChaseAndCoMember 2026-06-30 0000702340 psfi:C000018296Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018296Member psfi:PhilipMorrisInternationalIncMember 2026-06-30 0000702340 psfi:C000018296Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000018296Member psfi:RTXCorpMember 2026-06-30 0000702340 psfi:C000018296Member psfi:TaiwanSemiconductorManufacturingCoLtdADRMember 2026-06-30 0000702340 psfi:C000018296Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018296Member psfi:UnitedHealthGroupIncMember 2026-06-30 0000702340 psfi:C000018296Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000018297Member 2026-06-30 0000702340 psfi:C000018297Member psfi:AdvancedMicroDevicesIncMember 2026-06-30 0000702340 psfi:C000018297Member psfi:AlphabetIncClassAMember 2026-06-30 0000702340 psfi:C000018297Member psfi:AmazonComIncMember 2026-06-30 0000702340 psfi:C000018297Member psfi:BroadcomIncMember 2026-06-30 0000702340 psfi:C000018297Member psfi:CenterPointEnergyIncMember 2026-06-30 0000702340 psfi:C000018297Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018297Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018297Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000018297Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018297Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018297Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018297Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018297Member psfi:MetaPlatformsIncClassAMember 2026-06-30 0000702340 psfi:C000018297Member psfi:MicrosoftCorpMember 2026-06-30 0000702340 psfi:C000018297Member psfi:NVIDIACorpMember 2026-06-30 0000702340 psfi:C000018297Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018297Member oef:UnclassifiedSectorMember 2026-06-30 0000702340 psfi:C000018297Member psfi:USTreasuryNotes3500022831Member 2026-06-30 0000702340 psfi:C000018297Member psfi:USTreasuryNotes3625103130Member 2026-06-30 0000702340 psfi:C000018297Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000018298Member 2026-06-30 0000702340 psfi:C000018298Member psfi:ASMLHoldingNVMember 2026-06-30 0000702340 psfi:C000018298Member country:CA 2026-06-30 0000702340 psfi:C000018298Member country:CH 2026-06-30 0000702340 psfi:C000018298Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018298Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018298Member country:DE 2026-06-30 0000702340 psfi:C000018298Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000018298Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018298Member psfi:GaldermaGroupAGMember 2026-06-30 0000702340 psfi:C000018298Member psfi:GamesWorkshopGroupPLCMember 2026-06-30 0000702340 psfi:C000018298Member country:GB 2026-06-30 0000702340 psfi:C000018298Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018298Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018298Member psfi:InfineonTechnologiesAGMember 2026-06-30 0000702340 psfi:C000018298Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018298Member psfi:InterContinentalHotelsGroupPLCMember 2026-06-30 0000702340 psfi:C000018298Member country:JP 2026-06-30 0000702340 psfi:C000018298Member psfi:LindePLCMember 2026-06-30 0000702340 psfi:C000018298Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018298Member country:NL 2026-06-30 0000702340 psfi:C000018298Member psfi:OtherMember 2026-06-30 0000702340 psfi:C000018298Member country:SG 2026-06-30 0000702340 psfi:C000018298Member psfi:TaiwanSemiconductorManufacturingCoLtdADRMember 2026-06-30 0000702340 psfi:C000018298Member psfi:TCEnergyCorpMember 2026-06-30 0000702340 psfi:C000018298Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018298Member psfi:TheCocaColaCoMember 2026-06-30 0000702340 psfi:C000018298Member psfi:TokyoElectronLtdMember 2026-06-30 0000702340 psfi:C000018298Member country:TW 2026-06-30 0000702340 psfi:C000018298Member country:US 2026-06-30 0000702340 psfi:C000018298Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000018299Member 2026-06-30 0000702340 psfi:C000018299Member psfi:AtlanticUnionBanksharesCorpMember 2026-06-30 0000702340 psfi:C000018299Member psfi:ColumbiaBankingSystemIncMember 2026-06-30 0000702340 psfi:C000018299Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018299Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018299Member psfi:COPTDefensePropertiesMember 2026-06-30 0000702340 psfi:C000018299Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000018299Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018299Member psfi:GlacierBancorpIncMember 2026-06-30 0000702340 psfi:C000018299Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018299Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018299Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018299Member psfi:JacksonFinancialIncClassAMember 2026-06-30 0000702340 psfi:C000018299Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018299Member psfi:NicoletBanksharesIncMember 2026-06-30 0000702340 psfi:C000018299Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000018299Member psfi:RenasantCorpMember 2026-06-30 0000702340 psfi:C000018299Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018299Member psfi:TerexCorpMember 2026-06-30 0000702340 psfi:C000018299Member psfi:UMBFinancialCorpMember 2026-06-30 0000702340 psfi:C000018299Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000018299Member psfi:ValleyNationalBancorpMember 2026-06-30 0000702340 psfi:C000018300Member 2026-06-30 0000702340 psfi:C000018300Member psfi:CECOEnvironmentalCorpMember 2026-06-30 0000702340 psfi:C000018300Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000018300Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000018300Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000018300Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000018300Member psfi:GlaukosCorpMember 2026-06-30 0000702340 psfi:C000018300Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000018300Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000018300Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000018300Member psfi:LegenceCorpClassAMember 2026-06-30 0000702340 psfi:C000018300Member psfi:LigandPharmaceuticalsIncMember 2026-06-30 0000702340 psfi:C000018300Member psfi:MACOMTechnologySolutionsHoldingsIncMember 2026-06-30 0000702340 psfi:C000018300Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000018300Member psfi:MirumPharmaceuticalsIncMember 2026-06-30 0000702340 psfi:C000018300Member psfi:OSISystemsIncMember 2026-06-30 0000702340 psfi:C000018300Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000018300Member psfi:RevolutionMedicinesIncMember 2026-06-30 0000702340 psfi:C000018300Member psfi:SPXTechnologiesIncMember 2026-06-30 0000702340 psfi:C000018300Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000018300Member psfi:TowerSemiconductorLtdMember 2026-06-30 0000702340 psfi:C000018300Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000063367Member 2026-06-30 0000702340 psfi:C000063367Member psfi:DomesticREITsMember 2026-06-30 0000702340 psfi:EmergingMarketsStocksMember psfi:C000063367Member 2026-06-30 0000702340 psfi:HighYieldBondsMember psfi:C000063367Member 2026-06-30 0000702340 psfi:IntermediateBondsMember psfi:C000063367Member 2026-06-30 0000702340 psfi:InternationalStocksMember psfi:C000063367Member 2026-06-30 0000702340 psfi:LargeCapGrowthStocksMember psfi:C000063367Member 2026-06-30 0000702340 psfi:LargeCapValueStocksMember psfi:C000063367Member 2026-06-30 0000702340 psfi:MidCapGrowthStocksMember psfi:C000063367Member 2026-06-30 0000702340 psfi:MidCapValueStocksMember psfi:C000063367Member 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesDevelopedInternationalIndexFundMember 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesFlexiblyManagedFundMember 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesIndex500FundMember 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesInternationalEquityFundMember 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesLargeCapValueFundMember 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesLargeCoreValueFundMember 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesLargeGrowthStockFundMember 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesMidCoreValueFundMember 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesQualityBondFundMember 2026-06-30 0000702340 psfi:C000063367Member psfi:PennSeriesRealEstateSecuritiesFundMember 2026-06-30 0000702340 psfi:ShortTermBondsMember psfi:C000063367Member 2026-06-30 0000702340 psfi:SmallCapGrowthStocksMember psfi:C000063367Member 2026-06-30 0000702340 psfi:SmallCapValueStocksMember psfi:C000063367Member 2026-06-30 0000702340 psfi:C000063368Member 2026-06-30 0000702340 psfi:C000063368Member psfi:DomesticREITsMember 2026-06-30 0000702340 psfi:HighYieldBondsMember psfi:C000063368Member 2026-06-30 0000702340 psfi:IntermediateBondsMember psfi:C000063368Member 2026-06-30 0000702340 psfi:InternationalStocksMember psfi:C000063368Member 2026-06-30 0000702340 psfi:LargeCapGrowthStocksMember psfi:C000063368Member 2026-06-30 0000702340 psfi:LargeCapValueStocksMember psfi:C000063368Member 2026-06-30 0000702340 psfi:MidCapValueStocksMember psfi:C000063368Member 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesDevelopedInternationalIndexFundMember 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesFlexiblyManagedFundMember 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesHighYieldBondFundMember 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesIndex500FundMember 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesInternationalEquityFundMember 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesLargeCapValueFundMember 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesLimitedMaturityBondFundMember 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesMidCoreValueFundMember 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesQualityBondFundMember 2026-06-30 0000702340 psfi:C000063368Member psfi:PennSeriesRealEstateSecuritiesFundMember 2026-06-30 0000702340 psfi:ShortTermBondsMember psfi:C000063368Member 2026-06-30 0000702340 psfi:SmallCapGrowthStocksMember psfi:C000063368Member 2026-06-30 0000702340 psfi:SmallCapValueStocksMember psfi:C000063368Member 2026-06-30 0000702340 psfi:C000063369Member 2026-06-30 0000702340 psfi:C000063369Member psfi:ArganIncMember 2026-06-30 0000702340 psfi:C000063369Member psfi:BrightSpringHealthServicesIncMember 2026-06-30 0000702340 psfi:C000063369Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000063369Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000063369Member psfi:CytokineticsIncMember 2026-06-30 0000702340 psfi:C000063369Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000063369Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000063369Member psfi:HealthcareServicesMember 2026-06-30 0000702340 psfi:C000063369Member psfi:Hut8CorpMember 2026-06-30 0000702340 psfi:C000063369Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000063369Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000063369Member psfi:JFrogLtdMember 2026-06-30 0000702340 psfi:C000063369Member psfi:KrystalBiotechIncMember 2026-06-30 0000702340 psfi:C000063369Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000063369Member psfi:MaxLinearIncMember 2026-06-30 0000702340 psfi:C000063369Member psfi:MoogIncClassAMember 2026-06-30 0000702340 psfi:C000063369Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000063369Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000063369Member psfi:UMBFinancialCorpMember 2026-06-30 0000702340 psfi:C000063369Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000063369Member psfi:ViasatIncMember 2026-06-30 0000702340 psfi:C000063370Member 2026-06-30 0000702340 psfi:C000063370Member psfi:BrightSpringHealthServicesIncMember 2026-06-30 0000702340 psfi:C000063370Member psfi:CarpenterTechnologyCorpMember 2026-06-30 0000702340 psfi:C000063370Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000063370Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000063370Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000063370Member psfi:EnproIncMember 2026-06-30 0000702340 psfi:C000063370Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000063370Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000063370Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000063370Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000063370Member psfi:LatticeSemiconductorCorpMember 2026-06-30 0000702340 psfi:C000063370Member psfi:MACOMTechnologySolutionsHoldingsIncMember 2026-06-30 0000702340 psfi:C000063370Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000063370Member psfi:MoogIncClassAMember 2026-06-30 0000702340 psfi:C000063370Member psfi:OntoInnovationIncMember 2026-06-30 0000702340 psfi:C000063370Member psfi:RoivantSciencesLtdMember 2026-06-30 0000702340 psfi:C000063370Member psfi:SiTimeCorpMember 2026-06-30 0000702340 psfi:C000063370Member psfi:TexasRoadhouseIncMember 2026-06-30 0000702340 psfi:C000063371Member 2026-06-30 0000702340 psfi:C000063371Member psfi:BorgWarnerIncMember 2026-06-30 0000702340 psfi:C000063371Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000063371Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000063371Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000063371Member psfi:EverestGroupLtdMember 2026-06-30 0000702340 psfi:C000063371Member psfi:F5IncMember 2026-06-30 0000702340 psfi:C000063371Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000063371Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000063371Member psfi:IDACORPIncMember 2026-06-30 0000702340 psfi:C000063371Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000063371Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000063371Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000063371Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000063371Member psfi:RegalRexnordCorpMember 2026-06-30 0000702340 psfi:C000063371Member psfi:RelianceIncMember 2026-06-30 0000702340 psfi:C000063371Member psfi:TenetHealthcareCorpMember 2026-06-30 0000702340 psfi:C000063371Member psfi:TheHanoverInsuranceGroupIncMember 2026-06-30 0000702340 psfi:C000063371Member psfi:UMBFinancialCorpMember 2026-06-30 0000702340 psfi:C000063371Member psfi:USFoodsHoldingCorpMember 2026-06-30 0000702340 psfi:C000063371Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000063372Member 2026-06-30 0000702340 psfi:Index500Member psfi:C000063372Member 2026-06-30 0000702340 psfi:IntermediateBondsMember psfi:C000063372Member 2026-06-30 0000702340 psfi:C000063372Member psfi:PennSeriesIndex500FundMember 2026-06-30 0000702340 psfi:C000063372Member psfi:PennSeriesQualityBondFundMember 2026-06-30 0000702340 psfi:C000063373Member 2026-06-30 0000702340 psfi:C000063373Member psfi:DomesticREITsMember 2026-06-30 0000702340 psfi:HighYieldBondsMember psfi:C000063373Member 2026-06-30 0000702340 psfi:IntermediateBondsMember psfi:C000063373Member 2026-06-30 0000702340 psfi:InternationalStocksMember psfi:C000063373Member 2026-06-30 0000702340 psfi:LargeCapGrowthStocksMember psfi:C000063373Member 2026-06-30 0000702340 psfi:LargeCapValueStocksMember psfi:C000063373Member 2026-06-30 0000702340 psfi:MidCapValueStocksMember psfi:C000063373Member 2026-06-30 0000702340 psfi:C000063373Member psfi:PennSeriesDevelopedInternationalIndexFundMember 2026-06-30 0000702340 psfi:C000063373Member psfi:PennSeriesFlexiblyManagedFundMember 2026-06-30 0000702340 psfi:C000063373Member psfi:PennSeriesHighYieldBondFundMember 2026-06-30 0000702340 psfi:C000063373Member psfi:PennSeriesIndex500FundMember 2026-06-30 0000702340 psfi:C000063373Member psfi:PennSeriesLargeCoreValueFundMember 2026-06-30 0000702340 psfi:C000063373Member psfi:PennSeriesLimitedMaturityBondFundMember 2026-06-30 0000702340 psfi:C000063373Member psfi:PennSeriesMidCoreValueFundMember 2026-06-30 0000702340 psfi:C000063373Member psfi:PennSeriesQualityBondFundMember 2026-06-30 0000702340 psfi:C000063373Member psfi:PennSeriesRealEstateSecuritiesFundMember 2026-06-30 0000702340 psfi:ShortTermBondsMember psfi:C000063373Member 2026-06-30 0000702340 psfi:C000063374Member 2026-06-30 0000702340 psfi:C000063374Member psfi:ASMLHoldingNVMember 2026-06-30 0000702340 psfi:C000063374Member psfi:AstraZenecaPLCMember 2026-06-30 0000702340 psfi:C000063374Member country:AU 2026-06-30 0000702340 psfi:C000063374Member country:CH 2026-06-30 0000702340 psfi:C000063374Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000063374Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000063374Member country:DE 2026-06-30 0000702340 psfi:C000063374Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000063374Member country:ES 2026-06-30 0000702340 psfi:C000063374Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000063374Member country:FR 2026-06-30 0000702340 psfi:C000063374Member country:GB 2026-06-30 0000702340 psfi:C000063374Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000063374Member psfi:HSBCHoldingsPLCMember 2026-06-30 0000702340 psfi:C000063374Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000063374Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000063374Member country:JP 2026-06-30 0000702340 psfi:C000063374Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000063374Member psfi:MitsubishiUFJFinancialGroupIncMember 2026-06-30 0000702340 psfi:C000063374Member psfi:NestleSAMember 2026-06-30 0000702340 psfi:C000063374Member country:NL 2026-06-30 0000702340 psfi:C000063374Member psfi:NovartisAGMember 2026-06-30 0000702340 psfi:C000063374Member psfi:OtherMember 2026-06-30 0000702340 psfi:C000063374Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000063374Member psfi:RocheHoldingAGMember 2026-06-30 0000702340 psfi:C000063374Member country:SE 2026-06-30 0000702340 psfi:C000063374Member psfi:ShellPLCMember 2026-06-30 0000702340 psfi:C000063374Member psfi:SiemensAGMember 2026-06-30 0000702340 psfi:C000063374Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000063374Member psfi:TokyoElectronLtdMember 2026-06-30 0000702340 psfi:C000063374Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000063375Member 2026-06-30 0000702340 psfi:C000063375Member psfi:AcctonTechnologyCorpMember 2026-06-30 0000702340 psfi:C000063375Member country:BR 2026-06-30 0000702340 psfi:C000063375Member psfi:CapitecBankHoldingsLtdMember 2026-06-30 0000702340 psfi:C000063375Member country:CN 2026-06-30 0000702340 psfi:C000063375Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000063375Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000063375Member psfi:ContemporaryAmperexTechnologyCoLtdClassAMember 2026-06-30 0000702340 psfi:C000063375Member psfi:EliteMaterialCoLtdMember 2026-06-30 0000702340 psfi:C000063375Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000063375Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000063375Member country:HK 2026-06-30 0000702340 psfi:C000063375Member psfi:HonHaiPrecisionIndustryCoLtdMember 2026-06-30 0000702340 psfi:C000063375Member country:IN 2026-06-30 0000702340 psfi:C000063375Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000063375Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000063375Member country:KR 2026-06-30 0000702340 psfi:C000063375Member psfi:OtherMember 2026-06-30 0000702340 psfi:C000063375Member psfi:PriceSmartIncMember 2026-06-30 0000702340 psfi:C000063375Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000063375Member psfi:SamsungElectronicsCoLtdMember 2026-06-30 0000702340 psfi:C000063375Member country:SG 2026-06-30 0000702340 psfi:C000063375Member psfi:SKHynixIncMember 2026-06-30 0000702340 psfi:C000063375Member psfi:TaiwanSemiconductorManufacturingCoLtdMember 2026-06-30 0000702340 psfi:C000063375Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000063375Member psfi:TencentHoldingsLtdMember 2026-06-30 0000702340 psfi:C000063375Member country:TW 2026-06-30 0000702340 psfi:C000063375Member country:US 2026-06-30 0000702340 psfi:C000063375Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000063375Member country:ZA 2026-06-30 0000702340 psfi:C000063376Member 2026-06-30 0000702340 psfi:C000063376Member psfi:AdvancedMicroDevicesIncMember 2026-06-30 0000702340 psfi:C000063376Member psfi:AlphabetIncClassAMember 2026-06-30 0000702340 psfi:C000063376Member psfi:AmazonComIncMember 2026-06-30 0000702340 psfi:C000063376Member psfi:AppleIncMember 2026-06-30 0000702340 psfi:C000063376Member psfi:BroadcomIncMember 2026-06-30 0000702340 psfi:C000063376Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000063376Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000063376Member psfi:EliLillyAndCoMember 2026-06-30 0000702340 psfi:C000063376Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000063376Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000063376Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000063376Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000063376Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000063376Member psfi:MicrosoftCorpMember 2026-06-30 0000702340 psfi:C000063376Member psfi:NVIDIACorpMember 2026-06-30 0000702340 psfi:C000063376Member psfi:TaiwanSemiconductorManufacturingCoLtdADRMember 2026-06-30 0000702340 psfi:C000063376Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000063376Member psfi:VisaIncClassAMember 2026-06-30 0000702340 psfi:C000063377Member 2026-06-30 0000702340 psfi:C000063377Member psfi:AbbVieIncMember 2026-06-30 0000702340 psfi:C000063377Member psfi:AmazonComIncMember 2026-06-30 0000702340 psfi:C000063377Member psfi:AppleIncMember 2026-06-30 0000702340 psfi:C000063377Member psfi:BankOfAmericaCorpMember 2026-06-30 0000702340 psfi:C000063377Member psfi:CiscoSystemsIncMember 2026-06-30 0000702340 psfi:C000063377Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000702340 psfi:C000063377Member oef:ConsumerStaplesSectorMember 2026-06-30 0000702340 psfi:C000063377Member us-gaap:EnergySectorMember 2026-06-30 0000702340 psfi:C000063377Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000702340 psfi:C000063377Member us-gaap:HealthcareSectorMember 2026-06-30 0000702340 psfi:C000063377Member oef:IndustrialSectorMember 2026-06-30 0000702340 psfi:C000063377Member oef:InformationTechnologySectorMember 2026-06-30 0000702340 psfi:C000063377Member psfi:IntelCorpMember 2026-06-30 0000702340 psfi:C000063377Member psfi:JohnsonControlsInternationalPLCMember 2026-06-30 0000702340 psfi:C000063377Member oef:MaterialsSectorMember 2026-06-30 0000702340 psfi:C000063377Member psfi:MerckAndCoIncMember 2026-06-30 0000702340 psfi:C000063377Member us-gaap:RealEstateSectorMember 2026-06-30 0000702340 psfi:C000063377Member psfi:ReinsuranceGroupOfAmericaIncMember 2026-06-30 0000702340 psfi:C000063377Member psfi:TelecommunicationServicesMember 2026-06-30 0000702340 psfi:C000063377Member psfi:UnitedParcelServiceIncClassBMember 2026-06-30 0000702340 psfi:C000063377Member oef:UtilitiesSectorMember 2026-06-30 0000702340 psfi:C000063378Member 2026-06-30 0000702340 psfi:C000063378Member psfi:DomesticREITsMember 2026-06-30 0000702340 psfi:EmergingMarketsStocksMember psfi:C000063378Member 2026-06-30 0000702340 psfi:HighYieldBondsMember psfi:C000063378Member 2026-06-30 0000702340 psfi:IntermediateBondsMember psfi:C000063378Member 2026-06-30 0000702340 psfi:InternationalStocksMember psfi:C000063378Member 2026-06-30 0000702340 psfi:LargeCapGrowthStocksMember psfi:C000063378Member 2026-06-30 0000702340 psfi:LargeCapValueStocksMember psfi:C000063378Member 2026-06-30 0000702340 psfi:MidCapGrowthStocksMember psfi:C000063378Member 2026-06-30 0000702340 psfi:MidCapValueStocksMember psfi:C000063378Member 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesDevelopedInternationalIndexFundMember 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesFlexiblyManagedFundMember 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesHighYieldBondFundMember 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesIndex500FundMember 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesInternationalEquityFundMember 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesLargeCapValueFundMember 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesLimitedMaturityBondFundMember 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesMidCoreValueFundMember 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesQualityBondFundMember 2026-06-30 0000702340 psfi:C000063378Member psfi:PennSeriesRealEstateSecuritiesFundMember 2026-06-30 0000702340 psfi:ShortTermBondsMember psfi:C000063378Member 2026-06-30 0000702340 psfi:SmallCapGrowthStocksMember psfi:C000063378Member 2026-06-30 0000702340 psfi:SmallCapValueStocksMember psfi:C000063378Member 2026-06-30 0000702340 psfi:C000063379Member 2026-06-30 0000702340 psfi:C000063379Member psfi:DomesticREITsMember 2026-06-30 0000702340 psfi:EmergingMarketsStocksMember psfi:C000063379Member 2026-06-30 0000702340 psfi:HighYieldBondsMember psfi:C000063379Member 2026-06-30 0000702340 psfi:IntermediateBondsMember psfi:C000063379Member 2026-06-30 0000702340 psfi:InternationalStocksMember psfi:C000063379Member 2026-06-30 0000702340 psfi:LargeCapGrowthStocksMember psfi:C000063379Member 2026-06-30 0000702340 psfi:LargeCapValueStocksMember psfi:C000063379Member 2026-06-30 0000702340 psfi:MidCapGrowthStocksMember psfi:C000063379Member 2026-06-30 0000702340 psfi:MidCapValueStocksMember psfi:C000063379Member 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesDevelopedInternationalIndexFundMember 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesFlexiblyManagedFundMember 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesIndex500FundMember 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesInternationalEquityFundMember 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesLargeCapValueFundMember 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesLargeCoreValueFundMember 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesLargeGrowthStockFundMember 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesMidCoreValueFundMember 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesQualityBondFundMember 2026-06-30 0000702340 psfi:C000063379Member psfi:PennSeriesRealEstateSecuritiesFundMember 2026-06-30 0000702340 psfi:ShortTermBondsMember psfi:C000063379Member 2026-06-30 0000702340 psfi:SmallCapGrowthStocksMember psfi:C000063379Member 2026-06-30 0000702340 psfi:SmallCapValueStocksMember psfi:C000063379Member 2026-06-30 iso4217:USD pure psfi:Holding 0 0.262 0.002 0.125 0.020 0.066 0.044 0.083 0.067 0.048 0.139 0.107 0.442 0.010 0.091 0.238 0.062 0.016 0.017 0.222 0.166 0.054 0.020 0.144 0.017 0.064 0.020 0.280 0.019 0.273 0.102 0.300 0.118 0.640 0.016 0.068 0.018 0.064 0.069 0.038 0.024 0.126 0.022 0.038 0.042 0.042 0.138 0.055 0.069 0.036 0.065 0.094 0.085 0.001 0.128 0.048 0.040 0.095 0.065 0.290 0.010 0.010 0.330 0.010 0.075 0.006 0.157 0.079 0.014 0.030 0.162 0.050 0.368 0.072 0.152 0.021 0.048 0.007 0.058 0.010 0.063 0.110 0.010 0.390 0.139 0.180 0.125 0.066 0.072 0.154 0.166 0.006 0.100 0.020 0.166 0.187 0.174 0.070 0.600 0.018 0.140 0.257 0.050 0.004 0.129 0.250 0.031 0.037 0.010 0.094 0.068 0.118 0.172 0.058 0.176 0.184 0.021 0.115 0.201 0.235 0.012 0.185 0.168 0.020 0.400 0.038 0.020 0.028 0.122 0.068 0.070 0.055 0.091 0.002 0.088 0.087 0.014 0.065 0.072 0.030 0.022 0.038 0.120 0.060 0.060 0.070 0.136 0.046 0.086 0.208 0.203 0.191 0.053 0.358 0.480 0.028 0.044 0.077 0.020 0.043 0.179 0.033 0.089 0.029 0.179 0.287 0.278 0.089 0.138 0.040 0.087 0.114 0.095 0.072 0.140 0.027 0.438 0.230 0.025 0.030 0.034 0.122 0.557 0.040 0.094 0.117 0.095 0.046 0.129 0.018 0.157 0.080 0.030 0.030 0.069 0.065 0.170 0.080 0.083 0.016 0.070 0.010 0.100 0.381 0.070 0.254 0.020 0.006 0.020 0.010 0.054 0.007 0.043 0.016 0.032 0.074 0.0400 0.028 0.185 0.055 0.015 0.134 0.262 0.053 0.001 0.002 0.019 0.082 0.128 0.124 0.278 0.050 0.251 0.081 0.060 0.101 0.060 0.003 0.062 0.044 0.067 0.057 0.010 0.011 0.051 0.261 0.070 0.470 0.076 0.020 0.010 0.035 0.094 0.010 0.029 0.015 0.143 0.161 0.270 0.011 0.113 0.058 0.122 0.111 0.067 0.180 0.185 0.132 0.051 0.180 0.014 0.030 0.090 0.071 0.190 0.013 0.101 0.250 0.030 0.041 0.041 0.103 0.030 0.053 0.079 0.265 0.152 0.148 0.080 0.006 0.030 0.026 0.058 0.556 0.103 0.088 0.088 0.071 0.340 0000702340 false true true true true true true true true true true true true true true true true true true true true true true true true true true true true N-1A true PENN SERIES FUNDS INC N-CSRS 2026-06-30 Aggressive Allocation Fund Aggressive Allocation Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Aggressive Allocation Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>18</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.34<span>%</span></td> </tr> </table> 18 0.0034 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;margin-top:3pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>56,185,538</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>33,004</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6<span>%</span></td> </tr> </table> 56185538 21 33004 0.06 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">27.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series International Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Growth Stock Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> </table><div style="margin-top:3pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3pt;"> <b>Asset Allocation Target</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156493.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top:3pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">27.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series International Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Growth Stock Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> </table> 0.278 0.091 0.071 0.070 0.060 0.060 0.050 0.050 0.040 0.040 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;margin-top:12pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:4.5pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;margin-top:2.4pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Balanced Fund Balanced Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Balanced Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>10</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.20<span>%</span></td> </tr> </table> 10 0.0020 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>82,129,509</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">N/A</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5<span>%</span></td> </tr> </table> 82129509 2 0.05 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">59.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">40.2<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Asset Allocation Target</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156494.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">59.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">40.2<span>%</span></td> </tr> </table> 0.598 0.402 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Conservative Allocation Fund Conservative Allocation Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Conservative Allocation Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>18</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.36<span>%</span></td> </tr> </table> 18 0.0036 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>39,972,022</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">10</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>24,104</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">6<span>%</span></td> </tr> </table> 39972022 10 24104 0.06 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">60.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Limited Maturity Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series High Yield Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Asset Allocation Target</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156501.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">60.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Limited Maturity Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series High Yield Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> </table> 0.609 0.090 0.089 0.080 0.069 0.020 0.020 0.010 0.010 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Developed International Index Fund Developed International Index Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>45</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.87<span>%</span></td> </tr> </table> 45 0.0087 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>102,089,930</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">686</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>147,765</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">2<span>%</span></td> </tr> </table> 102089930 686 147765 0.02 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">ASML Holding N.V.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Nestle S.A.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Siemens AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tokyo Electron Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Shell PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:6pt;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156502.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Country Allocation</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-left:6pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="g129683chartimages_12156287.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">ASML Holding N.V.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">HSBC Holdings PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Roche Holding AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Novartis AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">AstraZeneca PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Nestle S.A.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Siemens AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tokyo Electron Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Shell PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Mitsubishi UFJ Financial Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> </table> 0.035 0.015 0.013 0.013 0.013 0.012 0.011 0.010 0.010 0.010 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Emerging Markets Equity Fund Emerging Markets Equity Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Emerging Markets Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>77</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.35<span>%</span></td> </tr> </table> 77 0.0135 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:8pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>74,553,603</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">54</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>297,974</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">41<span>%</span></td> </tr> </table> 74553603 54 297974 0.41 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Samsung Electronics Co., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">SK hynix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tencent Holdings Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Elite Material Co., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Accton Technology Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Hon Hai Precision Industry Co., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">PriceSmart, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Capitec Bank Holdings Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.9<span>%</span></td> </tr> </table><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:6pt;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156503.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Country Allocation </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-left:6pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="g129683chartimages_12156286.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:3.2pt;margin-bottom:8pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Samsung Electronics Co., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">SK hynix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tencent Holdings Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Elite Material Co., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Accton Technology Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Hon Hai Precision Industry Co., Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">PriceSmart, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Contemporary Amperex Technology Co., Ltd., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Capitec Bank Holdings Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.9<span>%</span></td> </tr> </table> 0.098 0.080 0.068 0.040 0.037 0.035 0.031 0.031 0.031 0.029 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:16pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:3.2pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Flexibly Managed Fund Flexibly Managed Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>44</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.87<span>%</span></td> </tr> </table> 44 0.0087 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>4,883,607,624</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">268</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>16,613,144</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">57<span>%</span></td> </tr> </table> 4883607624 268 16613144 0.57 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">CenterPoint Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Notes<br/> 3.500%, 02/28/31</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Advanced Micro Devices, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Notes<br/> 3.625%, 10/31/30</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.1<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156470.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ² Includes non-equity investments.</div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">CenterPoint Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Notes<br/> 3.500%, 02/28/31</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Advanced Micro Devices, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Notes<br/> 3.625%, 10/31/30</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.1<span>%</span></td> </tr> </table> 0.035 0.035 0.030 0.027 0.027 0.027 0.025 0.023 0.021 0.021 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 High Yield Bond Fund High Yield Bond Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">High Yield Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>37</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.73<span>%</span></td> </tr> </table> 37 0.0073 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>122,969,855</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">109</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>277,332</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">32<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Weighted Average Maturity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.0 Years</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Effective Duration</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.5 Years</td> </tr> </table> 122969855 109 277332 0.32 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Asset Class Allocation</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">99.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Money Market Funds</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.7<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Bond Quality Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156472.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Source: Independent Rating Agencies such as Moody’s, S&amp;P and Fitch.</div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;">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.</div> 0.993 0.007 Source: Independent Rating Agencies such as Moody’s, S&amp;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. <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Index 500 Fund Index 500 Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>17</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.33<span>%</span></td> </tr> </table> 17 0.0033 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>989,153,536</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">506</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>585,002</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1<span>%</span></td> </tr> </table> 989153536 506 585002 0.01 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Micron Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156467.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Micron Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> </table> 0.075 0.066 0.043 0.036 0.031 0.028 0.025 0.020 0.019 0.018 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 International Equity Fund International Equity Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">International Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>56</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.09<span>%</span></td> </tr> </table> 56 0.0109 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:8pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>217,476,049</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">43</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>848,588</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">148<span>%</span></td> </tr> </table> 217476049 43 848588 1.48 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">ASML Holding N.V.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Galderma Group AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tokyo Electron Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Infineon Technologies AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">The Coca-Cola Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">InterContinental Hotels Group PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Games Workshop Group PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Linde PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> </table><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:6pt;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156469.jpg" style="width: 172.8pt;"/> </div><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Country Allocation </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-left:6pt;padding-right:0px;"> <img alt="Graphical Representation - Allocation 2 Chart" src="g129683chartimages_12156262.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:3.2pt;margin-bottom:8pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">ASML Holding N.V.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Galderma Group AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tokyo Electron Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Infineon Technologies AG</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">The Coca-Cola Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">InterContinental Hotels Group PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Games Workshop Group PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Linde PLC</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">TC Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> </table> 0.063 0.056 0.052 0.050 0.044 0.040 0.040 0.036 0.035 0.035 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:16pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">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.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">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.</div> 2026-06-01 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:3.2pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Large Cap Growth Fund Large Cap Growth Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Large Cap Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>41</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.84<span>%</span></td> </tr> </table> 41 0.0084 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:8pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>67,220,235</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">54</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>179,279</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">25<span>%</span></td> </tr> </table> 67220235 54 179279 0.25 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">13.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">10.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amphenol Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Aon PLC, Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Moody's Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Hubbell, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.4<span>%</span></td> </tr> </table><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156464.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:3.2pt;margin-bottom:8pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">13.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">10.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amphenol Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Aon PLC, Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Moody's Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Hubbell, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.4<span>%</span></td> </tr> </table> 0.133 0.103 0.048 0.048 0.040 0.037 0.031 0.026 0.025 0.024 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:16pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:3.2pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Large Cap Value Fund Large Cap Value Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Large Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>49</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.93<span>%</span></td> </tr> </table> 49 0.0093 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>168,482,268</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">80</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>544,060</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">31<span>%</span></td> </tr> </table> 168482268 80 544060 0.31 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">RTX Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Philip Morris International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Cisco Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">UnitedHealth Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.1<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156474.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Berkshire Hathaway, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">RTX Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">JPMorgan Chase &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Johnson &amp; Johnson</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Philip Morris International, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class C</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Cisco Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">UnitedHealth Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.1<span>%</span></td> </tr> </table> 0.041 0.038 0.036 0.035 0.032 0.031 0.030 0.026 0.024 0.021 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">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.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">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.</div> 2026-06-01 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Large Core Growth Fund Large Core Growth Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Large Core Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>42</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.86<span>%</span></td> </tr> </table> 42 0.0086 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:8pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>126,646,841</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">36</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>364,367</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">14<span>%</span></td> </tr> </table> 126646841 36 364367 0.14 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">15.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Advanced Micro Devices, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Eli Lilly &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.2<span>%</span></td> </tr> </table><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156461.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:3.2pt;margin-bottom:8pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">15.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Advanced Micro Devices, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Visa, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Eli Lilly &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Taiwan Semiconductor Manufacturing Co., Ltd., ADR</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.2<span>%</span></td> </tr> </table> 0.154 0.085 0.078 0.067 0.051 0.051 0.050 0.048 0.040 0.032 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:16pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:3.2pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Large Core Value Fund Large Core Value Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 255); font-family: 'arial'; font-size: 9pt;">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period. </b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 2.1pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;">Based on a hypothetical $10,000 investment</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt; padding: 3pt 3pt 3pt 4pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt; padding: 3pt 3pt 3pt 4pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt; padding: 3pt 3pt 3pt 4pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 3pt 3pt 3pt 4pt;">Large Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 3pt 3pt 3pt 4pt;"><span style="float: none;">$</span>48</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt 3pt 3pt 4pt;">0.90<span>%</span></td> </tr> </table> 48 0.0090 <div style="font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 2.1pt; margin-top: 7pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 3pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt 10pt 3pt 10pt;"><span style="float: none;">$</span>136,310,368</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 3pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 3pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt 10pt 3pt 10pt;"><span style="float: none;">$</span>422,805</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 3pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt 10pt 3pt 10pt;">39<span>%</span></td> </tr> </table> 136310368 64 422805 0.39 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 2.1pt;">Graphical Representation of Holdings</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div> <div style="font-family: 'arial'; color: rgb(0, 101, 78); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 3.5pt; margin: 3.5pt 0px 0px 0px;"><b>Top 10 Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Cisco Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">AbbVie, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Merck &amp; Co., Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Intel Corp.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Reinsurance Group of America, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">United Parcel Service, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Johnson Controls International PLC</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.2<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 101, 78); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 3.5pt; margin: 3.5pt 0px 3.5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: top; font-size: 6.5pt;">1</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-right: 0px; padding-left: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156460.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-style: italic; font-size: 8pt; margin-top: 2.8pt; margin-bottom: 7pt; padding: 0px;">¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="font-family: 'arial'; color: rgb(0, 101, 78); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 3.5pt; margin: 3.5pt 0px 0px 0px;"><b>Top 10 Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">7.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Cisco Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">AbbVie, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Merck &amp; Co., Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Bank of America Corp.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Intel Corp.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Reinsurance Group of America, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">United Parcel Service, Inc., Class B</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Johnson Controls International PLC</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 4pt;">2.2<span>%</span></td> </tr> </table> 0.074 0.033 0.029 0.027 0.026 0.025 0.024 0.023 0.023 0.022 <div style="font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 2.1pt; margin-top: 14pt;">Material<span style="white-space: nowrap;"> </span>Fund<span style="white-space: nowrap;"> </span>Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 5.25pt;">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.</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 5.25pt;">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.</div> 2026-06-01 <div style="font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 2.1pt; margin-top: 2.8pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Large Growth Stock Fund Large Growth Stock Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Large Growth Stock Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>46</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.92<span>%</span></td> </tr> </table> 46 0.0092 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:8pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>360,538,348</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">82</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>1,198,081</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">29<span>%</span></td> </tr> </table> 360538348 82 1198081 0.29 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">14.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Advanced Micro Devices, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Micron Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Eli Lilly &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> </table><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156471.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:3.2pt;margin-bottom:8pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">NVIDIA Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">14.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alphabet, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Apple, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Broadcom, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Microsoft Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Advanced Micro Devices, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Micron Technology, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Eli Lilly &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Meta Platforms, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tesla, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> </table> 0.141 0.080 0.060 0.056 0.042 0.042 0.042 0.035 0.034 0.030 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:16pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:3.2pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Limited Maturity Bond Fund Limited Maturity Bond Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Limited Maturity Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>37</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.74<span>%</span></td> </tr> </table> 37 0.0074 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>67,140,032</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">54</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid (net of waivers)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>149,396</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">35<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Weighted Average Maturity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.2 Years</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Effective Duration</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.9 Years</td> </tr> </table> 67140032 54 149396 0.35 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Asset Class Allocation</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Residential Mortgage Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">29.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Asset Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">28.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">22.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Commercial Mortgage Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">16.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Obligations</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Money Market Funds</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.0<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Bond Quality Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156495.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:6pt;margin-bottom:0px;font-style:italic;font-size:8pt;"> ¹ Source: Independent Rating Agencies such as Moody’s, S&amp;P and Fitch.</div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:6pt;margin-bottom:0px;font-style:italic;font-size:8pt;">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.</div> 0.292 0.284 0.226 0.169 0.019 0.010 Source: Independent Rating Agencies such as Moody’s, S&amp;P and Fitch.<div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:6pt;margin-bottom:0px;font-style:italic;font-size:8pt;">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.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Mid Cap Growth Fund Mid Cap Growth Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mid Cap Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>50</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.99<span>%</span></td> </tr> </table> 50 0.0099 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:8pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>114,351,822</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">62</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>384,814</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">34<span>%</span></td> </tr> </table> 114351822 62 384814 0.34 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Cloudflare, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Monolithic Power Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">IDEXX Laboratories, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Sterling Infrastructure, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Snowflake, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Fastenal Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Datadog, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Edwards Lifesciences Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Novanta, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> </table><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156466.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:3.2pt;margin-bottom:8pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Cloudflare, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Monolithic Power Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">IDEXX Laboratories, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Sterling Infrastructure, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Snowflake, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Fastenal Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Datadog, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Edwards Lifesciences Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Novanta, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> </table> 0.036 0.036 0.034 0.031 0.028 0.026 0.026 0.025 0.024 0.022 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:16pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:3.2pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Mid Cap Value Fund Mid Cap Value Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mid Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>44</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.83<span>%</span></td> </tr> </table> 44 0.0083 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>90,295,156</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">74</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid (net of waivers)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>235,716</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">18<span>%</span></td> </tr> </table> 90295156 74 235716 0.18 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alliant Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Littelfuse, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Lamar Advertising Co., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Everest Group Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">The PNC Financial Services Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Agree Realty Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Wintrust Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">PPL Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Fox Corp., Class B</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Freeport-McMoRan, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156465.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Alliant Energy Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Littelfuse, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Lamar Advertising Co., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Everest Group Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">The PNC Financial Services Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Agree Realty Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Wintrust Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">PPL Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Fox Corp., Class B</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Freeport-McMoRan, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> </table> 0.029 0.027 0.024 0.023 0.022 0.022 0.021 0.019 0.019 0.019 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Mid Core Value Fund Mid Core Value Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>56</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.07<span>%</span></td> </tr> </table> 56 0.0107 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>67,639,291</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">131</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>225,298</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">36<span>%</span></td> </tr> </table> 67639291 131 225298 0.36 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Kimberly-Clark Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Zimmer Biomet Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Commerce Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Henry Schein, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Labcorp Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Evergy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Packaging Corp. of America</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Xcel Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Becton Dickinson &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Enterprise Products Partners LP</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156463.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Kimberly-Clark Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Zimmer Biomet Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Commerce Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Henry Schein, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Labcorp Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Evergy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Packaging Corp. of America</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Xcel Energy, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Becton Dickinson &amp; Co.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Enterprise Products Partners LP</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> </table> 0.022 0.020 0.020 0.020 0.018 0.016 0.016 0.016 0.016 0.016 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">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.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">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.</div> 2026-06-01 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Moderate Allocation Fund Moderate Allocation Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Moderate Allocation Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>15</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.30<span>%</span></td> </tr> </table> 15 0.0030 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>182,329,251</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">19</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>108,924</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4<span>%</span></td> </tr> </table> 182329251 19 108924 0.04 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">30.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">20.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series High Yield Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series International Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Limited Maturity Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Asset Allocation Target</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156491.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">30.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">20.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series High Yield Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series International Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Limited Maturity Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> </table> 0.300 0.208 0.091 0.050 0.040 0.040 0.040 0.030 0.030 0.030 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Moderately Aggressive Allocation Fund Moderately Aggressive Allocation Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Moderately Aggressive Allocation Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>16</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.30<span>%</span></td> </tr> </table> 16 0.0030 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;margin-top:3pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>192,728,503</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">20</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>112,849</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">5<span>%</span></td> </tr> </table> 192728503 20 112849 0.05 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:0px;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">24.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">14.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series International Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Growth Stock Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> </table><div style="margin-top:3pt;margin-right:0px;margin-bottom:3pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3pt;"> <b>Asset Allocation Target</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156492.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top:3pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">24.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">14.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">9.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series International Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Growth Stock Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> </table> 0.248 0.140 0.091 0.070 0.060 0.050 0.050 0.040 0.040 0.040 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;margin-top:12pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:4.5pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:1.8pt;margin-top:2.4pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Moderately Conservative Allocation Fund Moderately Conservative Allocation Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Moderately Conservative Allocation Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>17</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.33<span>%</span></td> </tr> </table> 17 0.0033 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:8pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>69,223,563</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">15</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>41,555</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">4<span>%</span></td> </tr> </table> 69223563 15 41555 0.04 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">45.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">13.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Limited Maturity Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series High Yield Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series International Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> </table><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Asset Allocation Target</b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156490.jpg" style="width: 172.8pt;"/> </div> <div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">45.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Index 500 Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">13.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Flexibly Managed Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">8.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Limited Maturity Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series High Yield Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">6.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Developed International Index Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series International Equity Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Large Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">3.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Penn Series Mid Core Value Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> </table> 0.450 0.139 0.080 0.060 0.060 0.040 0.040 0.030 0.030 0.020 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:16pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:3.2pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Money Market Fund Money Market Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Money Market Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>29</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.59<span>%</span></td> </tr> </table> 29 0.0059 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>101,664,440</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">20</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>174,622</td> </tr> </table> 101664440 20 174622 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tennessee Valley Authority<br/> 3.590%, 07/08/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Bills<br/> 3.627%, 08/11/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Bills<br/> 3.632%, 08/04/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Federal National Mortgage<br/> 3.623%, 07/15/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Bills<br/> 3.646%, 07/16/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Freddie Mac Discount Notes<br/> 3.632%, 07/20/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Federal Home Loan Banks<br/> 3.633%, 07/28/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Federal National Mortgage<br/> 3.615%, 08/17/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Freddie Mac Discount Notes<br/> 3.588%, 08/20/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Federal National Mortgage<br/> 3.643%, 08/26/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> </table> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tennessee Valley Authority<br/> 3.590%, 07/08/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Bills<br/> 3.627%, 08/11/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">7.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Bills<br/> 3.632%, 08/04/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">5.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Federal National Mortgage<br/> 3.623%, 07/15/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Bills<br/> 3.646%, 07/16/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Freddie Mac Discount Notes<br/> 3.632%, 07/20/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Federal Home Loan Banks<br/> 3.633%, 07/28/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Federal National Mortgage<br/> 3.615%, 08/17/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Freddie Mac Discount Notes<br/> 3.588%, 08/20/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Federal National Mortgage<br/> 3.643%, 08/26/26</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">4.9<span>%</span></td> </tr> </table> 0.079 0.074 0.059 0.049 0.049 0.049 0.049 0.049 0.049 0.049 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Quality Bond Fund Quality Bond Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Quality Bond Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>34</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.68<span>%</span></td> </tr> </table> 34 0.0068 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>336,612,651</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">124</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>753,207</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">11<span>%</span></td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Weighted Average Maturity</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.6 Years</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Effective Duration</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">6.0 Years</td> </tr> </table> 336612651 124 753207 0.11 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Asset Class Allocation</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Residential Mortgage Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">38.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Corporate Bonds</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">27.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">U.S. Treasury Obligations</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">11.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Asset Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">11.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Commercial Mortgage Backed Securities</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">10.1<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; height: auto; line-height: 12pt; vertical-align: initial;">Municipal Bonds</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.8<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Bond Quality Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156496.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:6pt;margin-bottom:0px;font-style:italic;font-size:8pt;"> ¹ Source: Independent Rating Agencies such as Moody’s, S&amp;P and Fitch.</div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:6pt;margin-bottom:0px;font-style:italic;font-size:8pt;">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.</div> 0.385 0.271 0.118 0.117 0.101 0.008 Source: Independent Rating Agencies such as Moody’s, S&amp;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. <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;">Material Fund Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Real Estate Securities Fund Real Estate Securities Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 0, 255); font-family: 'arial'; font-size: 9pt;">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 9pt; font-weight: bold;"><b>This report describes changes to the Fund that occurred during the reporting period. </b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 1.8pt;"><b>Fund Expenses</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt;">Based on a hypothetical $10,000 investment</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt; padding: 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt; padding: 3pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt; padding: 3pt;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 3pt;">Real Estate Securities Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 3pt;"><span style="float: none;">$</span>52</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt;">0.97<span>%</span></td> </tr> </table> 52 0.0097 <div style="font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 1.8pt; margin-top: 3pt;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 3pt 10pt 3pt 10pt;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt 10pt 3pt 10pt;"><span style="float: none;">$</span>98,055,797</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 3pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt 10pt 3pt 10pt;">41</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 3pt 10pt 3pt 10pt;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt 10pt 3pt 10pt;"><span style="float: none;">$</span>336,950</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 3pt 10pt 3pt 10pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 3pt 10pt 3pt 10pt;">14<span>%</span></td> </tr> </table> 98055797 41 336950 0.14 <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 1.8pt;">Graphical Representation of Holdings</div><div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 0px;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="font-family: 'arial'; color: rgb(0, 101, 78); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 3pt; margin: 3pt 0px 0px 0px;"><b>Top 10 Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Welltower, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Digital Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Prologis, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">American Tower Corp.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Extra Space Storage, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Crown Castle, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Equinix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Agree Realty Corp.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Sun Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Iron Mountain, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table><div style="font-family: 'arial'; color: rgb(0, 101, 78); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 3pt; margin: 3pt 0px 3pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: top; font-size: 6.5pt;">1</sup> </b></div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-right: 0px; padding-left: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156462.jpg" style="width: 172.8pt;"/> </div><div style="font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-style: italic; font-size: 8pt; margin-top: 2.8pt; margin-bottom: 7pt; padding: 0px;">¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="font-family: 'arial'; color: rgb(0, 101, 78); letter-spacing: 1.25px; text-transform: uppercase; font-size: 9pt; font-weight: bold; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 3pt; margin: 3pt 0px 0px 0px;"><b>Top 10 Holdings</b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Welltower, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">13.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Digital Realty Trust, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">9.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Prologis, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">American Tower Corp.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">4.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Extra Space Storage, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">4.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Crown Castle, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">4.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Equinix, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">3.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Agree Realty Corp.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Sun Communities, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">3.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; height: auto; line-height: 12pt; padding-left: 12pt; padding-right: 12pt;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 3pt 3pt 12pt;">Iron Mountain, Inc.</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial; padding: 3pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> </table> 0.138 0.095 0.047 0.045 0.044 0.042 0.036 0.035 0.033 0.031 <div style="font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 1.8pt; margin-top: 12pt;">Material<span style="white-space: nowrap;"> </span>Fund<span style="white-space: nowrap;"> </span>Changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 4.5pt;">There were no material changes during the reporting period.</div> <div style="font-family: 'times new roman'; color: rgb(0, 101, 78); font-size: 16pt; font-weight: bold; margin-bottom: 1.8pt; margin-top: 2.4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin-bottom: 6pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Small Cap Growth Fund Small Cap Growth Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Small Cap Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>54</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.00<span>%</span></td> </tr> </table> 54 0.0100 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>98,132,327</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">131</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>322,262</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">21<span>%</span></td> </tr> </table> 98132327 131 322262 0.21 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Glaukos Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Ligand Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tower Semiconductor Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">CECO Environmental Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Revolution Medicines, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Legence Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Mirum Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">OSI Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156468.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Glaukos Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Ligand Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tower Semiconductor Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">CECO Environmental Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Revolution Medicines, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Legence Corp., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Mirum Pharmaceuticals, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">OSI Systems, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> </table> 0.026 0.022 0.020 0.018 0.017 0.017 0.016 0.016 0.015 0.015 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Small Cap Index Fund Small Cap Index Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Small Cap Index Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>39</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.70<span>%</span></td> </tr> </table> 39 0.0070 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>90,359,710</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1,954</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>127,281</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">22<span>%</span></td> </tr> </table> 90359710 1954 127281 0.22 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Moog, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Hut 8 Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">BrightSpring Health Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Viasat, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Cytokinetics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">MaxLinear, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">UMB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Argan, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">JFrog Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Krystal Biotech, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.3<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156498.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Moog, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Hut 8 Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">BrightSpring Health Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Viasat, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Cytokinetics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">MaxLinear, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">UMB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Argan, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">JFrog Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Krystal Biotech, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">0.3<span>%</span></td> </tr> </table> 0.004 0.004 0.004 0.004 0.004 0.004 0.003 0.003 0.003 0.003 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Small Cap Value Fund Small Cap Value Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Small Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>53</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">0.96<span>%</span></td> </tr> </table> 53 0.0096 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:7pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>161,672,021</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">163</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>515,614</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 3pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">63<span>%</span></td> </tr> </table> 161672021 163 515614 0.63 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Terex Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Glacier Bancorp, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">COPT Defense Properties</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">UMB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Atlantic Union Bankshares Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Valley National Bancorp</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Jackson Financial, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Nicolet Bankshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Renasant Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.3<span>%</span></td> </tr> </table><div style="margin-top:3.5pt;margin-right:0px;margin-bottom:3.5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156473.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:2.8pt;margin-bottom:7pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:3.5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:3.5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Terex Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Glacier Bancorp, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">COPT Defense Properties</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">UMB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Atlantic Union Bankshares Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Valley National Bancorp</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Jackson Financial, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Nicolet Bankshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Renasant Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Columbia Banking System, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 4pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.3<span>%</span></td> </tr> </table> 0.019 0.016 0.016 0.016 0.016 0.015 0.014 0.014 0.014 0.013 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:14pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:5.25pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.1pt;margin-top:2.8pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 SMID Cap Growth Fund SMID Cap Growth Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SMID Cap Growth Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>58</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.05<span>%</span></td> </tr> </table> 58 0.0105 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>76,526,733</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">105</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>254,434</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">49<span>%</span></td> </tr> </table> 76526733 105 254434 0.49 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Lattice Semiconductor Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Onto Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">BrightSpring Health Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">SiTime Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Moog, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Carpenter Technology Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Texas Roadhouse, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Roivant Sciences Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Enpro, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-right:0px;margin-bottom:5pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156500.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:6pt;margin-bottom:0px;font-style:italic;font-size:8pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:5pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:5pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">MACOM Technology Solutions Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Lattice Semiconductor Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.3<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Onto Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.2<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">BrightSpring Health Services, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">2.0<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">SiTime Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.9<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Moog, Inc., Class A</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Carpenter Technology Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.8<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Texas Roadhouse, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Roivant Sciences Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Enpro, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> </table> 0.029 0.023 0.022 0.020 0.019 0.018 0.018 0.017 0.017 0.016 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">There were no material changes during the reporting period.</div> <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 SMID Cap Value Fund SMID Cap Value Fund 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. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;color:rgb(0, 0, 255);font-family:'arial';font-size:9pt">www.pennmutual.com/FundLiterature</span>. You can also request this information by contacting us at 1-800-523-0650. www.pennmutual.com/FundLiterature 1-800-523-0650 <div style="color:rgb(0, 0, 0);margin-top:0px;margin-bottom:0px;font-family:'arial';font-size:9pt;font-weight:bold;"> <b>This report describes changes to the Fund that occurred during the reporting period. </b> </div> <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;"> <b>Fund Expenses</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">Based on a hypothetical $10,000 investment</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Cost of $10,000 investment</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; color: rgb(0, 0, 0); vertical-align: bottom; font-family: 'Arial'; font-weight: normal; font-size: 11pt;">Costs paid as a percentage<br/> of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">SMID Cap Value Fund</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>64</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">1.17<span>%</span></td> </tr> </table> 64 0.0117 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:8pt;">Key Fund Statistics</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>47,052,257</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">102</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Total advisory fee paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;"><span style="float:none">$</span>179,850</td> </tr> <tr style="break-inside:avoid-page;height:20pt;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap;">35<span>%</span></td> </tr> </table> 47052257 102 179850 0.35 <div style="margin-top:0px;font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;">Graphical Representation of Holdings</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the Fund's total investments.</div><div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">US Foods Holding Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">The Hanover Insurance Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">BorgWarner, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Reliance, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">F5, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">IDACORP, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">UMB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tenet Healthcare Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Everest Group Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> </table><div style="margin-top:4pt;margin-right:0px;margin-bottom:4pt;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Sector Allocation</b> <b> <sup style="vertical-align:top;font-size:6.5pt">1</sup> </b> </div><div style="font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);padding-right:0px;padding-left:0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g129683chartimages_12156499.jpg" style="width: 172.8pt;"/> </div><div style="font-family:'arial';color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;font-style:italic;font-size:8pt;margin-top:3.2pt;margin-bottom:8pt;"> ¹ Sector allocation is presented as a percentage of total investments before short-term investments.</div> <div style="margin-top:4pt;margin-right:0px;margin-bottom:0px;margin-left:0px;font-family:'arial';color:rgb(0, 101, 78);letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;font-weight:bold;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:1pt;text-align:center;padding-bottom:4pt;"> <b>Top 10 Holdings</b> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">US Foods Holding Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">The Hanover Insurance Group, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.7<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">BorgWarner, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Reliance, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.6<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">F5, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">IDACORP, Inc.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">UMB Financial Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.5<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-color:rgb(0, 0, 0);border-bottom-style:solid;border-bottom-width:0.5pt;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Tenet Healthcare Corp.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> <tr style="break-inside:avoid-page;border-bottom-width:initial;border-bottom-color:initial;border-bottom-style:none;height:auto;line-height:12pt;padding-left:12pt;padding-right:12pt"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; height: auto; line-height: 12pt; vertical-align: initial;">Everest Group Ltd.</td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; height: auto; line-height: 12pt; vertical-align: initial;">1.4<span>%</span></td> </tr> </table> 0.017 0.017 0.016 0.016 0.016 0.015 0.015 0.015 0.014 0.014 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:16pt;">Material<span style="white-space:nowrap"> </span>Fund<span style="white-space:nowrap"> </span>Changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">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.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:6pt;">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.</div> 2026-06-01 <div style="font-family:'times new roman';color:rgb(0, 101, 78);font-size:16pt;font-weight:bold;margin-bottom:2.4pt;margin-top:3.2pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:8pt;">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 &amp; 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.</div> 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 &amp; 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. 2026-05-21 Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Source: Independent Rating Agencies such as Moody’s, S&P and Fitch. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Source: Independent Rating Agencies such as Moody’s, S&P and Fitch. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Sector allocation is presented as a percentage of total investments before short-term investments. Source: Independent Rating Agencies such as Moody’s, S&P and Fitch. Sector allocation is presented as a percentage of total investments before short-term investments. Includes non-equity investments.